Global holds an 85% participating interest in the licence, which was originally issued on 3 December 2010, located offshore Namibia in water depths ranging from 1300 m to 3000 m.
The new contract will have a duration of 25 years and is the first contract under the hydrocarbon law 05-07 for an oilfield in production.
Strong gas flows on test have confirmed a significant commercial discovery for Australia’s Po Valley Energy Limited at its new Selva gas field in northern Italy.
18 delayed projects reached final investment decisions in 2017, compared to two in 2015 and five in 2016.
The SM 71 F3 well is currently rilling ahead at 4969 ft MD in 9 7/8 in. hole. It is anticipated that the well will be drilled to total depth and evaluated by early February.
Lundin Petroleum’s 2P reserves as at 31 December 2017 are 726.3 million boe and reflect a positive revision of 45.8 million boe, excluding sales.
BP has signed a deal with the Iraqi government to begin revitalising the Kirkuk oilfield, as reported by the Financial Times on Friday.
According to GlobalData, analysis of the global planned CDU capacity of refineries shows that China has the highest planned CDU capacity additions globally, followed by Nigeria and Kuwait.