Valeura, PTTEP Reach FID for Bussabong Gas Development Offshore Thailand
Valeura Energy and partner PTTEP reached FID for the Bussabong gas development in Block G3/65 offshore Thailand. The project is Valeura’s first organic gas development in the Gulf of Thailand and reached FID less than 14 months after the companies established their partnership.
The field’s reservoirs, divided into multiple fault-block compartments, have geological similarities to other gas fields in the Gulf. The development will include two gas wellhead platforms in water depths of between 75 and 90 m, each with 24 slots, tied with a 9-km subsea pipeline to processing infrastructure in the Bongkot gas field. The end of 2028 is targeted for first production. Capital expenditure (CAPEX) for the development is projected at $35 million over a 2-year span; additionally, CAPEX valued at $20–25 million is projected for the drilling of 25 development wells.
Agreement Signed for First Offshore Electrification Project in Campos Basin
Perenco Brazil and the Porto do Açu industrial port complex signed a Letter of Intent to develop an offshore electrification project in the Campos Basin that will be the region’s first. Power will be supplied from the complex on the shore of Rio de Janeiro to Perenco’s shallow-water units in the Pargo and Cherne clusters using an 80-km subsea cable. Perenco’s power-grid connection will be constructed at the port complex.
The company’s Pargo and Cherne platforms currently are powered by turbogenerators. The goal of the electrification project is to reduce Scope 1 carbon emissions. The initial power-consumption forecast for the project is 35 MW, with a potential for expansion to 60 MW in a 4-year window. The project is expected to begin operations in Q1 of 2028.
Petrobras Claims Ultradeepwater Discovery Offshore Amapá State, Brazil
Petrobras announced discovery of an oil-bearing interval in the Morpho well in block FZA-M-59 in the Brazilian Equatorial Margin. The discovery is at the well’s target depth in ultradeep waters (2,886 m) off the coast of the Brazilian state of Amapá and will assist evaluation of the resource potential of the Foz do Amazonas Sedimentary Basin. The well’s first discovery, in shallower water, was made in August of this year. The Equatorial Margin is widely considered Brazil’s most promising new oil and gas frontier as production in the southern pre-salt basins begins to mature.
The discovery, the second associated with the Morpho well, was initially identified through fluid samples, rock typing, and electrical profiles. Initial testing indicates good-quality, light oil with high economic value; analyses were ongoing at the time of announcement.
Petrobras plans to continue drilling in the block, including three contingent wells (the Morpho extension and in the Crotalus and Mange prospects) in early 2027.
Equinor Updates Cost Estimate for Snøhvit Future project
Equinor updated its cost estimate for the Snøhvit Future project, a major environmental and industrial upgrade to the Hammerfest LNG plant. The estimate is now NOK 26.5 billion (in 2026 value), up from just over NOK 20 billion estimated in December 2025. The project’s timetable remains unchanged, with onshore compression scheduled to begin in 2029 and electrification in 2030.
The project aims to install onshore compression facilities to maintain peak natural gas production as pressure in the offshore Snøhvit field reservoirs declines, replace the plant's existing gas-turbine generators with high-voltage power supplied from the mainland grid, cut annual CO₂ emissions by approximately 850,000 tonnes, and extend the plant’s operational life and economic contribution beyond 2050.
The updated figures for Snøhvit Future have been reported to the Ministry of Energy in connection with the government’s proposed national budget for 2027.
When the developmental and operational plan was initially submitted in 2022, the investment estimate was NOK 13.2 billion. Operational challenges at the Hammerfest plant, however, along with weather conditions and difficult rock conditions in the power cable tunnel, have affected both progress and cost. The project currently is approximately 60% complete, with the compressor module installed in August.
Murphy Oil Announces Exploration, Development Progress Offshore Vietnam
Murphy Oil Corp. announced a discovery at the Lac Da Trang (White Camel) North-1X well offshore Vietnam. The company also announced first oil from the Lac Da Vang (Golden Camel) field, also offshore Vietnam.
The Lac Da Trang North-1X well in Block 15-1/05 encountered 40 m of net oil pay. The well was drilled to a total measured depth of approximately 3,834 m in 45 m of water. Murphy Oil and its partners will assess the Lac Da Trang data for potential appraisal and development options.
Murphy achieved first oil from the Lac Da Vang field in the same block on 27 September. Development is expected to accelerate through 2028 as additional wells are brought online. Net peak production is expected to reach approximately 10–15 MBOEPD in 2028–2029. The asset provides nearby infrastructure for a potential tieback of the Lac Da Trang North discovery.
Bay du Nord Project Offshore Canada Partners Equinor, Shell
Equinor and Shell have signed an agreement for Shell to acquire a 30% interest in the Bay du Nord deepwater project approximately 500 km east-northeast of St. John's, Newfoundland and Labrador, Canada. The transaction supports the maturation of the project toward an investment decision currently targeted for early 2027. Equinor retains a70% interest and remains the project operator.
