From the Field
Australia’s Santos in $2.15-bln purchase of Quadrant
ADELAIDE, August 22, 2018 – Australian oil and gas independent Santos will gain access to a major oil find off Australia with the purchase of Quadrant Energy for a base sum of USD 2.15 billion.
Announcing the deal Wednesday, Santos said the acquisition would boost its production by 32%.
Private player Quadrant Energy proved up an oil find off Western Australia earlier in August with partner Carnarvon Petroleum. The Dorado well has been described as the country’s most prospective discovery in decades.
Quadrant also contributes around 20% of Australia gas supply.