Santos has appointed a new senior executive team as the company aims to streamline its operation and cut costs.
The Australian energy firm has appointed a new team – Excom – as it gears itself for a low commodity price environment.
Chief executive Kevin Gallagher the company was making the transition to a new business model.
He said: “The new model involves a move away from geographic based business units to an asset focused model with strong technical capabilities in our primary business of exploration, development and production of oil and natural gas both onshore and offshore.”
Gallagher said the transition to the new model will be an orderly process over the next few months.
The new team comprises: Bill Ovenden – vice president Exploration, accountable for developing and executing a targeted exploration strategy; Brett Woods – vice president Development, accountable for delivering projects, sustaining capital work programs and non-operated assets; Vince Santostefano – chief operations officer, accountable for the profit and loss of all our operated producing assets; John Anderson – executive vice president Commercial and Business Development; Andrew Seaton – chief financial officer; Angus Jaffray – executive vice president Strategy and Corporate Services.
“Corporate functions will be consolidated to further reduce costs and improve effectiveness. We will manage our asset portfolio in a manner which delivers value to Santos shareholders.”
Santos has reported 2015 loss of $2.7 billion, including pre-tax impairments of A$3.924billion as its Cooper Basin gas producing assets, GLNG and Gunnedah Basin assets were hit by falling commodity prices.
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