ADNOC’s XRG withdraws $18.7-billion Santos acquisition bid

ABU DHABI, September 17, 2025 – A consortium led by ADNOC’s XRG has withdrawn its USD 18.7-billion indicative offer for Australian gas producer Santos and will not proceed with a binding bid, the company said on Wednesday.

The proposal, submitted in June, offered USD 5.76 per share in Santos, representing a 28% premium to the ASX closing price that day. It followed two earlier non-public offers made in March at USD 5.04 and USD 5.42 per share.

The consortium comprised ADNOC’s XRG, Abu Dhabi Development Holding Company (ADQ) and US investment firm Carlyle. The deal would have seen the consortium acquire 100% of Santos, pending due diligence, a binding scheme implementation agreement and regulatory approvals.

The decision to withdraw followed a comprehensive evaluation of commercial factors and the SIA terms required by the Santos board.

“The consortium remains committed to disciplined investing and long-term value creation,” XRG said, adding it appreciated the cooperation of Santos and Australian authorities during the process.

XRG reaffirmed its interest in pursuing investment opportunities in gas, LNG, chemicals and energy solutions globally.

Santos is one of Australia’s largest independent oil and gas producers, with operations across Australia, Papua New Guinea, Timor-Leste and Alaska. Its portfolio includes gas assets in Western Australia, Gladstone LNG on the east coast, Darwin LNG in the north, and stakes in PNG LNG and the Papua LNG project.

XRG is ADNOC’s international growth platform, targeting investments across gas, LNG, chemicals and energy solutions. It focuses on expanding ADNOC’s global footprint through value-accretive opportunities in strategic markets.

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