Australian oil & gas companies in merger talks

Two of Australia’s largest energy companies confirmed they are discussing a merger.

The potential combination of Woodside Energy and Santos Ltd. would create an oil & gas giant valued at around $80 billion. 

Australia’s Woodside Energy and Santos Ltd. are in merger discussions.

Woodside Energy, the larger of the two, released the following statement: 

“In response to recent media speculation, Woodside confirms it is in discussions regarding a potential merger with Santos Ltd.

Discussions remain confidential and incomplete, and there is no certainty that the discussions will lead to a transaction.

As a global energy company, Woodside continuously assesses a range of opportunities to create and deliver value for shareholders.

Woodside will continue to update the market in accordance with its continuous disclosure obligations.”

In 2022, Woodside and BHP Petroleum merged. Woodside has exploration, development and operating activities in Australia and a number of international regions including Canada, United States, Senegal, South Korea, New Zealand, Myanmar, Cameroon, Gabon, Morocco and Ireland. Within Australia Woodside operates or is developing a number of liquefied natural gas projects. The company also operates the Enfield, Vincent and Pyrenees oil fields offshore from Exmouth in Western Australia.

Santos has operations across Australia, Papua new Guinea, Timor-Leste and the U.S.