Thank you, Uncle Mickey. As always, very entertaining. We do appreciate it. I, too, would like to pay my respects to the Kaurna people and pay my respects to the Elders, past, present, and emerging. Just before we get into the presentation for today, there's a lot going on in our world, and I thought it'd be worth making a few remarks about the external environment that we're all experiencing right now. Particularly energy, which I think is at the very center of global conversations, from boardrooms to dinner tables all around the globe at this point in time. Conversations about energy security, cost of living, supply chains and inflation, climate change, geopolitics, and rising economic and resource nationalism. They are conversations of fear that I never expected to see in my lifetime. In Australia, they are the consequence of more than a decade of energy policy failure that, quite frankly, we've and I've been warning about for many years. They're also the consequence of domestic Climate wars much more than they are a consequence of Russia's invasion of Ukraine. Climate wars have left us without a carbon price or the right market signals for energy and decarbonization investment. The high oil and gas prices that we're seeing today were emerging before the war in Ukraine. You will find this hidden in none other than the latest IEA World Energy Outlook. I quote, "The strains did not begin with Russia's invasion of Ukraine, but they have been sharply exacerbated by it." The high oil and gas prices are a consequence of undersupply and underinvestment. Renewables were added at record levels in 2021. Their contribution to the global energy mix has never been greater. Yet 80% of the world's energy still comes from hydrocarbons, the same as it was 45 years ago. Even in 2050, the IEA STEPS, the Stated Energy Policies Scenario, has hydrocarbon providing 60% of the world's energy in 2050. This explains why there is not one IEA or IPCC scenario, not one, that does not rely or not heavily rely on carbon capture and storage to decarbonize the energy system by 2050. If the world is serious about net zero, then it has to be serious about decarbonizing existing energy sources as the market evolves over time for a new clean fuels market, such as hydrogen. We cannot get there overnight because the costs are simply too high. We're already seeing the pressure on households, industries, and economies around the world, even at today's energy prices. Today, we estimate that green hydrogen costs around 8 to 10 times the cost of natural gas. That's just the cost of supply. There is $ trillions of investment required for infrastructure to switch to hydrogen. The strength of Santos' strategy and our business outlook is our unique position and capabilities to continue to supply our domestic gas and LNG customers who want security and affordability of supply for at least the next two decades. Our infrastructure position and expertise in carbon capture and storage that will enable us to reduce our own emissions and those of others at low cost and large scale, creating a new cash generative carbon services business. Our track record, technical expertise, and customer base that positions us to transition to clean fuels as customers demand and affordability evolves over time. Energy policy globally and in Australia is at a very dangerous tipping point. Producers in the Western world have slowed or stopped investing in new oil and gas, but customers have not stopped buying or consuming these products, because they can't. The low emissions technologies, the clean energy infrastructure required to deliver them is simply not yet available. Government policies that seek to disrupt the energy system so as to hasten the transition to a low-carbon future are having exactly the opposite effect. Underinvestment in gas supply since 2015, combined with sanctions on Russian supply as a result of its invasion of Ukraine, is sending gas prices to record highs. Global electricity markets are switching back to coal, sending global greenhouse gas emissions to yet another all-time record high in 2021, and coal consumption to a record high in 2022. Our domestic manufacturers and our trading partners in Asia want gas, and they're crying out for two things: secure and affordable supply. Our relationships and strategic partnerships with countries like Japan, Korea, and Malaysia are built on the energy and minerals trade, which has been the foundation of their economies and their living standards, and importantly, their ability to invest in regional security and defense. In turn, the development of our resources for export has supported our own domestic industries with a competitive energy advantage that we need to recover. We can't do that, sorry, without investing in more supply. Right now, all Australian governments should have their shoulders to the wheel to get more gas developed, to put downward pressure on prices for both the domestic market and to support our trade and investment partners in Asia. With that, I'll move on to our presentation and my next I guess I'm clicking these myself, am I? This could go anywhere, so apologies for that. Let's see if this works. Oh, wrong way, huh? You've got to click it back. Oh, you doing it for me? All right, cool. I wondered what was happening there. All righty. First of all, you saw in the video this morning that Santos has rolled out its new strategy and its new vision for the organization. As you would be aware, for the last seven years or so, we've had a strategy that served us well, our Transform, Build, and Grow strategy, which was really about transforming the base business in Santos into a lower-cost operating business, building portfolio positions around existing infrastructure around our core assets, growing the business on the back of that. In that seven years or so, we've more or less doubled our production during that period of time. We've halved our gearing from around the 40% mark back in 2015-2016. Of course, we have reduced those costs quite significantly across our business, building a stronger, more robust business around that core portfolio. Going forward, we felt it was time for a new and refreshed and invigorated strategy to help drive the business over the next 20 years or so to deliver the sort of company that we want for our shareholders, that we think Australia needs as a leading energy company over the course of the next couple of decades. Tied to our Net Zero 2040 plan or our target to reduce our emissions Scope 1 and 2 to net zero by 2040, our purpose as an organization has been refreshed, and the board has signed off on this. That is to provide cleaner energy that is both affordable and sustainable to help create a better world for everyone. This is something that we think our staff are very excited and very motivated and getting behind. This is why the company exists. We are here to do that and provide really strong returns to our shareholders as we go forward. Our strategy, rather than the Transform, Build, and Grow, three sort of horizon strategy that we had in place, has now evolved to a Backfill and Sustain strategy, which really is focused on backfilling our current infrastructure sustaining that production through to the mid-2040s and beyond across those assets. Whether that be our West Australian assets, our Cooper Basin, our Queensland LNG asset, our Darwin LNG asset, even our PNG operations. They've been backfilling these operations, the infrastructure we have, sorry, and then maintaining that production through to 2045+. When we look at that, what does that mean in terms of CapEx? It means over the next four or five years, yes, we have a moderate level of reinvestment as we backfill the current infrastructure. We've got two projects on the go today with Barossa and Pikka. Of course, two projects that are in the execution stage. We've got a number of projects around our infrastructure that we would hope to progress over that period as those projects come off. That should then leave us with our infrastructure full, and it becomes a much lower CapEx intensity business from sort of 2026, 2027 onwards as those projects come online. It's really then about a sustaining operation for those assets through the mid-2040s and beyond. The next stage, of course, is decarbonization. If you think we're already building the Moomba CCS project, that will be online early 2024. Those that are going on the site visit tomorrow will get to see some progress on that project. I'm sure Brett Woods will do a great job taking you through and explaining to you how that project is progressing. It's on schedule and very much within budget as well. In addition to that, we want to build our three CCS hubs, our three decarbonization hubs and clean fuel hubs around our existing infrastructure. That's Moomba, that's Darwin, and of course, in Western Australia, where we'll be looking to repurpose some of those late life assets into carbon capture projects in the future. As I said in my intro, not only to decarbonize our operations. To me, that's just the tipping point. That's just the starting point for our decarbonization business. We see a huge opportunity about decarbonizing and providing decarbonization services to other industries in those regions. We've already got very strong interest from third parties for Santos to take their CO2, because we will be able to do that at relatively low cost and particularly at scale. So we see, if you think of that CapEx profile over the next four or five years, predominantly around the backfill projects and setting the base business up. Then graduating with more focus through the second half of this decade on those decarbonization hubs, the development of those hubs as we build them up. Then towards the end of this decade, I don't see it really any sooner than that, we see heavily investment turning towards clean fuels projects. Why do I say that? The market just doesn't exist today. Quite frankly, we're not going to make a product the market can't consume. That's why none of these projects have FID'd. Whether they're Santos projects or anyone else's, all these studies that are going on out there, the reason they're not FID'ing is because the market does not exist yet. Just wishing it to be so is not going to make it happen. The fact is, we have to evolve those markets, and we are working with our customers, whether they be in Korea, Japan, Malaysia, here in Australia, looking at how quickly we can develop those markets. When you think about how long it takes to develop projects, take them through the FID, and then start construction on these projects, just going through the normal planning processes, we don't see really any heavy development in that space until 2030, or towards the end of this decade. Our strategy is actually a very simple one, very easy to understand. Backfill and sustain, decarbonization, and then clean fuels. We think we're in a very strong position with the hubs that we have, with the infrastructure that we have, to be a leader in all three of those areas over the course of this decade and beyond. If I can go to the next slide, please. In terms of how we set up our business to deliver on that, well, obviously, our upstream gas and liquids business is very much business as usual. It's a very much simplified business from a few years ago, where we had a lot of different assets. Today, I'd like you to think of that as simply an LNG business and two domestic gas businesses. We've got one LNG business. It consists of three projects in Gladstone, PNG, and Darwin. Of course, we've got the two disconnected Australian domestic gas markets, the West Coast market and, of course, the East Coast domestic gas market. That's a business at the half year this year, delivered around $2.6 billion EBITDA, so a very strong cash flow generative business, and that's the focus of that sort of backfill and sustain strategy. In terms of Santos Energy Solutions, we announced the Energy Solutions group back late 2016, early 2017, and we've steadily been evolving that. We've built our midstream portfolio of assets and ran them separately and broke them out from the rest of our operations so that we could run them separately. We're bringing all that together now to build a business that comes under that banner of Santos Energy Solutions. A business that gets no revenue from the sale of hydrocarbons, zero revenue from the sale of hydrocarbons. They have a low carbon processing objective for the existing hydrocarbons that come through those facilities, whether that be at Moomba, Port Bonython, Darwin, and in Western Australia. Also the objective of building and owning that decarbonization and carbon management services business. That's a range of stuff that Brett will take you through in more detail later on this afternoon. That we believe can be a very strong cash flow generative, low risk business with a very strong developing market. That market is developing much faster that we can see than the clean fuels markets, because it's less capital intensive. Then, of course, ultimately building that clean fuels business. What's particularly exciting in that area is the realization and the move, I think, externally, from pure hydrogen as an export product, which we know is commercially very challenged. Not only technically is it challenged, but commercially, pure hydrogen as an export product is very challenged. That's why we look at things like ammonia as a carrier product, but it's still quite limited in some of the uses that it can be used for. Indeed, even when we speak to our customer markets, they see that as a relatively short market, a 7-year to 10-year max window, where ammonia would be a transition fuel until they can get to the desired outcome. What it's beginning to shape up like, Brett will talk more about this in his section, is actually what we would call renewable methane. Some of you might have heard of that as synthetic methane, but we refer to it as renewable methane, where effectively green hydrogen is combined with CO2 using direct air capture technology, as an example. You're using that CO2 as a transport agent to transport it through the existing gas, LNG infrastructure and supply chains, so that the CO2 going in is exactly equal to the CO2 coming out when the product is burned. It's truly a net zero fuel. Now, that is still more expensive, of course, than natural gas. We believe that there is a pathway to bridging that gap over the course of the next decade or so. That's a business that today has an annual EBITDA of around the USD 300 million mark. We are looking to grow that over the course of this decade as we build initially those decarbonization projects. Of course, we've got North America with the Pikka project, which is more of a development asset. Bruce is here today. I don't know if you all got the opportunity to meet with Bruce and Mark, who are over from Anchorage, to join us for a few days this week. If you haven't, please take the opportunity at one of the breaks and tonight at dinner to go and have a chat with them. You'll see we've got a very experienced North Slope team here as part of the Santos group. That project is going from strength to strength. Next, please. We are predominantly a gas company. We do have some liquids. Yes, we've got an upstream gas and liquids business, but we are predominantly a gas company. 92% of our 2P reserves at the end of last year were gas. When I look forward to when Pikka comes online, we'll still be an 80% gas production company. You can see from some of these metrics, a very strong, balanced business. When I go forward through that pathway, as I talked about through the sort of the next five years or so, taking us all the way through to 2027, 2028, a business with the potential to deliver Around AUD 7.5 billion in free cash flow per annum at that stage, if we're successful in building those projects. On the Santos Energy Solutions business, we've got three hubs right now that we are developing, that we want to build to, by the end of this decade, 30 million tonnes per annum of storage capacity. With interestingly, if I just look at the East Coast emitters alone, not including our sector. The East Coast emitters alone, that are subject to the Safeguard Mechanism and how we view that will play out, that would create a market of at least 40 million tonnes per annum of easily captured and transportable CO2 that becomes potential opportunities for Santos to capture and store here in the Cooper Basin. From a capital management point of view, in 2022, of course, we've already returned AUD 866 million to shareholders through dividends and buybacks year to date. Anthea will talk more about our rolling buyback program later on this afternoon. I think we've still got around AUD 30 million or so to go, a little bit less than that to go in completing this latest buyback. We'll then continue that program early next year. We've got a strong balance sheet. As I said earlier, we've come down from around 40% gearing at the end of 2015 to just over 20% at the end of September. I think that number last Q3. Next. In terms of our outlook to 2030, this gives you an indication. I'm sure all the analysts will have their rulers out right now and trying to see what the number is in each year. You can see from a production profile, I think the key information here is really you see Bayu-Undan coming off, a little bit of decline in Western Australia from our domestic gas business over there. I would point out that, in this current world, that is our lowest margin gas, of course, that we do have in the portfolio today because as that fixed price business is great in a downturn, it is not so great when you are getting these commodity prices because the price does not change in that market. We see that a little bit of decline in 2023, 2024. I think if you follow that black line, that is our committed projects in our base business. You can see that is a very solid, relatively level baseline through to 2030. A very solid business we have as a base business before we bring anything else on. In 2025, that starts kicking up with Barossa and a bit further with Pikka in 2026. That is why we are saying that we want to sustain our business in that range of between 100 and 140 million BOEs through to 2045. In saying that, current equity levels, of course, we would go well above that 140 mark, so we are assuming there will be portfolio optimization along the way when we set that target between 100 and 140 during that period. That then assumes that we will be building our projects. We have a great project in the West in Dorado, bringing that project online. We have got Narrabri Gas project, should that ever get developed here in the East Coast, and we see the need for it has never been greater, right? The need for it is only going to increase over the next year or two. I am still optimistic that that project will come through the market because the market needs it, and I think that realization is beginning to hit all the key stakeholders around the East Coast of Australia. I can tell you, we are well over 100% subscribed by buyers who want that gas, and they do not just want it for 1 year or 2 years. We have got long-term offers on the table or expressions of interest, as you would say, on the table from buyers for that gas for 10+ years, 10 and 15 years, which is not the norm in the domestic gas market. So real strong demand. That is because those buyers are seeking energy security as well as affordable energy. So you can see it is a very strong outlook for the future. If I look at that CO2, this is a different chart. This is not the per annum storage. This is more about the storage capacity that we are booked. You saw we booked 100 million tons of storage capacity in terms of 2C plus 2P equivalent at the end of last year. This assumes the 67% or so net equity interest of Santos. As we book on Bayu-Undan, and as we increase our capacity bookings elsewhere, you can see we are targeting booking around 160 million tons of capacity this decade. We recently got awarded some very good acreage in the Bonaparte Basin offshore Darwin and, of course, in Western Australia, adjacent to our current Reindeer facilities. Next, please. In terms of our free cash flow performance, I thought this was an interesting chart. You have seen the sources and usage charts were put out there at the last results roadshow. We look forward and we think of our business in terms of the cash flow generation sensitivity to commodity prices. We gave guidance, in fact, this year where we said for every $10 that the oil price would go above our free cash flow break even of around $25, for every $10, that would generate something like $450 million in free cash flow. I think at the half year and the third quarter report, we're right