ADNOC targets Santos in big LNG push
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
Australia is set to see the largest all-cash takeover in its history after a consortium led by XRG—the investment vehicle of the UAE’s state oil company ADNOC—proposed the $19b acquisition of Santos, the country’s second-largest oil and gas producer. The deal would help propel XRG, and by extension ADNOC, into the top tier of global LNG players, although it may face significant regulatory hurdles. XRG, Abu Dhabi’s sovereign wealth fund ADQ and global investment firm Carlyle, announced the non-binding bid on 16 June, for all ordinary shares in Santos, for $5.76/share in cash. The proposal, backed by Santos’ board, represented a 28% premium to the company’s closing price on 13 June. Following
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
