Everything you need to know about Santos’ deep-pocketed suitor

As Santos shareholders wait to see if Treasurer Jim Chalmers will bless the $36 billion takeover, here’s everything you need to know about the lead player, XRG.

The Australian Financial Review’s Street Talk column on Sunday revealed the discussions between Santos and the Abu Dhabi National Oil Company, known as ADNOC. Bryan Cook

Angela Macdonald-SmithSenior resources writer

Updated Jul 10, 2025 – 6.25pm, first published at 4.15pm

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With the Abu Dhabi-led $36.4 billion takeover offer for Santos needing a tick from Treasurer Jim Chalmers, there are questions being asked about the main player in the deal, XRG.

The little-known reincarnation of Abu Dhabi National Oil Company’s international arm will have the ruler run over it as the Foreign Investment Review Board decides whether the bidding group it leads can buy Australia’s second-biggest oil and gas company.

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Angela Macdonald-SmithSenior resources writerAngela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.