A rush for access to gas supplies to shore up energy security in an increasingly volatile and unpredictable global landscape has seen serial underperformer Santos become a target for one of the world’s biggest petroleum producers.

It was no coincidence that Abu Dhabi National Oil Co’s return to the Santos board with a 6.3 per cent sweeter cash offer three months after the swift rejection of two lower offers came as world energy markets were shaken by the exchange of missile strikes between Iran and Israel.