Santos, an Australian energy company, completed the merger with Oil Search, an oil and gas exploration and development company, in a $6.5bn deal. Oil Search shareholders received 0.6275 new Santos shares for each Oil Search share. Oil Search shareholders own 38.5% of the merged group and Santos shareholders own 61.5%. "The combination would create greater alignment in Papua New Guinea supporting the development of key projects including Papua LNG, deliver new jobs and help support the local economy," Santos On July 20, 2021, Oil Search said the offer undervalues the company but it is interested in further deal talks. On August 2, 2021, Santos and Oil Search agreed on the terms of the merger agreement. On December 6, 2021, Santos received the necessary Approval Letter and Exemption Notice from the Securities Commission of Papua New Guinea in order to implement the proposed merger with Oil Search On December 7, 2021, majority of Oil Search shareholders with 95.07% of votes cast in favour for the deal. On December 8, 2021, Santos received the necessary clearance from the Independent Consumer and Competition Commission of Papua New Guinea in order to implement the proposed merger with Oil Search.