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 move, spearheaded by Chief Executive Officer Wael Sawan, aims to optimize costs and position the company more competitively against its US counterparts.

According to recent vessel-tracking data compiled by Bloomberg, only approximately 30 tankers, including crude oil and fuel carriers, have entered the Bab al-Mandab Strait this week.

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 revised terms of the agreement involve Capricorn receiving $72.5 million over the next 13 months and acquiring Waldorf's 25% non-operated working interest in the Columbus gas field.

The NSTA's statement indicated that this fine is the highest the authority has imposed to date for releasing greenhouse gases into the atmosphere without permission.

This auction, covering over 72.7 million acres on the Outer Continental Shelf, includes areas previously earmarked for protection due to the habitat of the endangered Rice's whale.

This extension marks a continued collaboration that has been in place since the initiation of the agreement in 1998.

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