ADNOC consortium targets Australia's Santos
Abu Dhabi National Oil Company's (ADNOC) is looking to expand its global gas business and has proposed a $18,7 billion takeover bid of Australia's Santos, the second largest independent gas producer. Santos has supported the plan.
Here are some key details about Santos, including its production and reserves (measured in millions of barrels of oil-equivalent (mmboe)), its domestic and foreign oil and gas assets and its long-term LNG deals.
HEADLINE NUMBERS
2024 Production (mmboe).
Domestic: 47.6
International: 39.5
Total: 87.1
2025 total production forecast: 90-97
Proved plus probable reserves (mmboe) at end-2024: 1,559
Assets and Projects
Santos is the operator of Darwin LNG, Gladstone LNG and PNG LNG in Australia. It also holds stakes in the undeveloped Papua LNG Project in Papua New Guinea.
The Darwin LNG plant is expected to stop producing gas in 2025 from the Bayu-Undan offshore East Timor field, which supplies the company. The company plans to replace this supply with gas produced by the Barossa Field, which is expected to begin production in the third quarter 2025.
Santos, a major gas producer for the Western Australian domestic market, has stakes in Van Gogh, and Pyrenees, two offshore oilfields. It is the operator of two domestic gas plants in the state, Varanus Island, Devil Creek and Macedon.
It produces coal seam gas and gas for Gladstone LNG on Australia's eastcoast. It also plans to develop the Narrabi project, which will supply Southeast Australia with gas starting in 2027.
Santos has developed the Pikka oil development project in Alaska and expects first production to begin in mid-2026.
LNG DEALS
Volume of LNG sales in 2024: 5.084 million metric tons
Santos signed an agreement in December to supply Shizuoka Gas, a Japanese gas distributor, with LNG ranging from 0.35 to 0.4 millions tons per year starting 2032.
Santos also will supply 20 cargoes, or 0.5million tons of LNG annually to the Singapore unit TotalEnergies from the fourth quarter 2025 for just over three years.
The company also signed a contract to supply Glencore Singapore 19 cargoes, or 0.5million tons of LNG starting in the fourth quarter 2025. This will be over a period of three years plus one-quarter.
Santos signed a 10-year agreement in May to supply Japanese energy company Hokkaido Gas 0.4 million tonnes of LNG annually, starting 2027. (Reporting and editing by Emily Chow)
(source: Reuters)
