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.
The decision comes as the company failed to find potential prospective resources.
North America accounted for most long-term contracts signed for LNG export in 2022 while the Former Soviet Union covered the rest.
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The proposed oil to petrochemical complex is expected to have an annual capacity of 7.5 million tonnes.
Ineos will receive approximately 1.4 million tonnes per annum of LNG from Sempra’s Phase 1 Port Arthur LNG project.
The CCS facility will capture the CO₂ emitted from the refinery’s units and then permanently store it at depleted gas fields.
The company has said it is “open” to considering transporting gas to East Timor instead of via Darwin, Australia.
Aramco has purchased a 30% stake in the Gdańsk refinery and a 100% stake in the site’s associated wholesale business.
Deliberations are at an initial stage and Neptune Energy could consider alternative options such as an initial public offering.
Located in Block SK316 off Bintulu, the project is expected to reduce 3.3 metric tonnes of CO₂ emitted via flaring per year.
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The MoU will see the launch of a working group to undertake various projects.
Water contamination from oil and gas drilling will cost the company $16.29m in damages.