Higher bid for Santos

US PRIVATE equity firm Harbour Energy has raised its bid for Santos to about $US10.9 billion ($A14.5 billion) on condition the local energy firm increases its oil price hedging for the next two years.

Santos says Harbour yesterday lifted its bid to $US5.21 ($A6.95) per share, up from the $US4.98 offered on April 3 and reaffirmed as recently as Friday. The revised proposal also indicated the offer price would be further increased to the equivalent of $A7.00 per share if Santos also agrees to hedge 30 per cent of its oil-linked production in 2020.