Santos to focus on key gas assets

Oil and Gas producer, Santos will be pulling back on non-core assets and will now focuses on five long-life natural gas assets, one of which is in PNG.

PNG Industry News reports that CEO, Kevin Gallagher, who is 12 months into his new role, will have non-core assets across Asia and Australia stripped out, packaged up, and sold or divested in a strategy for Santos to pull back to PNG and Australia.

The company has renewed its long-term commitment to PNG, and said deals were likely on new projects, although a focus will be on incorporating the giant P'nyang gas field into PNG LNG's next train.

Santos wants to be at the table for most, if not all, drilling of prospects targeting more than one trillion cubic feet, to help with the expansion of PNG LNG.

Speaking at an investor day in Sydney, Gallagher said he wanted to transform the debt-heavy oiler by becoming "a low-cost, reliable and high performance business."

Picture: PNG Industry News

Cedric Patjole