Santos has faced some awkward shareholder questions at its AGM about new government export controls.

Prime Minister Malcolm Turnbull recently introduced tough new export measures to force exporters to pour extra gas into the domestic market from July 1 in response to forecast gas shortage across the eastern seaboard.

The new rules come short after Santos reported a full-year $2.7 billion loss, down 189 per cent from last year's loss of $935 million.

“The Prime Minister has got a lot on his agenda,” a shareholder told reporters at the AGM.

“Santos has got to get their act together and present the right thing to the Government.”

Santos chairman Peter Coates denied Australia was facing a gas shortage, saying it was a problem of access to supply.

“There's no shortage of gas but there is an absolute shortage of uniform government recognition, commitment and support for ongoing, auditing development of adequate supply to the east coast market,” he said.

“We haven't got a gas crisis. We've got a policy crisis.”

The AGM happened just a day after Chinese private equity firm Hony Capital bought 2.3 per cent of the oil and gas giant's issued capital.

Santos said the purchase of 48 million extra shares would bring Hony and Chinese gas distributer ENN and affiliates' interest in the company to around 15 per cent.