By a staff reporter
Santos Ltd says its liquefied natural gas (LNG) portfolio is on track, as the group looks to unlock more of its resources.
Santos chief executive David Knox told shareholders at the gorup's annual general meeting the LNG portfolio was critical to the business, but also flagged a new willingness to innovate.
"The result is a very different Santos to the one you saw four years ago, but it will deliver significant value to shareholders," Mr Knox said.
"Our strategy to unlock the company’s resources and to do so safely, sustainably and profitably – will not change.
"We will always ensure that we do the right thing, and we will always look after our staff, and the communities in which we operate."
Shares in the group added 2.02 per cent to $12.905 at 1230 AEST, against a benchmark rise of 0.14 per cent.
Coates urges policy makers
Meanwhile, outgoing chairman Peter Coates named the greatest challenge facing policy makers was ensuring Australia remains cost competitive.
"This is the only way that further Australian projects can be sanctioned to meet both domestic and Asian demand," he said.
"If we don’t remain competitive, others will step in.
"For Santos that means being leaner, more efficient, and prioritising innovation throughout the business.
"For our industry, it means working together with government to ensure that we have certainty through long-term, stable and clear policy settings."
Mr Coates said he is confident governments and the industry can work together to both protect and benefit from our natural advantage.
"But time is of the essence," he warned.