Australia's competition watchdog said Nov. 16 that it will not oppose oil and gas firm Santos Ltd.'s $2.15 billion acquisition of privately held Quadrant Energy Pty Ltd.
The Australian Competition and Consumer Commission (ACCC) said in a statement that the acquisition would be unlikely to reduce competition in the supply of gas to Western Australia.
"The ACCC considers that a combined Santos/Quadrant will continue to face strong competition from a range of suppliers, including large LNG producers such as Chevron (NYSE: CVX) and Woodside," said ACCC Chair Rod Sims.
Santos said in a separate statement that the ACCC's approval cleared a condition for the acquisition, which is now expected to close "within weeks."
Santos had announced the buy-in late-August, just a few weeks after Quadrant and its joint venture partner Carnarvon Petroleum discovered an oil field that was touted as the biggest discovery off Western Australia for more than 20 years.
Separately, investment bank Macquarie Group Ltd., which holds a 21.8% interest in Quadrant, raised its fiscal 2019 earnings outlook to 15% of growth from 10%, citing the ACCC approval.
Recommended Reading
Sangomar FPSO Arrives Offshore Senegal
2024-02-13 - Woodside’s Sangomar Field on track to start production in mid-2024.
NAPE: Chevron’s Chris Powers Talks Traditional Oil, Gas Role in CCUS
2024-02-12 - Policy, innovation and partnership are among the areas needed to help grow the emerging CCUS sector, a Chevron executive said.
CNOOC Makes 100 MMton Oilfield Discovery in Bohai Sea
2024-03-18 - CNOOC said the Qinhuangdao 27-3 oilfield has been tested to produce approximately 742 bbl/d of oil from a single well.
TPH: Lower 48 to Shed Rigs Through 3Q Before Gas Plays Rebound
2024-03-13 - TPH&Co. analysis shows the Permian Basin will lose rigs near term, but as activity in gassy plays ticks up later this year, the Permian may be headed towards muted activity into 2025.
Proven Volumes at Aramco’s Jafurah Field Jump on New Booking Approach
2024-02-27 - Aramco’s addition of 15 Tcf of gas and 2 Bbbl of condensate brings Jafurah’s proven reserves up to 229 Tcf of gas and 75 Bbbl of condensate.