1

Santos Energy Solutions – Moomba CCS Project2020 Roundtable for Oil & Gas - 30 November 2020Christian Winterfield, Team Leader CCS Subsurface & FDP

2040 target

+ Fuel efficiency

+ Electrification and renewables integration

+ Utilisation of CCS technology to reduce emissions and to accelerate the economic feasibility of hydrogen and natural gas tohydrogen switching as the market transitions

+ Reduce Scope 1 and 2absolute emissions by 26-30% by 2030 from 2020baseline1

+ New target

+ Net zero Scope 1 and 2absolute emissions by2040

Emissions reduction targets designed to support Australia’s Paris Agreement commitments. 26-30% reduction by 2030

2

2030 target

Technology enablers

2030 Scope 3 emissions target

+ Santos will actively workwith customers to reducetheir Scope 1 and 2emissions by >1 mtCO2eper year by 2030

1 Reductions are relative to a baseline defined as Santos’ net share of Scope 1 and 2 emissions from financial year 19/20 production volumes, adjusted to include Bayu-Undan and DLNG at 68.4% from 1 January 2020.

+ Reduce emissions >5%across the Cooper Basinand Queenslandoperations

+ Ahead of plan

2025 target

Net zero by 2040

Multiple potential carbon storage sites – low risk due to established hydrocarbon operations.

3

Moomba Carbon Storage SEO

SOUT

H AU

STRA

LIA

QUEE

NSLA

ND

5

7

1

6

2 3

4

4. DELLA

2. STRZELECKI-MARABOOKA

5. TIRRAWARRA

3. KIDMAN-AROONA-BAGUNDI

1. MOOMBA GAS PLANT

6. FLY-LAKE

7. GIDGEALPA

CO2 Source

~60 km

~60 km

~25 km

~40 km

~50 km

~50 km

Existing separated industrial CO2 source – Moomba gas plant

Long-term experience with gas injection

Depleted reservoirs with proven rock seal

Multiple injection targets close to CO2 source

4

Santos has a proven track record and decades of experience injecting hydrocarbons and water for enhanced recovery and storage

CCS – Global Milestones & Santos Operations

1980s1970s 1990s 2000s 2010s

Santos Tirrawarra EOR (C2)

CO2-EOR Permian Basin (USA)

Slepiner CCS (Norway)

Santos Mereenie CH4 Injection

Chevron Gorgon CCS

Santos Fly Lake EOR

Santos Cooper Basin Waterflood

Moomba CCS Project Sanction

Santos Dullingari H2O

Since 2008 Santos has injected >50kt of CO2 into Cooper Basin reservoirs at Fly Lake as part of a raw gas injection scheme for enhanced oil recovery (EOR)

Santos Moomba LDB Storage

Since the 1980s Santos has operated the Moomba LDB underground storage reservoir, undertaking successive periods of gas injection and withdrawal.

1

2

5

Current project: Store 1.7 Mtpa Moomba vented CO2

Industry leading cost: <A$30/tCO2

Primary objective: Large-scale carbon capture and storage opportunity to reduce emissions

Moomba CCS Project: Objectives & Key Milestones

2019 Facilities Pre-FEED complete

2019 Storage reservoir screening complete

2019 Q4 Facilities FEED commenced

2020 Reservoir modelling commenced

2020 Regulatory approvals commenced

YE2020 Target sanction-ready project

MOOMBA CARBON STORAGE EIR & SEO

COVERED BY ESTABLISHED EIRs & SEOs

6

The project targets the capture of Moomba vented CO2 and establishment of suitable storage reservoirs.

Moomba CCS Project: Facilities

Vent (H2O)

CO2 Source CO2 Processing CO2 DisposalCO2 Transport

CO2 Train Upgrade Moomba CO2 Facility CO2 Pipeline Field Facilities

CO2 Distribution

Injection Wells

Candidate Field #1

Candidate Field #2

Future Field Development

Brownfields Integration

+ Capture from Benfield Trains

+ Utilities integration

Greenfields Development

+ Compression

+ TEG Dehydration

+ CO2 export Pipeline

Moomba CCS Project: Moomba Plant Facility

8

+ Injectivity well understood through decades ofhydrocarbon production data

Moomba CCS Project: Injection TargetsDepleted hydrocarbon reservoirs are well characterised and understood through decades of exploration, appraisal and production data, making them the ideal storage targets.

CONTAINMENT

INJECTIVITY

CAPACITY + Storage capacity well understood through historichydrocarbon production volumes

+ Reservoir seals proven through containment ofhydrocarbons for tens of millions of years

13

Moomba CCS Project: Monitoring Plan

MEASURE+ Accurately measure the volume of CO2 injected into the reservoir + Establish baseline conditions+ Assess the integrity of the storage complex and wells

MONITOR+ Determine the movement and ultimate fate of the injected CO2

+ Ongoing assessment of reservoir parameters and subsurface data

MANAGE+ Detect and facilitate timely response to any deviations from planned

migration and containment + Assess the effectiveness of any implemented risk control measures

CCS MONITORING PLAN OBJECTIVES

14

1) Low risk storage complex – proven hydrocarbon containment

2) Baseline supported by historic production data and reservoir models

3) Monitoring plan focus is direct measurement from observation wells

Detailed monitoring plan under development

Moomba CCS Project: Monitoring Method

CONCEPTUAL PLAN

15

Moomba CCS Project: Opportunity Summary

15

Established operations and CO2 processing facilities

Proven track record of natural gas storage

Geological seals proven by hydrocarbon containment

High level of geological knowledge through production history

Globally competitive large-scale storage cost