on the money for that forecast. Very accurate forecast. Now we see that dipping to just under the $400 million mark in 2023 and 2024 as production comes back a little bit. You can see how it jumps up rapidly in 2025, 2026, back up to $550 million, and then over $600 million in 2028 onwards. A very strong cash flow generation. When I talked about that CapEx earlier on through the next couple of years, what's really important to recognize is as Pikka comes online, as Barossa comes online, and by mid-2026, we've completed paying a project finance debt on the PNG LNG project. That should liberate around another $2 billion in free cash flow at our long-term planning prices, around $2 billion in free cash from the current levels of cash flow generation. That's a very strong cash flow generative business from 2026 onwards, and then that takes another kick up in 2028 once we've brought online the other projects in that portfolio, with Dorado, Papua LNG, for example. I think a very important metric that we track internally that we wanted to share with you is the free cash flow per share. That's a very important metric for us. You can see, obviously, in 2015 it wasn't so healthy, but you can see that trajectory as we have streamlined and transformed the business over the last five, six, seven years, that we've continued to strengthen that. We'll stay very focused on that free cash flow per share generation as we continue to go forward. Of course, buybacks help with that in a small incremental way, but over time, of course, they help with that also. Next, please. In terms of the free cash flow sources and uses, we have made a change to this chart since you last saw it. We talked previously about showing you the sort of $65 cash flow generative view of the world in terms of sources, and the $100 sensitivity to that oil price. Through the feedback that we got from market, it was obvious that we'd missed a bit of a trick in not also including spot LNG exposure. We've shown you here that that bottom one assumes a spot price of around $10 per MMBtu for LNG, and you can see how that changes even just going to $16 per MMBtu as a longer-term sort of spot upside case. What that has done, you can see how that's markedly increased that potential free cash flow generation from the business. Now, of course, we've got $7 billion or so of committed projects, and there are other projects in the pipeline that we would look to fund over the mid part of this decade, as I talked about earlier on. You can see there's very significant free cash flow potential, obviously depending on commodity prices, I'll put that qualifier out there, from this base portfolio. That gets particularly strong in the second half of this decade as we move into a lower capital-intensive business phase for the company, we start to generate much stronger free cash flow from those core assets. Of course, we can't do any of this stuff we're talking about unless we're a reliable and safe operator. I'm really pleased to see that despite my disappointment that I communicated to our shareholders back earlier this year from 2021 safety performance kicking back, reversing the trend of improvement we've seen over previous years. We do believe there was an element of COVID fatigue in all of that. Our workforces all over the country and in PNG went through very significant pressures and stresses working long periods away from home. We had employees up in Bayu-Undan, for example, who would do eight and more weeks away from home because they had to isolate before going to the facility, then they had to isolate when they came off the facility to be allowed back into their home state in Australia. Plus the time, of course, in between the four weeks or so they're working at site. That became very tiring and stressful, as you can imagine, over long periods of time. We had some workers, we had a Victorian worker who works in Western Australia, who spent more than a year away from home from his family, because of the border restrictions in Australia. Those things do take their toll on employees. We saw that safety performance, albeit mainly slips, trips and falls, not many high potential incidents. Mainly slips, trips and falls. We saw those incidents increasing in 2021. Really pleased to see in 2022 we're back on trend. We've got those trends back in line and back with our more normal levels of performance despite having bigger activity. We've got projects up and running. We've got operations in shipyards overseas. Of course, we've got a much larger workforce now in PNG that has been working with us this year, all doing a great job. That takes me to my next chart because this is really the slips, trips and falls. That injury frequency is where lost time incidents occur. The ones that really keep me up at night and should keep us up at night as operators are, of course, loss of containment. When gas or oil escapes from your process plant or from your pipelines, that has the potential to have large process safety incidents. You can see a performance improvement over the years has been very consistent. Now, what I should point out, this is not a particularly great metric for a growing business because this is absolute events rather than frequencies. You can see it looks like the tier 1 in blue has slightly gone up this year, that's true, it has. Of course, we've got a whole new field and a whole new operation in PNG that wouldn't have been part of the portfolio before. Just based on the number of assets, the number of activities going on around the company. When we put that into frequency terms like we do with the HSE incidents, the trend is very much downward. We're really pleased to see that we're continuing to drive those loss of containment events out of the business, because that is ultimately our number one metric for process safety and ensuring that we're running safe and high integrity assets across our portfolio. In terms of emissions, of course, we can't have a discussion about how the business is performing without talking about our emissions. With our energy solutions business, very focused on decarbonizing our business, also decarbonizing industry and making some money along the way. We're not ashamed to say that. We think we'll grow that business much faster if it's a commercial business. We're not looking at this as a defensive strategy. This is very much an offensive strategy because we want to build a profitable business that helps the world decarbonize. Our internal targets, our 2025 targets, I'm pleased to say we're on track to achieve all of those early. I think hopefully by the end of this year, we'll have achieved the emissions reduction, the 5% emissions reduction target set for the Cooper Basin in Queensland onshore operations by the end of this year. That's on track. If it's not the end of this year, it'll be early in 2023. Our LNG, as much as I take satisfaction in growing that business, that is really about driving coal to gas switching across Asia. Unfortunately, what we've seen because of high gas prices due to the foot on the hose preventing more gas supply, what we've seen for the first time in many years, I think over a decade, is gas to coal switching globally. As long as governments and government policies around the world slow down OECD reliable supply of gas to these markets, we're going to see more of that, and that will drive global emissions up. As much as I'm satisfied that we have achieved our part of that target, I'm disappointed the world has moved the other way and we're actually seeing gas to coal switching because coal is abundant and available. Not because it's cheap, because it ain't cheap these days. Coal is not cheaper. It is abundant and it's available, and that's what's driving that switching. Because when you ask people to choose between heating and eating, they want both every time. They don't want to have to make that choice. They want to be able to heat and they want to be able to eat. Finally, the new technology, of course. Hopefully Brett will cover this tomorrow when you're at Moomba. Next year, first half of next year, we will be the direct air capture technology in the Cooper Basin. That is something that we're really excited about. The technology that we are trialing is targeted as being the lowest cost direct air capture technology in the world that we're aware of today. That is something, as I said earlier, ties into new technologies like our clean fuel strategies further down the line. We're very excited about the trials. We'll be piloting other technologies, other direct air capture technologies over the next couple of years in the Cooper Basin as well. Our first trials will begin in the first half of next year. Of course, we've summarized here our 2030 and 2040 Scope 1 and 2 targets as well with the net zero Scope 1 and 2 emissions target by 2040. Interestingly, I thought it was also worth pointing out our policy that was launched some time ago now has a commitment to only selling our products to countries, to customers and countries, and from countries, that have either got a net zero commitment or are signatories to the Paris Agreement. By definition, that means they are taking three of our Scope 3 emissions. They are reducing their Scope 1 and 2 emissions to net zero, in accordance with the Paris Agreement commitments. Of course, any final investment decisions that we take on new offshore greenfield projects from 2025 will require abatement or offset reservoir CO2 emissions. That'll be our standard for any project post 2025. I think that's the end of my session. We're going to have time later on for some Q&A. I'm going to hand over to Jane Norman now, and Jane's going to take you through our market outlook. Good on you, Jane. Thanks, Kevin. Cheers. You're freely employed. Great. Thank you, Kevin, and good afternoon, everyone. I'm Jane Norman. I'm Vice President of Strategy, and today I'd like to present the market outlook. Firstly, focusing on the global energy mix. Today, around 80% of global energy supply comes from hydrocarbons. It's clear that hydrocarbons cannot be replaced overnight, which is why here at Santos, we are intent on delivering a just energy transition that focuses on decarbonization, not defossilization. A just transition that delivers energy security, reliability, affordability, and lower emissions for all. The world has an insatiable demand for energy because it fuels human development and improves living standards and economic prosperity. Right now, geopolitical unrest and government policies as well as activism are impacting global gas supply and sending market prices to new highs. High natural gas prices and lack of available supply have resulted in fuel substitution and electricity markets in favor of coal and oil, leading to higher CO2 emissions and local pollution, which is impacting air quality, especially in major urban centers. In 2021, global energy-related carbon emissions rose 6% to 36 billion tons of CO2, their highest level ever, as the world economy rebounded strongly from COVID and relied heavily on coal to power that growth. Without new investment in lower emission energy supply, access to affordable and clean energy, one of the United Nations Sustainable Development Goals will remain unobtainable. According to the IEA's World Energy Outlook, which was just released last month, some 75 million people who recently gained access to electricity are likely to lose the ability to pay for it, meaning that for the first time since the World Energy Outlook started tracking this, the total number of people worldwide without access to electricity will actually start to rise. Almost 100 million people may be pushed back into reliance on firewood for cooking instead of cleaner fuels such as gas. As the world focuses on achieving net zero emissions, our focus is on decarbonizing the current energy mix, as well as achieving new low-emission fuels and technologies. Looking at the fuel mix. Today, 80% of energy is consumed as fuels. Only 20% is consumed as electricity. That has barely changed in 20 years. The forecasts show that over the next 20 years, fuels are expected to account for 75% of global energy consumption. Natural gas is a critical fuel to the future, with gas consumption forecast to rise 20% by 2040. Gas has an important role to play in supporting the integration of renewables into the electricity mix, providing flexible baseload power as well as reliable and firming power. It is fuels that are the lifeblood of the Australian economy. They power the resources sector and manufacturing. They meet residential demand for space heating, cooking, and hot water, where in Australia, seven in 10 households use natural gas. Gas is a necessary feedstock for manufacturing industries such as fertilizer, everyday products such as packaging, clothing fiber, and medical devices. In fact, more than half the world's gas is consumed in sectors other than power generation. Renewables can help meet the demand for the 20% of energy consumed as electricity, renewable energy requires conversion to new fuels like hydrogen to meet the demand for fuels. Santos will continue to focus on supplying reliable, affordable, lower emission fuels that the world needs, as well as developing new fuels like hydrogen, when our customers demand it. Turning to the global oil outlook. What we know now is that the demand collapse in 2020, driven by COVID restrictions, masked the under-investment in new energy supply. Now the war in Ukraine has further restricted supply and brought energy security back into sharp focus. Energy security, reliability, and affordability are now front and center for all governments. Today, OECD countries consume 50% of global liquids, but only produce around 20%. The U.S. is the world's leading OECD producer of oil, roughly half of OECD production. Without the OECD supply, demand will be met by OPEC Plus. This means the world relies on the Middle East, Africa, and Russia for its energy supply. In response to the energy crisis, we've seen the Biden administration just last week call for U.S. energy companies to act in the interest of their consumers, their community, and the country, and to invest in increasing production and refining capacity. Oil demand is set to remain strong for the foreseeable future. Santos is investing in the Pikka project in Alaska, and this is the right project at the right time. It provides further OECD supply and energy security. The project has strong fundamentals. It is located in a world-class oil-producing province with significant existing infrastructure. It is going to be developed as a carbon neutral project and is well supported by local stakeholders. LNG, likewise, strong demand. We see demand growing by 70% to 2040. With Russian pipeline gas flows to Europe a third of what they were 12 months ago, Europe has no choice but to maximize LNG imports given the uncertainty over Russian volumes. To offset Russian gas supply, Europe is set to import an extra 34 million tons of LNG in 2022 compared to a year ago. Currently, it's expected that Europe will install up to 80 million tons of additional regas capacity by 2025. This is roughly equivalent to Australia's entire LNG supply, and it's worth noting that that supply took 30 years to develop. The global LNG market is expected to remain undersupplied, even with the new U.S. and Qatari volumes coming on from 2026. In this tight market, LNG will flow to the highest price markets, and poorer countries will have to turn to cheaper fuels, higher emitting fuels, or face energy poverty. Today, Asia Pacific accounts for around 62% of global LNG demand, down from 70% a year ago, and that's due to the increased consumption from Europe. Over the past decade of globalization, customers grew comfortable with free markets, liquidity, and access to short-term volumes. With demand outstripping supply, Asian LNG customers are once again focused on energy security and looking to lock in new LNG supply. We are seeing interest in 10, 15, even 20-year offtake agreements. Longer term, U.S. LNG is expected to set the global LNG prices. With Henry Hub gas prices driven up by inflation and financing costs, the delivered cost of U.S. LNG into Asia is expected to be in the range of $10 to $12 an MMBtu U.S. Following the merger with Oil Search, Santos became the sixth largest independent LNG supplier globally, with supply from three projects in the Asian region. Santos' LNG portfolio is well located for these premium Asian markets, with relatively short shipping distances and alternative shipping routes, providing buyers with energy security. The portfolio is diversified by project geographic location, again providing further energy security to buyers. Santos is well-placed with a suite of options to meet customer demand for both near-term and long-term LNG supply. As the PNG LNG midterm contracts roll off in 2023, this supply will become available and can be potentially sold into the spot market. We aim longer term to have around 25% of our LNG project portfolio exposed to the JKM price linkage from around 2025. Closer to home, we have not been immune to the factors driving the global energy crisis. On the East Coast, spot energy prices soared earlier this year as a cold winter snap set gas, coal, and electricity prices to record highs. This triggered gas price caps in Brisbane, Sydney, and Melbourne at AUD 40 a gigajoule. The cold snap, however, was not the cause, but rather the catalyst that highlighted the following market shortcomings: low renewable power generation from solar and wind, coal outages and supply shortages in part caused by wet weather, and also the export of coal to higher international price markets, significant underinvestment in new energy supply due to activism and regulatory uncertainty. The reality is that Australia's southern gas markets, as shown on the slide, require new supply. The market is increasingly reliant on Queensland gas being directed south. In the absence of new supply, the East Coast faces LNG imports. Today, we estimate that LNG imports would cost around AUD 50 a gigajoule delivered to Sydney, putting many manufacturers out of business. Phase 1 of Santos' Narrabri Gas Project can add a further 80 TJ a day of gas to this market with potential to ramp up further. Santos has committed 100% of this project to the domestic market. With the federal government forecasting power bills are going to increase over 50% in the next 18 months, new energy supply is the fastest and most efficient way to bring prices down, and Santos' Narrabri project can provide affordable gas to the market at significantly less cost than imported LNG. On Australia's west coast, in 2021, Santos provided 45% of the domestic gas supply. We continue to see strong demand from large industrial customers. Although the demand outlook remains strong, the market remains finely balanced, with new supply required from 2025. Turning to CCS. CCS is a proven and critical technology to meet the goals of the Paris Agreement. CCS is expected to play a critical role in global decarbonization at providing low cost, large-scale emission reductions. Fatih Birol, the IEA's Executive Director, has stated that reaching net zero goals without CCS is almost impossible. The world doesn't have a faster or more affordable way to reduce emissions. Over the past year, we have seen more than 60 new CCS facilities added to the project pipeline. This brings the total number of CCS projects globally in operation or under development to more than 180, with a total storage capacity of 220 million tons. However, this is still a drop in the ocean compared to the almost 1,200 million tons of CCS required by 2030 to meet the IEA's net zero roadmap. We are confident that Santos has a competitive advantage to progress CCS and decarbonization services with sanction member project, the Bayu CCS and the offshore WA project. Our CCS hub strategy across our core assets has the potential to create more than 30 million tons of CCS capacity. Globally, carbon prices have continued to rise as governments and companies work towards their net zero goals. European carbon prices are up 150% since 2020 and Australian ACCU is up 60%. The international voluntary carbon offset market is gaining recognition, with prices up more than doubling in the last two years. We expect these trends to continue as producers and consumers commit to their net zero goals and look to abate emissions. We see these higher carbon prices supporting our Santos Energy Solutions business as customers and consumers look to cap their liability and manage exposure to rising carbon prices. Through our CCS services, we can offer customers and third parties large scale, low cost emission reductions. CCS is an enormous opportunity for Australia and one that can support