Round-up: New oil & gas discoveries take center stage as LNG momentum grows

December 5, 2025, by Melisa Cavcic

As the offshore energy sector sees advancements in exploration, infrastructure expansion, LNG diversification, and carbon management initiatives, new discoveries in Norway reinforce the ongoing oil and gas dominance. International players, such as Shell, Equinor, Chevron, and Petrobras are reshaping portfolios through joint ventures, divestments, and capex commitments.

The LNG segment is upping its ante with rapid project execution in Congo, as developments in Mozambique and Texas showcase progress and fleet expansion alongside offtake deals highlights LNG’s role as a transitional fuel. The energy transition is also moving forward, as carbon capture, CO2 logistics, and stricter decommissioning oversight show regulators and companies pushing toward net-zero compliance.

Looking through Offshore Energy’s regional lens, Europe has taken the lead in exploration, decommissioning oversight, and carbon transition projects; the Americas highlight massive investment in Brazil’s pre-salt, Guyana’s offshore, and U.S. LNG being in demand.

On the other hand, Asia-Pacific shows a focus on new production start-ups, shipbuilding, and LNG supply diversification; Africa is witnessing rapid LNG project execution and portfolio revamps through majors’s moves; and the Middle East is keeping its spot as a strategic offshore investment zone, particularly for Chevron.

Regional highlights under spotlight

Offshore Energy’s round-up of regional developments shows Europe as being very active over the week, with Norway seeing Vår Energi find more offshore oil with COSL Drilling Europe’s rig; Equinor and Aker BP discover two gas and condensate finds in the North Sea; and Equinor extend the life of an FPSO beyond 2030 via a subsea tie-back.

The UK has been active too, as Subsea7 won a decommissioning contract with Ithaca Energy east of Aberdeen; Shell and Equinor launched Adura, a JV consolidating their UK offshore assets; Centrica and ECP acquired an LNG terminal in the UK; and the North Sea Transition Authority disclosed the names of 13 operators said to be behind on their decommissioning obligations.

Sweden and Denmark have also seen some action, with Höegh Evi, Aker BP, and Ports of Stockholm teaming up to establish a CO2 logistics hub, while Danish Energy Agency delayed CCS funding application deadlines.

The Americas region is next on our list, where Petrobras and Shell increased stakes in two pre-salt oil projects offshore Brazil; Chevron earmarked around $7 billion of its 2026 capex for offshore projects in Guyana, Eastern Mediterranean, and the Gulf of America (U.S. Gulf of Mexico), illuminating Guyana as a major offshore investment hub; New Fortress Energy secured approval for a long-term gas supply arrangement in Perto Rico; Centrica won an LNG supply deal in Honduras; and Texas LNG signed an offtake deal with Macquarie for its planned export facility in Texas.

The Asia-Pacific region has also been active this week, with China taking the limelight thanks to CNOOC’s start-up of production from an oilfield adjustment and satellite fields project, as well as Hengli shipyard’s orders for VLCCs, LNG dual-fuel Suezmax tankers, and container ships.

Timor-Leste made headlines when Finder Energy announced its partnership with Amplus Energy to deploy an FPSO at two oilfields; Thailand made an appearance due to Eni’s new LNG supply agreement with Gulf Development Company; and Qatar brought up the rear as a result of a naming ceremony for two LNG carriers ordered for QatarEnergy’s fleet.

The last region on Offshore Energy’s weekly round-up list is Africa, where TotalEnergies opted to divest partial stakes in two offshore licenses to Chevron in Nigeria; Eni launched Phase 2 of its LNG project in Congo ahead of schedule, as confirmed by Saipem, which converted a semi-sub rig into an FPU for this project; and TotalEnergies confirmed its LNG project financing in Mozambique would continue despite UKEF and Atradius withdrawal.

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𝐑𝐢𝐠 𝐥𝐨𝐠𝐬 𝐢𝐧 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐝𝐫𝐢𝐥𝐥𝐢𝐧𝐠 𝐝𝐢𝐚𝐫𝐲

◈ Petroleum Marine Services and ABL have launched an integrated service for a centralized operations control for the Red Sea, detailed site survey and technical studies, operational risk analysis and weather impact modelling, high-capacity towing units and ASD vessels with up to 126t bollard pull, seabed survey capabilities and remotely operated vehicle (ROV) support, and a standardized workflow designed to reduce operational cost, minimize downtime, and enhance drilling continuity across the Gulf of Suez.

◈ Vår Energi has found more black gold off the coast of Norway, with COSL Drilling Europe AS‘ rig.

◈ Two Norwegian players, Equinor and Aker BP ASA, have drilled two gas and condensate discoveries in the North Sea offshore Norway.

