Domestic supply anti competition would be the only thing I can think of.
Forbes:Pressure to simplify the Australian oil and gas sector has already seen two major mergers with Santos acquiring Oil Search, a business heavily exposed to LNG production in Papua New Guinea, and Woodside merging with the petroleum division of BHP Group.
Those deals have not stopped demand for more merger and acquisition activity, starting with a proposal from a fund manager, L1 Capital, that Santos split into an Asia-focused LNG business from its domestic oil and gas operations.
A similar objective of creating a bigger LNG business and a separate domestic operation could be achieved by Woodside and Santos merging.
Market speculation about the two companies merging first surfaced in 2010 but was dismissed at the time. A possible deal is again attracting investor attention because both Woodside and Santos are trading well below values assigned to U.S. oil companies.
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