LNG

Australian LNG plant operator Santos and Australian-listed energy company Oil Search have jointly announced the completion of the takeover of Oil Search by Santos in a deal worth A$8.40 billion (US$6.25 billion) to create a key Asia-Pacific LNG and energy player.

Australian LNG project operator Santos is on its way to making Chief Executive Keven Gallagher one of the highest paid executives in the country as he develops projects in five key natural gas basins in Australia.

Papua New Guinea’s liquefied natural gas expansion seems to have moved to the back of the line for ventures likely to make progress in the next two years as its hold-ups came before the most recent industry challenges led companies to defer multiple projects.

Santos, the Australian stakeholder in three Asia-Pacific LNG export ventures, has responded to rising speculation that a US$10.4-billion takeover offer from Harbour Energy, a subsidiary of US equity firm EIG Global Energy Partners, is set to proceed.

Oct 23 (LNGJ) - Santos, the Australian stakeholder in three Asia-Pacific LNG export plants, said Keith Spence would succeed Peter Coates as company Chairman in February 2018. Coates announced his intention earlier in 2017 to step down from the board after the recruitment of his successor. Spence will join the Santos board on 1 January 2018. “He has over 30 years of oil and gas experience, having served in senior executive positions with Woodside Petroleum and Shell,” said Santos, whose LNG assets include a share of the Gladstone plant it operates in Queensland.