1 week Ago By Post-Courier
SANTOS chairman Keith Spence says Santos and PNG LNG are spoilt for choice with no shortage of healthy upstream development options to keep our LNG infrastructure full. He said Santos assets in PNG are truly world class and, not only are they the jewel in the crown of the Santos portfolio, they are making a real difference to the lives of the people of PNG. “This is through jobs, the activities of our Santos Foundation and the revenue to government that supports investment in better health, education and infrastructure,” Mr Spence said.
“In fact, since it started in 2014, PNG LNG has generated more than US$7 billion (Over K28 billion) for PNG and its people in the form of taxes, royalties, distributions and development levy payments. “He said front end engineering for Papua LNG is ongoing and options such as P’nyang, Muruk and Juha are in the queue to sustain PNG LNG production over the long-term.” He said an highlight for the board in 2024 was its visit to Papua New Guinea in June.
“Santos has never been in a stronger position to deliver value for shareholders. “Customer demand for our products, particularly LNG, continues to be robust – and the majority of our LNG volumes is sold under well-priced long and mid-term contracts balanced with around 10-20 per cent exposure to spot markets over the medium to longer term. “In March, the International Energy Agency released its Global Energy Outlook 2025, showing global energy demand grew 2.
2 per cent in 2024 with more than 80 per cent of growth coming from emerging and developing economies. “Natural gas accounted for 28 per cent of energy demand growth with oil accounting for 11 per cent,” Mr Spence said. “And energy-related CO2 hit another all-time high, demonstrating why Santos’ strategy to focus on decarbonising the production and consumption of hydrocarbons is so important.
”.
