The estimated combined gross recoverable resource of 20-30 million barrels of oil equivalent is anticipated to commence production ahead of schedule by the end of 2023

his initiative, integral to advancing European energy security, is part of Shell's comprehensive site survey program in the North Sea, reflecting its commitment to pushing the boundaries of energy exploration.

The drilling initiative is part of the Azeri-Chirag-Deepwater Gunashli (ACG) field development project.

The new seven-system contract is scheduled to commence operations in March 2025, replacing a current six-system contract that started in November 2020.

The contract, granted by OceanInstaller on behalf of Vår Energi, involves the first phase of engineering, planning, design, fabrication, and commissioning of a new diver launch and recovery system.

The majority of these untapped resources are situated in tight reservoirs, characterized by low permeability, high pressure, and temperature challenges, requiring innovative technologies for extraction.

This project, executed in collaboration with Acteon brands 2H and LDD, focused on reinforcing the structure for two platform jackets.

The overall production guidance for the year remains unchanged, reflecting delayed production restarts and a slower-than-expected ramp-up after the summer shutdowns.

The Raia project is operated by Equinor ASA and is located in the giant pre-salt area in the southern part of the Campos Basin, around 124 miles (200 kilometers) off the coast of Rio de Janeiro.

The Norwegian Petroleum Directorate (NPD) emphasized that despite technological challenges, there are significant untapped natural gas resources, approximately 860 billion standard cubic meters, in tight reservoirs with low permeability off the Norwegian coast.