The agreement also compels energy companies to adopt mitigation measures, including the detection and repair of methane leaks and restrictions on venting and flaring.

The Whale project, part of Shell's Gulf of Mexico portfolio, achieved a final investment decision in July 2021 and involves cutting-edge energy-efficient gas turbines and compression systems.

The FPSO is expected to achieve an initial production rate of approximately 220,000 barrels per day over the first half of the next year as additional wells are brought online.

This financial arrangement is designed to effectively manage Tullow's senior notes maturing through 2026.

The decision follows the suspension of all platform drilling activities in the region earlier in the year due to the challenging UK fiscal regime and an unstable investment climate.

The expanded scope will encompass the decommissioning of a well from the Appleton field, enhancing the backlog of the Well-Safe Defender with approximately one month of additional work.

The 20% share is expected to fetch $1.5 billion.

The industry group’s call comes after a logjam of energy supply and carbon capture projects awaiting approval was exposed.

The NSTA representative noted in the letter that, since publishing the guidance, the NSTA has taken various steps to promote it and support industry compliance.

The policy's inclusion in the King's Speech signals a commitment to bolstering the sector and ensuring its sustained growth in the coming years.