PORT MORESBY: Papua New Guinea’s prominent petroleum company, Oil Search Ltd merger into Santos has been welcomed by the PNG Extractive Industries Transparency Initiative (PNGEITI).
PNGEITI hailed the merger as a milestone achievement for both companies who are prominent and competitive players in the PNG petroleum space.
“The smooth transitioning of this merger arrangement demonstrates an independent and vibrant regulatory environment in Papua New Guinea where business can operate free of undue control and influence” PNG EITI Head of National Secretariat Lucas Alkan commented.
Santos Limited on Friday 17th December, 2021 announced on the Australian Stock Exchange (ASX) that the merger of Santos and Oil Search Limited (Oil Search) was effected on the same day. Accordingly, Santos has acquired 100 per cent of the issued capital in Oil Search from Oil Search shareholders.
“Papua New Guinea EITI is happy to witness this merger of two strong companies and we believe that this arrangement will bring enhanced benefits for the shareholders and the economy.
“Oil Search has been a founding member of the PNG EITI Multi Stakeholder Group (MSG) and has played significant roles in the EITI implementation process in Papua New Guinea.
“We thank Oil Search as a company for the support PNGEITI enjoyed for the last eight years and we look forward to welcoming Santos, another significant player in the industry now with boosted capacity and as second biggest player in the PNGLNG project and other significant projects that are in the pipeline- to the PNGEITI MSG,” Mr. Alkan said.
“We also extend our warm congratulations to MSG representative Mr. Musje Werror, Managing Director Ok Tedi Mining Ltd for being appointed to the Santos board as non-executive director and we look forward to working with him in that capacity as well going forward. “ Mr. Alkan added.