據8月2日伍德麥肯茲官網報道，Oil Search和桑托斯（Santos）已經就擬議的合并比例方面達成一致。

　　伍德麥肯茲研究主管安德魯·哈伍德表示，“巴布亞新幾內亞的利益重疊，強化的金融平臺和進一步的投資組合協同和優化的潛力，為合并提供了強有力的戰略依據。與Oil Search合并后，桑托斯的產量將立即增加三分之一以上，達到約29萬桶/日。到2025年左右，Oil Search投資組合的影響將變得更加明顯，屆時將貢獻超過一半的總產量增長。按照目前的大宗商品價格，合并后的實體將在2021年和2022年產生可觀的自由現金流。更強勁的資產負債表將為投資澳大利亞和巴布亞新幾內亞的新開發項目提供堅實的平臺。”

　　哈伍德補充道，“在更大的投資組合中進行資本重新配置，或進行戰略性撤資，很可能會使未來的資本外流趨于平緩。合并后的公司將能夠繼續在澳大利亞Dorado油田和阿拉斯加州進行現有的資產開發。我們一直期待看到更多的國際勘探和生產整合，跟隨美國獨立公司的腳步，在規模上尋求實力和韌性。桑托斯與Oil Search的合并遵循了整合模式，將兩家利益重疊的公司合并在一起，以戰略資源為主題(如LNG)擴大規模，并為兩家股東提供額外的增值潛力。”

　　他指出，“對于澳大利亞的勘探開發領域來說，這可能不是我們今年看到的最后一筆變革性交易，有傳言稱，必和必拓的石油業務和伍德賽德正在討論類似的合作。這筆潛在交易的細節尚不清楚，但可以肯定的是，能源轉型將繼續推動油氣行業的整合，這不僅對相關公司有長期影響，對澳大利亞的油氣投資前景也有影響。”

　　王佳晶 摘譯自 伍德麥肯茲官網

　　原文如下：

　　Oil Search and Santos on a revised merger proposal

　　Oil Search and Santos have reached agreement on the merger ratio under the proposed merger. Wood Mackenzie research director Andrew Harwood said:

　　"Overlapping interests in PNG, a strengthened financial platform and the potential for further portfolio synergies and optimisation provide strong strategic rationale for the merger.

　　"Combining with Oil Search would immediately increase Santos' production by over one-third, to around 290 kboe/d. The impact of Oil Search’s portfolio becomes more pronounced by the middle of the decade when it would contribute over half of growth to the combined production output.

　　"At current commodity prices, the combined entity will generate significant free cash flow through 2021 and 2022. A stronger balance sheet will then provide a solid platform from which to invest in new development projects in Australia and PNG.

　　"Capital reallocation within a larger portfolio, or strategic divestments would be likely to smooth out future outflows. The merged company will be able to proceed with existing farm-down processes at Dorado and Alaska from a position of strength.

　　"We’ve been expecting to see more consolidation among international E&Ps, following the lead of the US independents that have sought strength and resilience in scale. The Santos - Oil Search merger follows the consolidation template, bringing together two firms with overlapping interests, building scale in a strategic resource theme, LNG in this case, and on terms that provide additional value upside potential for both sets of shareholders.

　　"For Australia’s E&P landscape, this might not be the last transformative deal we see this year, with BHP’s Petroleum business and Woodside strongly rumoured to be in discussion on a similar match-up. The details of that potential deal remain unclear, but what is certain is that the energy transition will continue to drive consolidation within the oil and gas space, with long-term implications for not only the companies involved, but also Australia’s oil and gas investment outlook."

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