𝐎𝐢𝐥 & 𝐠𝐚𝐬 𝐬𝐭𝐨𝐫𝐢𝐞𝐬 𝐢𝐧 𝐠𝐥𝐨𝐛𝐚𝐥 𝐨𝐟𝐟𝐬𝐡𝐨𝐫𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐛𝐨𝐨𝐤𝐬

◈ Subsea7‘s latest contract will allow it to work for Ithaca Energy, providing off-station decommissioning services for the oil and gas player’s assets, approximately 230 kilometers east of Aberdeen.

◈ Adura, an incorporated joint venture between Shell and Equinor, has now been launched, containing the two companies’ offshore oil and gas assets in the UK.

◈ TotalEnergies has struck a deal to divest a partial stake in two licenses offshore Nigeria to Chevron.

◈ China National Offshore Oil Corp. (CNOOC) has started production from an oilfield adjustment and satellite fields development project offshore China.

◈ Equinor has extended the life of an FPSO beyond 2030 by bringing online a subsea tie-back offshore Norway.

◈ American Bureau of Shipping (ABS) has granted an approval in principle (AiP) to Deltamarin and China Merchants Heavy Industry (CMHI) for a new FPSO hull design.

◈ As it disclosed its organic capital expenditure (capex) range of $18 to $19 billion for 2026, Chevron explained that around $7 billion will go to offshore oil and gas segment in Guyana, Eastern Mediterranean, and the Gulf of America (U.S. Gulf of Mexico).

◈ Finder Energy has made arrangements with Amplus Energy, which will see a 1986-built FPSO deployed at two oilfields offshore Timor-Leste.

◈ Petrobras and Shell have increased their share of two pre-salt oil projects off the coast of Brazil.

𝐋𝐍𝐆 𝐜𝐡𝐚𝐩𝐭𝐞𝐫𝐬 𝐢𝐧 𝐠𝐥𝐨𝐛𝐚𝐥 𝐞𝐧𝐞𝐫𝐠𝐲 𝐭𝐨𝐦𝐞

◈ Thanks to Eastern Pacific Shipping‘s order, China’s Hengli will be in charge of building six very large crude carriers (VLCCs), two LNG dual-fuel Suezmax tankers, and four container ships.

◈ Centrica and ECP (Energy Capital Partners), part of BridgePort Group, have acquired an LNG terminal in the United Kingdom.

◈ Securing Energy for Europe (SEFE) has taken steps to augment it LNG arsenal by pursuing a long-term LNG supply agreement with Argentina’s Southern Energy.

◈ Centrica has won an LNG supply deal in Honduras, North America.

◈ Eni has fired up a second phase of its LNG project in Congo ahead of schedule, just 35 months after construction of the FLNG began.

◈ TotalEnergies has explained that the financing gap for its LNG project in Mozambique will be covered by other lenders after the UK Export Finance (UKEF) and Atradius decided to end their participation.

◈ Saipem has celebrated the first gas at an asset that was recently converted from a semi-submersible drilling rig into a floating production unit (FPU), which now works at Eni’s LNG project offshore Congo.

◈ Kawasaki Kisen Kaisha (K Line) has revealed a naming ceremony, held at HD Hyundai Heavy Industries, for two LNG carriers ordered for QatarEnergy‘s LNG fleet.

◈ New Fortress Energy has obtained approval for its long-term gas supply arrangement with the government of Puerto Rico.

◈ Texas LNG, a subsidiary of Glenfarne Group, has secured an LNG offtake deal with Macquarie Group for its LNG export facility to be built in Texas.

◈ Eni‘s latest LNG agreement is with Gulf Development Company in Thailand.

𝐄𝐧𝐞𝐫𝐠𝐲 𝐭𝐫𝐚𝐧𝐬𝐢𝐭𝐢𝐨𝐧 𝐩𝐚𝐠𝐞𝐬 𝐢𝐧 𝐧𝐞𝐭 𝐳𝐞𝐫𝐨 𝐭𝐚𝐥𝐞𝐬

◈ North Sea Transition Authority has embarked on a mission to come to grips with the decommissioning deficit on the UK Continental Shelf (UKCS) by disclosing the names of 13 operators that have not fulfilled their decommissioning obligations on time.

◈ A new liquefied carbon dioxide (LCO2) carrier has become the third vessel in a fleet serving Northern Lights JV, a joint venture between Shell, Equinor, and TotalEnergies.

◈ Höegh Evi, Aker BP ASA, and Ports of Stockholm have teamed up to establish a CO2 logistics hub and enable a transport chain for carbon dioxide from industrial emitters in eastern Sweden.

◈ Danish Energy Agency has delayed the deadline for application related to its multibillion-dollar carbon capture and storage funding opportunity.

📰For more recent news, check out these headlines and other articles on our website:

🔗 EU endorses 235 cross-border energy projects to scale up electricity, hydrogen, and CO2 infrastructure
🔗 TGS’ multi-year dataset across 13 US basins to bolster exploration and carbon storage plays

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