Planned to be commissioned in Q4 2025, the subsea development will involve an investments of Nkr4.7bn ($478.4m).
The firms will undertake preliminary activities related to the FPSO unit for the Agogo Integrated West Hub development.
The partners will explore and appraise Unconventional Onshore Block 1 in Abu Dhabi’s Al Dhafra region.
The project is expected to help Germany strengthen the use of blue hydrogen and transition towards green hydrogen.
The project is expected to extend the operational life of the F-A Platform and associated infrastructure by up to 20 years.
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The discovery at the Calypso well is estimated to hold up to 3.5 million standard cubic metres of recoverable oil equivalents.
The decision comes as the company failed to find potential prospective resources.
The proposed oil to petrochemical complex is expected to have an annual capacity of 7.5 million tonnes.
Ineos will receive approximately 1.4 million tonnes per annum of LNG from Sempra’s Phase 1 Port Arthur LNG project.
The CCS facility will capture the CO₂ emitted from the refinery’s units and then permanently store it at depleted gas fields.