Adnoc-Led Bid for Santos Collapses Amid Deal Withdrawal
Adnoc's XRG has canceled its $18.7 billion acquisition of Santos, marking a significant development in the energy sector amidst ongoing industry shifts.
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ADNOC-led Group Launches $19 Billion Bid to Acquire Australia's Santos
ADNOC-led consortium has proposed an $18.7 billion all-cash takeover of Australian gas producer Santos, offering a 28% premium, aiming to expand its global LNG business amid regulatory hurdles and market uncertainties.
Adnoc Launches $19 Billion Bid to Acquire Australia's Santos
Abu Dhabi’s national oil company, through a consortium led by XRG, has bid approximately $19 billion to acquire Australian energy company Santos, offering a 28% premium per share amid ongoing market volatility and previous talks with other firms.
ADNOC Launches $18.7 Billion Bid to Acquire Australia's Santos
Australia's second-largest gas producer Santos has announced support for an $18.7 billion all-cash takeover bid led by Abu Dhabi's ADNOC, aiming to expand its global LNG business, though regulatory approval remains uncertain amid a significant share price jump and strategic asset interests in the Asia Pacific region.
"Oil Giant's Staggering $1 Billion Monthly Investment in Fossil Fuels Exposed by Global Witness"
Abu Dhabi National Oil Company (ADNOC), led by the president of the COP28 climate conference, is projected to spend over $1 billion per month on fossil fuels this decade, according to analysis by Global Witness. This amount is nearly seven times higher than its commitment to decarbonization projects. ADNOC disputes the analysis, stating that the assumptions made are inaccurate. The findings come ahead of the COP28 climate summit, where global leaders will discuss progress in the fight against the climate crisis. Critics argue that the dual role of ADNOC's CEO as the president of COP28 raises concerns about conflicts of interest.
UAE Oil Giant Acknowledges Inevitability of Fossil Fuel Phasedown at COP28
The head of UAE's state-run oil giant, ADNOC, and incoming COP28 President, Sultan bin Ahmed Al Jaber, said that a phasedown of fossil fuels is inevitable, but the speed at which it happens depends on how quickly zero-carbon alternatives can be phased up while ensuring energy security, accessibility, and affordability. Despite this, ADNOC still aims to meet the UAE Net Zero by 2050 Strategic Initiative and increase crude oil output to 5 million bpd by 2030. There were concerns about a conflict of interest when Al Jaber was appointed as COP28 President, but a spokesperson defended his appointment, citing his experience in climate action.