26 July 2023
26 July 2023
Last October, the UK launched its first licensing round since 2019.
The Italian company expects the acquisition to allow it to accelerate the development of the IDD project.
The project would capture CO₂ from emitters in Sharjah and neighbouring emirates, and store it in SNOC's mature gas field.
The deal follows an agreement signed between the two companies in 2017, which granted TotalEnergies the right to acquire all of Total Eren after a five-year period.
Situated offshore Brazil in the pre-salt Campos Basin, Buzios is one of the biggest deepwater fields in the world.
The money will be allocated to states to help oil and gas companies identify and reduce methane emissions.
TMK is the operator of the project and the remaining 33% stake is held by Talon Energy.
The technical and financial feasibility of the proposed 6.6-million-tonne-per-annum LNG plant will be assessed during the initial engineering phase.
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