Ocean Infinity will be deploying technology to conduct 2D Ultra High-Resolution Seismic surveys and Seabed Soil Sampling in Block 32 and Block 17.
The agreement between ERU and PGNiG provides for joint operations on a licence located in the Lviv region, which is close to the Polish border.
Petrofac has been appointed by Maersk to deliver well management services, including project and supply chain management support for shallow water and deepwater wells throughout the duration of the programme.
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Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.
Planned to start in early 2020, the survey has already received significant industry interest and is being prefunded in part by BP.
As much as 1.2 billion bbl of oil could be held within the deposit, with up to 35% recoverable according to Springfield Group.
The Stena Forth has been contracted to drill one well, being the Marina-1 exploration well, in Karoon’s 40% owned and operated Block Z-38 in the Tumbes Basin in Peru with drilling scheduled to commence early in 1Q20.
ION will deliver high-end time and depth imaging for ARGAS to facilitate exploration and production of the acquired area.