North Sea • Middle East • Woodside • LNG Australia • ExxonMobil • Guyana • Nigeria • US Offshore Wind & Oil/GasNorth Sea
- Tullow Oil has extended production licences and secured long-term cash flow stability for the Jubilee and TEN fields offshore Ghana (West Africa), but the North Sea remains active with multiple tie-back and CCUS projects.
- Equinor continues to advance CCUS at Northern Lights Phase 1 (operational), with several North Sea operators studying repurposing of legacy platforms for CO₂ injection and hydrogen blending.
Middle East
- US–Iran tensions remain the dominant price driver: Brent holds ~$71.80–$72.50/bbl with the nuclear deal deadline now <10 days away.
- ADNOC (Abu Dhabi) and partners are accelerating CCUS and hydrogen projects multiple offshore pipelines being evaluated for CO₂ transport.
- Offshore activity stable no major disruptions reported despite Strait of Hormuz risk premium.
Woodside (Australia LNG)
- Woodside Energy reports strong progress on Scarborough and Pluto Train 2 projects LNG export capacity from Australia remains on track to grow significantly in 2026–2027.
- Woodside is also active in Louisiana LNG (US) and evaluating further Australian offshore gas developments.
ExxonMobil
- ExxonMobil is among several majors actively studying offshore CCUS in the US Gulf of Mexico and globally.
- No major new offshore drilling announcements this week, but Exxon remains heavily invested in Guyana (see below) and Permian divestment/optimisation discussions.
Guyana (Stabroek Block & ExxonMobil)
- Guyana offshore production continues to ramp: ExxonMobil-led Stabroek Block output is expected to average ~650,000 bpd in 2026, with multiple FPSOs online or nearing startup.
- Recent exploration success keeps the block as one of the most active deepwater regions globally.
Nigeria Oil & Gas
- Dangote Refinery (still ramping) is increasing crude demand from local offshore fields.
- Several deepwater projects (Agbami, Bonga, Egina, Zabazaba) continue steady production.
- Tullow’s Ghana extensions provide regional stability, but Nigeria faces ongoing security and investment challenges in shallow-water areas.
United States Offshore Wind & Oil/Gas
- US East Coast offshore wind projects continue to win court battles against federal pauses Coastal Virginia Offshore Wind (CVOW, 2.6 GW) is >70% complete and on track for first power late March 2026.
- Gulf of Mexico leasing advances: BOEM moving forward with Big Beautiful Gulf 3 (BBG3) sale scheduled for August 2026 more deepwater blocks opening.
- Several operators (including ConocoPhillips) exploring Permian divestments (~$2–$3B range) capital likely rotating toward offshore/deepwater.
Quick Market Snapshot
- Brent still supported by geopolitics
- Offshore drilling & deepwater demand rising (Saipem drillship buy, Gulf leasing)
- Floating wind and CCUS gaining momentum globally
- LNG export projects (Argentina, Australia) advancing steadily
Which story is most relevant to your work this week?
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