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 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.

Acknowledging that cities are responsible for over 70% of global emissions, UN Secretary-General António Guterres urged mayors to demand a seat at the table during the development of national climate policies and regulations.

The transaction, valued at £254 million ($320.65 million), supports BP's objective to meet its demand for low-emissions electricity and contributes to its renewable energy capacity goals.

he contract, signed in March 2023, specified an effective day rate, including the mobilization fee, associated with the minimum firm contract period at $325,000.

Saudi Arabia, the world's largest oil exporter, categorically rejected any plans to phase down oil, gas, and coal.