ADNOC’s investment arm XRG, in consortium with Abu Dhabi Development Holding Company (ADQ) and investment firm Carlyle, has submitted a final non-binding indicative proposal to acquire 100% of Australian independent E&P player Santos, the companies announced on Monday.
“The Rovuma Basin, one of the largest gas discoveries in the past fifteen years, offers XRG access to pioneering LNG projects with a combined potential production capacity of more than 25 million tons per annum”, XRG said at the time. “This acquisition includes stakes in the operational Coral South Floating LNG (FLNG), the planned Coral North FLNG and Rovuma LNG’s onshore development projects”.
“This agreement marks an important milestone in XRG’s global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. It strengthens XRG’s presence in the Caspian region, expands our resource base and reflects our ambition to be a reliable supplier of cleaner energy to meet the world’s evolving needs,” said Mohamed Al Aryani, XRG president of International Gas.
Arcius Energy is 51% owned by bp and 49% by XRG and will initially focus on the development of gas assets in Egypt. At the outset, it includes interests assigned by BP across two development concessions in the country, as well as exploration agreements.