Woodside targets Oil Search in $8bn takeover bid
Australia’s Woodside Energy is making an opportunistic A$11.6bn ($8.1 bn) takeover offer for Papua New Guinea (PNG)-focused Oil Search
Aside from pursuing an active exploration campaign targeting some 7 trillion cf of gas Australia-listed Oil Search has a prized 29% stake in the ExxonMobil-led PNG liquefied natural gas export project. The Australian LNG developer is offering one Woodside share for four Oil Search shares, implying an offer price of A$7.65 a share or a 13% premium. Analysts believe this is too low and that Oil Search’s management will be unlikely to accept such an opportunistic bid. They are tipped to push for a much higher offer closer to a 25-30% premium. On 9 September, Oil Search shares were trading above the offer price, closing at A$7.85, reflecting an expectation among investors of more to come. The pr
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