The Bay du Nord development concept is based on a floating production, storage, and offloading vessel configured for up to 160,000–175,000 B/D, with subsea tiebacks and broader resource potential existing across the basin. The project is currently finalizing front-end engineering and design, with work focused on strengthening capital efficiency, execution planning, and project robustness. Initial capital expenditure was estimated at approximately CAD $14 billion, with substantial projected contributions to regional gross domestic product and government revenues.
The two companies will continue to mature the project toward an investment decision subject to market conditions, regulatory approvals, and internal decision processes.
BW Energy Reports Positive Appraisal Results at Dussafu Offshore Gabon
BW Energy reported commercial volumes in both appraisal wells drilled in the Dussafu field offshore Gabon, with a combined recovery estimated at approximately 8–9 million barrels of oil gross. The results support two planned additional producing wells, the first of which is to be drilled in the MaBoMo Phase 2 campaign, with first oil planned in Q1 2027.
The 10P2 appraisal well encountered a 30-m oil column in the Gamba reservoir at a depth consistent with predrill prediction. Reservoir quality was confirmed during formation evaluation, indicating good porosity and permeability. Results indicate the potential for production wells to deliver initial gross rates of over 5,000 BOPD, as seen with MaBoMo Phase 1 wells.
The 10P1 appraisal well encountered a 16-m oil column in a separate oil accumulation. Formation evaluation confirmed good reservoir quality and moveable oil, supporting the drilling of an additional production well.
BW Energy is the operator of the Dussafu license (73.5% working interest). Partners are Panoro Energy (17.5%) and Gabon Oil Company (9%).
Seadrill Secures New Offshore Contracts for Indonesia, Malaysia, Angola, and Gulf
Seadrill Limited secured offshore drilling contracts and extensions in Indonesia, Malaysia, Angola and the Gulf of Mexico. In Indonesia, a contract with an undisclosed operator was awarded to the West Carina ultradeepwater drillship. The contract is valued at approximately $420 million for a firm duration of 880 days and includes a mobilization fee but excludes additional services. Operations are expected to begin in early 2027. In Malaysia, the company secured extensions totaling approximately $94 million for the West Capella ultradeepwater dual-activity drillship. The rig is expected to continue operations through February 2028.
Offshore Angola, Seadrill's 50:50 joint venture with an affiliate of Sonangol E.P., Sonadrill Holding Ltd., secured a contract extension for the Sonangol Libongos drillship. In the US Gulf of Mexico, the ultradeepwater semisubmersible rig Sevan Louisiana was awarded a 25-day drilling contract with Kosmos. Operations are scheduled to begin in November 2026. More than 85% of the company’s available drillship days for 2027 are now contracted.
Serica Plans North Sea Drilling Campaign, Advances Projects
UK-based Serica Energy is nearing a rig contract for a 2027–2028 North Sea campaign focused on Bruce field developments. At the same time, the company is progressing multiple gas-tieback projects and exploration opportunities. Serica believes the planned drilling campaign could add up to 30,000 BOE/D of incremental production. The company aims to sustain production of 50,000 BOE/D into the 2030s. A sequence of planned wells has been established that its rig will drill in the UK northern North Sea—the WAD5, SCE Development, and SCW Development wells. Serica plans to begin drilling on Bruce next summer, with first production targeted for within 12 months thereafter.
Serica also has submitted a field-development plan for the Kyla field and intends to issue further plans soon for Edradour Royal Sovereign and Spinnaker fields west of Shetland as gas tie-ins to the Greater Laggan Area subsea pipeline system. In addition, as partner, the company has approved Ithaca Energy’s plans to add two wells to the current infill-drilling campaign in the Cygnus field in the UK southern North Sea, plus further infill wells at Clipper South and Catcher, operated by INEOS and Harbour Energy, respectively.
Sharjah’s Gas Production Doubles With Hedebah Gas-Condensate Field
The UAE-based Sharjah National Oil Corporation (SNOC) has completed Phase 1 development of the Hedebah gas-condensate field. The field is northeast-north of the Sajaa gas field in the Emirate of Sharjah and is the company’s fifth onshore field. The resource already has more than doubled the company’s current gas production.
Discovered in May 2024, the Hedebah field advanced rapidly from discovery to production through an accelerated appraisal and development program. SNOC achieved first gas from the field in less than a year of discovery and has now completed all key Phase 1 objectives including appraisal drilling, well evaluation, gathering infrastructure, and pipeline installation.
Masoud Al Hamadi, executive director of upstream at SNOC, said, “Appraisal results have confirmed strong reservoir quality, favorable pressure characteristics and encouraging production performance across the field, increasing confidence in Hedebah’s long-term commercial potential and its future contribution to Sharjah’s energy needs.”
The company has commenced preparations for the next stage of development, with activities being accelerated to ramp up production during 2027. The field is expected to reach plateau production by 2028.