the government's goal for net zero emissions by 2050. Around the world, we have seen governments are recognizing the role of CCS in reaching net zero goals and incentivizing greater levels of CCS investment. The Indonesian and Malaysian governments are allowing the cost for CCS to be recovered under their Production Sharing Contracts. The U.S. has implemented funding for CCS through its Infrastructure Investment and Jobs Act, and more recently in the Inflation Reduction Act, which has increased tax incentives to $85 a ton for CCS and a further $180 a ton for direct air capture. Canada has established a CAD 1.9 billion tax credit scheme for CCS. In Europe, Denmark has announced DKK 5 billion in subsidies to CCS, and Norway has announced significant funding for CCS and blue hydrogen projects. Australia has the opportunity to become a CCS leader, and as a country, we should not miss this opportunity. To wrap, Santos is committed to supplying critical fuels such as natural gas to meet our customer demands. The world continues to rely on hydrocarbon fuels for its primary energy, and we expect fuels to remain strong for decades to come. We are committed to producing fuels that are affordable, reliable, and progressively cleaner. Thank you. I'd now like to hand over to Brett Darley, our President of Upstream Gas and Liquids. Great. Thanks, Jane. Thank you. Look, we try to keep it simple, certainly in the upstream business. I think Kevin's done a good job. We've got Brett, and unfortunately we were looking for another Brett, but we got a Bruce, which is, for Americans, a pretty Aussie name, so you're pretty close there, Bruce. That's a good Aussie name. Maybe next time. Look, Kevin's already discussed the upstream division's role is to backfill and sustain production from our core assets past 2040. It is simple. Develop around our privileged infrastructure through our discovered reserves, resources, and existing acreage. Continue our focus on our low-cost disciplined operating model to maximize the opportunities in those areas, and to manage our project capital in a phased and disciplined manner. We're blessed with having more good projects than the capital that we have, so we need to be disciplined, and it's a great problem to have. This will deliver the cash flows needed to execute our strategy and purpose. I'm not going to go through the LNG business again. Kevin went quickly through that. Again, very simple. Gladstone PNG, Papua one sanctioned, Bayu-Undan and Barossa to GLNG and our two domestic gas businesses. We also have liquids production, associated liquids from our gas assets themselves, and a couple of standalone assets in W.A. On a particular note, Pyrenees, with our joint venture operator, Woodside, is just commencing a Pyrenees infill program, and we will see or expect to see production from that before the end of this year. I'd like to say again, I'll mention the EBITDAX of AUD 2.6 billion in the first half of 2022. I might say it again, AUD 2.6 billion in the first half of 2022. Santos LNG portfolio. We continue to plan our three LNG strategies with a disciplined and phased approach to sustain the production past 2040. At PNG LNG, we've got an incredibly strong pipeline of backfill opportunities and core asset extensions, including Angore, which is about to be spudded this year by our joint venture partner, ExxonMobil. The associated gas project, which fits in the new merged company, which will increase our current Santos-operated gas into the PNG LNG project and also Papua LNG in the midterm. P'nyang is also future backfill. It's a low CO2 project, but the Santos Energy Solutions team under Brett Woods is already exploring nature-based opportunities for that asset. On GLNG, we continue a phased development plan across our base acreage with our joint venture partners, TotalEnergies and Petronas, and I'll show you some detail on the progress in a moment. It's already a low CO2 asset, but we're progressing on electrification renewables. At Darwin LNG, it's about sweating Bayu-Undan until the end of field life, and it's about getting Barossa online. It's a fantastic project coming at the right time. It's been modified since the acquisition to be CO2 export ready, and we have some amazing potential for CCS again that Brett will take you through. A quick look at PNG LNG and GLNG upstream performance. Really the big one there is a step change in production with the PNG merger with Oil Search. PNG LNG is maintaining strong gross production at approximately 8.6 million tons per annum in 2022, with more than 20% above forecast for spot cargoes. We are currently delivering from our operated assets around 14% of the PNG LNG project gas, and that will be increasing over the next few years. We are progressing Angore with ExxonMobil, who's operating to backfill PNG LNG, and that is due to be spudded this year as well. We are commencing in 2023 an infill drilling short cycle oil campaign to take advantage of our remaining higher margin oil reserves. A quick look at 2022 costs, as well as taking on in the merge of the higher margin oil production associated with the Oil Search transaction. We also had an increase in activity, not just operated and non-operated, after a couple of years of COVID restrictions. On the integration, we've worked hard this year to deliver on our synergy targets while ensuring safety and production was not compromised. We've embedded this in our forward budgets. Anthony will take you through some of the results there as well. On the upstream Queensland Sorry, one back. The CSG production continues to build year-on-year, every year we are increasing our equity production. Despite the 2022 weather challenges, not as big a challenge as we've experienced in the Cooper Basin, we have again exceeded our equity production year-on-year. Development programs in Roma, Scotia, and Arcadia are delivering the production build, and surface to in-seam wells in Arcadia and Scotia are exceeding expectations, which will allow us to access additional gas reserves. We've been able to keep our production costs flat even as we add 300 wells per year to our developments. This is due to improvements in artificial lift run life and improvements in field reliability in remote operations. Here, just going through a bit more detail on the GLNG production cost. Despite all the difficulties with the weather this year, we've maintained our low-cost focus. Production has exceeded 700 terajoules a day during the year, but has been impacted by weather and the ability to keep some of our high-performing wells worked over. We expect a full field recovery following the end of the La Niña event. We continue to execute a standardized drill complete connect model that supports continuous learning and performance improvement. You can see in that top right chart, as mentioned, the continuous improvement of artificial lift technologies and reservoir management, increasing mean time between failures by around 450%. That's less people having to go out to the field. That's less workovers and our big costs are maintenance of wells and people, and this reduces that substantially to keep our unit costs down. On Bayu-Undan, looking at what we've done in the last year or so on Bayu-Undan, we've extended the field life up to a year as a result of sweating the remaining reserves and resources. The chart below in the bottom left that shows you what the profile would have been if we hadn't have done the three infill campaign and the well interventions, and that was what the prediction was without those activities. We completed a three-well infill campaign approved post-acquisition in a very short timeframe to take advantage of the remaining facility availability between Bayu-Undan production and Barossa. This was great collaboration between the ANPM in Timor-Leste and our joint venture partners to capture that opportunity. We implemented an aggressive well intervention campaign providing fast turnaround water shutoffs and reperforations to maximize production. We've been relentless on our offshore and onshore plan optimization, reducing facility pressures to get the last remaining reserves out and reducing minimum production thresholds for LNG, given the high price environments. The increased production from these activities more than justify the asset purchase price and has come with the increased equity and operatorship of Barossa and Darwin LNG. A quick update on the Barossa Federal Court case. As previously advised, the Barossa drilling operations have been suspended following a Federal Court decision to set aside the acceptance by the regulator of the drilling and completion activities environment plan. We did have an approved drilling and completions activity plan before commencing operations. Santos is appealing the decision with a hearing on the appeal expected to be held in mid-November. We are also progressing a new environment plan. We're working to expedite this. We're currently 45% complete on the project. The drilling activities are not on critical path for startup at present. We have headroom in cost and project schedule against contingency. Quick look at the Santos domestic gas portfolio. In the Cooper, large resource base. We continue to open up developments here through our low-cost operating model. I'll speak to some of more of that in the next few slides. On the decarbonization pathway, again, Brett will cover that with Moomba CCS. On Eastern Queensland, our production here is dominated by APLNG-operated assets of Spring Gully and Combabula. Both are being continued to be developed by our partner, and we have a reliable production forecast on that. In addition, Santos with Comet Ridge, our joint venture partners in the Mahalo CSG project, and we're continuing with Tor McCaul and his team at Comet Ridge to finalize the development plan, and we're expecting to enter FEED next year. It's expected the Mahalo project design will be based on recent successful developments in Arcadia and Scotia. In WA, we've got operational synergies realized through our 100% operated assets of Devil Creek and Varanus Island, as well as our non-operated position with Woodside at Macedon. They're high margin assets with CPI contracts. They generate significant cash flow and provide a natural hedge against oil price in the portfolio. And I'll talk a little bit about the lower expected forecast in 2023. Cooper. Three La Niña events this year in the Cooper Basin has restrained our ability to maintain the development program. The constant rain and flooding has limited our access to roads and prevented well connections. This has been unprecedented. In the last five years when we look back, this is double the worst year of the last five years to the first half of 2022, and it continues to rain. Despite this, we've done a number of things to maintain production and continue to pull that program back, including an additional drilling rig, moving our work over rigs from 12 hours to 24 hours, additional frack spreads, and we have actually reduced our connection times by 50% when we get a dry run. On the drilling performance, as far as our reservoir results are, we've only had one P&A for the year. That is an excellent result year to date. And we're back to our 100 wells for the year. We will be doing 100 wells this year regardless of the weather. And we have 30 wells ready to be connected right now. Again, fingers crossed for a bit of sunshine. And we've got an inventory of wells to be connected. For those coming up to Moomba tomorrow, you'll get to have a look at the drilling rig that's currently on this play. This is an exciting play right in the heart of Moomba, and it leverages our low-cost operating model. It's a large play. It's close to existing infrastructure, drilling simple vertical wells, and we're even getting some additional fracs in the Granite Wash below. We're fracking in the Patchawarra. Simple, cheap, repeatable, and getting some upside from fracking in the Granite Wash as well. We're doing this with pad drilling, and it's reducing rig move times, infrastructure, and our ongoing OpEx. That's a low reservoir risk, repeatable drilling. And we actually have eight appraisal wells online already, and we've recently brought our first three well pads online at greater than seven million scf per day. We've now got two drilling rigs operating, one in Moomba and in a similar field, Big Lake. We've got the potential with this to be a long-term play with rigs tied up there for numerous years. Low cost, very low reservoir risk base production, allowing us to have a really full inventory. Just on the WA domestic gas, as mentioned by Kevin, we've got a lower gas production forecast. However, we have our Spartan development currently being executed as we speak. This is the next development back into the existing infrastructure. The jackup's on site right now. We have a subsea construction vessel in the field, and that has commenced installation of the tieback for that well. This will be the first new gas well tied back to these facilities in 10 years. In addition, we've got a number of plays and a number of opportunities around our infrastructure that are being progressed right now. Back to discovered resources close to infrastructure to fill our facilities. This includes an infill well at Spar-Halyard and also the development of a Spar Deep play and Corvus gas discoveries. The Spar Deep reservoir lies beneath the producing Spar-Halyard fields. They have been penetrated by the Spar wells, and they can be tied straight into the East Spar pipeline. In addition, Dorado is a project that allows for development and production of both liquids and gas. Over the long term, we have our discovered gas resource in the Bedout Basin at Dorado and Roc to support the WA gas business. In addition to these discoveries, we're excited by a number of gas opportunities that are available within our acreage position to further add gas to our volumes. As part of a Dorado review, we're considering options to not only include Pavo on the base development, but accelerate the timing of gas export from the development. On our upstream unsanctioned projects, we've got a pipeline there. Dorado, as I've just mentioned, remains an important project for Santos. In conjunction with Adrian Cook and the team at Carnarvon Energy, we are progressing revised timelines for development. As I've said, it's important to note that it consists of both gas and liquids. A gas export opportunity for these to support the WA gas business is certainly one of our plans. We've also had exploration success this year, early in the year with the Pavo discovery, and we're excited looking at our seismic that it opens up a number of gas and liquid opportunities to the basin to add to that portfolio. On Narrabri, our continued focus on optimizing costs using our experience, technology, and discipline that we've honed in Queensland have substantially reduced our unit costs and potentially allowed a larger single initial stage development. We've acquired the Hunter Gas pipeline to ensure that we're enabled to control the route to market, and our spring survey access approvals on the pipeline are currently being progressed. On Papua, which I touched on before, we're working with the upstream operator, Total, and the downstream operator, ExxonMobil, on plans to optimize that development to maximize value, and we expect FEED very late this year. The project is an incredibly competitive LNG project that benefits from brownfield synergies of PNG LNG and the proximity to Asian gas markets. Lastly, I'm just touching on decommissioning. We continue to progress our activities in a disciplined, phased, and focused way. We approach these obligations by continuing to backfill our current facilities and looking for opportunities to keep them producing for longer. Looking for repurposing opportunities of our existing facilities like CCS and continually progressing decom liabilities with a disciplined approach every year. A couple of examples onshore. We have taken 700 pipelines out of service in the last few years. We have plugged and abandoned 50 wells. Offshore, just this year, we have decommissioned the wells on our largest non-producing platform at Harriet, and we've continued to support our JV partner, Chevron, in the abandonment of Thevenard Island. You can see some of the work they're doing on the island to remove tanks and rehabilitate. We're continuing to look at a phased decommissioning plan for Bayu-Undan post-production in anticipation of transforming it into a CCS hub. That's all I've got. Bruce. I'll introduce Bruce Dingeman, our President of Alaska. Bruce. Thanks. Thanks, Brett. I like the Brett and an American named Bruce joke. I wish I could say my wife's name was Sheila, but it's not. Anyway, I know that you're all probably about ready for a comfort break. We've got four slides here. I appreciate your patience as we work through these. Then we'll be on to the real-time operations center and a break. I guess on this title slide, before we get to the meat of the material, I did want to talk a little bit about our FID decision that we took in mid-August that I'm sure you're all aware of. Prior to that decision, we had a lot of preparation work. In fact, our engineering level got to a high level of definition. Typically, when you take FID on a major project, the engineering degree of completion might be 30%-40%. We had scopes that were up to 70%. We took a very high level of definition into that final investment decision. We also did a lot of work on our contracts. We had a lot of the key contracts prepared, fully negotiated, and ready to go at FID. What that allowed us to do then is to move at pace once FID was taken. Additionally, we've assembled a really strong team in Alaska. We're well-positioned now for that project execution and for field operations. Just to give you a rough sense, we've got about 150 workers in Alaska that are Santos staff, and that represents about 1,500 man years of oil and gas experience. Importantly, that's about 1,200 years of Alaska experience relative to, and pertinent to our project. We've got a really good team. We did a lot of preparatory work, and we're really well-positioned for execution prior to having taken that FID decision. With that, and because of that, we're off to a really good start. If I could jump to the I guess I can do this. Yeah, thanks. It'd be helpful maybe if we got oriented a little bit first. You can see the map of Alaska here. This is the state capital, Juneau. There's not much that happens there. That's supposed to be a joke. Valdez is the marine terminal. It's an ice-free port. That's where crude can come in and out or be exported out of the state. This is the Trans-Alaska Pipeline that runs north up to the North Slope. That's about a 1,400-kilometer pipeline, 48-inch diameter with a lot of ullage. There's space in that pipeline for our crude to flow that existing infrastructure. You can see the Pikka field up on the slope here. That's where we're developing our project. It sits about 400 kilometers north of the Arctic Circle. Just a bit of trivia, November 23rd, the sun will set at Pikka, and it won't come up again for about three months. That's how far north we are. Interestingly enough, you might ask that, "Well, wintertime, there must not be much activity." It's actually the opposite. That's when a lot of our activity is undertaken because the ground's frozen, gives easy ingress, egress, that kind of thing. The last point back down here, Anchorage, that's where the Santos office is located. They told me that if I walked past this line, my head would explode. I'll switch to this slide for this part of the map. This is a zoom-in from that state map. You can see this is the Trans-Alaska Pipeline that I talked about, comes up to the Prudhoe Bay field. That's a large legacy field. As you work your way west, this dark blue acreage represents the Santos leasehold position. We've got three well-defined units there. We have the Pikka unit. That's where we sanctioned phase one project. We got the Quokka unit to the east. We have the Horseshoe unit to the south. In addition, we have a fair amount of leasehold that's yet to be unitized. That core leasehold is between the ConocoPhillips-operated Kuparuk field to the east and the ConocoPhillips Alpine field to the west. There's a regulated open-access pipeline called the Kuparuk Transportation Pipeline that runs west to east into this TAPS line that also has ullage in it to take away our crude. That's just a bit of an orientation of where we're at for those of you that may not be as familiar with Alaska. Jumping into our project execution, the first four lines on this slide talk about a couple key attributes of our project. First oil's going to be 