Rystad Energy Senior Analyst Masanori Odaka emphasized the tight storage situation and noted a nine percent decline in December's Title Transfer Facility prices, reaching approximately $14.9 per MMBtu by October 31.

Wintershall Dea, with a 40 percent interest, operates the well in conjunction with Cheiron Energy and INA, holding 40 percent and 20 percent interests, respectively.

This issue has escalated, with political divisions arising between various parties regarding the immediate cessation of the derogation.

The cluster encompasses three fields, namely Abu, Abu Kecil, and Abu SW Upthrown, with a combined estimated reserve of 5 million stock tank barrels.

The 33rd Oil and Gas Licensing Round, initiated in October 2022, provided 931 blocks and part-blocks for application.

The tender, which encompassed 11 shallow-water blocks and three deepwater blocks, saw both companies submitting bids, as confirmed by a statement from the Guyana government, as reported by Reuters.

This achievement is in accordance with the contract signed in November 2019 with Shell Offshore Inc.

The country's natural gas production dropped to its lowest point since 1999, reaching 199.8 million cubic meters per day compared to the previous month's 312.2 mcm.

This discovery marks the second successful find from the company's ongoing exploration efforts, solidifying its position in the region.

The move comes as the French government grapples with the challenge of balancing consumer relief measures with the financial implications for the energy sector.