Woodside and Santos in Talks for A$80 Billion Merger

Potential Deal Could Create a Dominant Force in the Global LNG Market Amid Industry Consolidation

Australia's largest oil companies, Woodside and Santos, are in early-stage talks for a potential merger that would create an A$80 billion ($52 billion) oil and gas giant.
The merger would create a dominant force in the liquefied natural gas (LNG) market, potentially rivaling Qatar as the world's top LNG exporter.
The potential merger comes amid a wave of consolidation in the global oil and gas industry, as companies seek economies of scale and prepare for the energy transition.
The merger could have major implications for Britain's energy supplies as Australia produces around one-tenth of the world's LNG supplies.
The talks are taking place against the backdrop of the COP28 conference, a global summit aimed at striking deals to reduce carbon emissions.