2026. That's our planning case. We're looking for opportunities to accelerate that after Kevin said that we were sandbagging. Hopefully, we can do a bit better than that. We develop about 400 million barrels of gross resource. That'll be produced at about 80,000 barrels a day for a six to eight-year plateau duration. That fits with some of the materials you heard earlier about the sustained production performance. The capital cost for the project is AUD 2.6 billion gross. That gets us to the nameplate capacity of the facility. There'll be sustaining capital after that at a lower level of spend. Our share of that represents about AUD 1.3 billion using our 51% working interest share. The remainder borne by our joint venture partner, Repsol. I think that covers the key attributes of the project. If we move on now to the fifth line in that table, it talks a little bit about I'm not ready to go to the next slide yet. I know you're ready for a break, bear with me here. The fifth line talks about execution and contracting, I'm going to break that into two chunks. All our major permits are issued. We have all the regulatory authorizations to proceed. You may recall from those of you that have followed the project, we actually did our civils work in 2020. We put the gravel road and infrastructure and pads in place through that construction effort. That's already in place. From a contracting standpoint, we've applied the typical criteria when you contract a big project, looking at both technical and commercial factors. Also, things like safety environment, Arctic experience, and importantly, local content and other factors. Our contracting strategy involves about 90% of our goods and service will be sourced out in North America. That helps reduce supply chain risk and also improves some of our logistics for delivery of goods and equipment. We've also taken approach to try to minimize cost risk, the way we've done that is we've set up several large engineering procure fabricate contracts that are fixed price in nature. Of our total spend, about 60% of that is fixed. The remaining 40 represents contingency and some unit cost labor. We feel like we've really well-positioned the project in spite of the inflationary environment that we're in to maintain our promise on cost and schedule. The contract is progressing to plan. Like I said, we had all this work up front prior to FID, in the short two months since that FID period, we've already awarded about 30% of our total contract value. We're off to a really good start there. In terms of execution, just last week, we mobilized our first camp for commencement of construction activities on the slope. It's a 185-bed camp, that's now being put in place. We've started cutting steel and welding connections at the processing facility fabrication site in Airdrie, Alberta, which is just north of Calgary. That's well underway, as well as work with other contractors and suppliers. Now we'll be proceeding to excavate for well cellars and install conductor pipe to ready for our drilling rig, which will arrive on location in April. Then we'll have a spud in the first half, spud our first well in the first half of next year. Also this winter, we'll also be installing piles, that these are the vertical pipes that will underpin the facilities they'll set on top of. We'll do a large pile installation program this winter. We also have a number of projects I'm going to talk about later that are supportive of the community, and that's helped drive really good stakeholder alignment for our project. I'll touch on that in a minute. If you jump to the sixth line on the slide there, it talks a little bit about utilizing existing infrastructure, and I think I described that on the map about the pipelines and oilage and whatnot that we have good access to. In addition, there's a large service base called Deadhorse that a lot of our suppliers and goods and services come out of that we'll be utilizing. I'll let you read the rest of the details on the existing infrastructure item. The second to last line on the slide talks about our low emissions intensity. In the design phase of our project, we went to great effort to really reduce our carbon footprint for the project. We use a fully electrified kit, gas turbine power generation. We're doing best available technology for all of our rotating equipment and all that. Where we do use heat for processing and building purposes, we use as much waste heat from our waste heat recovery units to meet that need. Altogether, these factors really gave us a low intensity for our project. We'll be below 14 tons of CO2 equivalent per thousand barrels of oil produced, which Woodmac benchmark us in the top quartile of new greenfield projects. A very low carbon output to start with. I'll talk in a minute about how we're going to abate the remaining carbon that we do output. The last item on the slide is the pricing. For those of you that run financial models, we have a benchmark called ANS, Alaska North Slope, WC for West Coast, and it ties roughly to Brent within $0.50 to $1 typically of Brent pricing. That's an update on the execution. I thought we could jump to the next slide and talk a little bit about our stakeholder approach. When we say stakeholders, it's more than just the community. We talk about the village nearby, the borough across the North Slope, and the state, and all those are supportive of our project. The reason why is that Alaska is really a natural resource state, and oil and gas underpins the entire economy of the state. That leads to a natural alignment of stakeholders to see our project go through. The second line, as I talked about, we have all our major regulatory approvals in place, our civils program complete, and our execution activity is underway. The third line talks about our environmental focus. Just one bit of trivia here, our drill pad for this phase 1, we have one drill pad. It's about 20, 21 acres of gravel that the wells will be drilled from. That pad develops between 10,000 and 20,000 acres of subsurface. It's a very small surface footprint to develop a very large subsurface area. That gives us a much smaller environmental impact. I already talked about the low emissions intensity of the project. The fourth line about community support, we have a life of asset land use agreement with the indigenous people in the area. That assures us surface access to our development. We also incorporated a lot of feedback from the community and other stakeholders when we were permitting and when we were designing our plan. For example, we had 20 some odd changes to our project that were based on feedback from input from those parties, and we took a large number of mitigation measures as well. An example would be our drill site, we actually positioned it back from the river so it's not visible when people are using it for subsistence hunting purposes. A mitigation example would be we use downlight at the rig so there's no light pollution for the nearby village. We've tried to be very sensitive and responsive to the local community in that process. The fifth line talks a little more about our community projects, and these are pretty significant. We're doing a new wastewater treatment plant for the village of Nuiqsut, which is the closest community to our activities, a bridge replacement in that village, importantly, off our drill site, in Nanuq drill site B, we're doing a gravel road and a boat ramp that allows for community access to the main navigable riverway there. That'll be put in this winter. All that work, again, helps drive with alignment of our stakeholders. If I could jump to the last slide, please. I talked earlier about our low emissions intensity, that 14 tons per 1,000 barrels a day of production. What are we going to do with the remaining? We've pledged, as Jane talked about in her section, to be a net-zero project for our equity share. We've taken the first steps to secure that offsets to make sure that we realize that outcome. We've got a near-term one where we've worked with one of the native corporations, the ANC, Alaska Native Corps. That's one through a nature-based project through improved forestry management that has potential to offset our phase 1 emissions. Additionally, we've got a second memorandum of understanding with Arctic Slope Regional Corporation. That's the largest native corporation in Alaska, and we're part of a consortia there, and that's looking at things like direct air capture and carbon sequestration. We're anxious to progress those. We have a bit of time between now and first oil to get those in place, and that's a promise that we'll deliver. That concludes my slides. To wrap up, I just leave you with that we did a lot of pre-work to get to this point. The project's off to a really good start, and we look forward to being a significant cash contributor in three and a half short years from now to the company. As Kevin said at the start, my colleague Mark Ireland is here. We look forward to catching up and chatting during breaks or at dinner tonight with any questions you might have. We'll be giving more updates as things progress. With that, I guess we can take our break and move on to the op center tour. Welcome back, everyone. Thanks very much. For those of you who didn't get a chance to come downstairs or meet me, my name is Brett Woods. I'm the President of our Santos Energy Solutions business, which Kevin introduced a bit earlier. Santos Energy Solutions was a business that was really born in the 2016, 2017 year, which was really focused on a few key steps. One was to lower our emissions, to reduce our waste, and improve our operations in terms of our total emissions across the business. Since that time, we've been able to deliver about 300,000 tons per year of emissions reduction projects. A few years ago, what we've done is we've separated our midstream business from the upstream. That is now coming together to be Santos Energy Solutions. Those of you who are able to visit level 7, gives you a bit of a glimpse of the technology we're trying to deploy and where we're trying to head to in terms of efficiency. We're trying to deliver an integrated standalone business, delivering leading technology to lower costs, reduce emissions, and improve the way we operate and work. Also, one of the great opportunities associated with facilities like down at level 7 is diversity outcomes. How to be able to attract engineering graduates, male and female, across the facilities like this, is one of those enablers we need to effectively drive uptake in skills that we need for the changing environment. What is the goal, level 7? The goal of level 7 is effectively to make sure we do our planning where it makes sense, to make sure we have control where it makes sense, and we can offer SMEs to operate across the business, and to make sure that field is free to execute, to deliver what they need to deliver. Unencumbered by upsets and other planning that our subject matter experts can deliver the best solutions from here in Adelaide. Kevin made an introduction a bit earlier about what our business is looking to do, and this is just a quick summary of the high level. Our mission is to be a standalone business targeting the same returns as our upstream business, and to deliver sustainable value through the cycle. Through our Climate Transition Action Plan we released earlier this year, we're decarbonizing the base business to develop revenue streams through clean fuels and carbon services in line with our discipline operating model. Our approach is to continue to generate free cash flow through our midstream infrastructure tolling business, and to build our competitive advantages to decarbonize the base business and produce clean fuels as the market matures. In doing so, we're able to incrementally invest in technologies and sustainably generate cash flow. These technologies we're investing are the enablers for future clean fuels and decarbonization solutions. You'll see on this picture on the screen at the moment, really the key segments to our business. The section on the left is effectively our midstream tolling and our base business. Effectively the operations you saw down on level 7. Through the middle, we're looking at our decarbonization solutions, which is our carbon capture and storage business, our technology trialing, such as direct air capture, and importantly, other operations like our carbon solution business. Carbon solution business is run by Elena, and she's looking at all our land-based solutions across not only here in Australia, but also supporting Bruce in Alaska, and Brett Darley's operations in Papua New Guinea. They are really critical and part of our solution. It's not just operational efficiencies through delivering better and lower cost valves and pumps and renewables integration, but also we have a large footprint of land. We are very connected to our land holders, our indigenous First Nations people all around the world, and we're looking with them on partnerships to deliver low carbon and carbon-based business solutions. It's a real exciting part of our business. In terms of the Climate Transition Action Plan, I just wanted to give you a quick update on a few of the things that we've delivered so far. Those of you who are coming on the field trip tomorrow will see where we are with our Moomba CCS. We've broken ground. We've started the civil through there. We've done the tie-ins on some of the key CO2 trains. We're in construction at the moment of our direct air capture units, which we'll be deploying in the field in the first half of 2023. We're moving through our electrification process. We've run poles out in the field, and we're just taking FEED on the power generation part of electrification, which is installing renewables out in the field. We've won GHG or greenhouse gas permits associated with our West Australian assets and in Northern Australia. We've completed many feasibility studies, with regards to our industrial emitters. Effectively, we're building bulk of all the carbon suppliers, not only in Australia, but also internationally, to help facilitate what Kevin mentioned before, with our ambitions to be one of the world's leading CCS organizations. We've entered FEED in our Bayu-Undan CCS project. There's been a lot of activity associated with our Santos Energy Solution business. Notwithstanding the fact that we've also signed up new contracts in the Cooper Basin for new third-party gas. We're absolutely focused on delivering value through our base business, improving our operations, maintaining our reliability, but also how we're going to grow our business and deliver new revenue streams. Just to give you a quick look at where we are with our infrastructure. Moomba, Port Bonython, Darwin LNG, Barossa Island, Devil Creek are the key assets that we operate ourselves. GLNG is operated by OPAL, which is done by a third party, so it's outside of our portfolio that we're demonstrating today. What we're focused on here is delivering on an annualized basis around AUD 300 million of EBITDA. That is a little bit lower than what you would have seen last time I presented this part of the business, and that is because we're coming to the end of Bayu-Undan. As Barossa comes on stream, that EBITDA will again increase, and we're looking to add incremental revenue through our CCS projects, with the first one coming online in Moomba in 2024. What we've done is we've been able to completely separate the midstream business now from the upstream business. We have tolling arrangements associated with all those assets, so they are commercially now separate businesses. That was one of the milestones we delivered over the last 12 months, appreciate all the team's work. It's not been easy to get all that done an excellent job locking all that down. We're going to keep focusing on attracting more product through our facilities and improving that. We're working with other third parties about potentially bringing their products, like at Darwin LNG, for example, through our infrastructure. Looking at our CCS business, we're looking at several key points. One of them is our three hubs. We have the Moomba hub, the Darwin and Bayu-Undan hub, and the Western Australian hub. The Moomba and Darwin hubs are really kind of synonymous in terms of being able to service both our own emissions reductions through reducing our Scope 1 and 2 emissions through carbon capture and storage of our own equity emissions. Western Australia is about a merchant third party emissions reduction. There's a slight difference there. Effectively, in Western Australia, Brett Darley's business doesn't really generate very little CO2. If you looked at the map of the Australia's largest emitters, majority of them live or operate within Western Australia. There's a fantastic opportunity to grow a carbon business in Western Australia, we're rapidly advancing towards that. We have significant volume and storage capability through those facilities, which will only be increased as we evaluate our GHG blocks, which we've been recently awarded. We have access to You may not realize this, Santos is one of the largest infrastructure holders in Australia, that infrastructure position gives us a real strategic advantage to be able to capture third-party molecules, as well as being able to facilitate low-cost solutions. In Western Australia, we look at all those third-party power generation and projects such as those making ammonia, we're working with groups like that to bring their CO2 back to our facility for CCS. That offers a huge business opportunity for Santos. In Northern Australia, we have partners in that project, signed agreements with already to look at their third-party CO2 emissions as well, including our neighbors at Inpex. I must say, I have to thank the Bayu-Undan, the Barossa, the Darwin LNG joint ventures in particular, who have all worked collaboratively, who've signed agreements to facilitate the development of the CCS project. In particular, the ANPN and our friends in Timor-Leste, they're working very closely with us to deliver those carbon solutions and the regulatory framework to facilitate that CCS project. In terms of those three hubs, I've also got a chart here that tries to represent some of the operational and CTAP solutions that we've been working on. In terms of operational efficiencies, I said before, through our engineering of solutions, we've been able to deliver up to this point 300,000 tons of CO2 reduction through our operational efficiencies process, which Chad Wilson runs for me in our business. They are really important. That's about adding renewables to our system, lowering emissions, being able to divert more product to market for sales, which delivers value. It's also about changing things like even valves and modernizing some of our equipment to lower our emissions, really critical pieces. We're also looking after our carbon capture and storage, which was our second key pillar in our Climate Transition Action Plan. Moomba CCS, Bayu-Undan CCS, and our WA CCS hub represent that. We're looking at also deploying direct air capture technologies, Kevin mentioned earlier as well, as well as post-combustion capture technologies. Those technologies, which I'll speak to a bit more later in the presentation, are actually very exciting because it effectively enables us to grow our own market, effectively removing our waste in terms of our post-combustion capture. Moreover, utilizing assets such as Moomba to capture large scale CO2, and linked with one of the best locations to install renewables at potentially very low cost. Carbon Solutions is working across effectively the whole of our asset stream, including Alaska and PNG, working on developing land-based solutions. You may remember a stat from a few years ago that we have over 1 million acres of our own land operated and controlled and owned by Santos, and we're looking at carbon-based solutions or soil-based carbon for those types of projects. As well as we've got an excellent arrangement with groups in Papua New Guinea, and we're looking at expanding that footprint with those good relationships to facilitate more land-based solutions across the market. In terms of our clean fuels hubs, we're working in the Cooper Basin or the Moomba Hub, at a domestic mobility project. That is a small scale hydrogen project making hydrogen from renewable energy to facilitate trucking and the shipping of our LPG products to market. Effectively, what we're doing is installing renewables, adding an electrolyzer, making small scale of around 10 MW worth of an electrolyzer to generate hydrogen that we're going to truck LPGs to players such as BHP at the Olympic Dam facility and also into South Australia. That is a really interesting project and