Australia’s largest oil companies have launched talks on creating a A$80 billion (£41.7bn) global oil and gas giant as the consolidation in the fossil fuels industry escalates.
A deal combining Woodside Energy and Santos would be the country’s largest corporate deal in years and comes as the industry battles to address the challenges of decarbonisation.
In October, American oil giant Exxon Mobil announced its largest deal in two decades to buy rival shale producer Pioneer Natural Resources for $60bn (£49bn).
Later in the same month, Chevron announced a $53bn (£42.2bn) deal to acquire Hess Corporation.
Perth-based Woodside, the larger of the two valued at A$56.9bn (£29.7bn), said the talks with Santos, valued at A$22.1bn (£11.5bn), were confidential and incomplete and that there was no certainty a deal would materialise.
“Woodside continuously assesses a range of opportunities to create and deliver value for shareholders,” it said in a statement to the Australian stock exchange.
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2023-12-07 10:26:00Z
CBMiamh0dHBzOi8vd3d3LnRlbGVncmFwaC5jby51ay9idXNpbmVzcy8yMDIzLzEyLzA3L2Z0c2UtMTAwLW1hcmtldHMtbGF0ZXN0LW5ld3MtdWstaG91c2UtcHJpY2UtaW5kZXgtaGFsaWZheC_SAQA
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