Santos, Adnoc Poised to Report A$30 Billion Deal, AFR Says

Bloomberg · last updated June 15, 2025 – 8:13 PM

Abu Dhabi National Oil Co. made a $18.7 billion offer for Australian fossil fuel producer Santos Ltd., the latest move by the Middle Eastern company to expand production of liquefied natural gas.

The bid is one of the biggest yet by Adnoc’s investment unit, which has been targeting LNG as the traditional oil producer joins peers including Saudi Aramco in increasingly tapping one of the fastest growing fossil fuel markets. Santos has stakes in major production facilities in Australia and Papua New Guinea.

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