STOSF - Eni Santos sign MoU to develop Australia gas projects carbon capture

Eni ([[E]] +2.3%) says it signed a non-binding memorandum of understanding with Australian natural gas supplier Santos (STOSF) to consider developing gas fields off northwest Australia and expand gas exports from Darwin.Eni already is partnering with Santos in the Bayu-Undan gas and condensate field in the Timor Sea, as well as in the Darwin LNG plant and connecting gas pipeline in northern Australia.The two companies say they will explore the potential expansion of the Darwin LNG plant, options to repurpose and extend the life of Bayu-Undan as well as the joint development of CO2 capture and storage or utilization facilities.Eni recently was upgraded to Buy at Jefferies, citing its dividend yield and the potential to spin off its biofuel business.

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Eni, Santos sign MoU to develop Australia gas projects, carbon capture