ADNOC eyeing acquisition of gas player Santos: report

Australia

ADELAIDE, July 4, 2024 – Abu Dhabi’s ADNOC is reportedly eyeing a bid to acquire Australian gas player Santos, Bloomberg reported on Wednesday.

The initial report, which named both ADNOC and Saudi Aramco as eyeing bids, saw stocks in Santos rise by around 6.5% on Thursday.

On Thursday, Aramco issued a statement terming the Bloomberg report “inaccurate.”

ADNOC – said to be undertaking preliminary evaluations of an offer –  would be the latest company to bid to take over the Australian player.

Woodside Energy had been in talks with Santos for a USD 57-billion takeover until early 2024, when the companies reached an impasse.

In 2018, Santos rejected a USD 10.8-billion bid from Harbour Energy Australia.

Adelaide-headquartered Santos, a key supplier of gas to Australia and LNG to Asian markets, is present in Australia, the USA, Papua New Guinea and Timor-Leste.

The company’s LNG projects include Papua New Guinea LNG, Gladstone LNG and the Bayu-Undan and Barossa to Darwin LNG developments.

Photo courtesy of Santos.

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