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Decarbonization fuels M&A push in Australia's energy sector

Leading players streamline oil and gas assets with eye on green transition

An Oil Search facility in Papua New Guinea: Santos expects to unlock $115 million in annual synergies from the companies' merger. (Photo courtesy of Oil Search)

SYDNEY/TOKYO -- A wave of consolidation is sweeping across Australia's energy sector as leading players from BHP to Santos shift resources from oil and gas to greener fields like electric cars and hydrogen.

But as they gear up to fight global warming, analysts are concerned that takeover battles risk overheating corporate valuations.

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