Santos Considers $30 Billion ADNOC-Led Buyout Proposal

A consortium led by XRG, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), along with partners ADQ and Carlyle, has made a significant takeover bid for Australian energy company Santos, offering approximately $5.76 per share, valuing the deal near $30 billion. Santos' board has shown strong support for the proposal and plans to recommend it to shareholders, provided no superior offer emerges and due diligence confirms its fairness. The consortium emphasizes maintaining Santos' headquarters in Adelaide, supporting Australian employment, and investing in the company’s gas and LNG development, reinforcing Australia's role in regional energy security. This acquisition marks ADNOC's first major entry into the Australian market and signals Middle Eastern energy firms' growing influence in Asia-Pacific energy sectors. Both parties have pledged collaboration on carbon capture and storage technologies, aligning with broader energy transition goals. The deal reflects a trend of strategic, cross-border investments aiming to reshape global energy markets and partnerships.