The Block G acquisition offshore Equatorial Guinea leads Panoro Energy ASA’s dynamic operational and financial updates ahead of Q1 2026 results.
With the acquisition of an additional 40.375% in the Block that raises its total interests to 54.625%, the company is anticipating to attain group net production of 20,000 bopd during the course of 2027. This will enhance joint-venture role influencing future production growth, work programme and efficiency, while Panoro sees an increase in both frequency and size of crude oil liftings.
Meanwhile, Block G continues to see multiple productive and asset integrity projects for field life extension, and the partners are evaluating the potential for future infill drilling campaigns in the Okume Complex, using a conventional jack-up rig in shallow water, and subsea infill wells at the Ceiba field.
Julien Balkany, executive chairman of Panoro, said, “Q1 was a period of strong strategic and operational delivery for Panoro, highlighted by the announcement of a transformational, highly accretive acquisition of an additional 40.375% interest in Block G, just prior to the escalation of geopolitical events in the Middle East that has led to major disruption of regional trade flows and substantial increase in global oil prices. This opportune transaction further strengthens the scale and cash flow potential of Panoro, creating a materially larger, more resilient business in order to deliver enhanced shareholder returns. The acquisition received strong endorsement from the capital markets with the associated equity private placement and bond tap issuance both multiple times oversubscribed and closed within a matter of hours.
“Operationally, we delivered pro forma working interest production of 14,960 bopd, supported by stable performance across our core portfolio and we are on track to achieve 20,000 bopd during 2027.
“Looking ahead, our priorities remain unchanged: deliver our pipeline of high-impact organic growth opportunities, starting with the MaBoMo Phase 2 drilling campaign at our cornerstone Dussafu block offshore Gabon mid-year, maturing the Bourdon discovery towards FID and evaluating the new state-of-the-art seismic data we have recently acquired covering the Niosi, Guduma and Dussafu blocks which will allow us to confirm future drilling targets.
“In Equatorial Guinea, we have also received for the first time contingent resources recognition for Block EG-23 where we have high-graded the exciting Estrella discovery as a potential fast-track appraisal and development project that could be tied back to existing infrastructure as we position Panoro for the next phase of material production and free cash flow growth.”
With a shift of strategic focus towards deepwater operations, Helix Energy Solutions Group, Inc will be selling its Gulf of America-focused shallow water abandonment business to C-Dive, LLC, a member of the Chouest group of companies.
The sale involved Helix's divestment of its entire equity interests in the shallow water abandonment segment for US$107.5mn cash at closing, to be adjusted for working capital and other transaction expenses.
This comes after Helix entered a definitive agreement with Hornbeck Offshore Services, Inc to expand its services in offshore operations through a diversified high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities.
The sale of the shallow water abandonment business will allow Helix to heighten focus on the partnership with Hornbeck, providing innovative and integrated subsea and marine transportation solutions to customers across deepwater energy, defense and renewables.
Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, said, “This transaction sharpens Helix’s focus on deepwater well intervention and decommissioning, robotics and other offshore services as part of our larger global strategy. We are pleased with our accomplishments since acquiring the shallow water abandonment business, as we achieved record financial performance, made improvements in processes and systems, and emphasised safety culture. We believe the Chouest Group will serve as a strategic owner well positioned to capitalise on this positive momentum and continue the long-term growth of that business.”
Centre of Decommissioning Australia (CODA) posted an updated on its website on 1 May, 2026 highlighting progress on the Harriet Alpha assets following their arrival at the Australian Marine Complex (AMC) in Henderson.
A site visit provided an opportunity for CODA officials to observe progress on the offshore removal and onshore dismantling phases of the project.Representatives from CODA, Santos, Liberty Industrial, McDermott and the Department of Energy and Economic Diversification were all present at the visit.
“Attendees were provided with a detailed walkthrough of the offshore removal and onshore dismantling workflow, including load-in operations and the transfer of large structural components from barge to self-propelled modular transporters (SPMTs) for positioning within the laydown area,” the CODA update noted.