it's kind of our way at small scale that we can start establishing a larger and more attractive mobility solution. What is mobility? As Kevin always likes to joke, mobility is just trucking. It's just a fancy way of saying trucking. And trucking is one of those things that really requires more than batteries. The way I think about hydrogen in the world, anything that runs today on petrol, probably going to go to EV over the next 20 years. Most things that run on diesel will probably go to hydrogen fuel cells. That's a very simple way of viewing it. Trucking across Australia is a really big opportunity for value in terms of synthetic fuels, including hydrogen. One of the questions I always get is, what is CCS and how do you deliver a business for it? What we're trying to show on this chart is a few things. On the top right-hand corner, we see EBITDA potential. That's just looking at how midstream or Santos Energy Solutions gets access to the CCS value. Effectively, the carbon credits will be owned by the upstream parties, as Kevin mentioned before. If Brett Darley has emissions from a project that I can capture, I can store, he will pay me for the storage of those credits. I'll look to take some value from that as well on the way. Thank you very much, Brett. Also, he'll probably generate the credits if there's any credits available for that business. The opportunity I'm trying to show you today doesn't require credits from my business to deliver value. What we're looking at here on the left on the table is effectively our hubs. I'm just giving you a quantification of the volume and scale and whether they're equity or third-party opportunities for storage. We've got a few opportunities, but we're still investigating what their scale of storage could be. The chart I quite like, which Kevin gives me a hard time because he thinks it's too nerdy, is the carbon abatement cost curve. What is a carbon abatement cost curve? Effectively, it's either the cost or the revenue you get in terms of executing projects where the amount of emissions reduction's on the x-axis and the cost is on the y-axis. When you look at this chart and you see Moomba CCS, WA CCS, Bayu-Undan CCS, and Santos Direct Air Capture, they're effectively sitting at the low end of the cost curve. Whenever you want to execute opportunities that lower emissions or, another way to think of it, deliver value, anything in that space is really attractive. Low cost of carbon is required to deliver value, deliver rate of return. What I've done is also included on that chart is hydrogen projects. One you may think, "Oh, and what is the cost of carbon equivalent that motivates people to build a hydrogen project as compared to reducing emissions through other types of projects?" You'll see they're very much on the right-hand side of the chart, i.e. the incentive on carbon needs to be quite high for people to convert to pay for the additional cost associated with hydrogen in that space. One of the other parts of the market that we're looking at is the scale. Over the last 12 months, we've been working a lot with customers around Australia as well as through Asia, looking at the scale of emissions that they have and our ability to capture those emissions and bring back to our hubs. You can see on the chart on the right, effectively in the blue color or the darker color at the bottom, is effectively our net emissions, our net Scope 1 and 2 Santos carbon emissions. The opportunities sit above it is effectively the interest that we've seen from third-party suppliers about bringing their emissions back to those hubs. In terms of a book build, it's looking very exciting. There is a lot of demand for decarbonization around in this space. Similarly, we're also seeing a lot of demand and interest for opportunities to participate in things like direct air capture, which is another way of capturing more and more of that volume. As in Australia, it's really along the East Coast or in Queensland and New South Wales, the heavy emitting parts of the East Coast market and across the northwest of the West Coast, which dominate the domestic. Across Asia, effectively the scale of emissions is incredible in terms of our ability to capture. We're looking at the opportunities and not only working domestically, but also our partners internationally about decarbonizing their business in Australia and overseas. To give you a bit of an update of where we are at Moomba, the picture that you see there was, for those of you visiting the field tomorrow, will be very similar in terms of the plant. The area, the Moomba CCS scope hasn't been built yet. That is the 3D graphical representation of it. It will look very similar to that, I can guarantee you. The critical path is we've done much of the connections through our CO2 trains. We've now started the civils through there. We're 28% completed through the project execution scope. We'll be drilling the wells into Marabooka and Strzelecki starting this month. We've executed our tolling arrangements with the upstream providers of their CO2 to make sure that we have around end-to-end commercial solution. Our project lifecycle break-even cost for this particular project is less than USD 24 a ton. It's a very low cost carbon storage project. With the scale of the reservoirs in the Cooper Basin, this project's lifecycle is well more for 20 years. It's a very attractive and interesting project. You'll also see that we've got a direct air capture trial unit site being planned, and we can connect the CO2 that'll be captured through that, through this system, and abate those volumes as we work on scaling up those trials. I'm looking forward to taking you through to the fields tomorrow, those of you who are attending, to have a look at those projects in more detail. Looking at some of the projects that we haven't committed to yet, and I'll start on the left-hand side with our direct air capture project, which I've already mentioned. You can see there, like a box. It looks like a very large air conditioning unit, is probably the simplest way to describe it. That structure is being built. CSIRO have been working over the last five years on refining their technology. Best way to think of the CSIRO technology is they've modeled it on the human lung. Normally, CO2 extraction is either done with a solid or a wet chemical. The CSIRO technology is integrating both the solid and the wet. Like imagine your lung, it's got hard and moist parts of it to maximize the surface area. If you looked at the media, it just looks like snow. The critical enabler for lowering cost across this opportunity is the regeneration costs. Normally, the challenge about any CO2 extraction is it requires a lot of energy. When you go to Moomba, you will see the large CO2 towers. Effectively, that requires steam and the interface between a lot of heat and what we use currently in Moomba, a Benfield solution to extract CO2. What we're specifically trying to trial with this is it works perfectly in the lab situation. We're trying to deliver it in a field-based trial to see how that all comes together. The great thing about the CSIRO technology, its rejuvenation temperature of the amine solution or the lap, is only 80 degrees Celsius. We have produced water in the field, which is hotter than 80 degrees Celsius. There should be no requirement to burn gas or anything or to make steam, to rejuvenate your amine solution, which is really a huge game changer in terms of total cost. Our ability to integrate renewables in terms of the power supply, turning the fans and driving the compressors, et cetera, should be able to deliver us the lowest cost. The ambition that CSIRO set forth, including CCS, is $75 a ton. Some several hundred dollars lower than any market competitor. I'm personally very excited about the opportunity that this technology provides. I've got a little video, if we can play the video, and I'll talk you through it in a little bit more detail. Here we are. You can see Moomba in the background. Those boxes in front of the solar panels are effectively the direct air capture units, and we're just zooming into one. What happens is, during the on and off cycle, the doors open up, which should magically appear in a second. Effectively, fans will be dragging air through those elements. There's trays sitting in there that contain the laps or the liquid amine particles, and they go to a point of saturation. Once the lap or the amine is in saturation, the doors close, a vacuum occurs, and the CO2 is taken to the front end of the CCS asset. Through that asset, it will be dehydrated, it will be compressed, and it will be transferred and pumped down pipelines to our existing CCS locations, where they'll be injected into the reservoirs as per the CO2 that we get from the Benfield units or the large CO2 trains in Moomba. It will just be additive. Our plan is to unlock the value in terms of cost. When we unlock the cost, we should be able to scale this up and deliver large-scale CO2 abatement in the center of Australia. One of the exciting things about the Cooper Basin as a target, I'm sure as you'll see tomorrow, I think it's going to be 34 degrees Celsius out there, so it's going to be nice and warm. There's plenty of sun in the Cooper Basin. Also one of the things you should look at when you fly in is the regular dune systems. You may not realize that there's a very regular wind down the Cooper Basin. We can integrate both wind and solar to get up to about 70% renewable penetration in the Cooper Basin, which is an incredibly high number. When you think of normal renewable penetrations around 25%, 30%, with a very consistent nighttime wind in the Cooper Basin, plus a fantastic solar resource, it has an ability to deliver very, very low-cost renewables. The challenge is renewables are a long way from market. With activities such as direct air capture and activities about electrification of the project, we see fantastic uses for this technology. Which goes to electrification. We're moving forward on electrification. Brett Darley announced the upstream electrification project about 18 months ago. They're effectively running electric compressors through their field locations. We're building poles and wires to connect through to that, and the next phase is to build the power gen. We're looking at installing about 90 megawatts worth of renewables to support the electrification across the upstream and also our own midstream infrastructure. That high KV power is also the backbone of scaling up our renewables for future clean fuels. Building that infrastructure actually enables a lot more possibility across the Cooper Basin. What does the electrification deliver us? That effectively delivers around 10 additional terajoules of sale gas a day and lowers our emissions just from this one project by 183,000 tons. I mentioned before, energy solutions over the last four years have been working and deliver about 300,000 tons of renewables. This one project alone will reduce emissions across the Cooper Basin by 183,000 tons. It is a significant project for us, which we're really excited about. Ultimately, we mentioned that before, Port Pirie Mobility Hub. It's about delivering a trucking solution that takes our LPGs from where we make them or when we remove them at Port Pirie to our market, servicing both the industrial users in the region as well as the South Australian market. It is a first step to what I think is quite an exciting opportunity to grow our hydrogen mobility business, which just in thinking about at the moment, it is a really interesting project. Now, what I've mentioned too, there is two elements which Kevin also alluded to. Direct air capture, we're chasing the lowest cost solution anywhere in the world, something that I'm really excited about. Also with electrification, you can scale that up with renewables to generate green hydrogen. If you can deliver low-cost electricity through great renewables penetration in the Cooper Basin, as well as an excellent direct air capture or low-cost direct air capture, you can combine them and make renewable gas. Renewable gas is a way you can facilitate the utilization of all existing infrastructure. When I traveled to Japan recently on several trips, one of the things that you hear about. We're very close to the market. The thing about Santos is we're connected to all the major energy producers through Asia. We know what they need, and they're not needing hydrogen today. All they want is our LNG. As much as we can give them, that's their focus at the moment, because they want low cost, sustainable energy. The other thing they're also focused on is they've got trillions and trillions of dollars of installed infrastructure. We're working with them about how do we deliver the lowest carbon solutions. CCS is certainly a huge enabler, we're also working with them things, and we've got multiple agreements at the moment to work on trials of renewable methane. That renewable gas effectively utilizes all our supply chains, our pipelines to Queensland, our LNG facilities in Queensland, and access to Asian markets. We're working on delivering lowest cost renewables, lowest cost direct air capture, which could unlock, certainly not probably this decade, but into the next decade, opportunities for green methane. Why is renewable methane really important? It's because no one in Japan can possibly imagine tearing up all their installed infrastructure to try and deliver a pure hydrogen solution. That is a real challenge for them. Just think about energy density. It's three times less dense, less power deliverability from hydrogen than you have from gas. If you can deliver gas that is net neutral, i.e. the amount of carbon you take out of the atmosphere through direct air capture combined with hydrogen, if that is equivalent, you've got a net zero gas solution which utilizes all the existing infrastructure. We're working very hard to deliver the lowest cost outcome. It's very much at the soul of who Santos is. Our operating model is about delivering the lowest cost, sustainable and safely. We see a great market opportunity if we can do that in our clean fuels business. Looking across the Darwin and Bayu-Undan opportunity, I mentioned a little bit briefly about our Darwin Bayu-Undan CCS. We're in FEED. We're well progressed in FEED. We should be concluding that in the not too distant future. We're working very closely with the Timor-Leste government. We have excellent relationships with them. Brett mentioned that earlier today. Our ability to get the infill well campaigns was unprecedented in terms of the decision timeline in Timor, we're working very closely with them about the end of field life at Bayu-Undan, and also how we enable the future of the facility through CCS. CCS at Bayu-Undan can deliver, through the existing infrastructure today, 10 million tons per annum. Working with our own partners, i.e. Barossa, as well as all third parties in the region to look at aggregating their volumes. One of the things that we've also looked at, Kevin's trying to drive us to be a very commercial organization, is what can we do with our infrastructure. Through the period of the end of field life at Darwin LNG and the start of Barossa, we have a tank that is available. We've been working with third parties through our marketing and trading team to unlock value through that. As you can imagine, with the world's requirement of LNG at the moment, there is a lot of interest in effectively utilizing the Darwin LNG tank as a place to store LNG so traders can play the market. Why is that important to us? Because one of the challenges I have is I have to keep that tank cold. It's not necessarily a great thing to warm up a tank. If I can keep that thing cold, make a return on it, and not have to pay for gas to keep it cold, I'm saving enormous amounts of money. We're very focused on operational efficiencies and how we can deliver value. I've got to thank the guys in the commercial and trading team who've been working very closely with us in operations to make sure that we can deliver that for our customers. In terms of Western Australia, there's several key points to make here. Reindeer CCS. As our Reindeer field comes at the end of its natural field life, we're working with some really good local industrial customers about enabling that. We've signed up a GHG block with Chevron and SK E&S to enable expansion of CCS in that region, I think Chevron's a critical partner in that space. Also Burrup Island. What we've got there is a lot of installed infrastructure, two pipelines that run from the beach to Burrup Island, which we can utilize to progressively scale up our CCS solutions in there. Western Australia, with the large scale power generation and many of the iron ore proponents looking to decarbonize, offers us a huge market. Through fertilizer manufacturing and through the large scale power generation in the region, we're seeing a lot of interest in scaling up CCS. Why are they dealing with us? Because we're delivering at potentially at the lowest cost that anyone else can do in the region. We offer depleted reservoirs that we know the ceiling capacity we can manage. We have installed infrastructure with wells and a high integrity with pipelines and compression infrastructure. It's just about gathering that CO2 and getting it at pressure, we can store that permanently for our customers. My final slide here today is, certainly not meaning the least, our carbon solutions business. Carbon solutions is very integral across the whole business. Bruce mentioned what he's intending to do in Alaska, our carbon solution business is working with Bruce's team to make sure that the land-based projects in Alaska are operating in their best capacity. Moreover, things like in PNG, we have a biomass project through our acquisition of Oil Search, which is very exciting. We're looking at other partnerships across PNG to expand that. Our land holder relationships are so critical, Janette will talk through a little bit more of that later today. But delivering value through our land holder relationships, through our Australian soil farming potential, through our Alaskan forest management, through expanding our ability in PNG is really important. Remember, if you ever get a chance to visit PNG, the density of the forest there is very high, its ability to abate carbon is incredible. Working with those land holders, working with things such as deforestation project and replanting projects like the biomass project is really important. This we see as, again, a very strong business for Santos to be in. We see demand remaining strong and our ability to generate value from it really important. That's it from me. Thank you very much. I'll just now pass over to Janette, who's going to take us through ESG. Thanks. Cheers. Good afternoon, everyone. I'm Janette Hewson, for those who I haven't met. I joined Santos mid-year. I've come from the resources sector, the mining sector, and I've run ESG, external affairs, and also operating roles in that sector. Why did I join Santos? I was really keen to join Kevin and this team as they embarked on their decarbonization. That, to me, is something really exciting that I wanted to be part of. I too see ESG as an opportunity for our business. From time to time, you no doubt will hear externally about stakeholder issues for us. Today, I really wanted to take you through our approach. You've heard already from many of the presenters, and I think that demonstrates that ESG is part of everything that we do. It's not just my job. It's something that everybody is involved in. Kevin, Brett, and Bruce have taken us through the decarbonization actions, and Bruce has also given us a bit of exposure to the great stakeholder engagement that he and his team do in Alaska. Today, I'm going to focus on our community relationships, particularly with First Nations people. I'll also update you on our people and culture, particularly diversity, and I'll also take you through governance and disclosures. Before that, I thought it would actually be useful for you to hear from some of our community partners. I'll hand it over to James. Thanks to Santos. Without them, it wouldn't have happened. Santos look after our club really well. We're proud to partner with them. Bidjara people have got a great working relationship with Santos and would like that to continue on into the future, many years to come. I've been invited by Santos working relationship so they can help us in our endeavor to create a better place out here, not only just for our people, but for all our people as well. Thank you Santos Voices Foundation for giving us this treatment. This program is changing life quality. Without the support of Voices Foundation on the ground with us, some of