LogIn LogOut

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

December 7, 2021

Oil Search's assets in PNG - Credit: Oil Search
Oil Search's assets in PNG - Credit: Oil Search

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)



Current News

Kuwait's KUFPEC Makes First Operated Offshore Discovery in Indonesia

Kuwait's KUFPEC Makes First Operated Offshore Discovery in Indonesia

INPEX Books HAKURYU-5 Semi-submersible Drilling Rig for Japan Offshore Drilling Project

INPEX Books HAKURYU-5 Semi-submersible Drilling Rig for Japan Offshore Drilling Project

Blue Petra Orders Fast Crew Boat from Strategic Marine

Blue Petra Orders Fast Crew Boat from Strategic Marine

"Triple deficit": Morgan Stanley Expects $100 a Barrel in 2H 2022

"Triple deficit": Morgan Stanley Expects $100 a Barrel in 2H 2022

Australia: Santos Bullish on Prices after Reaping Record Revenue

Australia: Santos Bullish on Prices after Reaping Record Revenue

HeliService to Provide Offshore Helicopter Services for Vestas in Taiwan

HeliService to Provide Offshore Helicopter Services for Vestas in Taiwan

Japanese Firms Team Up to Reduce Cost of Floating Offshore Wind

Japanese Firms Team Up to Reduce Cost of Floating Offshore Wind
photo

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