Harriet Alpha, installed in 1985 and ceasing production in 2013, was a pioneering development in Western Australia’s offshore oil and gas industry and forms part of a broader decommissioning programme across the region.
Liberty Industrial was engaged by Santos to undertake a deconstruction and disposal study for the Harriet Alpha platform, with McDermott awarded the engineering, procurement, removal and disposal (EPRD) work in 2024.
In 2025, Liberty Industrial partnered with McDermott to deliver the safe demolition, recycling and disposal activities for the retired platform, including the helideck, topsides, jacket and associated equipment.
With major components including the jacket, topsides and the ‘Pancake 4’ section weighing approximately 1,480 tonnes, 1,440 tonnes and 185 tonnes respectively, the project has achieved multiple milestones, CODA noted, including being the largest offshore platform removed from Australian waters at the time.
CODA added that it “acknowledges and congratulates” all project teams involved in delivering the work.
“The Harriet Alpha decommissioning scope represents a significant example of the growing capability of the Australian offshore decommissioning sector,” it noted.
“It sets a new benchmark for scale and execution, and reflects the progression toward a growing number of large-scale decommissioning programmes across the industry.”
Adnoc Drilling has completed a deal to acquire an 80% stake in Oman’s MB Petroleum Services (MBPS), a drilling and oilfield services joint venture with MB Holding Company, with operations in Oman, Kuwait, Saudi Arabia and Bahrain.
The transaction, first announced in November 2025, was completed ahead of the original mid-year timeline, an Adnoc Drilling statement noted, reflecting disciplined execution and “alignment” between the partners.
MBPS was valued at around US$204mn and marks the latest acquisition by Adnoc Drilling as it widens its Gulf footprint.
The company also recently bought into SLB's onshore rig business in Oman and Kuwait.
“The completion of MBPS strengthens Adnoc Drilling’s long-term regional capability by adding established operating scale and deep field execution capability in the region,” said Abdulla Ateya Al Messabi, ADNOC Drilling CEO and MBPS Chairman.
“By combining the established operating presence of MBPS with our scale, systems and technology-led approach, we are building a durable platform for delivery across the GCC.”
He said the transaction reflects the company’s “disciplined, value-accretive growth strategy” and alluded to further expansion “as we continue to invest in people and long-term capability across this region.”
The integration of automation, AI, digital systems and data-driven workflows “will further strengthen safe and consistent delivery at scale,” he added.
Under the agreement, Adnoc Drilling, through its wholly owned subsidiary, holds an 80% stake in MBPS, with MB Holding Company, through its subsidiary, retaining a 20% stake. MBPS will continue to operate under the leadership of Dr. Salim Al Harthy, CEO of MBPS, ensuring continuity of management, execution and deep regional expertise.
Dr. Al Harthy said the acquisition marks a “transformational milestone” for MBPS.
“By combining our regional operational expertise with the strength and scale of Adnoc Drilling, we are creating a stronger platform to expand across the MENA region, enhance our capabilities, and deliver greater value to our customers.”
MBPS’ performance in the first quarter of 2026 “exceeded expectations”, according to an Adnoc Drilling statement, with strong outperformance on free cash flow (over 20%) and net income (over 40%).
In January 2026, MBPS secured contract awards for four additional rigs with deployment expected from the second half of 2026 into the first half of 2027, including three in Kuwait and one in Oman.
“These reinforce the platform’s growth trajectory and strengthening long-term activity visibility across core Gulf geographies,” the statement noted.
Equinor ASA has extended a series of major supplier agreements for drilling and well services, with a combined value of about NOK 17 billion.
The extensions are aimed at sustaining production on the Norwegian continental shelf, maintaining operational activity and supporting consistent energy supply to Europe.
The company has activated one-year extension options for three integrated drilling and well service contracts, alongside two-year extensions for 18 corporate framework agreements covering specialised services associated with these operations.
The integrated drilling and well services contracts are valued at NOK 8.3 billion, while the framework agreements for specialist services are expected to generate around NOK 4.3 billion annually over a two-year period.
