Australia M&A - Eni acquire Santos interest in Petrel and Tern retention leases

(Originally published on November 27, 2025)

Last week, we saw the quiet approval of a deal that will see Eni acquire Santos' interest in the WA-6-R, NT/RL1 & WA-27-R retention leases that contain the Petrel and Tern fields. The deal was agreed in mid-October and completed last week. I have not seen any value attached to the transaction.