the milestones and achievements we have done would not have been possible. It would have been challenging for us in a very difficult environment like Alaska. Thank you very much, Voices Foundation. They came out, they had pizzas, their bikes were brought over and repaired. A lot of fun. Heard a lot of laughs, and that was awesome. We are lucky that Santos is our donor. It is us and John of God who helping the hospital to help care for the patients to achieve what is more, to achieve life expectancy of the Timorese people. Without support from Santos, these programs will not be able to go ahead. Thank you. Every day, we work with First Nations people in all the countries we operate in. Just to understand the scale of what we do, in Australia alone, we have 95 agreements with 23 traditional owner groups and land councils. We have a dedicated team that work with our divisions to deliver those agreements, particularly in the cultural heritage space. Again, just to give you that sense of scale and that this is part of our day-to-day business. We've got strong processes in place to identify, protect, and manage cultural heritage. We work with our traditional owner groups who appoint cultural heritage officers. You'll see up there that I think we've engaged over 500 officers over the past five years and delivered 2,000 cultural heritage assessments. We go beyond cultural heritage processes and native title agreements. What we focus on too is the opportunities to allow our traditional owners to come back to country and do things on country. Our sustainability report, which we've recently released, has some examples of that. We also work with our traditional owners to provide cultural immersion and training to our people so that we up-skill our team. Not only that, we've got our Indigenous participation plan, and that's all about taking it beyond compliance, and that's about how do we create opportunities for our traditional owners and First Nations peoples to also benefit from having Santos. We focus on jobs, we focus on local suppliers, and making sure that everybody has an opportunity. Just a figure up there, we spent, in 2021, almost AUD 60 million with First Nations suppliers across our operations. What I'm really excited about too is our focus on jobs and training. You'll see there that currently we have 30% of our Australian apprentices and trainees who are Indigenous, which is a really great number to have and a number that we continue to work hard on. As well as that, 88% of our PNG workforce are PNG citizens. The photo, you would've seen Keelan on the video. The photo is about our offset agreement with the Bidjara people in Queensland, and it's a great outcome because it's about the Bidjara people taking control of their country and running a business on that country. We partner with them to secure the offsets we need for our operations, but at the same time, creating a sustainable business for the Bidjara people. We're very proud of that partnership, and we look to do more and more of that going forward under our Indigenous participation plan. I'll turn now to our other community relationships. Obviously, our communities are so different, as you saw from that video, and we support them in a bespoke way. What is consistent is that it's so important for us that our host communities share in the benefits of Santos operating in their region. We do this through a variety of ways. We do it through local jobs and education and training. We're proud of our 100% local workforce in Darwin. We've also got 85% in Whyalla, Gladstone, and Narrabri. Local spend is critical so that the communities see the benefits of having us in their region. AUD 444 million local spend across our host communities in 2021. We've also contributed AUD 2 billion in taxes and royalties over a five-year period. Again, that's that ability for communities to understand the benefits that we bring to their region. Of that AUD 444 million, AUD 30 million is spent on what we call social investments. That could be grants, that could be sponsorships, that could be investing in infrastructure, as Bruce has outlined this afternoon. Our common themes in where we like to invest are in the education space, in health, including mental health, and also training and education, with a particular focus on our First Nations peoples. Another example that I just want to leave you with is the co-benefits that we aim to share with our landowners. One of those is in water reuse. The produced water that Santos has, we work with our landowners so that they can use that for irrigation to benefit their businesses. Also we've got some connectivity and telecommunication upgrades in Queensland, which also benefits the communities that live in that region. I'm not sure how many of you are familiar with the PNG Foundation that Oil Search created about 10 years ago. I wanted to explain this afternoon some of the great work that the foundation has. We're really proud to continue that foundation, and its focus is really on capacity building. What we're talking about are very remote communities in PNG, in Hela, Southern Highlands, and Gulf, that have very different living standards to what we're used to here in Australia. Obviously, the support they need is very different to what we would offer in our different operating regions. The focus has always been for the foundation to build capacity in those areas, and in particular, they've worked very closely with the provincial health authorities in those areas. That's about building the capacity of the people that operate the hospitals, particularly in health administration. We've particularly focused on the rollout of vaccines in these regions. You'll see that by helping and supporting the provincial health authorities, we've delivered 145,000 childhood vaccinations to that region. As well as that, during COVID, we worked closely with the PNG government and also the Australian government on delivering COVID-19 response plans and vaccines. That's really focused on a 1 million population and keeping 100 health facilities open and working during the pandemic, which is an excellent result. The video showed Kevin reading to some local children in PNG. These are the foundation-supported literacy libraries. What's really pleasing and reassuring is that parents afterwards came up to Kevin and said, "Thank you for what you're doing as the foundation." Because they understand that education is a key to getting out of poverty for their families and their communities. We're really proud of that work as well. Lastly, the Santos Foundation do a lot of work in family and domestic violence, and we're proud to partner with the Bel isi PNG, which supports victims of family violence. I'm going to move now to people and culture before I move off the S in ESG. We've got some really promising diversity statistics there. You'll see that female participation is quite significant here at Santos. 40% of our Board are female. 38% of Kevin's Executive Leadership are female. We have 42% of graduates this year are female. When we look at the breakdown between our office workforce and our field-based employees, you'll see that office is high at 35%. Field-based is low at 9%. We've obviously got to do some more work in terms of the programs that we need to deliver that. I see Brett nodding furiously in the front row. That is something that we continue to work on as well. Again, really strong statistics there. Gender pay equity, we do, and what's a really interesting piece of information is that we support working parents return to work. This is the inclusion part of diversity and inclusion. Approximately AUD 1 million has gone to subsidizing our returning parents, when they've returned to work, to help with their childcare expenses. That's a terrific way of supporting our diverse workforce. We're obviously spending a lot of time and effort in training our people with 71,000 training hours in 12 months, which is a really significant number. I'll now take you through the E in ESG. I want to focus on three key areas. This is really about showing how we work with our communities and our partners to deliver responsible environmental management. We've spoken a bit about biodiversity today, including the Mount Tabor partnership we have with the Bidjara. We have currently 43,000 hectares of land secured as biodiversity offsets. That's an important way of partnering with landowners as well to ensure that we're doing our bit for species and vegetation. We're very proud of the work that the business has been doing too over five years in terms of reducing waste. Obviously, we work in very remote places, so waste disposal is an issue. The teams have achieved a 69% reduction over five years in waste generation, which is something to be applauded. Obviously, we continue to do our work on that. I'll also talk to you about groundwater. In terms of we offset our use of groundwater from the Great Artesian Basin through water-saving initiatives. We've partnered with the Queensland Government and committed over AUD 2 million to work with landowners who have free-flowing bores on their properties. These aren't our bores, but they are third-party bores that are otherwise uncapped and losing a really important resource. We're contributing towards capping those bores as well. I wanted to explain our approach to governance and disclosures because I know that's very important to the people in this room and online. We have a very robust corporate governance framework and disclosures. We've got dedicated Board committees in the EHSS, Audit and Risk, and also People, Remuneration and Culture. We've got publicly disclosed policies, and we have a very robust cross-organizational management system that addresses ESG risks. I'm very comfortable with the fact that our businesses are doing ESG day to day, and we've got our focus and governance in place to support them. From a human rights and modern slavery point of view, that's becoming increasingly important for us, particularly as we do more in PNG and other places. We have a board-approved human rights and modern slavery policy, and we have been reporting on modern slavery for several years now. The supply chain team are doing some really good work there in terms of understanding our risks and mitigating those. Lastly, with transparent disclosures, we have an annual TCFD-aligned climate change report, which was released earlier this year. We have our GRI-aligned 2022 sustainability report, which has just come out, and that includes information on the merged entity. I'd really recommend that those looking for more information have a read of that report. We've got some really good case studies in there too that explain what we do throughout our global operations. We also do annual reviews of industry associations. We're an active participant in the CO2CRC and also the GCCSI. For a few more acronyms, I'll just take you through our ratings. We've got a double A rating with MSCI, and we've a strong sector performer in the CA 100 plus benchmark. Just to conclude, I know you've heard a lot about what we do every day in the ESG space and how it's an important part of what we do, and I think that's a really important message for everyone to take away from today. By hearing from some of our community partners and from us today, I trust you'll have a greater understanding of what we do every day in this space. Now I'd like to hand it over to Anthea McKinnell, our CFO, who will take us through the finance and capital management. Thank you very much. Thank you, Anthea. Hi, everybody, it's really great to see so many of you here in Adelaide. Who would've thought we could pull such a crowd? It's fantastic. Thanks very much, Jeanette. That was a great presentation. I'm here to talk finance, which is a very exciting topic to me. Just starting off, I think, on our first slide, the base business, just to recap. Base business is performing really well. 77.6 million barrels production to the end of the third quarter, assisted by the current commodity price environment that flowed through to some really strong sales revenue. A record sales revenue of AUD 5.9 billion, importantly, AUD 2.7 billion of free cash flow, including a record AUD 1 billion free cash flow quarter being the last reported quarter, which is a really strong result. As you would've seen from Kevin's earlier slide in his discussion, using our sensitivity of AUD 450 million in free cash flow for every AUD 10 in oil price, we would see year-end coming in around about AUD 3.4 billion. That's a very healthy result for the year, obviously subject to the final production for the year. We've continued to manage our balance sheet to combat both our development capital and our shareholder returns, I'm really pleased to see the AUD 543 million in cash dividends we paid for the year. That's the December of the full year 2021 and a half year 2022 dividend. Of course, we've continued our buyback program that we announced in April, upgraded in August to AUD 350 million. That's about 93% complete. Our treasury team will be very happy to have that finalized for the year. Important to note, as Kevin referenced also, this is a buyback program. It's an integral part of our capital management framework, we'll get to that in a minute. It is part of a continuing program. It's not a once off buyback. Just closing out this page, we've very strong liquidity, AUD 5.5 billion, our gearing, 20.8, is getting to be around about the midpoint of our 15%-25% gearing range, which is also is really good to see. I'll touch on the capital management slide in a little bit of detail, because it is quite critical from a shareholder perspective to where these returns are coming from. If we walk through the capital management framework, cash from operations under our disciplined operating model is your base. Out of that, we take our sustaining capital, then we have our free cash from operations. It's this pool of cash that we use to deploy to reduce debt, to return capital to shareholders, and to fund our development and transition capital. Sustaining CapEx, we would expect to see about $1.1 billion-$1.2 billion per year. This is a kind of treadmill short cycle capital that you'd expect to be plowing into the business to maintain production. It also includes exploration and decommissioning spend. The other point to make here, again, from a free cash flow perspective, we're targeting free cash flow breakeven at $35. This year, we're on track to deliver at $25. This is the free cash flow produced by the business after we've paid for our sustaining and treadmill short cycle capital. On to the balance sheet, we are committed to maintaining an investment-grade credit rating. We've got three ratings. They're all stable, and they're very important to us. Again, our target gearing range of 15%-25%. We'll aim to manage the balance sheet to within this range. When a continuing supportive macro environment and subject to business conditions, our intent would be to look to return capital to shareholders when gearing falls below the lower part of the range. On shareholder returns, our policy remains the same. We just introduced it in April. Again, we'll look to return capital to shareholders of 10%-30% of free cash flow from operations at a Brent price of up to $65. We paid the upper end of this range for the first half of 2022, again, would expect to guide towards the upper end of the range, provided macro conditions in the current price environment remain stable. Of course, subject to board division and market conditions. Over $65, the distribution increases to at least 40% of free cash flow from operations. Looking to investments consistent with our backfill and sustain strategy, we'll deploy capital into our upstream oil and gas business to maintain production within the targeted range. We'll manage our project sequencing and the equity interest in those projects to remain within our guided capital metrics. I've got some guidance on 2023 CapEx in a further slide. Noting that 2023 and 2024 will draw some level of capital as we fund Barossa and Pikka projects particularly. These commitments do tail off very quickly as the Barossa project comes online in the first half of 2025 and Pikka in 2026. We'll deploy capital into our transitional activities in accordance with our Climate Transition Action Plan, we would expect to see this expenditure increase towards the end of the decade, obviously always subject to the project meeting our internal hurdle rates and investment criteria. Notwithstanding the strong commodity prices, we've not taken our eye off the ball as it relates to cost discipline. From an operating cost perspective, we've seen strong performance from the assets, where the impact of cost inflation has been controlled within our operating division assets, assisted by favorable FX rates, which have had a positive impact on group production cost. This means that we're able to guide to the lower end of our production cost guidance range of $790-$830 a barrel. We continue to focus on merger synergies, banking $112 million in annual run rate with a revised guidance range of $110 million-$125 million per year. A bit of color on these synergies. The majority of the synergies relate to non-headcount, and they're really associated with the removal of some of the head office activities. For example, duplication of board costs, company secretariat costs. We rationalized the information systems and a lot of our software packages because they were duplicated. Reduced borrowing costs, fair bit of synergies also across the insurance program. Headcount synergies are predominantly in Australia and largely relate to duplication of activities associated with the centralized business activities. From a taxes paid perspective, we're very proud to say we pay tax and royalties in the countries in which we operate. What I've set out here is the year to date or to the end of October, taxes paid for 2022. Just a bit of color around some of the numbers there in Timor-Leste. With Bayu-Undan production decreasing, there's a natural decrease in the taxes we pay there. In Papua New Guinea, with the merger with Oil Search from the end of 2021 and higher commodity prices, we're seeing a very big increase in taxes paid in Papua New Guinea, and that's pretty consistent with what you'd expect to see. Australian increase is largely associated with higher commodity prices flowing through to our royalties and our Petroleum Resource Rent Tax. From a production and capital guidance perspective, we've retained our production guidance for 2022, and for 2023, we're guiding to 91 million-98 million barrels for the year. This is reflective of a couple of elements. Firstly, uncertainty around the timing of completion of the sell-down of PNG LNG. We've left the 42.5% interest in here, and that will be adjusted once we get line of sight to the timing of that. In no way does it mean we don't think that the sale is going to go through. We just had to pick an assumption to provide market guidance, and this is the assumption we've picked. Don't read anything into that at all. We've also had production in Bayu-Undan in 2022, which won't appear in 2023. It's likely we will have some production in 2023, but we're not banking that in this estimate, so that will be upside for us. It will be relatively low, potentially. Lower production across the WA assets. From a CapEx guidance perspective, we're guiding 2023 CapEx upstream to be broadly consistent from a sustaining CapEx perspective with prior years. For 2023, this will comprise Sorry. There's a little bit of decommissioning there, too, and that will comprise largely decommissioning associated with the WA offshore assets and suspension of operations for Bayu-Undan. We've got in that sustaining CapEx number, there's about $200 million of decommissioning cost. That's consistent with our planning to chip away at our decommissioning costs each year, to make sure we're managing that process going forward. From a major projects perspective, the vast majority of that CapEx relates to Barossa and Pikka Phase 1, as Pikka Phase 1 particularly has a full year of CapEx in that year. Papua FEED costs will also be in there as we approach FEED entry towards the end of the year. Those are the three things that are mainly flowing into that project CapEx number. In the midstream, major projects CapEx will relate to Moomba CCS and electrification. That's about $85 million for the year. From a liquidity perspective, our funding activities have continued in 2022 with the refinancing of our syndicated facility complete. We're holding liquidity of $5.5 billion at the end of September, comprising cash and undrawn facilities. We've got a maturity profile there of those undrawn facilities, and we can see that