Santos establishes new exec team

Australian energy company Santos announced on Friday the establishment of the new Executive team reporting to the CEO, Kevin Gallagher.

According to the energy company, the following senior executives will comprise the new executive team: Bill Ovenden was appointed Vice President Exploration, accountable for developing and executing a targeted exploration strategy; Brett Woods was named Vice President Development, accountable for delivering projects, sustaining capital work programs and non-operated assets; and Vince Santostefano was named Chief Operations Officer, accountable for the profit and loss of all our operated producing assets.

Further, Santos named John Anderson Executive Vice President Commercial and Business Development, Andrew Seaton as Chief Financial Officer, and Angus Jaffray as Executive Vice President Strategy and Corporate Services.

Kevin Gallagher Santos MD & CEO said: “The appointment of the Excom is a key step in establishing a new operating model for Santos that is focused on both lifting productivity and driving long-term value for shareholders in a low oil price environment.

“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.

“The transition to the new model will be an orderly process over the next few months, consistent with our commitment to safe sustainable development and operations.

“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. Members of the Excom will be based in Adelaide. Other staff will continue to be based at or close to our assets.”

Chinese natural gas distribution company, ENN Group, recently announced it would become Santos largest shareholder after buying $750 million-worth of stake in the company.