Saudi Arabian Oil Company (SASE:2222) dismissed a report it had engaged in takeover talks with Santos Limited (ASX:STO) with the denial making the latest twist in renewed bid interest for the South Australian producer. Saudi Aramco and Abu Dhabi National Oil Co have separately been looking at potential bids for Santos with a view to bolstering their gas portfolios, according to an unsourced report from Bloomberg on July 4, 2024. However, the Saudi oil and gas giant hosed down any interest on July 5, 2024 stating that with "reference to recent media reports claiming that Aramco is considering an offer for Santos, the company can confirm that such claims are inaccurate".

The state-owned Adnoc has yet to comment. The re-emergence of merger talks has landed just five months since a $52 billion merger with rival Woodside Energy was scrapped, with the pair unable to agree on value.