about $1.5 billion of those expire after 2025. It's a very good maturity profile to have, and it de-risks the funding activities going forward. Our portfolio cost of debt was 4%, which is very competitive, and over $2.4 billion of our net debt is fixed rate, so limiting our exposure to increased interest rates in the near term. Our refinancing activities have highlighted the strong support from our banking group across a diverse range of banks and geographies. Noting we enjoy particularly strong support from our Australian and our Asian banks, consistent with our position as a reliable supplier of energy in the region. From a balance sheet perspective, as we've said before, strong cash flows for the year have facilitated rapid debt reduction. We've reduced net debt by about $1 billion for the year. With net debt sitting at $3.8 billion as at 30th of September, and gearing sitting at 20.8%, and that includes leased assets. We have got a significant portion of leased assets within that, about $900 million, and that comprises about 4% of gearing. Excluding leased assets, gearing is sitting at about 16.8%. With the syndicated financing complete, we've no material near-term maturities until 2027, other than PNG LNG, of course, which is paid out of project finance. I've talked a little bit about the returns policy, and as noted, the initial buyback is nearly complete and has resulted in about 2% of our share capital being bought back. Again, as further execution under that program, we will chip away at that share capital, increasing the accretiveness of that program over time. Further capital management under this program will be considered with the first half 2022 results. Noting also that we'd consider further returns of capital once sale proceeds from the sell-down of PNG LNG is completed and the cash is received. To wrap up, before I hand over to Kevin, I think I've done well on putting some time back. The performance in the business has been extremely strong. The macro environment, the prevailing commodity prices have been very strong, enabled us to generate significant cash in the business. We've not lost our focus on cash discipline. We really are focused on returning cash to shareholders and executing on our capital program, which is a bit lumpy over the next couple of years but does fall away quite quickly after that. With that, I'll stop there and I'll hand over to Kevin. Thank you. Well done. Okay, thank you, Anthea. Thank you everyone else for your presentations this afternoon. I'll just spend a few minutes wrapping up, then we'll do some Q&A, and give you all the chance to ask some questions. If you put your hand up, then I'm sure someone will come around with a mic for you to ask questions. Hopefully, you got a feel for the breadth of the business today and the direction that we're moving in as an organization. I think when I reflect on how the company has strengthened, particularly its base business over the last few years, I'm certainly very excited about the future in front of Santos. The opportunities that the great infrastructure business that we've built or the infrastructure position that we've built over 68 years really positions us for going forward. As I say, we're a 68-year-old company. In two years' time, we're going to celebrate, hopefully celebrate our 70th anniversary as a company who was founded here in South Australia. I think if I was describing Santos' past, it was very much steeped in oil and gas. When we looked for gas, we found oil, when we looked for more oil, we found more gas, and we became an oil and gas company. Going forward, I would describe us more as a transition energy company, today was about rolling out and communicating to you that vision and that strategy, the new purpose of the organization. I wanted to give you a feel for not only what that looks like in terms of those opportunities to transition in a very measured and very disciplined and commercial way. I also think it's a very realistic way. As much as we can all go out and talk about building these big hydrogen projects and clean energy projects and transitioning a lot faster than the reality supports, we're building a plan that we believe is real. That is real, it's doable, it's credible, and we're committed to it. I would describe Santos now, and going forward, as more of a transition energy company. I know that's a different value proposition. It's a different investment proposition from a pure play oil and gas company. In the environment we're in, and the social license requirements to transition, we believe that will be an effective and very rewarding strategy for shareholders over the long term. Of course, that's against a backdrop of increased global volatility and energy uncertainty. We've got to stay focused on the base business, providing those affordable and reliable energies, such as gas, to those markets while the world transitions. I believe what you saw today is a robust, but importantly, very simple and easy-to-understand strategy. That's important if you're going to be able to execute it. That consists of that backfill and sustain, that decarbonization strategy, of course, the clean fuel strategy that comes off the back of that. I believe that that strategy will deliver a sustainable production and strong cash generation business for many years to come. You can see that stable production, that base stable production profile before we even think of the uncommitted projects for many years into the future. That, of course, will fund those shareholder returns, as well as enable us to do a disciplined reinvestment on new opportunities as we go forward. I think our business is supported by a market that demands more gas. Globally, that's what we're seeing. The demand for gas remains very, very strong. Whether that's natural gas or in the future, green gas, or whether that's just pure hydrogen in the future, the fact is we're a gas company, predominantly a gas company, and we believe that's a good market to be in. I believe that Santos will continue to be a market player and take advantage. Because of our strong balance sheet, we'll be in a position where we can take advantage in the future of more consolidation opportunities. We've been very successful in doing that over the last 5 years or so with 3 major acquisitions, 2, I should say, and 1 merger. We've been able to do that very successfully over the last few years. Having a strong balance sheet, maintaining a strong balance sheet, will allow us to be in a position, if the right opportunity around our core portfolio should ever emerge, we'll be in a position to take advantage of that. In wrap up, I hope you got a feel for how well-run the business is. Really strong governance. We thought it was worth sharing with you some of the things we're doing that you don't always get access to, and it's very important. You can see that we're very focused on maintaining landholder relationships, an incredible amount of landholder agreements we have across all parts of our business. Those indigenous relationships and traditional owner relationships we have, whether it's here in Australia, PNG, Alaska, Timor-Leste, they're very important to the longevity of the organization. Of course, the governance that goes with that, the governance to ensure that we're doing everything to the right standards and in accordance with our policies as an organization. On that, I'll just wrap by saying, I think it's a really exciting time to be a gas company. I look forward to delivering strong returns to you and our other shareholders on the webcast for many years to come. On that, I'll wrap up and we'll go home now. Just kidding. There's some Q&A. We'll do some Q&A. We'll open up for some questions. Thank you. Hi, Kevin. Dan Butcher at CLSA. Just a question about WA Gas, which was obviously a bit of a miss where expectations were for next year. Can you firstly just talk a little about the subsurface and what's going on there that's creating that decline? Then perhaps you could quantify that by sort of talking about the terajoules per day this year, next year, and maybe where it will be in 2025, with or without certain additions and tie-ins and that sort of thing. Just sort of curious where the direction of that's going. Thanks. Perhaps I might go to Brett for the second part of that question in a minute. Look, ultimately, Reindeer we've signaled for some time would be coming to an end of field life in 2023, and that's on track. There's nothing new there. I'm not sure if you've built that into your models or not, but that's something we've signaled for some time, which is why we'll be working on repurposing the Reindeer field as a CCS field going forward. That will create more value from that field once that comes off. So we still expect that to end in 2023, and that's a part of it. Of course, in the other fields across WA, we knew that somewhere between 2023 and 2025, we'd start to see some decline. We always knew that we'd get some decline there. Of course, the plan was in 2025, 2026 to bring Dorado into our Western Australian mix, and we'd see that big kick up in production from the Dorado field. Of course, that's been pushed back. So what you're going to see now over the next couple of years, a bit of decline in those gas assets in Western Australia, which is natural decline. What we're seeing, we've seen in the outer reaches of the Spar field, we've seen a bit of water breakthrough in those fields, and we will be tracking that. We've been tracking that and measuring for that now for the last two or three years. Because these fields, of course, it's not till it starts to happen, you can really start to measure it. You know it will happen one day. Look, in terms of guidance going forward, giving you guidance for next year, we'll continue to monitor that through next year. I think the important thing to note here is that we do have other discovered resource in the Spar field, and whether this is Spar deep or there's an infill prospect that we've penetrated before as well. We have ample reserves coverage for our contracts. I think that's really important to make sure that there's no misinterpretation of this information. I like to think we're a very transparent company. It's one thing I think we've been quite firm on over the last few years, we're really just communicating as early as we can. We've had that water breakthrough. We expect to see some depletion through that field, and we've estimated what that will be for next year. We'll see how that goes. Beyond that, I don't think we're in a position to give guidance year on year. Without any infill wells, you would expect that depletion to continue at the same sort of rate. Brett, is there anything you'd like to add to that? Yeah. Do you want me to stand or what do you want me to do? Sit? Stand? All right. Look, with water drive aquifers, with reservoirs, we see a lot of uncertainty at the end of field life, and you can see what's happened at Bayu-Undan, very similar. We'll be doing everything we can, repurposing water shutoffs on those assets to extract again every molecule we can out of those assets and work with it. We're very conservative when we bring them with our contracts and looking at what we actually sell. What we've been selling over the last few years has been above our contracted rates, selling into the spot market. We obviously won't be doing that, but that typically is a very low margin, in the past, low margin compared to our long-term contracts. At Reindeer, we're looking at intermittent production as well. Once the wells actually get finished continuous production, we are looking to extend those operations with intermittent production. Spar still has an end of field life at some time at the end of 2024. We'll be monitoring, working on those uncertainties as we go forward, and we've always had the plan to develop more gas in that area. We have discovered resources, as Kevin said. We're not going out chasing new molecules. We know where they are. They're close to our infrastructure. We've drilled into them before, and we'll figure out which is going to be the best bang for our buck going forward. I think it's a good point. We're coming off a little bit, but it's important to recognize that that percentage of production that's coming down, that's a higher percentage of production, significantly higher percentage of production than it would be a percentage of the EBITDA because the nature of those gas sales into that market being a low-priced gas market. Yeah. I think that's important to recognize. It's not like for like in terms of the impacts on the EBITDA performance of the business. Whether we go chase spending capital and chasing new production in WA or not, we're in a world now where each asset competes for capital, right? The best assets and the best projects are the ones that are going to win. If we think we can get a better return somewhere else, we'd spend it elsewhere. Wouldn't necessarily be just to maintain a production profile on one asset. That said, we do think they're good opportunities, right? Yeah. Thanks, Tom. Excuse me. Over here, Mark. Yeah. Mark Wiseman from Macquarie. Mark. Just a question on the CCS strategy. I think we're all familiar with the reservoir CO2 from Moomba, and that first tranche of the CCS sounds relatively low risk. I just wanted to ask about the third party CO2. How advanced are those discussions with customers in the Pilbara for Reindeer and on the East Coast for Moomba? Seems like a pretty big piece of business, but I'm just wondering. Yeah How advanced is that? Look, I'm really excited about that, Mark. Thank you for the question. I can see line of sight to third party CO2 processing, if you want to call it that, capture, processing, storage, that goes way beyond the capacity of our CCS opportunities that we have, the storage capacity that we have today. The interest in Asia is really significant. We're talking to shipping companies who want to alliance with us and provide those shipping solutions. We're talking to LNG companies who want to send the CO2 back from their processes back to Australia. Korea particularly, there's a real appetite for this in Korea as well. Whether that comes back to Darwin, whether it comes back to the East Coast, obviously if we're shipping all that all the way down to Port Bonython, that looks like a pretty expensive shipping alternative. Darwin's the winner for Asian feedstock. The east coast of Australia, though, we think offers a really exciting opportunity. The number we showed you earlier on, with that market size being around 40 million tons per annum from those baseline or Safeguard Mechanism emitters, that 40 million tons is our estimate of their emissions above what we expect their Safeguard Mechanism baselines to be. It's not all of their emissions. They've got much, much more emissions than that. That is simply what we think they would have over and above what their baselines would be. It's a really big opportunity, a lot of interest, and that interest is building, and the momentum around that is building. I think one of the things that's worth pointing out is that Brett talked earlier on about that particular market, and he talked about how his business is based on a tolling revenue stream, which will have two components to it. One is a fixed margin. Very much like an infrastructure business in that sense, pretty reliable and safe business. You're going to pay me to contract for me to take your CO2, and we'll take it and store it, and you just pay me for that. It's just a dollar transaction. In addition to that, the second component is an upside or an exposure to that carbon price upside, depending what index the supplier of the CO2 wants to reference that contract to. It's not all the upside because the midstream business or the carbon business would not be getting the exposure to the credits themselves, right? We would say that that's for the upstream guys to do for themselves. It's their emissions that they are getting rid of at the end of the day. We want some exposure to that because that determines what the next best alternative option is. For example, and I'll just give this as purely for example purposes, it might be a percentage of the carbon price above AUD 50 that would come to us, and that's the sort of commercial model we're pushing for that business. I think it's a very exciting business. I think it can be a very lucrative business. One of the benefits that Brett won't get, Brett Woods won't get, I've got to say the surnames, of course, because there's more than one Brett in the room, one of the benefits he will not get from that, but the rest of the business gets, of course, is that what it does to the investor universe in terms of who can invest in Santos and what the appetite for investing in Santos might be. We've got a lot of strong interest overseas from investors, from bankers around the attractiveness of this business that we're building. I'm only going to build it if it makes money. I'm not building it just to have a defensive sort of emissions reduction arm to the company. This is about building using our subsurface skills with the geos and subsurface capability and capacity we have in the company as we go away from, and let's be frank, we move away from wildcat exploration as the world's transitioning. You can do less of that sort of stuff. As we move away from that, those skills become very valuable skills in understanding the subsurface opportunities for carbon capture and storage. If you start to think DAC, I've told you about those shipping solutions. With DAC, of course, you don't need pipelines, you don't need ships, right? If we can be successful in building this model, we will have more CO2 we can capture than we can store. Hence, the opportunities to then put it with green hydrogen to make green methane in the longer term. Thank you. Mark. Thanks, Kevin. I'm going to surprise you with a question on the buyback. Actually, I'd love to ask it, I don't know if any of the other board are here, but it's. No, they're not. They're not. You're going to have to answer it for them, I'm afraid. If we look at where the business is, you know what LNG prices look like for the next three, four, five months because the lag in the contracts. You see where the share price is. You know you're generating AUD 10 million of free cash flow a day. Anthea said we shouldn't read anything into PNG sale down, that's happening. I would have got to say none of the board, I think collectively bought about AUD 20 of stock in the last three years. Should we infer that we're getting it wrong? They don't think buying up the share price is the right thing to do? Can you help us get our head around why they're not being more constructive on buybacks? Well, first of all, we've got to run the business, right? We've got to run it for the long term. Thanks for the question. It's a very frank question. The bottom line is, we've got to run the business for the long term. I think it's very important we don't get ahead of it. I'm not going to try and ask for the board, the part you asked about the board, I'll come back to that in a second. I think it's very important we don't start looking at newspapers every day and, with threats of intervention with government. I see something in the press this afternoon on that one, and start reacting to that in terms of trying to win favor and be populist. I think it's very important that we stick to principles of running a very disciplined organization. For six years, that served us really well. There's been other times where we've had that pressure to do something in a one-month or a three-month window to appease, and I'll use the term investor frustrations, perhaps. I get that. I understand that. I sympathize with that. Ultimately, our focus must be to run a very, very disciplined and sustainable business. I know that will not always be popular. One of the things we did do, and I would argue, and this may be my fault, we did react a little bit to pressure earlier this year when we accelerated the buyback before we got to our half-year results. We're probably paying for that now because the buyback's running a bit of steam until we get to the full-year results. Whether it be the full-year results or whether it be the PNG sell-down, who knows what the government's going to announce next month or the month after in terms of intervention in markets, which may or may not mean a bigger tax bill and less free cash flow to distribute to shareholders come February. I think it's important we just don't get ahead of ourselves. As much as I sense it, and I do appreciate it, we've made the point that the buyback is a rolling program. The board's been clear on it. It's a rolling program. It's here to stay as long as conditions are positive and we're