Santos will now embark on a 12-18 month appraisal programme ahead of a final investment decision.
Drilling & production
The contract covers the Ula and Valhall installations in the Norwegian sector of the North Sea.
Penspen will undertake well tie-in work at the Haliba oilfield in the UAE as well as peripheral prospects.
More Drilling & production news
Petrofac has completed the sale of its remaining 51% interest in its upstream IES operations in Mexico to Perenco Energies International Limited.
Lufkin Industries, a portfolio company of KPS Capital Partners, LP (KPS), has completed the acquisition of the North American Land Rod lift business of Schlumberger N.V.
Premier Oil has received the requisite level of support from each class of its creditors for its proposed merger with Chrysaor Holdings Limited.
Dolphin Drilling has secured a new combined contract with Norwegian oil and gas operator DNO Norge AS.
Neptune Energy has announced first gas production from the Adorf Carboniferous development in northwestern Germany.