Santos, Oil Search merger goes through

Santos and Oil Search have completed their merger following approvals from shareholders and the National Court of Papua New Guinea.
Dec. 10, 2021
(Courtesy Santos)
The Bayu-Undan field complex in the Timor Sea.
The Bayu-Undan field complex in the Timor Sea.

Offshore staff

ADELAIDE, Australia – Santos and Oil Search have completed their merger following approvals from shareholders and the National Court of Papua New Guinea.

Three non-executive directors from Oil Search will join the Santos board, with Santos’ head office remaining in Adelaide.

According to Santos, the new company will have a market capitalization of around A$22 billion ($15.73 billion), with pro-forma 2021 production of 117 MMboe and 2P+2C resources of 4,867 MMboe.

Santos Chairman Keith Spence said: “The merger combines two industry leaders to create a regional champion of quality, size and scale with a unique and diversified portfolio of long-life, low-cost oil and gas assets.”

12/10/2021

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