Published by Global Banking & Finance Review®
Posted on June 16, 2025
3 min readLast updated: January 23, 2026
Add as preferred source on GoogleADNOC leads a proposed $18.7 billion takeover of Santos, aiming to expand its global gas business. Santos, Australia's second-largest independent gas producer, supports the bid.
SINGAPORE (Reuters) - Abu Dhabi's National Oil Company (ADNOC), looking to grow a global gas business, is leading a proposed $18.7 billion takeover of Australia's second-largest independent gas producer, Santos, which has backed the planned bid.
Below are key details on Santos' production and reserves in million barrels of oil equivalent (mmboe), its domestic and international oil and gas assets, and a list of its long-term liquefied natural gas (LNG) deals.
HEADLINE NUMBERS
2024 production (mmboe)
Domestic: 47.6
International: 39.5
Total: 87.1
2025 total production forecast: 90-97
Proved plus probable reserves (mmboe) at end-2024: 1,559
ASSETS AND PROJECTS
Santos operates Darwin LNG and Gladstone LNG in Australia, and holds stakes in PNG LNG and the undeveloped Papua LNG project in Papua New Guinea.
The company expects output to cease in 2025 at the Bayu-Undan field off East Timor, which feeds the Darwin LNG plant. It plans to replace that supply with gas from the Barossa field, due to start producing in the third quarter of 2025.
Santos is a major producer of gas for the domestic market in Western Australia, with stakes in two offshore oil fields, Van Gogh and Pyrenees. It operates two of the state's domestic gas plants, Varanus Island and Devil Creek, and is a partner in the Macedon plant.
On Australia's east coast, it produces gas in the Cooper Basin for the domestic market and coal seam gas for the Gladstone LNG export plant. It is also looking to develop the Narrabi coal seam gas project to supply southeast Australia, which faces a gas shortfall from 2027.
In the U.S., Santos is developing the Pikka oil project in Alaska, expecting first production in mid-2026.
LNG DEALS
LNG sales volume in 2024: 5.084 million metric tons
In December, Santos signed a 12-year deal to supply Japanese gas distributor Shizuoka Gas with 0.35 million to 0.4 million tons per annum of LNG from 2032.
Santos will also supply 20 cargoes or 0.5 million tons of LNG per annum to the Singapore unit of TotalEnergies for a little over three years, from the fourth quarter of 2025.
It also inked a deal to supply Glencore Singapore with 19 cargoes or 0.5 million tons of LNG from the fourth quarter of 2025 over three years plus one quarter.
Last May, Santos agreed to supply Japanese energy firm Hokkaido Gas with 0.4 million tons of LNG per annum for 10 years, from 2027.
(Reporting by Emily Chow; Editing by Sonali Paul)
The proposed takeover of Santos by ADNOC-led consortium is valued at $18.7 billion.
Santos is expected to produce a total of 87.1 million barrels of oil equivalent in 2024, with 47.6 million from domestic sources and 39.5 million internationally.
Santos has signed several LNG supply deals, including a 12-year agreement with Shizuoka Gas and a deal with TotalEnergies to supply 0.5 million tons of LNG per annum.
Santos operates the Darwin LNG and Gladstone LNG projects and holds stakes in PNG LNG and the Papua LNG project in Papua New Guinea.
Santos expects output at the Bayu-Undan field to cease in 2025, planning to replace it with gas from the Barossa field.
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