Santos, Oil Search wrap up merger deal

Australian LNG player Santos said it has completed the merger deal with PNG-focused Oil Search worth about A$22 billion ($15.7 billion).

Santos said on Friday that the merger became effective following the approvals by Oil Search shareholders and the National Court of Papua New Guinea.

Under the deal, Oil Search shareholders would receive 0.6275 new Santos shares for each Oil Search share held on the record date of December 14.

Oil Search shareholders would own about 38.5 percent of the merged group and Santos shareholders would own 61.5 percent.

“Santos and Oil Search are stronger together and will have increased scale and capacity to drive a disciplined, low-cost operating model and unrivaled growth opportunities over the next decade,” Santos managing director and chief executive, Kevin Gallagher, said.

Following the implementation of the merger, three non-executive directors from Oil Search would join the Santos board. Santos’ head office would remain in Adelaide.

In September, Oil Search and Santos have entered into a definitive merger deal.

Oil Search has a stake in the ExxonMobil-led PNG LNG project but also the planned Papua LNG development. Combined, Santos and Oil Search have a 42.5 percent stake in PNG LNG.

Most Popular

Aramco eyes large LNG portfolio

Aramco's long-term ambition is to have a portfolio of 20 million tonnes per annum (mtpa) of LNG capacity, according to Aramco’s CEO, Amin Nasser.

ConocoPhillips books Dunkirk LNG capacity

US energy giant ConocoPhillips has booked regasification capacity at France's Dunkirk LNG facility, and it also signed an Asian LNG sales and purchase deal.

Santos wins GLNG court battle against Fluor

Australian LNG player Santos has secured a court battle over Gladstone LNG project construction work that will see a unit of Fluor paying out more than A$692 million ($451.5 million). Santos also announced that it has granted an extension to the XRG consortium to enable the consortium to finalize due diligence and progress a scheme implementation agreement.

More News Like This

Santos wins GLNG court battle against Fluor

Australian LNG player Santos has secured a court battle over Gladstone LNG project construction work that will see a unit of Fluor paying out more than A$692 million ($451.5 million). Santos also announced that it has granted an extension to the XRG consortium to enable the consortium to finalize due diligence and progress a scheme implementation agreement.

Santos says Barossa project 97 percent complete

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is 97 percent complete and remains on target for first production in the third quarter of 2025, according to Australia's Santos.

Santos inks LNG supply deal with QatarEnergy’s trading unit

Australian LNG player Santos has signed a mid-term LNG supply deal with QatarEnergy Trading, a unit of state-owned LNG giant QatarEnergy.

Santos enters exclusive due diligence with Adnoc-led consortium

Australian LNG player Santos has entered into a process and exclusivity agreement with a consortium led by Adnoc's investment unit, XRG, related to the latter's $18.7 billion takeover offer.