The development comes amid persistent delays, largely stemming from land acquisition hurdles and sustained local protests
Santos shares rose as much as 15% on Monday, their biggest intraday jump since April 2020, and were at A$7.805 at 11:53 a.m. in Sydney.
ADNOC, through its trading units, has agreed to supply some U.S. LPG cargoes to India refiners under the annual contracts from June-July, said sources.
South Africa's Sasol Ltd is also considering an offer for the business, which could be valued at more than $800 million, the Bloomberg report said.
The Indian Strategic Petroleum Reserve Ltd has leased half of the 1.5 million tonne capacity in Mangalore storage to Adnoc.
"The value was generated from the integration of over 30 industry-leading AI tools across ADNOC's full value chain, from field operations to smarter and quicker corporate decision making," ADNOC said in a statement.