SANTOS has established a new executive team (Excom) reporting to the chief executive, Kevin Gallagher.

Santos advised the following senior executives comprise the Excom: vice president exploration Bill Ovenden, who is accountable for developing and executing a targeted exploration strategy; vice president development Brett Woods, who is accountable for delivering projects, sustaining capital work programs and non-operated assets; and chief financial officer Andrew Seaton.

Making up the Excom team are chief operations officer Vince Santostefano, who is accountable for the profit and loss of all operated producing assets;  executive vice president commercial and business development John Anderson and executive vice president of strategy and corporate services Angus Jaffray.

Members of the Excom will be based in Adelaide and other staff will continue to be based at or near company assets, Santos said.

Mr Gallagher 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.”

Mr Gallagher said the transition to the new model will be an orderly process over the next few months.

“Corporate functions will be consolidated to further reduce costs and improve effectiveness,” Mr Gallagher said.

“We will manage our asset portfolio in a manner which delivers value to Santos shareholders.”