Norway
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Government grants and tax incentives will drive carbon capture, storage, and/or utilization projects in the next decade as the industry seeks profitable business model.
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A May expedition identified 10 mud volcanos on the Norwegian Continental Shelf, and geochemical and biostratigraphy tests are underway to determine the age of the mud and the potential for hydrocarbons.
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The first wells from the current North Sea development project are expected online in 2026.
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The agreement puts an early contractual framework in place for closer collaboration sooner on the project pair.
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Belgium, the Netherlands, Germany, Norway, the UK, and Denmark have signed a joint declaration aimed at protecting critical infrastructure in the North Sea, including subsea fiber-optic cables, gas and oil pipelines, electricity transmission cables, and offshore wind installations.
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The Research Council of Norway’s $118,000 grant will support development of longer fishbone laterals to raise production while lowering carbon footprints.
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The work scope for the project runs through year-end 2027.
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Wind power keeps rising across the globe, while new solar plant developments light up Louisiana and Texas.
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Government and industry leaders support the oil and gas industry's role in the energy transition.
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Wellesley estimates that the drilling campaign has proved a developable gas-condensate accumulation of 60 to 100 million BOE.
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