Australia’s Santos on May 22 ended talks with Harbour Energy and rejected the U.S.-based firm’s $10.8 billion takeover offer, saying it undervalued the oil and gas producer as oil prices surge.
A successful bid would give Harbour access to a recently revived company with a low cost of gas production and stakes in LNG in the Asia-Pacific, where demand is soaring.
If successful, Harbour's bid would mark the biggest takeover of an Australian oil and gas producer, but Santos has indicated the company may be worth more.
At APPEA 2018, it was revealed that the country’s 2017 oil imports had cost AU$29 billion compared to AU$26 billion in LNG earnings.
Harbour, which proposed a $10.4 billion takeover in April, is close to completing a review of Santos' books ahead of deciding whether to make a binding offer.
Speaking at APPEA 2018 in Australia Nigel Hearne sought an unprecedented effort with majors Woodside and Shell to unlock stranded gas from the North West Shelf.
The state approved the $54 billion Gorgon project in 2009 on the condition that at least 80% of carbon dioxide released in its gas processing operations over a five-year rolling average period would be buried.
Comet Ridge Ltd. has appointed Peter Harding-Smith as its new CFO who will succeed Don Langdon, the company said in a statement on May 8.
Australia's NT commissioned an inquiry into the environmental, social and economic risks of fracking and on April 17 accepted the inquiry's conclusion that the risks were manageable.
Chevron Corp. (NYSE: CVX) will proceed with the second stage of its giant Gorgon LNG export plant off the northwest coast of Western Australia, the company said on April 14.