Companies & Finance

Private equity stalks Santos assets in Australia and PNG

Harbour Energy’s proposed takeover of Santos is symptomatic of the problems facing overcapitalised Aussie operators Harbour Energy’s proposed takeover of Santos is symptomatic of the problems facing overcapitalised Aussie operators.
By Sally Bogle 16 November 2017 0 28414
An LNG tanker at the Gladstone LNG project in Australia An LNG tanker arriving at GLNG. (Santos)

The pursuit of Santos by US-based investor group Harbour Energy comes as no surprise to industry observers, who have long warned overcapitalised Aussie operators are ripe for takeover by international private equity firms. 

Santos, embattled operator of Queensland’s Gladstone LNG (GLNG) project, confirmed this week it had received a “confidential, non-binding conditional and indicative proposal” from Harbour, which is owned by EIG Global Energy Partners. According to the Australian Financial Review, the approach was made by a consortium of investors led by Linda Cook, a former...