Aramco, Adnoc are considering bids for gas producer Santos

July 16,2024

Saudi Aramco and Abu Dhabi National Oil Co. have been separately studying potential bids for Australia’s Santos Ltd., as the Middle Eastern energy giants seek to ramp up their gas investments overseas, people with knowledge of the matter said.

State-owned Aramco and Adnoc have been conducting preliminary evaluations of Santos as a possible acquisition target, the people said, asking not to be identified because the information is private. Santos shares have gained about 1% in Sydney trading in the year through Wednesday, giving the company a market value of A$24.9 billion ($16.7 billion).

Source: Bloomberg