Core Viewpoint - Santos is divesting its interests in various projects to streamline its portfolio and focus on capital-efficient, near-term projects while reducing future decommissioning liabilities [3][5][6]. Group 1: Divestment Transactions - Santos has executed a conditional sale and purchase agreement to divest its 42.86% operated interest in the Mahalo Joint Venture for A$40 million upfront, with potential additional payments of up to A$20 million based on future production milestones [1]. - The company has completed the sale of its 42.71% interest in the Petrel fields and 100% interest in the Tern fields, with the deal providing cash and contingent consideration, significantly reducing future decommissioning exposure [2]. Group 2: Strategic Focus - The divestments are part of Santos' ongoing portfolio rationalization strategy, prioritizing capital-efficient projects over longer-dated assets [3]. - The company aims to focus on its flagship Barossa gas project offshore northern Australia and the Pikka oil development in Alaska, while maintaining capital discipline and prioritizing shareholder returns in future investments [6]. Group 3: Industry Context - The sale of assets aligns with a broader trend among Australian upstream producers to reduce long-term abandonment liabilities, particularly for mature offshore gas fields [5]. - The transactions highlight the reshaping of Australia's gas sector, where smaller and mid-cap players are acquiring assets from major companies looking to streamline their portfolios and manage balance sheet risks [7].

Trinidad and Tobago's government is waiting for a development plan from energy producer Shell to push forward the Aphrodite offshore gas project, documents seen by Reuters showed. ...