This reversal comes amid ongoing pressure stemming from the recent OPEC+ decision and lingering uncertainties surrounding global fuel demand growth.

This strategic move is part of Vopak's commitment to the joint development and operation of open-access LNG infrastructure in the Netherlands in collaboration with Gasunie, a prominent Dutch energy network operator.

The move aligns with Brazil's strong steel-producing industry and presents an excellent opportunity for local industrial development.

The focal points of this legal action are Equinor's Breidablikk and Aker BP's Yggdrasil and Tyrving fields, boasting a combined reserve of approximately 875 million barrels of oil equivalent.

The investment will be carried out in three phases between 2023 and 2027. Discovered by Eni in 2021, the Baleine field, located off the east coast of Ivory Coast, is estimated to hold certified reserves of 2.5 billion barrels of oil and 3.3 trillion cubic feet of natural gas.

Recent deepwater oil discoveries off the Namibian coast have ignited significant excitement within the industry, according to Wood Mackenzie's Upstream Research Director Ian Thom.

Shell has enlisted Stena Drilling's mobile offshore drilling unit for the ongoing drilling campaign.

The Norwegian offshore industry safety body has initiated an inquiry into an incident on the OKEA-operated Brage platform, offshore Norway, on November 21, 2023, where an individual was struck by a valve block.

This marks OEG's fifth deal this year and aligns with its strategy to explore opportunities in the flourishing offshore renewables sector in mainland Europe.

The Orion project encompasses two carbon storage licenses, CS017 and CS018, covering the decommissioned Amethyst and depleted West Sole gas fields operated by Perenco UK.