Australia's second-largest gas producer Santos said on Monday it intended to support an all-cash $18.7 billion takeover bid from an international consortium led by Abu Dhabi's National Oil Company (ADNOC),

The South Australian government has warned that any takeover of domestic oil and gas giant Santos by the Abu Dhabi National Oil Company must preserve the state’s economic interests, saying it has “levers” it can pull as the UAE behemoth closes in on control.

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.