Oil Search Gets Shareholder Approval for $6.2B Buyout by Santos

Tejaswi Marthi and Sameer Manekar
Tuesday, December 7, 2021

Papua New Guinea-focussed Oil Search Ltd said on Tuesday its A$8.8 billion ($6.21 billion) buyout by Santos Ltd received overwhelming support from its shareholders, getting over 95% votes in favor of the deal.

Shares of Oil Search rose as much as 3.3% to A$4.10 to hit a nearly two-week high, while Santos advanced up to 1.9%.

About 95.1% of Oil Search shareholders voted in favor of the deal on Tuesday, nearly a month after the firm gained approval from a Papua New Guinea (PNG) court and a mixed endorsement from an independent expert for the deal.

About 95.43% of the proxy votes cast were in favor of the deal, which would create a global top 20 oil and gas company and make Santos the largest shareholder in PNG's biggest resource project, the PNG LNG project, run by Exxon Mobil Corp.

The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Friday, which will be the last day of trading in Oil Search shares in Australia and PNG, the company said.

($1 = 1.4180 Australian dollars)

 (Reporting by Tejaswi Marthi and Sameer Manekar in Bengaluru; Editing by Rashmi Aich)

Categories: Energy Mergers & Acquisitions Activity Production

Related Stories

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

China Starts Production at Major Oil Field in Bohai Sea

China Rolls Out 17MW Floating Wind Turbine Prototype

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Baker Hughes, Petronas Team Up for Asia-Pacific Energy Resilience

Woodside Finds South Korean Partners to Advance LNG Value Chain

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

Current News

PTTEP Acquires Southeast Asia’s Offshore Block from Chevron’s Hess Unit for $450M

Valeura Energy, PTTEP Partner Up on Gulf of Thailand Blocks

Sapura Scoops Over $118M for Chevron, PTTEP Subsea Ops off Thailand

Pandion Energy Divests Interests in Three Norwegian Assets to Inpex

China Starts Production at Major Oil Field in Bohai Sea

Dutch Contractor Completes Malaysia’s Largest 'Rig-to-Reef' Decom Project

China Rolls Out 17MW Floating Wind Turbine Prototype

SBM Offshore’s Jaguar FPSO Enters Drydock in Singapore (Video)

EnQuest Picks Up Offshore Oil and Gas Block in Brunei

CNOOC Finds Oil and Gas in South China Sea

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com