Santos Seized: The $36 Billion Energy Shake-Up
Deep dive into Santos Acquisition
Main Investment Services highlights the recent share offer for Santos Ltd by XRG, ADNOC’s invest arm.
Santos is an Australian energy company focused on the exploration, development, production, and marketing of oil and gas, including LNG. They operate primarily in Australia and have assets in Papua New Guinea and East Timor. Santos supplies natural gas and oil to both domestic and Asian markets. They are also involved in midstream processing, carbon management services, and exploring low-carbon fuel options.
ADNOC, the Abu Dhabi National Oil Company, is a major integrated energy company that operates across the entire hydrocarbon value chain. It handles exploration, production, storage, refining, and trading of oil, gas, and petrochemical products. ADNOC also focuses on developing and marketing natural gas and refined products, playing a significant role in Abu Dhabi’s and the global energy landscape.
On 13th June 2025, ADNOC’s invest arm, XRG offered Santos shareholders USD $5.76 (AUD$8.89) per share, roughly a 28% premium totalling to a $36 Billion dollars. XRG previously made a bid for Santos in March 2025 for $8.00 per share and then increased to $8.60 per share. This acquisition will be the largest all cash corporate takeover in Australian History. Santos is currently trading at $7.78. The deal has been supported by the Santos Board, but yet to receive Government FIRB approval.
Santos.com: News & announcements.
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