$6m bonus to turn blind eye to Woodside job
SANTOS boss Kevin Gallagher will receive a $6m “once-off growth projects incentive” to deliver the oil and gas company’s major projects to 2025, in a move designed to keep him out of the race for Woodside’s top job.
The Santos board has agreed to pay Mr Gallagher the incentive, subject to shareholder approval, to see through its major projects, including the recently approved $4.7bn Barossa gas project in the Northern Territory, and the Dorado and Moomba carbon capture and storage project developments. He will also continue to lead the energy strategy to 2025, aimed at transitioning Santos to cleaner fuels and its target of net-zero emissions by 2040.
“We have made significant progress on our transformation journey, but the job is not yet done,” he said.
Mr Gallagher was widely believed to be in the running for Woodside’s top job as successor to chief executive Peter Coleman when he leaves later this year. Woodside is likely to make a decision soon, possibly as early as this week, ahead of its AGM on April 15.