Santos and Oil Search have completed their merger following approvals from shareholders and the National Court of Papua New Guinea.
(Courtesy Santos)
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.”
