This collaboration aims to potentially reduce CO2 emissions from FPSOs by as much as 70%.

A total of 14 companies have been awarded 21 carbon storage licenses, following the initial results announced in May, which saw one new license and two additional firms included.

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.

The installation will be conducted using Saipem's construction vessels and is scheduled for 2024.

The combined value of these contracts stands at approximately USD 369 million for their respective firm periods.

This transformative collaboration is valued at approximately $330 million and encompasses a comprehensive master services agreement alongside associated contracts.

In an announcement made on September 1, Hibiscus Petroleum's local unit, Anasuria Hibiscus UK, and Ping Petroleum UK independently entered into similar farm-in agreements with Rapid Oil for Licence P2451.

These strategic agreements are poised to enhance Equinor's drilling capabilities and solidify its commitment to sustainable operations.

The arrangement stipulates that the Prospector 5 and Natt rigs will remain under contract until May 2026 and December 2025, respectively.

This ten-year master services agreement encompasses the provision of well services and emergency well control services.