Prime Minister Marape to Launch PNG’s First NRL Team Board and Name Contest

 Papua New Guinea will impose its own set of national interest conditions on the proposed US$36 billion (about K146.5 billion) acquisition of Santos by the XRG Consortium, according to Minister for International Trade and Investment Richard Maru.

PNG Minister for International Trade and Investment Richard Maru.

Speaking in Port Moresby, Maru welcomed the interest from the XRG Consortium—a subsidiary of the Abu Dhabi National Oil Company (ADNOC)—in acquiring Santos, one of PNG’s largest investors in the energy and gas sector. He described the move as a sign of growing international confidence in PNG’s economic prospects.

Maru emphasised that the Securities Commission of PNG (SCPNG) will play a central regulatory role in ensuring the acquisition is aligned with national interests, as outlined under Section 277(6) of the Capital Market Act 2025.

The Minister highlighted that PNG accounts for more than half of Santos' total earnings. In 2024 alone, the company reported US$5.4 billion (K22.3 billion) in sales revenue and a net profit after tax of US$1.2 billion (K4.8 billion) from its PNG operations.

Maru said that all key stakeholders—including the Ministries of Petroleum and Energy, Kumul Petroleum Holdings Ltd, and the PNG Stock Exchange—will be consulted to define PNG’s national interest position before any decision is made.

“We welcome the XRG Consortium, but we must ensure this transaction benefits Papua New Guinea first,” Maru said. “The employment of Papua New Guineans, especially those in top management, must be safeguarded.”

He also noted that the government is aware of the conditions set by South Australia on the same sale and intends to impose similar expectations to protect local interests and assets....check out related mining news on >. Pacific Mining Watch 

Also read

Prime Minister Marape to Launch PNG’s First NRL Team Board and Name Contest