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Santos

Santos’ climate-wrecking oil and gas expansion plans and the financial institutions backing them

Santos is one of Australia’s largest producers of oil and gas, and is pursuing massive expansion plans consistent with the failure of the Paris Agreement. The company is currently building the Barossa gas project off the coast of the Tiwi Islands and is seeking to build the Narrabri gas project in New South Wales.

The projects that Santos is trying to pursue include:

The Barossa gas project: off the coast of the Northern Territory the Barossa gas project is in the water north of Tiwi. In April 2023, a group of Tiwi and Larrakia Traditional Owners filed a human rights complaint against the banks that lent to Santos, saying their human rights had been breached.

The Narrabri gas project: Santos plans to drill 850 gas wells throughout the Pilliga Forest in NSW despite years of opposition from Gomeroi Traditional Owners and farmers.

The Dorado oil and gas project: off the coast of Western Australia Santos announced this is Australia’s second largest oil reserve despite the clear science confirming it is out of line with the Paris agreement.

Papua LNG project: located in Papua New Guinea many organisations have raised the serious human rights and biodiversity risks associated with the project.

Will you email the banks calling on them to stop supporting Santos and its destructive projects?

Take Action

ANZ, NAB and Westpac have broken their climate promises again, arranging a massive $1.2 billion loan for one of Australia’s worst climate wreckers, Santos.

This is unacceptable. Hold them accountable by taking action now.

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TOOK ACTION: Banks - Santos loan announcement - Sep 2024

Gomeroi Aunties Deborah Briggs, Theresa Roberts, and Donna Kenny at the 2025 Santos AGM

Top 20 financiers (bonds arranged, loans provided) to Santos in 2023 and 2024:

Note: To our knowledge, CommBank has not financed Santos since 2022. CommBank also withdrew from a loan refinancing for Santos in September 2024, and has a policy that effectively renders Santos ineligible for further finance from the bank.

In Australia:

  • ANZ
  • NAB
  • Westpac

In Japan:

  • MUFG
  • Mizuho
  • SMBC

In China:

  • Bank of China
  • China Construction Bank
  • Agricultural Bank of China
  • Industrial and Commercial Bank of China (ICBC)

Asia (excluding China and Japan):

  • DBS
  • UOB
  • State Bank of India

In North America:

  • Citigroup
  • Goldman Sachs
  • Royal Bank of Canada

In Europe:

  • Deutsche Bank
  • ING
  • DNB
  • Intesa Sanpaolo

Tiwi Traditional Owners Therese Bourke and Pirrawayingi traveled to Japan to call on MUFG, SMBC and Mizuho to cut ties with Santos.

Tell the banks to cut ties with Santos!

Santos news

Cover image credit: Jeremy Buckingham

Disclaimer

The information provided by Market Forces does not constitute financial advice. The information is presented in order to inform people motivated by environmental concerns and take actions based on those concerns. Market Forces is organising data for environmental ends.

The information and actions provided by Market Forces do not account for any individual’s personal objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice.

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For more information about Market Forces, please visit the about page of the site. To see how we profile super funds go to the methodology page.

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