The move will reduce Santos’ potential liability after millions of tonnes of mud erupted from the site of a gas well drilled on the PSC more than two years ago. The mud volcano, which continues to erupt, has now displaced about 50,000 people and destroyed villages, factories and fields.
Santo said in a statement the transfer released it from any claims its former partners in the PSC might have in relation to the incident or the operations of the contract.
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