Australia’s second- and third-biggest oil and gas companies are set to merge to become one of the largest in the region and in the top 20 globally.
TotalEnergies and its partners are targeting to start front-end engineering and design (FEED) work at the Papua liquefied natural gas (LNG) project, led by the French company, next year. Significantly, ExxonMobil could also be close to cutting a critical deal with the Papua New Guinea (PNG) government that would help expand the development.
Santos reported solid number for the second quarter 2021 and remains in line to hit full year targets. Shareholders will now be watching whether Santos will up its offer for Oil Search, which if successful would make the merged group Australia’s biggest oil and gas producer.
Following Santos' proposed takeover offer for Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, a bidding war could emerge. Likely acquirers include ExxonMobil and TotalEnergies, both of which have big shares in the PNG projects.
Australia’s Santos said today that it approached compatriot Oil Search about a potential merger last month. However, the offer to create an energy company with a market value of $16.1 billion was rejected by Oil Search, which has major stakes in Papua New Guinea’s (PNG’s) emerging liquefied natural gas (LNG) sector.
Oil Search managing director Keiran Wulff has suddenly resigned from the Australian-listed company following complaints about his behaviour and ill health. This leaves the Papua New Guinea-focused oil and gas producer in an uncertain position as it seeks new leadership.
Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has offloaded a A$363 million ($273 million) share in Oil Search, which has major stakes in Papua New Guinea’s emerging liquefied natural gas (LNG) sector.
Total has set out plans to get the Papua LNG plan back on track, following the declaration of force majeure on its Mozambique LNG project.
Analysts at Bernstein see tighter liquefied natural gas (LNG) markets ahead as limited supply growth meets strong demand, particularly from Asia, which could push prices higher.
Oil Search has named Peter Fredricson as chief financial officer effective 23 March 2021 as the Australian-listed company pushes growth projects in Papua New Guinea and Alsaka.
Oil Search will start a 15% selldown process for its proposed 80,000 barrels of oil per day Pikka low emissions oil project in Alaska by April. Phase 1 of Pikka is expected to cost about $3 billion and produce oil at a break-even cost of supply less than $40 per barrel Brent, inclusive of a 10% return, reckons the Australian-based company.
New upstream oil and gas projects worth about $15 billion will be sanctioned in Australasia this year, according to Rystad Energy’s forecast, marking a huge boost compared to the $1.2 billion committed to new projects in 2020.
The delayed Total-led liquefied natural gas (LNG) export development in Papua New Guinea (PNG) has signed a key fiscal stability agreement with the government. This marks a significant step in de-risking the proposed 5.33 million tonne per year Papua LNG scheme.
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Despite a recently announced planned capital raising, Australian-listed Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, is a prime takeover target, as mergers become more likely in a low oil price world.
Oil Search’s LNG project in Papua New Guinea continued strongly in the third quarter but progress on a new three-train liquefaction plan is moving more slowly than had been expected.
Oil Search today posted record output.
ExxonMobil and Oil Search has taken stakes in a pair of deepwater licenses offshore Papua New Guinea.
Exxon Mobil Corp. is the leader in the clubhouse to buy Papua New Guinea-focused gas explorer InterOil Corp. after Oil Search Ltd. declined to submit a counteroffer.
Exxon Mobil Corp. made an indicative takeover proposal for InterOil Corp. that topped a competing $2.2 billion bid for the owner of trillions of cubic feet of natural gas discoveries in Papua New Guinea, a person with knowledge of the matter said.
Total and Australia's Oil Search have agreed exclusive Memorandum of Understanding (MoU) to acquire InterOil in a $2.2billion deal .
Oil Search credited low oil price for knocking 10% off its earnings.
Woodside Petroleum has ditched its $8billion takeover offer for Oil Search.
Woodside Petroleum Ltd. Chief Executive Officer Peter Coleman sees more time, not money, as the key to securing a takeover of Oil Search Ltd. “You don’t always have to sweeten deals,” Coleman said in an interview with Bloomberg TV’s Angie Lau on Monday. “What happens is that over time, expectations come together. You’re starting to see some M&A activity in Australia post the approach we made to Oil Search and you can see that peoples’ view of the world is starting to get a little closer.”
Oil Search Ltd., the target of a takeover bid from Woodside Petroleum Ltd., posted a 30 percent decline in third-quarter sales after a drop in energy prices. Revenue fell to $379 million from $538.2 million a year earlier, according to a statement from Oil Search on Tuesday. Sales dropped 3 percent from the June quarter. Output rose to a record 7.42 million barrels of oil equivalent, the company said.