19 August 2024
19 August 2024
Gullfaks C has received and processed oil from the Tordis field since June 1994.
Investments in the oil and gas industry in 2025 are estimated at Nkr240bn ($22.37bn), an 11% increase from estimates made in May.
The move aligns with Turkey's wider ambition to enhance its presence in Africa.
In line with the terms previously disclosed, the acquisition's net consideration involved a mix of financial strategies.
The decision is part of a settlement that led to the withdrawal of a planned tax initiative on the oil company's refinery.
The sale forms part of Cepsa’s efforts to shift towards low-carbon business segments.
Gas and condensate were found in three reservoirs at the Lumshiwal-1, Kawagarh, and Lockhart formations.
Traditionally, welding has been deployed to address corrosion and erosion of mission-critical equipment. However, a new method of applying high nobility alloy cladding can mitigate metal wastage more quickly and effectively.
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