Santos said XRG, an investment arm of the Abu Dhabi National Oil Company, had made an indicative cash offer of $5.76 a share, valuing the Adelaide-based company at $18.7bn. It represents a 28 per cent premium to Santos’s closing share price last week.

Adnoc's investment arm XRG PJSC joins peers including Saudi Aramco in targeting LNG, tapping the potential of one of the fastest-growing fossil fuel markets

Abu Dhabi National Oil Co. made an $18.7 billion offer for Australian fossil fuel producer Santos Ltd., the latest move by the Middle Eastern company to expand production of liquefied natural gas.