Marape is Eager to Help Santos Ltd

by PNG Business News - October 18, 2021

Photo credit: PNG PM Media

Santos Ltd is a fresh entrance into the country's petroleum sector, and Prime Minister James Marape is looking forward to assisting it.

In Port Moresby, he recently met with Santos managing director and chief executive officer Kevin Gallagher.

Santos' merger with Oil Search Ltd was explained to Marape, as well as the company's broad strategic goals, long-term commitments, particular processes, and projected merger timescales.

“It was important for me to recognise the commercial nature of this merger and the regulatory processes which it is following,” he said.

“The meeting provided me with the basic appreciation of the intentions of this merger and the timelines.

“I congratulate Santos on its move to expand its presence in the country.

“I also look forward to supporting the new entity as our successive governments have done for Oil Search in the past.”

Oil Search Ltd has a long history with PNG, according to Marape, and while the merger would result in a renaming of the company, the new organization would be considerably larger.

“It will provide a stronger balance sheet for important developments in all the Oil Search and Santos licences in PNG,” he said. “This is a positive development in terms of PNG investment destination aspirations.”

Santos also informed Marape on their governance, people development, and commercial arrangements, as well as new energy concepts and future talks on critical issues including equity post-merger.

“I was especially delighted to hear Santo’s willingness to engage in discussions about the future outlook of the company because it resonates well with our government’s position to look at key national empowerment interests.”

He was in attendance at the meeting with Governor William Powi of the Southern Highlands, Kumul Petroleum Holdings Ltd managing director Wapu Sonk, and Secretary to the Prime Minister's Department Ivan Pomaleu.

 

Reference: The National (14 October 2021). “Marape keen to support Santos”.



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