Skip to content Skip to Search
Skip navigation

Adnoc and Aramco consider bids for Australia’s Santos

An offtake tanker at the Santos LNG terminal in Darwin, Australia. The company also has LNG projects in Papua New Guinea and Timor-Leste Santos
An offtake tanker at the Santos LNG terminal in Darwin, Australia. The company also has LNG projects in Papua New Guinea and Timor-Leste

State-backed oil companies of the UAE and Saudi Arabia are considering bidding for Australia’s energy company, Santos, according to a media report.

Aramco and Abu Dhabi National Oil Company (Adnoc) are conducting preliminary studies on acquiring Santos, Bloomberg said, adding no bids have been finalised.

Shares of Santos rose nearly 1 percent on the Australian Securities Exchange on Wednesday, taking the market value to A$24.9 billion ($16.7 billion).

The Adelaide-based company has liquefied natural gas projects in Australia, Papua New Guinea and Timor-Leste, the report said.

Saudi Arabia, Qatar and the UAE are building their international LNG portfolios as they step up competition with global oil majors. 

Last month Aramco signed a non-binding agreement to buy 5 million tonnes per year of LNG for 20 years and a 25 percent stake in phase 2 of Sempra’s Port Arthur project in the US.

The UAE’s Adnoc acquired a 10 percent stake from Portugal’s Galp Energia in the Rovuma basin concession in Mozambique as part of its global growth strategy in May.

In June, Adnoc awarded an AED20.2 billion ($5.5 billion) engineering, procurement and construction contract for its low-carbon intensity Ruwais liquefied natural gas project.

Global LNG demand is forecast to grow by 50 percent by 2040, driven by China and South Asia, as industries switch from coal to gas, according to Shell’s LNG outlook.

Latest articles

Saudi inflation June 2024. Clothing and footwear prices in Saudi Arabia were down 3.2 percent year on year in June, and 0.2 percent month on month

Non-oil discounting brings Saudi inflation down

Saudi Arabia’s year-on-year consumer inflation rate fell to a low of 1.5 percent as non-oil businesses competed over prices but the wholesale price index remained at a high of 3.2 percent, reflecting high prices globally.  The consumer price index was down from 2.7 percent in June 2023. The CPI was also down from the 1.6 […]

hasan al fardan

Fintechs having ‘no impact’, says remittances CEO

Fintechs are no threat to the UAE-based remittances company Al Fardan Exchange, its CEO Hasan Al Fardan has declared. Al Fardan said there was no intention to drop fees to compete with finance technology startups. To date, he said, fintechs have had “no material impact on our business or our operations. We are hitting record […]

Almost 300,000 European visitors contributed to Oman's hotel revenues growing by more than 10 percent

Oman hotel revenues increase more than 10%

Hotel revenues across Oman were up by more than 10 percent in the first five months of 2024, fuelled by an increasing number of Asian and European visitors to the sultanate. Three-to-five star hotels reported revenues of OR108 million ($281 million) at the end of May, the latest data from the National Centre for Statistics […]

Saudi fishing trawlers

Saudi fishing industry bolstered by support plan

Saudi Arabia’s fishing industry has landed a financial support programme from the government as part of plans to develop and safeguard the sector. Fish production in the kingdom increased 80 percent in 2023 year on year to 214,600 metric tonnes. The goal is to increase that by 7 percent to 230,000 tonnes this year. The […]