Santos Limited (AU:STO) has released an update.
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Santos Limited has signed a Sale and Purchase Deed with TIMOR GAP, transferring a 16% stake in the Bayu-Undan upstream project, with future plans to transform the site into a carbon capture and storage project post-petroleum production. This strategic move aims to strengthen long-term partnerships and continue contributing to local employment and revenue in Timor-Leste. The Bayu-Undan project, which supplies gas to Australia and produces valuable liquids, is expected to see changes in joint venture participants’ interests.
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