Floating production systems

Equinor said it found between 14 million and 24 million BOE with its most recent exploration well in the Polynya Tubåen prospect.

The project partners and the Newfoundland and Labrador government reach agreement over life-of-field benefits, royalties, and an equity option, moving development toward sanction in 2027.

Marking a major milestone as the Gulf of Mexico’s second 20,000-psi deepwater development, the project underscores how advanced high-pressure technology, management of flow challenges, and the floating production system’s role as a regional hub are helping open the door to more Inboard Wilcox development.

Despite a 2.8% drop in liquefied natural gas exports in 2025 because of lost market share in China, Australia anticipates a 2026 rebound as new North West Shelf capacity comes online. Meanwhile, East Coast operators brace for a tsunami of wells entering the decommissioning pipeline and potential energy shortfalls necessitating LNG imports.

Woodside’s $12-billion gas project offshore Western Australia is expected to produce up to 8 mtpa once it’s complete.

The platform brings the field’s installed production capacity to 1.5 million BOPD.

The project in the US Gulf is expected to add about 15,000 BOEPD to the deepwater Atlantis project at peak production.

Project financing raised by JP Morgan will enable YPF and its partners Eni and ADNOC’s XRG to launch Phase 2 of Argentina LNG, boosting production to 18 mtpa by 2030–2031.

First oil is expected from Phase 1 of the project in 2028, with up to four more phases planned.

Production from the Búzios field now tops 1 million B/D with six floating production systems in operation and more on the way.