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Santos Ltd (ASX:STO), one of Australia's top oil and gas producers, announced it has received a non-binding takeover offer from the XRG Consortium, led by a subsidiary of Abu Dhabi National Oil Company (ADNOC). The proposal values Santos at approximately A$28 billion (US$18.7 billion), offering A$8.89 per share — a 28% premium over its Friday closing price. Following the news, Santos shares surged up to 15% in early Monday trading, hitting A$8.02.
The XRG Consortium includes Abu Dhabi Development Holding and global investment firm Carlyle. According to Santos, this is the third offer from the consortium after two earlier confidential proposals this year. The company’s board has recommended entering into due diligence and exclusivity discussions with the bidders, indicating strong interest in advancing the deal.
This latest bid comes amid heightened global interest in Santos. ADNOC was previously reported to be considering a bid, and Saudi Aramco (TADAWUL:2222) was also linked to a potential offer. Last year, merger talks between Santos and Woodside Energy (ASX:WDS) fell through.
The proposed acquisition highlights growing demand for natural gas, which is expected to surge as AI data centers and global energy needs expand. Natural gas is increasingly viewed as a transitional energy source, especially for power generation in the AI-driven tech boom.
The Santos-XRG deal underscores the strategic value of Australian gas assets amid rising global energy competition. If successful, it could mark one of the largest energy sector acquisitions in Australia in recent years, signaling confidence in long-term gas market fundamentals.
