15 October 2024
15 October 2024
Many oil and gas vessels are choosing to take longer, more costly routes around the Cape of Good Hope at the southern tip of Africa.
Overall oil demand is facing headwinds as economic slowdowns appear in many industrialised nations.
The deal is set to impact the country's gas monetisation efforts and reduce reliance on fertiliser imports.
The decision overturns temporary injunctions against the development of the Yggdrasil, Tyrving and Breidablikk fields.
The cancelled auction involved oil blocks containing an estimated 22 billion barrels (bbbl) of reserves.
Chennai is negotiating a loan to fund the project in Tamil Nadu.
The Scarborough Energy project is expected to deliver first natural gas in 2026.
The partnership will develop AI capabilities through Leucipa for enhanced oil recovery and reduced emissions.
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