17 December 2024
17 December 2024
The increase in investment is attributed to a combination of cost inflation, accelerated development and expanded project scopes at various fields.
This transaction will see existing Vitesse stockholders owning around 80% of the company and Lucero shareholders roughly 20%.
These projects seek to enhance energy security and economic ties between the neighbouring countries.
Greenpeace has previously warned that Russia’s so-called ‘shadow fleet’ poses a significant risk of causing a major oil spill in the Baltic Sea.
With this deal, ADNOC has secured more than eight million tonnes per annum (mtpa) of the project's 9.6mtpa production capacity through long-term agreements with international customers.
The current frame agreement between Aker Solutions and Aker BP, operating under a joint alliance model, is extended from December 2024 to December 2026.
The acquisition, with an effective date of 1 January 2025, is set to close in the second quarter of 2025 (Q2 2025), pending regulatory and partner approvals.
Naser Saif Al Yafei, an ADNOC veteran, has been appointed as CEO of Arcius Energy.
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