Equinor Transfers Brazilian Interest to PRIO
Equinor has transferred 40% of its interest and ownership in Brazil’s Peregrino field to Brazilian independent oil and gas company PRIO. The company purchased the ownership for $2.33 billion, which allows it to assume full operatorship of the field located in Brazil’s Campos Basin, east of Rio de Janeiro.
The field, which currently has an FPSO and three fixed platforms, has been a key part of Equinor’s international operations since 2011, producing approximately 300 million bbl of oil.
PRIO serves as operator with 80% interest in the field. Equinor holds the remaining 20%.
ExxonMobil Eyes Drilling Operations in Greece
Supermajor ExxonMobil will partner with Energean and HELLENiQ ENERGY to explore for natural gas in Block 2 offshore western Greece. The companies signed a farm-in agreement in early November in which ExxonMobil acquired a 60% stake with Energean (30%) and HELLENiQ ENERGY (10%). This venture marks the first exploratory offshore drilling in Greece since 1981.
Energean, which reduced its stake by 45%, will remain operator during the exploration stage of Block 2 located northwest of Corfu in the Ionian Sea. If hydrocarbons are discovered, ExxonMobil will serve as operator during the development stage.
According to Energean, exploratory drilling is expected to take place in late 2026 or early 2027.
Pakistan Awards Four Consortiums in Latest Bidding Round
Pakistan has awarded 23 offshore exploration blocks to four consortiums led by local energy companies. Forty offshore blocks were offered in the country’s first bidding round in 18 years. A total of 53,000 km2 across the 23 blocks were acquired by Oil and Gas Development Co. Ltd., Pakistan Petroleum Ltd., MariEnergies, and privately owned Prime Energy.
Pakistan’s energy minister reported the consortiums collectively pledged about $80 million in exploration work over the initial 3-year period.
Chevron To Explore Off Guinea-Bissau's Coast
Chevron secured two exploration blocks, Blocks 5B and 6B, off Guinea-Bissau's coast. The company will hold a 90% stake in each block with the remaining 10% held by Guinea-Bissau's national oil company, Petroguin. The blocks are located in the Mauritania, Senegal, Gambia, Bissau, and Guinea Conakry Basin, which has experienced recent large discoveries such as Greater Tortue Ahmeyim and Sangomar.
According to Reuters, Liz Schwarze, Chevron's vice president for exploration, said the company will interpret 2D and 3D seismic data that covered the two blocks found in deep to ultradeep water.
Talos Discovers Hydrocarbons in Gulf of Mexico
Talos Energy announced it has made a hydrocarbon discovery at the Daenerys exploration well in deepwater US Gulf of Mexico in Walker Ridge blocks 106, 107, 150, and 151.
The company is planning an appraisal well in Q2 2026 to investigate the discovery further.
The well was drilled by Seadrill's West Vela drillship to 33,228-ft total vertical depth and encountered oil pay in multiple high-quality, sub-salt Miocene sands, according to the company.
Talos serves as operator with 27% interest with partners Shell Offshore Inc. (22.5%), Red Willow (22.5%), Houston Energy LP (10%), Cathexis (9%), and HEQ II Daenerys LLC (9%).
SLB Signs EPCs With PTTEP
SLB OneSubsea is the recipient of two engineering, procurement, and construction (EPC) contracts from PTT Exploration and Production Public Company Ltd. (PTTEP) in offshore Malaysia.
“We are proud to continue our longstanding relationship with PTTEP, which has seen the delivery of more than 50 systems over the past 20 years,” said Mads Hjelmeland, CEO of SLB OneSubsea.
As part of the EPC contracts, SLB OneSubsea will supply complete subsea production systems for Malaysia’s Alum, Bemban, and Permai deepwater gas fields in Block H, as well as the Kikeh oil field—the country’s first deepwater project. The contracts include horizontal subsea trees, umbilicals, control systems, and related services.
Block H began producing gas from the Rotan and Buluh fields in 2021, while Kikeh has produced oil and gas since 2007. All fields are located in water depths of 1,100 to 1,300 m.
QatarEnergy Acquires Interest in Egypt
QatarEnergy has acquired 40% participating interest in the North Rafah exploration block, offshore Egypt. The government of Egypt approved the agreement in early November in which Eni will retain 60% interest and continue to serve as operator.
The North Rafah offshore block is in the Mediterranean Sea, off the northeastern coast of Egypt, spanning nearly 3,000 km2 in water depths of up to 450 m.
This purchase marks QatarEnergy's second Egyptian asset after the company purchased a 27% stake in the offshore North Cleopatra block with Shell, Chevron, and Tharwa Petroleum.
COOEC Signs EPC With QatarEnergy
China Offshore Oil Engineering Company (COOEC), a subsidiary of CNOOC, has signed a $4-billlion engineering, procurement, and construction (EPC) contract to work on QatarEnergy’s Bul Hanine offshore oil field, located about 100 km offshore in 40 m of water.
Under the EPC contract, COOEC will handle the design, procurement, construction, installation, and commissioning of over 60 offshore facilities and 40 subsea pipelines and cables at the field. The project also includes retrofitting existing platforms and decommissioning old ones.
According to ZAWYA, a regional business news source, the project involves more than 130,000 tonnes of steel and will be one of COOEC’s most complex projects to date, with completion expected by mid-2031.
ExxonMobil To Explore Gabon
ExxonMobil has signed a memorandum of understanding (MOU) with the government of Gabon to explore deepwater and ultradeepwater offshore areas for oil and gas. The supermajor has previously explored in Gabon, including a 2006 hydrocarbon discovery in a partnership with Chevron. According to a source who spoke with S&P Global, Gabon’s government is calling for an accelerated exploration campaign, including new seismic surveys, before drilling the first well within the next 18 months.
S&P Global Commodity Insights reported the country’s crude production has reportedly decreased from its peak levels of 370,000 B/D in 1997 to 240,000 B/D in August 2025.
Petrobras Picks Up Two Blocks in Campos Basin
Petrobras announced it acquired two blocks in the Campos Basin during the 3rd Cycle of the Permanent Production Sharing Offer by Brazil’s National Agency of Petroleum, Natural Gas, and Biofuels (ANP). The company fully acquired the Citrino block and partnered with Equinor Brazil Energia Ltda. to secure the Jaspe block. Petrobras added 2,300 km2 of exploration areas to its portfolio by securing the two blocks.
Petrobras will serve as operator of the Jaspe block with 60% interest; Equinor Brazil Energia will hold the remaining 40%.
