North Sea
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The North Sea project is set to include 23 subsea, oil-producing wells tied into four subsea templates to tap an estimated 200 million bbl of oil. -
The operator is exercising its right of first refusal, negating the previously announced deal with a private equity group.
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Operator will use polymerized water into reservoir to boost oil and gas recovery.
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UK major offloads North Sea stake to Tailwind Energy as it continues to adjust its portfolio in the region.
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Follow-up well could help prove up 100-million bbl find.
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Standalone or subsea development options remain in play.
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Subsea production equipment falls to seafloor after winch wire malfunction.
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The development scheme may include possible tie-in to the nearby Solveig field.
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Independent producer’s 2021 exploration budget will remain flat at around $150 million.
