The divestment includes a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields located in the Caspian Sea's Azerbaijan sector, an 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline, and a 50% stake in the Karabagh field.
The directive requires companies to engage with affected communities before and during projects and mandates the development and implementation of climate transition plans for reducing emissions in line with the Paris Agreement and EU climate targets.
The signing bonus for these and other acquisitions amounts to R$116 million, representing less than 1% of the approved investments outlined in the 2024-2028 Strategic Plan, already accounted for in the company's financial forecast.
Repsol had short-term flare and vent consents in place since January 2019. However, the NSTA notified Repsol in July 2022 that no valid consents were in place for the mentioned fields, leading to the imposition of the fine.
Spearheaded by the UAE's President, Sultan Al Jaber, the agreement navigated a delicate balance, gaining support from the US and European Union while retaining the cooperation of oil-producing nations, including Saudi Arabia.
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