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

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

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

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Current News

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

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

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