Abu Dhabi's XRG, the international investment arm of the emirate's state oil company, is undeterred in its aggressive pursuit of global energy deals despite the high-profile collapse last month of its $18.7 billion bid for Australian independent Santos. Almost a year after Abu Dhabi National Oil Co. (Adnoc) launched XRG, with an $80 billion enterprise value, the investment firm remains on the hunt for M&A deals abroad with a diverse focus spanning upstream gas, LNG and downstream opportunities. But the nixed Santos deal, and others in the works, demonstrate XRG's "disciplined" approach to dealmaking guided by Adnoc's long-term strategic priorities rather than short-term market opportunities, sources say. The Santos deal fell apart after the two sides failed to agree on valuation, tax liabilities and terms related to regulatory and domestic gas supply risks. But gas remains a top priority, and sources indicate Australia is still on XRG's radar for potential acquisitions. "They have a conservative and at times bureaucratic but good decision-making process — they're the first to raise their hand if there's something they don’t like, as was the case with Santos," an industry source told Energy Intelligence. "The failure of the Santos deal doesn't mean they will stop their international M&A process. Quite the opposite: They will continue chasing every gas molecule there is." XRG's other investments appear to be progressing. The company recently announced the closing of its acquisition of an 11.7% stake in Phase 1 of NextDecade’s Rio Grande LNG project in Texas, giving XRG a key asset in a high-priority region. Projects in other geographies are also taking shape. On Oct. 2, XRG and its partners in the Area 4 deepwater gas concession off Mozambique took a final investment decision (FID) on the $7.2 billion Coral North floating LNG project. The consortium, which includes Eni and Exxon Mobil, among others, is also advancing the $25 billion Rovuma LNG project, an 18 million ton per year project with FID expected next year. XRG aims to assemble a portfolio valued at $160 billion over the next decade.