Oil Search Director to Take Over as Chairman of Santos

The chairman of Australian gas producer Santos, Peter Coates, will step down in February next year and be replaced by Oil Search’s Keith Spence, Santos said October 23.

Coates, who announced his intention to step down at the company’s AGM in May this year, had been waiting on the recruitment of his successor before doing so.

“Board renewal and the identification and recruitment of my successor were the final tasks for me following the appointment of the right company leadership and the consequent successful reposition of the company,” he said.

“I am confident that Santos is now positioned to deliver future success and provide sustainable shareholder value,” he added.

Oil Search announced October 23 that Spence, who had been non-Executive Director of the company, has resigned effective close of business October 20.

Chairman of Oil Search, Rick Lee, said he wished Spence well in his future and that an international search to replace him is now underway.

“His knowledge of, and career experience in, the oil and gas sector, strong professional and technical capability and focus on safety and operational excellence has been invaluable to the Oil Search Board in fulfilling our various duties and responsibilities,” Lee said.

Coates said it is this experience that sees Spence ideally placed to take over as Santos’ chairman. 

Nathan Richardson