Santos biggest partner in LNG project

The National Business

SANTOS Ltd is now the biggest partner in the PNG LNG project with over 40 per cent stake, according to Securities Commission of Papua New Guinea (SCPNG).
Acting executive chairman Robert Minak said with all of Oil Search’s oil and gas fields in PNG now under Santos, there was the possibility of capital creation for PNG investors.
He said for instance;

  • THEmerged Santos has listed in PNG. That would mean, Oil Search PNG shareholders (now Santos) have the opportunity to trade, value or securitise their shares locally.
  • NEW shareholders from PNG (investors) would now be able to acquire and trade their holdings in PNG, which would be easier as local listing would eliminate risks as foreign exchange restrictions.
  • INVESTMENT funds would remain in PNG.
  • PAPUA New Guineans would have access to direct investment into significant domestic projects like ExxonMobil PNG LNG and Total Papua LNG of which the merged Santos is part of.
  • IMPORTANCE of Santos local shareholders would be significant as it would support domestic savings through capital growth and distribution of dividends and development of the capital markets.