Overview
Positive progress on two new oil and gas projects and better-than-expected quarterly sales have buoyed takeover target Santos despite a marginal downgrade to full-year production.
Santos, the subject of a $36.4 billion takeover bid led by Abu Dhabi National Oil Co, gave no update on the six-week due diligence process being carried out by its suitor, which ends on August 8.
The market focused instead on the progress being made towards the start-up of the $6.1 billion Barossa gas project in the Timor Sea, due by the end of next month, and the Pikka oil project due online mid-2026 in Alaska.
Source: https://www.afr.com/companies/energy/santos-6-1b-gas-project-on-track-as-full-year-guidance-takes-a-hit-20250714-p5meqi