NewMed and Capricorn shareholders will own 90% and 10% stakes, respectively, in the merged group.
ShaMaran Petroleum agreed to buy the stake in the licence in July 2021.
The development will involve the tieback of three wells to existing infrastructure and two new subsea installations.
The project will be managed from McDermott’s Doha office, with support from Chennai.
The investment is expected to boost the company’s annual output to 60PJ per year by 2025.
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