Contracts for integrated drilling and well services have been awarded to Baker Hughes Norge AS, Halliburton AS and SLB Norge AS. These companies, along with an additional 15 suppliers, have also secured framework agreements for specialised services. The agreements are designed to ensure access to the expertise and advanced technologies required to improve efficiency in well operations and adapt to evolving operational demands.
“These agreements are among the largest we have, and they are crucial for activity on the Norwegian continental shelf. New wells enable us to maintain high production and deliver stable energy to Europe. This is particularly important at a time of turbulence in the energy markets,” says Jannicke Nilsson, chief procurement officer.
The contracts are expected to support around 2,500 jobs and will cover operations across both fixed installations and mobile drilling rigs on the Norwegian continental shelf.
As the region matures, drilling and well activities are becoming increasingly vital to sustaining output levels. Equinor aims to maintain production at approximately 1.2 million barrels of oil equivalent per day through to 2035.
“New wells are expected to account for around 70 percent of Equinor’s production in 2035. This involves both more wells and more well interventions, which must be delivered faster and significantly more cost-efficiently than today. That requires closer collaboration with the supplier industry and increased use of technology and standardisation,” says Rune Nedregaard, senior vice president for Wells.
“We are now moving to a greater extent towards industry standards. Together with our suppliers, we will use this to simplify work processes, reduce costs and increase pace, while maintaining safety,” Nedregaard continues.
Odfjell Technology has signed a Memorandum of Understanding (MoU) with Applied New Technologies (ANT) to deliver a next generation erosion tool for P&A projects across Southeast Asia.
In the agreement, Odfjell will offer deployment of ANT’s advanced wellANT nozzle head technology in conjunction with its rigless unit and fishing milling techniques.
WellANT preserves well integrity by enabling the safe and precise removal of internal wellbore obstructions without mechanical force, heat or conventional large cuttings.
Paul Toner, Vice President for the Middle East & Asia Pacific at Odfjell Technology, said, “Incorporating wellANT into our services further increases the significant cost and time efficiencies that we can deliver over conventional methods to meet the evolving demands of P&A and intervention.
“The non-intrusive ay ANT’s technology erodes obstructive material not only keeps well integrity but restores full wellbore access. Used with our specialist fishing milling services and rigless unit, which minimises the need for a fulling drilling rig on site, it also further enhances the safety and environmental benefits for P&A operations.”
Odfjell’s focus with wellANT is to support the large volume of P&A wells in the region.
Vaalco Energy has found a new source of production in the Etame 14H development well within the Etame Marine Block offshore Gabon following drilling and placement in an attic position, promising a lateral of 325 meters of net pay in high-quality Gamba sands with unmatched porosity and permeability.
The company has reported excellent initial flow rate of approximately 4,850 gross barrels of oil per day, 2,850 bopd net to Vaalco.
Encouraged by the initial well results from the 14H well, the rig has been mobilised to the Ebouri platform for the drilling of the EEBOM-5H development well. For this well too, the team is targeting an updip/attic position by sidetracking from the previously abandoned EEBOM-5P well.
“We continue to see positive results from our Gabon drilling campaign. The Etame 14H development well encountered 325 meters of net pay in high-quality Gamba sands in an attic position within the Main Fault Block at Etame. We are very pleased with the initial well rates of around 4,850 gross BOPD, or 2,850 net BOPD and are excited to add this new production. We have mobilised the rig to the Ebouri platform where we are drilling a development well and plan to workover two other wells. Our goal is to continue to successfully add production and reserves with the remainder of our Gabon drilling campaign," said George Maxwell, Vaalco’s chief executive officer.
Offshore Ivory Coast, the Baobab field in CI-40 block has been brought back online for production to begin in Q2 2026. Output from the field will be generated via risers and umbilicals that are currently being reconnected to the Baobab Ivorien Floating Production Storage and Offloading Vessel (FPSO), which is moored on location. It is ready to support production flow after a 47-day tow for refurbishment at the Dry Dock World shipyard in Dubai. Q2 2026.
