Abu Dhabi National Oil Co. (Adnoc) has made no secret of its wish to expand overseas and build a global LNG portfolio, latterly through its international investment arm XRG. The unit's US$18.7 billion cash bid for Santos, alongside private equity firm Carlyle and Abu Dhabi Developmental Holding, would further that ambition and herald the biggest M&A deal in Australia's oil and gas sector since Woodside Energy bought BHP’s petroleum business in 2022. But it also raises a slew of regulatory and strategic questions. Below, Energy Intelligence picks through some key aspects of the proposed takeover.
Santos Bid Holds Promise, Pitfalls for Ambitious Adnoc
The XRG-led bid for Santos supports Adnoc's global LNG plans but may bring regulatory headaches and necessitate the sale of less-desirable assets.
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