Australia and OceaniaContracts and Tenders

Santos, Oil Search wrap up merger deal

By LNG Prime Staff
Santos, Oil Search wrap up merger deal
LNG carrier GasLog Savannah at the PNG LNG jetty (Image: Oil Search)

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

LNG Terminals

Venture Global seeks FERC OK to place first Plaquemines LNG phase in service

Venture Global's Plaquemines LNG is seeking approval from the US FERC to place Phase 1 of its LNG export plant in Louisiana into service.
LNG Terminals

US LNG exports rise to 37 shipments

US liquefied natural gas (LNG) plants sent 37 cargoes during the week ending September 30, up four shipments from the previous week, according to the Energy Information Administration.
Vessels

Samsung Heavy nets order for two LNG carriers

South Korean shipbuilding giant Samsung Heavy Industries has secured an order to build two liquefied natural gas (LNG) carriers for approximately $494 million.

More News Like This

Contracts and Tenders

Australia’s Santos strengthens LNG portfolio with new deals

Australian LNG player Santos has signed two separate, non-binding LNG agreements that underscore the company’s growing global LNG portfolio position. Santos entered into a non-binding heads of agreement to buy LNG from the Ksi Lisims LNG project in Canada and the company agreed key commercial terms with South Korea's Posco Steel to supply the latter with LNG.
Corporate

Australia’s Santos kicks off drilling of first Beetaloo appraisal well

Australian LNG player Santos on Tuesday announced the spudding of its first appraisal well in the Beetaloo Basin, marking a "major" milestone towards unlocking a new source of long-term gas supply for Australian households, businesses, and industry.
LNG Terminals

TotalEnergies to transfer Papua LNG operatorship to ExxonMobil

French energy giant TotalEnergies said on Monday that Papua LNG has achieved "major" contractual and commercial milestones, marking "decisive" steps towards a final investment decision. These include completing the EPC tendering process and transferring Papua LNG operatorship to US energy giant ExxonMobil, operator of the PNG LNG project.
Contracts and Tenders

TotalEnergies, partners seal Papua LNG deal with Papua New Guinea

France’s TotalEnergies and its partners in the Papua LNG export project have signed amendments to the project's gas agreement with the government of Papua New Guinea, paving the way for a final investment decision by the end of the year.