News
XRG-led Consortium Concludes Discussions with Santos Board
Abu Dhabi, UAE - 17 September, 2025
The XRG-led Consortium announced today that it has withdrawn its indicative offer and will not proceed with a binding offer for Santos.
While the Consortium maintains a positive view of the Santos business, a combination of factors, when considered collectively, have impacted the Consortium’s assessment of its indicative offer.
Following a comprehensive evaluation, and taking into account all commercial factors and the terms of the Scheme Implementation Agreement (SIA) required by the Santos Board, the Consortium has determined that it will not be proceeding with the proposed transaction.
While disappointed not to move forward, XRG, and its Consortium partners, are responsible, disciplined investors with a clear focus on creating value for our shareholders and driving long-term growth.
The Consortium extends its appreciation to the Santos management team for their assistance in the process, as well as all levels of government and other stakeholders for their positive and constructive engagement. This reinforced our confidence in Australia’s energy and investment environment, as well as the other locations that Santos operates.
The Consortium was prepared to undertake new long-term commitments to Australian energy production that would deliver meaningful benefits to domestic gas consumers and enhance regional energy security.
As a strategic long-term investor, XRG remains dedicated to pursuing value-accretive opportunities across gas & LNG, chemicals, and energy solutions, and has a rich and deep pipeline of investment opportunities which we will continue to pursue.
While the Consortium maintains a positive view of the Santos business, a combination of factors, when considered collectively, have impacted the Consortium’s assessment of its indicative offer.
Following a comprehensive evaluation, and taking into account all commercial factors and the terms of the Scheme Implementation Agreement (SIA) required by the Santos Board, the Consortium has determined that it will not be proceeding with the proposed transaction.
While disappointed not to move forward, XRG, and its Consortium partners, are responsible, disciplined investors with a clear focus on creating value for our shareholders and driving long-term growth.
The Consortium extends its appreciation to the Santos management team for their assistance in the process, as well as all levels of government and other stakeholders for their positive and constructive engagement. This reinforced our confidence in Australia’s energy and investment environment, as well as the other locations that Santos operates.
The Consortium was prepared to undertake new long-term commitments to Australian energy production that would deliver meaningful benefits to domestic gas consumers and enhance regional energy security.
As a strategic long-term investor, XRG remains dedicated to pursuing value-accretive opportunities across gas & LNG, chemicals, and energy solutions, and has a rich and deep pipeline of investment opportunities which we will continue to pursue.
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