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.

With the recent approval in place, Santos is now progressing with applications for all remaining approvals required for the Barossa Gas Project.

The appointment is anticipated to be announced in the first quarter of the next year.

The upcoming COP conferences in Azerbaijan and Brazil, both major oil and gas producers, indicate a growing influence of hydrocarbon producers in climate conferences.

The recent appraisal well, drilled by the Transocean Norge rig, aimed to minimize uncertainties in volumetrics and subsurface conditions within the Bergknapp discovery.

This move comes after Petroineos announced in November that the Grangemouth oil refinery, Scotland's last remaining, might cease operations by 2025 due to market pressures and the energy transition.

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.