The decision comes despite calls from environmental campaigners and the United Nations to halt the development of new fossil fuel projects.

The Z18 well, situated in the Carboniferous formation, is expected to boost Neptune's production from the Adorf license by approximately 1,900 barrels of oil equivalent per day (boed) to reach around 8,200 boed.

OMV, the energy company, has confirmed the successful discovery of natural gas at the Wittau Tief-2a exploration well in Lower Austria.

While specific details about the discovery have not been disclosed, Ithaca Energy confirmed the presence of hydrocarbons in the reservoir within the Forties member sandstones, boasting an impressive 45 feet of net thickness.

This milestone marks a significant step in Neptune's ongoing efforts to expand its production capacity and enhance its business in the region.

Planning is underway to connect this new discovery to the Tubular Bells production platform, also in the Gulf of Mexico.

The drilling of the Kupe South 9 development well, contracted for 70 days, was initially scheduled to start in the third quarter of 2023 but has been delayed to late in the first quarter of 2024.

TotalEnergies has commenced drilling activities at the Tilenga and Kingfisher projects in Uganda, with the goal of achieving first oil by 2025.

This signals the opening of the Arctic route for business.

The collaboration stems from a shared understanding that the search for new natural gas supply sources in the European region is of paramount importance.