The expansion includes two liquefaction trains, an LNG storage tank and related infrastructure, with commercial operation of the trains expected to begin in 2030 and 2031. The project’s capital expenditure is estimated at USD 12 billion, with an additional USD 2 billion allocated for shared common facilities.
The campaign begins with a vertical well targeting producing carbonate reservoirs and deeper stacked clastic and basement formations at around 3,000 meters. Drilling and evaluation of the well are expected to conclude in October 2025. Results will guide a 12-well horizontal program, with each well forecast to produce 13–20 MMcf/d at a cost of roughly $3.3 million once the drilling learning curve is achieved.
RESMAN’s proprietary tracer technologies, already in use across oil, gas, CO₂ storage, and geothermal projects, allow operators to track fluid movement in reservoirs with precision down to parts per trillion. These insights enable faster interventions, extended well life, and optimized recovery while minimizing operational disruptions.
Snohvit, the first hydrocarbon development in the Barents Sea according to Equinor, has been producing since 2007. The Snohvit Future project, approved 2023, involves onshore compression to ensure the flow of gas and electrification to curb emissions. Equinor expects the onshore compression component to be completed 2028. From 2030, Snovhit is expected to shift to electrified operation.
Trump, fresh from a state visit to the UK, warned that excessive taxation and regulatory hurdles have all but shut down new North Sea development. “There’s tremendous oil that hasn’t been found in the North Sea,” he said. “They essentially closed it by making it so highly taxed that no developer, no oil company, can go there.”
The agreement also includes installation support and life-of-field services, with options for additional equipment as projects progress. All subsea systems will be built and serviced in Brazil, underscoring both companies’ long-standing partnership and commitment to local content.
Seatrium Limited has announced the sale of its AmFELS Yard in Brownsville, Texas, to Karpower Valley LLC, an affiliate of Karpowership, for S$65 million. The divestment, executed through subsidiary Seatrium AmFELS, Inc., is part of the company’s strategy to streamline operations, boost capital efficiency, and unlock value from surplus assets.
Hungary imports about 5 million tons of crude oil from Russia annually via its state energy company MOL. It is one of two direct buyers of Russian crude in the EU. President Trump earlier this month called on the EU to step up pressure on Moscow by shunning any and all hydrocarbon imports, including LNG.
The upward pressure on prices was back, however, as European pressure on Russia increases, with reports over the weekend of Russian aircraft entering Estonian airspace and neutral airspace over the Baltic Sea, plus airstrikes on western Ukraine that were close to the border with Poland.
The publication cited LSEG data showing that Very Large Crude Carrier rates jumped to 12.5 million last week, which was the highest since March 2023. The rate increase resulted from increased demand for U.S. crude from Asian buyers that emerged during the summer. Since then, rates have eased somewhat to $12 million but remain elevated enough to sap appetite.