George Maxwell, Vaalco’s chief executive officer, said, “We are at a critical junction, with successes in the Gabon drilling campaign and the Baobab field returning to production, and we believe that the remainder of 2026 will be very profitable. We remain focused on execution and driving meaningful growth through our organic capital programmes that we believe will translate into value for our shareholders in 2026 and beyond,” said Maxwell.
ASCO, a leading logistics, materials and operations management specialist, has won four significant contracts across Australia worth $33.2mn AUD, including one relating to its NORM (Naturally Occurring Radioactive Materials) solutions and expertise.
The contract is to support Birdon in connection with a major decommissioning project off the North-West coast of Western Australia, involving the deployment of Radiation Safety Officers (both onshore and offshore) and specialist NORM detection and monitoring equipment, from May through November 2026.
Managing Naturally Occurring Radioactive Materials (NORM) is high-risk and tightly regulated. This residue, which builds up in pipework, tanks and separators over years of oil and gas production, carries radiological risks and requires expert handling, treatment and disposal. Now that Australia is entering a phase of sustained decommissioning, it is set to generate thousands of tonnes of NORM waste, but possesses limited capabilities in this area.
ASCO, which has built and operated one of the world’s most advanced NORM facilities in the North Sea, is now transferring its knowledge directly into Australia, offering solutions for the safe receipt, decontamination, storage, and disposal of NORM-contaminated equipment and materials, all to the highest safety and environmental standards, through its recently-established NORM capability in Dampier.
The other contracts won by the company are a multi-year logistics services contract supporting chemical recovery, reclamation and recycling activities across a range of critical industrial sectors; integrated marine agency services; and camp and camp management services.
Mike Pettigrew, group chief executive officer at ASCO, said, “These contract wins highlight ASCO’s growing presence across Australia and our ability to deliver integrated solutions from planning through to execution.”
Warren McHardie, Australia Managing Director for ASCO, added, "Securing these contracts strengthens our role in delivering critical energy and industrial projects across Australia. Our integrated model spanning offshore decommissioning to onshore operations brings together expertise, systems, and innovation to create lasting value for our clients".
Equinor ASA has awarded Archer a three-year contract extension for wireline and intervention services on the Norwegian Continental Shelf.
The extension builds on the integrated wireline contract originally awarded to Archer in 2021, under which the company, along with partners, delivered services across key Equinor assets. While extension options were available in the original contract, the current award represents a firm three-year extension, providing continued operational continuity and visibility.
The contract represents a total contract value of approximately NOK3bn (around US$322,117), with around half attributed to Archer and the remainder allocated to alliance partners.
Dag Skindlo, Chief Executive Officer at Archer, said, “This contract extension reflects the strong and long-standing relationship we have built with Equinor. We are pleased to continue supporting Equinor’s operations and consider this agreement strategically important for Archer. It provides long-term visibility to our business, reinforces the strength of our alliance model, and demonstrates the trust placed in our people, technology and service quality.”
The agreement reinforces Archer’s position as a trusted provider of advanced well services, supporting Equinor’s operations through the continued delivery of wireline and intervention solutions.
Tullow Oil has stepped into 2026 with a strong financial optimisation strategy in place, building on the previous year's results.
In 2025 itself, the company recorded commendable value from limited capital expenditure, with 8 kbopd count from one of the new Jubilee wells brought onstream, and the FPSO at Jubilee and TEN reaching 97% uptime in average. Also it has got on the books US$347mn proceeds from the sales of its Gabonese and Kenyan assets.
For a financially sound delivery of its investment programme and optimum asset value realisation, the company recently completed a comprehensive refinancing transaction, including an extension to its Senior Secured Notes and Glencore facility to November 2028 and May 2030 respectively, and a new US$100mn cargo pre-payment facility with Glencore to provide additional liquidity.
“Throughout 2025 and into early 2026, we have delivered against a clear set of strategic priorities to position Tullow for long-term success. This began with the consolidation of our business to focus on our high-value assets in Ghana, with the sale of our non-core assets in Gabon and Kenya, alongside significant cost reductions. These efforts positioned the company strongly for the successful refinancing, which completed earlier this month with overwhelming support from our creditors. This transaction provides Tullow with the strong financial foundation and flexibility required to deliver value for stakeholders," said Ian Perks, chief executive officer, Tullow Oil plc.
