Woodside targets Oil Search in $8bn takeover bid
Australia’s Woodside Energy is making an opportunistic A$11.6bn ($8.1 bn) takeover offer for Papua New Guinea (PNG)-focused Oil Search
Aside from pursuing an active exploration campaign targeting some 7 trillion cf of gas Australia-listed Oil Search has a prized 29% stake in the ExxonMobil-led PNG liquefied natural gas export project. The Australian LNG developer is offering one Woodside share for four Oil Search shares, implying an offer price of A$7.65 a share or a 13% premium. Analysts believe this is too low and that Oil Search’s management will be unlikely to accept such an opportunistic bid. They are tipped to push for a much higher offer closer to a 25-30% premium. On 9 September, Oil Search shares were trading above the offer price, closing at A$7.85, reflecting an expectation among investors of more to come. The pr
Also in this section
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
