The DHIBM-6H well was drilled horizontally from the MaBoMo production facility to a total depth of 4,125 meters into the Gamba sandstone reservoir at the Hibiscus field.

The final investment decision for the project was made in 2021 when BHP approved $544 million in capital expenditure for the Shenzi North oil project.

This coexistence is considered feasible and valuable for both oil and gas and renewables in Norwegian waters, despite the challenges involved.

The North Sea Transition Authority has blocked IOG's requests for license extensions, throwing the next phase of its Saturn Banks development into uncertainty.

This decision came after Secretary of State Grant Shapps endorsed it before his departure in late August

This marks the second time in two years that BP has conducted such an investigation.

The contract is expected to have a duration of approximately three months, with a planned start date in mid-Q4 2023, subject to customary permitting and prefunding approvals.

Norway's Prime Minister made the announcement during a joint town hall meeting of the PSA and the Norwegian Petroleum Directorate, which is also expected to undergo a name change at the start of next year.

This projection is based on the assumption that the renewable energy sector successfully transitions to a larger share of the energy mix.

Barry Norris, founder and CIO of UK hedge fund Argonaut Capital Partners, has criticized hydrogen investments, stating that they are currently a "complete waste of time" for investors seeking returns in the near future.