Australian fossil fuel giants Oil Search and Santos are close to a merger that will create a $21 billion entity and a new entrant to the top 20 largest oil and gas companies globally. The merger talks come as the resource industry undergoes a major shift amid mounting pressure from the climate change movement. Santos, Australia’s second-largest independent gas producer, is offering Oil Search a six percent premium on its share price, with Oil Search shareholders owning a 38.5 percent stake in the merged entity, while Santos will own 61.5 percent. Oil Search, which runs oil and gas production operations in Papua New Guinea, will recommend its shareholders accept the offer. Santos CEO Kevin Gallagher said, “It represents a compelling combination of two industry leaders to create an unrivalled regional champion of size and scale with a unique diversified portfolio of long-life, low-cost oil and gas assets.” “The merged company …