Santos Limited's Regional Business Units and Functional Divisions

Santos Limited is a company focused on three regional business units: Eastern Australia and PNG, Northern Australia and Timor-Leste, and Western Australia. The company produces natural gas, gas liquids, and crude oil in various regions, with the Cooper Basin producing gas for domestic and export markets, and the GLNG project in Queensland producing LNG for export. The Northern Australia and Timor-Leste unit is centered on the Bayu-Undan/Darwin LNG project.

Santos Limited, a major Australian energy producer, has faced a significant development in its acquisition process. The Middle Eastern consortium led by Abu Dhabi-based XRG Developmental Holding Company PJSC, in partnership with The Carlyle Group Inc. (NasdaqGS:CG), proposed to acquire Santos for AUD 28.8 billion on June 13, 2025. The offer per share was set at AUD 8.89. However, after weeks of negotiations and due diligence, the consortium has withdrawn the indicative takeover proposal XRG P.J.S.C, Abu Dhabi Developmental Holding Company PJSC and The Carlyle Group Inc. (NasdaqGS:CG) cancelled the acquisition of Santos Limited.^[1].

The consortium, which includes Abu Dhabi National Oil Co (ADNOC), state investor ADQ, and Carlyle, cited commercial hurdles and the strict terms of the proposed scheme implementation agreement (SIA) as reasons for the withdrawal $30bn takeover bid of Santos collapses^[2]. The decision comes after months of speculation that Santos could be the target of one of the largest foreign takeovers in the Australian energy sector.

Santos Limited operates across three regional business units: Eastern Australia and PNG, Northern Australia and Timor-Leste, and Western Australia. The company produces natural gas, gas liquids, and crude oil in various regions, with notable projects including the Cooper Basin for domestic and export markets and the GLNG project in Queensland for LNG exports. The Northern Australia and Timor-Leste unit is centered on the Bayu-Undan/Darwin LNG project .

Santos has responded to the withdrawal, stating that the consortium did not find any issues during the extended due diligence period that would lead to the withdrawal of the takeover bid. The company has emphasized its strategy to generate cash, reward shareholders, reinvest in infrastructure, and build production while maintaining safety and reliability $30bn takeover bid of Santos collapses^[2].

The withdrawal of the acquisition bid leaves Santos facing ongoing pressure to lift shareholder returns. The company's chair, Keith Spence, has reassured shareholders that Santos has a clear strategy and high-quality growth opportunities across its global portfolio, which will deliver long-term value $30bn takeover bid of Santos collapses^[2].