generating significant cash flows. I think you can count on that. Now, they can't certify that, if you want to use that term, until they get their audited results as we go forward. I do appreciate it's run out of steam because we started that one early. I want to emphasize the fact it is a rolling program. You can quite easily work out what the next check's going to look like, if you want to think of it in those terms. I think we've given pretty strong guidance to date on that, unless there's an almighty collapse in commodity prices in the next, what, seven weeks of the year. I'm very confident that once we get through that end of this year and we get back onto that rolling program, it's going to be a very continuous program for a long time to come, because I hate saying this, because I'm going to get freaking shot for this by somebody, I just cannot see a low oil price environment anytime soon, and a low commodity price environment anytime soon. As long as that continues, we're going to be generating a lot of cash. The board, and certainly me, are very committed to maximizing those returns and navigating the ship and managing the gearing and managing the reinvestment, if you want to put it to that. When it comes to PNG sell-down, I think the chairman recently met with a bunch of shareholders and he's got that feedback from some. Not all, but from some. I think we made the point today that as strongly as we can before a board resolution has been made on it, come full year results, that the board is very focused on, or should I say, I think Anthony's words were consideration of additional capital returns once we complete that sell-down and we get the cash in the door. Again, I wouldn't want to pre-empt. As much as something looks good or it looks like it's happening, we all know what this world is like. We've been in oil and gas long enough to know that surprises come. I would go back to when I arrived at the company in 2016. There was a few surprises, caught the business out in 2014, 2015. We spent a couple of years recovering from that. I don't want to get ahead of us and put ourselves in that position. I want to make sure that in conjunction with returns, and this is just my view, that we keep the gearing in check and we keep the de-gearing trajectory that we're on. I think you heard Ant, I don't know if you used the word floor, but you talked about maintaining 15 as, yeah, so when we get below 15, we don't need to go, we're not going to run a lazy balance sheet. I think that's important. That'll free up more returns for shareholders. I'm trying to be as positive on that question as I possibly can be, Mark. I'm not going to comment on how many shares the directors have bought or own or whatever. There's a standard there that they set, that every director has to own a certain amount, and they're all at that level. I believe everybody's at that level. I don't think anybody's sold any in the last three years either. Not that I'm trying to throw that one back at you, but they've not sold. I think they're pretty committed. We'll get the opportunity to ask them that question tonight because a few of them are coming along this evening, and I would encourage you, all of you who are sitting with directors tonight, ask the question. Ask them. I'm sure they'll be very keen to enter that conversation. Thanks, Kevin. I love throwing it back to the board when I can. I don't get to do that too often. Hi, Kevin. Dale. Dale from Barrenjoey. I just wanted to ask a question between slide eight and nine, where you're talking around the production outlook, and you had sort of the throwaway comment that that included a level of sell-down of assets on that production outlook. I just wanted to confirm that. Also understand when you then talk about the free cash flow outlook for the business, is that also factoring in the sell down from those assets? Yeah. Look, there's no specific sell down target or sell down activity that's driving any specific number. What we said is we're giving guidance and that backfill to sustain strategy for the core business to be between the 100 and 140 million BOE range. Right? If you just took our current equity positions in all of our opportunities that we have today, and you added that up, you would get to a number that's above 140. Now, there's different ways you get to that. On the one hand, you could defer everything out, so when they come on, you're getting depletion somewhere else, and you stay below the 140 mark. All we're saying there is, undoubtedly over that period, there'll be a level of optimization, portfolio optimization that will occur that will help us stay within that 140. I'd like to think we'll be at the upper range of that, just in case you're wondering what I meant on that sense. If you think of something like Dorado and the Bedout Basin, where we average 80% equity. Before we go forward, I think we've made that clear in the past. We'd look to sell down and skim a bit off of that. That would be something that I would say would be part of that. Narrabri, we're 100%. Narrabri is a great project in that it's relatively low CapEx compared to the big offshore projects. A lot lower CapEx than you would have seen in the old public statements about Narrabri many, many years ago. Right? That may be something you want to remain with a very high equity in. By the same token, we might decide to sell down 20%, 25% in that project also. Who knows? It's really just a case of saying that we'd lightly optimize some of that as we go forward. Not sure we're going to stay at 80% and 100% in assets over the longer term. Setting that target for the sustain and backfill part of our strategy in a range that we'll be comfortable to maintain. Yeah. Can I just ask a follow-on question then, just in terms of sustainable production at that level on a go-forward basis- Yeah versus your decarbonization targets? Yeah. Something you asked about in the break. How are you thinking about what level of decarbonization you need to do as a business? What that actually then means for CapEx and free cash flows. Yeah. For CapEx, of course, the CapEx is yet to be determined. If we're expanding Darwin beyond simply CO2 going into the pipe from either us or facilities onshore Darwin. In other words, if you're bringing in from overseas, you're probably looking at building an import terminal to do that. There'll be some CapEx associated with that. That's probably sometime in the second half of this decade. Those projects would all be underpinned by long-term offtake agreements for CO2, of course. They'd be fully funded in that sense. They're going to be cash flow accretive projects, are going to have to meet all of our investment hurdles. I don't know if Brett said this, I can't recall, but one thing I can guarantee you is these projects will be subjected to the same investment hurdles as our base business, as our oil and gas business, or gas and liquids business. We're not going to change that. We don't have a different set of metrics for our decarbonization businesses or our clean fuels businesses for that matter. It's the same metrics that we're going to apply, the same hurdles. We would expect that would only strengthen the free cash flow forecast and the earnings forecast from what we've sort of given you some guidance on today over the longer term. The first part of your question is a really important part, though, and I think I know what you're alluding to there in terms of that volume in time. We would hope to not only be a greater volume than our Scope 1 and our Scope 2 emissions from our operations, but you can see a world where you build that business where you are capturing and storing carbon from multiple sources at home, in Australia, I should say, and from overseas, that exceeds our Scope 1, Scope 2, and the Scope 3 emissions from our products. That's something we're working on. We will develop our plans and our strategies for that over time. That's ultimately the size and scale of that business that we want to be able to deliver, and doing that in a very profitable way. That's why I say I describe Santos now as a transition energy business. We will be offering other services outside of just simply selling our gas and our liquids to customers. We'll be offering decarbonization solutions. Even in the nature-based solutions part of Brett's portfolio, the Carbon Solutions Group, that's not about buying credits from nature-based projects. That's about developing nature-based projects. That's about working with our landowners and our various stakeholders internationally to utilize their land to build and create sustainable businesses, develop local employment, and wealth generation for locals. Also to create carbon offset and credit opportunities that either we can use or we can sell to other third parties who require that. Another thing I should say. Sorry, Tom, I'll come to you in a second, mate. Sorry. I saw you ready to go there. Just very quickly. Brett talked about it being a tooling business. I think what's really important to recognize, that means that the upstream business takes the carbon price risk, right? Because they've got to pay, just like Brett talked about thanking Brett for paying them and giving him some value for that business. Of course, as a group, we wear that still, right? We wear the cost of Brett having to pay to get his CO2. Ultimately, the real value comes from the third parties. It's from the third parties. When you bring them in, that's what really creates the value. In Brett's case, what I'm saying to Brett, I don't think this will be any different from anybody else who pays a carbon price for the business, is that will likely pass through to customers. The customers will end up paying Brett for whatever he's paying for his offsets, because ultimately, it comes out in the cost of supply for the gas to customers. That's how I think you should think of the holistic value chain associated with the carbon capture and storage. Tom, over to you, mate. Thanks, Kevin. Tom Allen from UBS. Just following on this theme, given that Brett Woods just updated that they've now finished the internal tolling processes around his business, that's now separated from Brett Darley's upstream business. Is there still a live prospect that Santos might consider selling down an exposure to your Midstream and Clean Fuels business or an infrastructure partner? You could certainly make a case that an infrastructure investor might pay a handsome multiple for an exposure to a working CCS plant. They might. I think all I would say on that is, we'll evaluate opportunities as they arise. It's about maximizing the value. I don't want to sell it all or I don't have a business, right? It's not my business if I sell the decarbonization business. It's then someone else's business, which means I don't own the revenue streams that will come from that, and I don't own the carbon abatement opportunities that come from that either. There's a fine balance in that. In terms of see-through value, though, I think that is something that we would consider. How do we get the market to appreciate that see-through value? What I can tell you is we've got majors talking to us about how they can get into some of our carbon capture and storage opportunities into our hubs, because we've got some pretty significant opportunities. We're 67% essentially in the Cooper Basin of all of our infrastructure and those opportunities. We're 100% in Western Australia and of course, we're 43.4% in Darwin and Bayu-Undan. These are some of the biggest carbon capture and storage projects on the planet. They are amongst the lowest cost. Brett showed you that. It's not surprising, to your point, that there would be interest. It's not just oil and gas companies who are talking to us and have approached us to see if there's an interest to do that. It's also some of the larger financial and infrastructure type players, yeah. Sure. Just following that on, we spoke earlier today about how in Europe and Canada and U.S., there's been really strong government support for CCS. Yeah. It feels like that's somewhat wavering a little bit in Australia. The federal government in the budget a week or so ago committed AUD 1.9 billion of equity to the Middle Arm Sustainable Development Precinct, which is fundamentally a CCS plant. How does that plant relate to your plans to build CCS? Is that something that you would be a part of, or is yours separate to that? All I would say is we're part of that. We're part of that. Maybe, Brett, if you want to just Do you want to use this mic here? Yeah. I'll lift it up because you're a bit taller than me. There you go. Sorry, shorty. We're a part of the Middle Arm point. Middle Arm are looking at all the supporting infrastructure. I thought you were going to come and get me then. Sorry about the joke. It's all right. You have bonus discussions next year. Yeah. Thank you. Thanks, mate. Come on. Yeah, we're part of Middle Arm. The opportunity in Middle Arm is about a lot of the infrastructure support for the region. Our CCS project itself that I described, that sits outside of it. The Middle Arm infrastructure, we're talking about a wharf to help bring in equipment and unload things. Potentially, some power generation support, the infrastructure for roads and building other equipment. That's all part of that piece. I think the original plan that Northern Territory put in place actually had some capital in that. They're speaking to the guys. They're not sure exactly what that means at the moment, but they're working through that currently with the government. A confirmatory comment would have done, but that's fine. Look, I think in addition to that, I would say that the first part of your question there, really, we see the government warming to it. We see them warming to it. I think it's fair to say when they were in opposition, we would have felt they were very negative on carbon capture and storage. As I said in my opening remarks today, there's not one IEA So I've got to really emphasize the E because of my Scottish accent, or it just kind of all blends together. IEA scenario or one IPCC scenario. Not one of those scenarios does not rely heavily on CCS to reach net zero. Not one of them. Every single scenario requires a significant amount of CCS. I think in the latest IEA scenario, I think it's about, is it 6.9 billion tons per annum by 2050? It's an incredible number when you consider today we're around 40 million tons. Right? That's an incredible growth in that market. I cannot see how net zero is possible without a negative carbon technology being part of the solution. Everything else just reduces the amount of carbon. It doesn't abate it. It doesn't get rid of it, right? I can't see, nobody's come to me yet with the other technology that's going to take its place. I believe no matter how resistant you might be today, there's an awakening point somewhere. I actually think that's happening now anyway here. Denmark is a great example. Denmark, five years ago, was one of the most opposed countries on the planet to CCS. It was very ideological. All it's doing is prolonging fossil fuels, all that sort of nonsense that have been fed into them by the activists. Then they had their awakening, and now they're out there with very significant incentives. I think someone quoted the numbers earlier today. I can't remember what it was. Jean, it was AUD 2 billion or something? Five. AUD 5 billion of incentives to promote carbon capture and storage projects in that part of the world. I think it's inevitable. There's how many projects now worldwide in development phase? 135 or something? Over 18 development. Sorry. Over 18 in development. Over 18 in development worldwide right now are being developed, and they're being fast-tracked because people are getting after this. This is the only one of the IPCCs required technology, the only technology in all those technologies to achieve net zero. It's the only one that is a proven technology. Everything else is yet to be proven. Every other technology they're relying on to get to net zero has yet to be proven. Carbon capture and storage is the only proven technology. It's the only one where it's been demonstrated to work. Sure, it's not always as successful in other cases, or some projects are less successful than others, just like there's some oil and gas projects where the reservoirs perform better or worse than others, right. Ultimately, they all inject CO2 into the reservoirs and they store it. That's why we're really confident. We've been putting gas and storing gas deep underground at Moomba for decades. We used to have a business model when we had more gas, where we stored it in the summertime, and we back flowed it in the wintertime. We did that for years. We stored 70 petajoules of gas at our Moomba storage facilities. We understand how these reservoirs work when you inject the gas back into them. Likewise, at Bayu-Undan. In the early days of Bayu-Undan, it was a liquid stripping operation before the LNG plant started up. We injected one Bcf of gas every day. A Bcf of gas every day was injected into the Bayu-Undan reservoirs in the early days of that field. To put that in context, the entire consumption on the east coast of Australia is around one and a half Bcf of gas. Two-thirds of the East Coast gas market was injected into Bayu-Undan reservoirs every day back in the early days of that field. We've no concerns about the injectability or the integrity of the storage reservoirs at Moomba and at Bayu-Undan, which are the two big projects that we're charging ahead on. Have we got time for one more question, perhaps? Hey, Kevin. Henry Meyer, Goldman Sachs. Just on near-term production, it looks like Queensland is performing pretty well. You've got MTBF five years pretty exceptional, so your well availability and production will be higher there. If you keep seeing production improvements there, would you be tempted to increase near-term production to offset WA, or are you happy just taking the cost savings and deferral? Well, look, it's whatever the highest value outcomes are. If you've got some short cycle stuff, some sustaining short cycle opportunities that come our way and give us a boost, yeah, of course, we'll look at that. Even if you think of the Cooper Basin, Brett's got some 30 wells or something to be connected, currently sitting there waiting to be connected, that we've not been able to get to because of the big swimming pool that is the Cooper Basin these days. Hopefully, that's going to give us a boost there. I'm convinced Brett and his team have been padding their forecasts on the Cooper Basin. If you just go back to 2018, 2019 in the Cooper Basin, and you saw that same capital being spent that we're spending now, the same number of wells being drilled that we're back drilling now in the Cooper Basin. You saw that build up. I can't remember how low we got in the Cooper, 13.5 million BOEs or something we dropped down to, and we built that back up to 17 million BOEs per annum by the end of 2019. I'm not forecasting that that's going to be the case. If we see that sort of trend, we've had some very good results out of the Moomba South area recently. That's a development we've been talking about for a long time. I think, did you say 17 wells you're drilling there as part of that development? Hopefully we'll see those continued good results. We all know the Cooper can come on quite quickly, right? That can be quite quick. Then I think you've had some good Cooper Oil results recently as well. In terms of short cycle elsewhere, maybe WA. If we can get a short cycle infill well or something there just to access some of those resources that Brett's talking about, we'll consider that. Currently it's not in the base plan. That would be something we'd have to look at. If it was short cycle, short payback, of course if these conditions exist, it would not be smart to ignore it if the opportunity persists. However, we've got to balance that out with maintaining our discipline, and being able to deliver on our returns and our de-gearing strategy. It's a balance. Is that us? Okay. No questions from the webcast. Alrighty. Good. Well, look, I'll just thank everybody again. I think that takes us to about 5:00 P.M. My Apple Watch has run out of charge, that tells us we're at the end, because it was working about a minute ago, perfect timing. I believe the plan now is Andrew will go next door, get some refreshments. Is that correct? Yeah, Kevin, that's right. Please, folks, if you can take all your belongings with you when you leave the room, because the crew needs to redress this room, you'll be sitting in a different place. I'd like to- Please take everything with you. I'd just like to, again, say thanks to everybody. I know you're not all staying on.