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Saudi Aramco (ARMCO) and Abu Dhabi National Oil Co. have been separately studying potential bids for Australia’s Santos (OTCPK:STOSF) (OTCPK:SSLZY), as both seek to ramp up their natural gas investments overseas, Bloomberg reported late Wednesday.
Santos (OTCPK:STOSF) (OTCPK:SSLZY) owns liquefied natural gas projects in Australia, Papua New Guinea and Timor-Leste that are prized for their proximity to fast-growing demand from Asia.
Middle Eastern countries are investing billions of dollars in gas, which is seen as an important bridge fuel in the energy transition; Aramco recently reached an initial agreement to buy a stake in Sempra’s Texas LNG export plant in a deal that would include fuel shipments from the project, and Adnoc has been pursuing a string of acquisitions that have turned it into one of the industry’s most active dealmakers.
Woodside Energy held preliminary talks on a potential acquisition of Santos (OTCPK:STOSF) (OTCPK:SSLZY) last year in a deal that would have created an LNG giant, but the talks broke down early this year.
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