While specific details about the discovery have not been disclosed, Ithaca Energy confirmed the presence of hydrocarbons in the reservoir within the Forties member sandstones, boasting an impressive 45 feet of net thickness.

This milestone marks a significant step in Neptune's ongoing efforts to expand its production capacity and enhance its business in the region.

The additional cutback was introduced this month in addition to the output curbs already implemented by fellow OPEC+ producers to stabilize oil markets amid a fragile economic backdrop.

The company's earnings more than halved compared to the same period the previous year, falling far short of market expectations.

Planning is underway to connect this new discovery to the Tubular Bells production platform, also in the Gulf of Mexico.

The acquisition includes operatorship of three blocks: Ganal PSC, Parak PSC, and Makassar Straits PSC.

The agreement with equity partner Neo Energy stipulates that production from the North Sea vessel will cease "on or around" March 31, 2024.

The drilling of the Kupe South 9 development well, contracted for 70 days, was initially scheduled to start in the third quarter of 2023 but has been delayed to late in the first quarter of 2024.

TotalEnergies has commenced drilling activities at the Tilenga and Kingfisher projects in Uganda, with the goal of achieving first oil by 2025.

This signals the opening of the Arctic route for business.