10. This question is based on the following newspaper article: Santos to become industry giant after Oil Search merger deal ADELAIDE | Friday, Sep 10, 2021 A merger between Santos and Oil Search has been approved, creating a 'regional champion in the oil and gas industry with a value of $21 billion. The merged entity will be in the top-20 ASX-listed companies and the 20 largest global oil and gas companies with 2021 production expected to be about 116 million barrels of oil equivalent. Santos expects the merger to unlock "pre-tax synergies of up to $150 million per year. Santos chairman Keith Spence said the merged entity would be well-positioned for success in the new era of oil and gas, with strong cashflow generation from a diverse range of assets. "The merger represents an attractive combination of two industry leaders to create a regional champion of quality, size and scale with a unique and diversified portfolio of long-life, low- cost oil and gas assets," he said With offices in Sydney. Port Moresby, Alaska, Tokyo and Abu Dhabi, Oil Search has a history of active exploration and production in Papua New Guinea dating back to the 1920s. It also acquired oil leases on the Alaskan North Slope in 2018. Oil Search chairman Rick Lee said the combined entity would have the capacity to deliver on an exciting pipeline of organic growth opportunities. Put simply, this merger provides Oil Search shareholders with a compelling opportunity to participate in a larger entity with significant scale, product mix, ESG and geographic diversity, and access to capital," he said. With its origins in the Cooper Basin, Santos has one of the largest exploration and production acreages in Australia and extensive infrastructure. Gallagher said the increased scale and capacity would drive a combined disciplined, low-cost operating model and unrivaled growth opportunities over the next decade. "The merger will create a company with a balance sheet and strong cashflows necessary to successfully navigate the transition to a lower carbon future with the combination of Santos' leading CCS capability combining with Oil Search's ESG programs in PNG and Alaska to provide a strong foundation," he said. Using concepts and categories/terms from the lecture, briefly discuss four important reasons for the merger between Santos and Oil Search according to the above article. (2 x 4 = 8 marks) (1) Reason 1: (2) Reason 2: (3) Reason 3: 4 Reason 4: +