"Santos on Wednesday reported an underlying profit for the first half of 2022
of $US1,267 million, a massive increase of 300%.
Much of this is war profiteering and selling gas that was destined for the
domestic market in direct contravention of the undertakings given when they
built their export plants. Santos categorically stated its project would not
affect the domestic market because it would not buy gas out of the domestic
But that is exactly what it has done. Santos bought large volumes of gas out of
the domestic market in the first half of 2022, forcing domestic prices above
export prices in the last six months.
These actions have generated super profits, gouged from domestic gas consumer
and forcing up domestic electricity prices to unaffordable levels. Santos has
broken its approval conditions and IEEFA calls on the government to cancel
their export licence.
If the government doesn’t take firm action to reign in this unlawful conduct,
Australia can look forward to economic hardship.
Australia has a different business model from other leading gas exporting
nations such as Qatar. Here, we give our heavily subsidised gas away for free.
Taxes and royalties are barely paid, and domestic consumers are both fleeced
and starved of supply by a handful of gas export companies who control the
market and the domestic price."
Via Dashboard Vogon.
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics