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Adnoc withdraws $18.7bn offer for Santos

Gas
September 18, 2025

An Adnoc-led consortium has withdrawn its $18.7bn offer for Australian gas company Santos – surprising markets following a lengthy due diligence process.

The bid, unveiled in March and formally proposed , was led by subsidiary XRG with private equity firm Carlyle.

It is believed the UAE energy firm had concerns around a tax liability Santos faces in Papua New Guinea next year.

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