NJSC Naftogaz Ukraine revealed in a media statement that tests conducted on an exploratory well unveiled an impressive gas flow rate exceeding 7.06 million cubic feet per day (200,000 cubic meters per day).

This initiative aims to play a pivotal role in supporting the decarbonization efforts in the Asia-Pacific region and advancing net-zero goals.

The offshore operations are slated to commence in December 2023.

Representatives from the energy sector have made specific requests related to windfall taxes, Contracts for Difference (CfDs), and incentives for transitioning to low-carbon technologies ahead of the Chancellor's Autumn Statement.

The incident involves an underwater pipeline operated by Main Pass Oil Gathering Co (MPOG) that has experienced a leak.

The acquisition, made for an undisclosed amount, underscores OEG's commitment to strengthening its presence and capabilities in the European offshore energy market.

This strategic partnership is geared towards the production of high-quality polymers, incorporating advanced environmental practices such as Carbon Capture and Storage (CCS) utilizing geological formations beneath the Java Sea.

The value of the options amounts to approximately $138 million, excluding integrated services, performance incentives, and fuel.

NEO Energy intends to redeploy the FPSO at the Buchan field redevelopment in the central North Sea, near the United Kingdom.

These agreements mark a strategic move by Karoon to bolster its asset base and broaden its presence in the international oil and gas market.