Santos Has Paid K1.21B Since Merger

By: PNG Business News September 26, 2022

Photo credit: PNG Energy Summit - Wayne Kasou

Santos has paid more than K1.21 billion in corporate tax since the merger, despite the current focus of considerable discussion on multinational corporations in the extractive industry to pay their taxes.

A further K43.2million was also paid as direct taxes as an operator in the country.

At the recent PNG Energy Summit 2022, Santos Senior Vice President for Stakeholder Management, Wayne Kasou, stated that the Group has also contributed more than K20.6 million in royalties, K10 million in development levies, K1.6 million in community development and social investment, K1.1 million in education support for landowner scholarships, K300,000 in community development programmes, and K1.3 million for sustainability projects.

In his presentation of the company's update, Mr. Kasou claims that the merger was advantageous for Santos and its shareholders, particularly at a time when oil and LNG prices were much higher owing to the improvement in the world's energy demand.

The 1000th export shipment of the Kutubu Oil Blend from the Kumul Marine Terminal in April, he added, was a significant achievement for the firm in 2022 and was made possible by a proud and committed team that consistently ensured there were no production interruptions.

With the effective shutdown of major regular maintenance in Kutubu without any casualties, another significant milestone was also reached.

The highest safety records in the company's history helped achieve this despite the backdrop of COVID-19 limitations, and in August, the PNG operations produced the most at a rate of 119-kilo barrels of oil equivalent per day.

In commending the employees and contractors Mr. Kasou said, “Our employees and contractors who remained focused throughout the merger and integration activities.

“Their resilience, courage, and ability to respond to change have resulted in the phenomenal results seen so far in terms of profit, safety, and production.

“This was achieved against a backdrop of uncertainty, two years of COVID-19 lockdowns and restrictions, a year earlier – the 7.5 magnitude earthquake that severely impacted our local communities and operations, the changes in previous management, and recently, a merger.”

The value that the PNG company has provided to the entire Santos organisation as well as the nation, according to Mr. Kasou, is deserving of celebration.

“At Santos’ half-yearly announcement, PNG contributed 50 per cent of the value to the wider group. Our people are our greatest success story, and I am proud to recognise the team,” he said.


Reference: Yafoi, Melisha. Post-Courier (23 September 2022). “Santos Invests In PNG”.​​​​

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