Santos’s buyout by the Abu Dhabi National Oil Company and The Carlyle Group for almost $30bn is likely to add share price firepower to its listed rivals, market experts say.

Santos said XRG, an investment arm of the Abu Dhabi National Oil Company, had made an indicative cash offer of $5.76 a share, valuing the Adelaide-based company at $18.7bn. It represents a 28 per cent premium to Santos’s closing share price last week.

But the offer for the ASX’s second-largest oil and gas producer has been met with a lukewarm reception from investors, who say the price could be higher.