emirates7 - XRG, the international investment arm of ADNOC, announced today that a consortium led by XRG has submitted a preliminary, non-binding proposal to acquire Santos, a prominent international energy company known for delivering dependable, affordable, and cleaner energy across Australia and the Asia Pacific.

The consortium plans to conduct confirmatory due diligence, and the offer is still subject to several conditions before a formal binding agreement or transaction can move forward.

Santos, headquartered in Adelaide, operates across Australia, Papua New Guinea, and the United States, with a broad portfolio that includes natural gas, LNG, and oil. The company is also actively investing in carbon capture and storage (CCS), hydrogen technologies, and low-carbon fuels to help meet global decarbonisation goals.

Santos’ Board has responded favorably to the proposal, indicating its intention to unanimously recommend the offer to shareholders, pending the completion of due diligence and necessary regulatory and corporate approvals.

This potential acquisition aligns with XRG’s strategy to expand its international presence in gas, chemicals, and energy, addressing rising global demand and delivering long-term value for stakeholders. The consortium brings significant investment capacity and strategic experience, with the potential to enhance gas supply for Santos' customers, supporting both domestic and international energy security.

Additionally, ADNOC’s advanced trading and shipping capabilities are expected to bolster Santos’ operations, offering integrated services to customers and driving added value.