Australia and OceaniaContracts and TendersCorporate

Oil Search, Santos extend due diligence on $16 billion merger deal

By LNG Prime Staff
Oil Search, Santos extend due diligence on $16 billion merger deal
An LNG carrier docked at the PNG LNG jetty (Image: Oil Search)

Papua New Guinea-focused Oil Search and Australia’s Santos have agreed to extend the exclusive due diligence period, as they continue to work on a recently announced merger deal that would create an LNG player worth about $16 billion.

The partners have agreed to extend the due diligence period for a further one week to September 13.

“Subject to each party completing due diligence on the other to its satisfaction, and the entry into of a merger implementation agreement, the Oil Search board intends to unanimously recommend shareholders vote in favour of the revised proposal,” the ASX-listed firm said on Monday.

Oil Search added there is no certainty that the revised proposal would result in a transaction.

To remind, Oil Search said last month it had agreed to a new merger proposal by Santos after it rejected the first offer.

As part of the revised offer, Oil Search shareholders would receive 0.6275 new Santos shares.

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

Oil Search has a stake in the ExxonMobil-led PNG LNG project but also the planned Papua LNG development.

Most Popular

LNG Terminals

LNG carrier arrives to load first LNG Canada cargo

The 174,000-cbm GasLog Glasgow has arrived at the LNG Canada jetty in Kitimat to load the first LNG cargo produced at the Shell-led terminal, an LNG Canada spokesperson told LNG Prime on Saturday.
Vessels

Knutsen, Shell name ninth LNG newbuild

Norwegian shipowner Knutsen and UK-based energy giant Shell have named the ninth and final LNG carrier in a series of 174,000-cbm vessels.
Contracts and Tenders

BP seals LNG SPA with Italy’s A2A

UK-based energy giant BP has signed a long-term liquefied natural gas (LNG) supply deal with Italian electricity and gas distributor A2A.

More News Like This

Corporate

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.
LNG Terminals

Santos: Barossa project in final stages of commissioning

The Barossa gas project, which will supply feed gas to the Santos-operated Darwin LNG plant, is now in the final stages of commissioning following the arrival of the BW Opal FPSO at the Barossa gas field.
Corporate

Santos gets $18.7 billion takeover offer from Adnoc-led consortium

Australian LNG player Santos has received a takeover offer valued at $18.7 billion from a consortium led by Adnoc's investment unit XRG.
LNG Terminals

Santos: PNG LNG shipped 28 cargoes in Q1

The ExxonMobil-operated PNG LNG project in Papua New Guinea shipped 28 cargoes of liquefied natural gas in the first quarter of 2025, up by one cargo compared to the same quarter last year and one cargo less compared to the prior quarter, according to shareholder Australia’s Santos.

2025. © All rights reserved. LNG Prime LLC. 447 Broadway, New York, NY 10013, USA