Santos CEO Mr. Kevin Gallagher recently called Papua New Guinea’s Liquefied Natural Gas (PNG LNG) project a "world-class asset" that boasts a low-cost, low-emissions intensity profile.
He told PNG Business News that the project continues to deliver reliable LNG supply to key markets in Asia, reinforcing its vital role in the global energy landscape.
“PNG LNG remains a world-class asset that is low-cost, low-emissions intensity and delivers reliable LNG supply to our customers in Asia,” Mr. Gallagher said.
He made this comment following Santos’ successful completed sale of a 2.6-percent interest in the PNG LNG project to Kumul Petroleum Holdings Limited on November 4th, which highlights the continued growth and potential of one of the country’s most significant energy assets.
Mr. Gallagher also pointed to the favorable regulatory framework surrounding PNG LNG, which ensures stability and continued investment in the sector.
The project is expected to generate significant economic returns for both domestic and international stakeholders, making it an essential driver of growth for the nation's economy.
“The project is positioned in a supportive regulatory environment, with fiscal stability arrangements in place ensuring that it contributes strong cash flows to project participants and delivers significant economic and social benefits to the nation,” he said.
“The finalisation of Kumul’s participation in PNG LNG is an important milestone for the country’s national petroleum and energy company."
The transaction marks an important milestone for KPHL, and with this acquisition, the company solidifies its position as a key stakeholder in the lucrative PNG LNG venture.
