Aramco, ADNOC reportedly weighing bids for Australia’s Santos, but analysts sceptical

• Posted in OilGas
• on July 5, 2024
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Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) have been separately considering bids for Santos, Bloomberg News reported, sending shares of the Australian gas producer up 6.5% on Thursday.

Both Saudi Aramco and ADNOC have been conducting preliminary evaluations of Santos as a possible acquisition target, the report said, citing sources who declined to be named as the information was private.

The sources said Santos could attract interest from other potential buyers, according to the report. Deliberations are on, and the suitors have not decided whether to proceed with any proposals, it added.

“Santos does not comment on media speculation,” a company spokesperson said.

Saudi Aramco did not immediately respond to Reuters’ request for comment, while ADNOC declined to comment.

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