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The project is expected to help Germany strengthen the use of blue hydrogen and transition towards green hydrogen.
However, a Russian spokesperson said the country would not abide by the EU’s price cap on its oil.
The project is expected to extend the operational life of the F-A Platform and associated infrastructure by up to 20 years.
The discovery at the Calypso well is estimated to hold up to 3.5 million standard cubic metres of recoverable oil equivalents.