Informed sources revealed that both Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) are separately considering submitting bids to acquire shares in Australian gas company Santos.
The sources explained that the two companies are conducting initial evaluations of Santos as a potential acquisition target, and this comes at a time when energy giants in the Middle East are seeking to increase their investments in gas abroad, according to Bloomberg.
In June, Aramco reached a preliminary agreement to buy a stake in Sempra's LNG export plant in Texas, in a deal that includes fuel shipments from the project.
Last May, the UAE's ADNOC acquired an 11.7 percent stake in the first phase (the first, second and third liquefaction units) of the Rio Grande LNG export project, located in the US state of Texas.
According to a press release from the company, the project is owned by NextDecade, listed on the Nasdaq under the symbol (NEXT), and is expected to produce low-carbon liquefied natural gas.
The statement explained that the two companies signed a 20-year agreement to supply liquefied natural gas that will be produced from the fourth liquefaction unit within the project.
ADNOC has acquired a stake in the first phase of the Rio Grande LNG project from GAP, one of the world’s leading infrastructure investors.
This acquisition is ADNOC’s first strategic investment in the United States, as the company continues to implement its international growth strategy and is part of its efforts to expand its LNG portfolio to keep pace with the growing demand for this vital resource.
