These assets are located in the central and eastern shelf region of the Gulf of Mexico.

Fourteen companies have been awarded 21 licenses, covering approximately 12,000 square kilometers of depleted oil and gas reservoirs and saline aquifers.

According to an analysis conducted by Imperial College London for Drax Electric Insights, the UK's wind farms have reached 28.9 gigawatts (GW) of capacity, overtaking combined cycle gas power stations, which have 28.7 GW of capacity.

The final investment decision for the project was made in 2021 when BHP approved $544 million in capital expenditure for the Shenzi North oil project.

This coexistence is considered feasible and valuable for both oil and gas and renewables in Norwegian waters, despite the challenges involved.

In August 2023, the country fell short by over 560,000 barrels per day, producing approximately 1.18 million barrels per day compared to its OPEC allocation of 1.742 million barrels per day.

The report stated that about 133,000 of these jobs were direct and indirect positions within oil and gas companies and the supply chain.

Arne Gurtner, Senior Vice President UK & Ireland at Equinor, emphasized the value of the company's knowledge in deploying floating wind infrastructure to generate power for offshore oil and gas platforms.

The MOUs, signed with the CEOs of each company, aim to explore potential joint business opportunities in various segments, including exploration and production, energy transition, refining, petrochemicals, renewable energy, hydrogen, fertilizers, ammonia, and carbon capture.

Rathlin Energy has been operating its exploratory oil and gas drilling site at West Newton A in East Riding of Yorkshire since 2013 under the conditions of an environmental permit.