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Even Big Oil thinks Big Oil is too risky these days

Adnoc’s bid for Santos shows oil producers are going after LNG to counter declining demand and war

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    • Adnoc has been on a shopping spree for gas assets in recent years, gradually transforming itself from a business that lives and dies on black gold, to one that cares as much about LNG ships as oil tankers.
    • Adnoc has been on a shopping spree for gas assets in recent years, gradually transforming itself from a business that lives and dies on black gold, to one that cares as much about LNG ships as oil tankers. PHOTO: REUTERS

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    David Fickling

    Published Tue, Jun 17, 2025 · 06:00 PM

    WHAT is an oil producer to do when it sees its core product under threat from declining demand and a war-torn neighbourhood? Just ask Abu Dhabi National Oil Co (Adnoc).

    The US$19 billion all-cash bid for Australian gas producer Santos on Monday (Jun 16) from a consortium led by the state-owned United Arab Emirates business is one answer to the question.

    Adnoc has been on a shopping spree for gas assets in recent years. In common with its far larger peer Saudi Arabian Oil Co, which is currently spending more money developing new gas fields than crude reserves, it has been gradually transforming itself from a business that lives and dies on black gold, to one that cares as much about liquefied natural gas (LNG) ships as oil tankers.

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    Big OilLiquefied natural gasThe Bottom Line

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