Abu Dhabi National Oil Co. has put forward an $18.7 billion bid to acquire Australian fossil fuel producer Santos Ltd., marking a bold move by the Middle Eastern company to enhance its liquefied natural gas production.
Adnoc's investment arm XRG PJSC, along with other major players like Saudi Aramco, is focusing on the LNG market, which is experiencing rapid growth. This potential deal would give Adnoc ownership in key operations in Australia and Papua New Guinea, pending regulatory approvals.
Source: Bloomberg