The company is aiming for stronger production generation than usual, encouraged by an overall 43.4 kboepd during the first quarter of 2026. Further material oil and gas reserves have opened up for the company as the Ghanaian parliament ratified long-term extensions for the Jubilee and TEN fields till 2040.
With the acquisition of the TEN FPSO, the company is securing maximum cost efficiency in unlocking future reserves and the long-term development of the TEN and Jubilee fields. This year, an additional four Jubilee wells, including three producers and one water injector, are expected onstream. As part of the current drill programme, Tullow is focussing on well designing and placement backed by data interpretation from 4D and OBN seismic survey.
"We are particularly encouraged by the positive early results from our Ghana drilling campaign...A key milestone has been the agreement to purchase the TEN FPSO, a value-accretive acquisition that significantly improves the field’s economics by eliminating lease costs and providing an opportunity to capture operating cost savings. Additionally extending the Jubilee and TEN petroleum agreements to 2040, and higher oil prices have further strengthened our platform for sustainable growth,” Perks said.
Business is thriving for Weatherford across its south-east Asia business, despite a challenging market elsewhere.
Announcing its Q1 2026 results on 21 April, the company reported various contracts from the region, including new work in Vietnam and Thailand.
Phu Quoc POC awarded Weatherford a five-year contract to provide Tubular Running Services (TRS) for offshore operations in Vietnam.
In Thailand, PTTEP awarded the company an 18-month contract extension to provide drilling services on Rig 15.
The Q1 results statement also reported on existing well construction and completions work in Indonesia.
Here, Weatherford deployed its Vero One-Touch system for an undisclosed major operator to improve how well pipes are handled and installed.
“The system reduced the need for manual intervention, lowering safety risks, while making rig-floor operations more efficient,” the company said in the statement.
“The integrated spin-in automation delivered faster, more consistent make-up with precise torque control, increasing running efficiency compared to conventional methods.”
Weatherford also updated investors on numerous other recent contract wins and projects globally.
Girish Saligram, President and Chief Executive Officer, said the company had delivered “excellent operating results in the midst of a very complex and challenged environment,” citing disruptions in the Middle East.
Ensuring end-to-end services for clients, Helix Energy Solutions and Hornbeck Offshore Services have announced a strategic combination across multiple sectors including deepwater energy.
The strategic combination will create a scaled, life-of-field business offering engineered solutions in offshore oil and gas, among other sectors. The consolidation results to a diversified and expanded high-specification fleet of specialty vessels, supported by subsea robotics, well intervention and technical service capabilities, including trenching subsea pipelines and cables. Clients can expect innovative and integrated subsea and marine transportation solutions across deepwater energy, defense and renewables. The multi-faceted service portfolio will span the entire life-cycle of deepwater fields, bringing together Helix's intervention and decommissioning expertise, and the predominance of Hornbeck's high specification offshore service vessels in the Americas.
As both the partners have entered into a definitive agreement to combine in an all-stock transaction, once effective, it will secure approximately 55% for Hornbeck shareholders while around 45% for Helix shareholders.
"In merging two proven industry leaders with industry-leading teams, assets and offerings, this transaction creates a global deepwater vessel and services company with the scale and capabilities to deliver sustainable, long-term growth," said Owen Kratz, President and Chief Executive Officer of Helix. "This combination is a compelling opportunity to enhance value for Helix’s shareholders, building on our momentum as one of the world’s premier marine service contractors."
"We are confident that by capitalizing on each company’s unique expertise, we will unlock meaningful strategic and operational benefits that enhance our ability to serve customers worldwide and drive significant shareholder value creation," said Todd M Hornbeck, Chairman, President and Chief Executive Officer of Hornbeck. "The combined company will be a growth-oriented company driven by the desire to provide innovative, high-quality, value-added business solutions with an emphasis on safety and an entrepreneurial culture."
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