Santos Ltd has signalled plans to spend more than one billion dollars in exploration and resource development activities in Papua New Guinea.
This was revealed by Prime Minister James Marape when he had a meeting with Santos Managing Director and Chief Executive Officer Kevin Gallagher and his senior executive team.
Santos Ltd, one of Australia’s largest energy companies and a major investor in PNG, remains a key partner in the country’s hydrocarbon sector, including its longstanding involvement in the PNG LNG Project.
“Last night, Santos indicated that they are ramping up their work on explorations to prop up additional oil and gas,” PM Marape said.
“Their work has not slowed down — in fact, they are doing more explorations.
“They indicated to me that close to over a billion dollars’ worth of work will take place as far as exploration, affirmation of resources, and extraction are concerned.
“The fact that they are spending money on exploration is commendable.”
The Prime Minister described the developments as strong signals of confidence in Papua New Guinea’s geological potential and regulatory stability.
“PNG is a carbon-neutral or carbon-negative country, bearing our substantial forest resources. We tick all the boxes as a safe place for investing in Oil and Gas.”
Mr Marape affirmed that his Government remained committed to supporting responsible investment, strengthening State participation through Kumul Petroleum Holdings Ltd, and ensuring that resource wealth delivers long-term benefits to landowners, provinces and the nation.
“Our easy access to North Asia and the broader Asian marketplace gives us a Premium location for Oil and Gas business,” he said.
“In a world facing energy insecurity and geopolitical tensions, PNG offers stability, reliability and partnership.”