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Our 2006 Sustainability Report provides more information about Santos’ sustainability performance and initiatives. A copy can be obtained by contacting the Company’s Share Register or visiting our website at www.santos.com/sustainability.

CLIMATE CHANGE VISION REQUIRED

Sustainability is at the heart of the debate over Australia’s national response to global warming and climate change. As an energy provider with large reserves of natural gas, the least carbon-intensive of fossil fuels, the political and policy parameters flowing from this discussion have positive implications for Santos.

However, we believe that the current situation represents a more fundamental opportunity to shape the future and the lifestyle that we can all lead. There are no ‘silver bullets’ to address climate change but there are a number of initiatives that we should embrace, including:

  • changing behaviours through education to conserve energy;

  • using cleaner fuels including natural gas for power generation and industrial use;

  • introducing a national emissions trading scheme to send a carbon pricing signal to the market; and

  • accelerating the research and investment required to develop new, clean energy technologies in Australia.

Santos is contributing to the technology responses to climate change by participating in a major carbon capture and geosequestration trial project.

The Company is evaluating the construction of a 100 megawatt power station, fuelled by coal seam gas at Fairview in Queensland, that would capture and store exhaust emissions in one of the largest carbon dioxide (CO2) geosequestration projects in the world.

We are also examining the potential to inject CO2 into depleted reservoirs deep underground in the Cooper Basin.

However, on a broader scale, we need a vision that will see Australians respond to the challenge of climate change and, in doing so, gain a comparative advantage in technology and lifestyle.

When we build a clean, green nation we will attract the people, the skills and the investment that are vital to the prosperity of generations to come. We will also retain our ‘best and brightest’ because the opportunities in Australia will be second to none.

Australia can lead the world. We simply need the will and drive to do so.

JOHN C ELLICE-FLINT MANAGING DIRECTOR

15 MARCH 2007

Santos Annual Report 2006 7

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