Santos Limited (AU:STO) has released an update.
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Santos Limited has successfully finalized a deal with TIMOR GAP, granting them a 16% stake in the Bayu-Undan joint venture, effective from 1 July 2024, with plans to complete the transaction by mid-September. This partnership marks a commitment to Timor-Leste, which has seen over US$25 billion in revenue from the project and supports substantial local employment. Furthermore, Santos intends to transition the Bayu-Undan project to a carbon capture and storage operation, ensuring continued economic and employment benefits for Timor-Leste.
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