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Oil Search receives shareholder approval for buyout by Santos

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Oilfield Technology,

As reported by Reuters, Papua New Guinea (PNG)-focussed Oil Search Ltd said on Tuesday its AUS$8.8 billion (US$6.21 billion) buyout by Santos received overwhelming support from its shareholders, getting over 95% votes in favour of the deal.

The deal would create a global top 20 oil and gas company and make Santos the largest shareholder in PNG's biggest resource project, the PNG LNG project, run by ExxonMobil.

The buyout still needs approval from PNG's competition watchdog and national court. If all approvals are received, the deal will take effect Friday, which will be the last day of trading in Oil Search shares in Australia and PNG, the company said.

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