Australia's Woodside Energy and Santos said on Thursday they were in preliminary talks to create an A$80 billion ($52 billion) global oil and gas giant, as consolidation among international energy firms intensifies. Combining two of Australia's largest oil and gas producers would be the largest corporate deal in the country for several years, during which buyout activity has been subdued by rising interest rates and financial market volatility. A deal, if it goes ahead, would create the biggest liquefied natural gas (LNG) producer in Australia, the world's No. 2 exporter of the super-chilled fuel that is expected to see decades of growth to meet Asia's energy transition needs.

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