Chevron and HELLENiQ ENERGY have signed a landmark agreement with the Hellenic Republic granting exploration rights to four major offshore blocks, opening one of the largest unexplored maritime areas in the European Union to potential natural gas development.
Under the agreement, Chevron will hold a 70% stake and act as operator, while HELLENiQ ENERGY will retain the remaining 30%. The blocks are located south of Crete and the Peloponnese and cover a combined area of approximately 47,000 sq km.
The move is seen as a significant step in Europe’s ongoing efforts to diversify energy supplies and reduce reliance on Russian gas, which still accounts for roughly one-fifth of the EU’s imports. By unlocking new exploration acreage in the Eastern Mediterranean, Greece is positioning itself as a potential contributor to future regional gas supply.
The joint venture partners confirmed that the exploration programme will proceed in phases, beginning with seismic surveys scheduled to commence later this year. The initial data acquisition will help assess the hydrocarbon potential of the largely untapped offshore area before any drilling decisions are made.
Speaking at the signing ceremony in Athens, Prime Minister Kyriakos Mitsotakis described the agreement as a strategic development for both Greece and the wider European energy market. He noted that the European Union’s decision to curb dependence on Russian gas had created new opportunities for member states to strengthen domestic and regional energy production.
Mitsotakis highlighted Greece’s ambition to enhance its role as a regional energy hub, citing existing and planned infrastructure projects that connect South-Eastern Europe with broader European gas networks. He emphasised that, despite the EU’s long-term climate goals and transition towards renewable energy, natural gas would remain an essential component of Europe’s energy mix for years to come.
Industry observers view the agreement as a potential catalyst for further exploration activity in Greek waters, which have historically been underexplored compared with other parts of the Mediterranean. The size of the concession area makes it one of the most significant offshore licensing arrangements within the EU in recent years.
For Chevron, the deal strengthens its presence in the Eastern Mediterranean, while HELLENiQ ENERGY consolidates its role in domestic upstream development. The success of the initial seismic phase will be critical in determining whether the region can deliver commercially viable gas resources capable of contributing to Europe’s long-term energy security.
Eni has announced a major oil discovery following the successful drilling of the Algaita-01 exploration well in Block 15/06 offshore Angola.
The well is located approximately 18 km from the Olombendo FPSO, with preliminary assessments indicating oil in place of around 500 million barrels.
Drilling operations began on 10 January 2026 using the Saipem 12000 drillship in water depths of 667 metres. The well intersected multiple oil-bearing sandstone intervals within Upper Miocene formations. These reservoirs have been described as having strong petrophysical characteristics, supporting their commercial potential. An extensive data gathering programme, including fluid sampling, confirmed both reservoir quality and favourable fluid properties.
The proximity of established production facilities, including the Olombendo floating production, storage and offloading unit, strengthens the economic case for development. Access to nearby infrastructure is expected to shorten development timelines and optimise capital expenditure, improving the overall viability of bringing the resource on stream.
Block 15/06 is operated by Azule Energy, which holds a 36.84% interest, in partnership with SSI (26.32%) and Sonangol E&P (36.84%). Azule Energy is jointly owned by Eni and bp, and the latest find further reinforces the consortium’s upstream position in Angola.
The discovery highlights the continued exploration potential of Angola’s offshore basins, particularly within mature producing blocks where near-field opportunities can deliver material additions to reserves. By leveraging existing infrastructure and technical expertise, operators are increasingly able to unlock value from adjacent prospects while maintaining cost discipline.
Looking ahead, appraisal activities will likely focus on refining reserve estimates, evaluating development concepts and assessing tie-back options to current facilities. If progressed efficiently, the Algaita-01 discovery could contribute meaningfully to Angola’s medium-term production outlook, supporting national revenue generation and strengthening the country’s role as a key hydrocarbon producer in sub-Saharan Africa.
Asia Pacific is preparing for a steady year of high impact exploration in 2026, with around 10 to 12 significant wells expected across the region.
While global exploration remains measured, activity here reflects a careful balance between ambition and financial discipline. Operators are focusing on frontier areas with the potential to unlock sizeable new plays, particularly in deep water settings.
Offshore Papua New Guinea, attention centres on the long anticipated Mailu prospect. This well is expected to test a frontier deep water carbonate play that could open a new chapter for exploration in the area. In Malaysia, deep water activity will also gather pace. The Jampuk and Langka prospects are both set to probe carbonate systems that remain lightly explored but technically promising.
Indonesia is likely to see renewed frontier drilling. Petronas may spud Akbar 1 in the Bobara production sharing contract in eastern Indonesia. If it proceeds, the well will bring an end to a twelve year pause in frontier deep water drilling in that region. At the same time, Eni continues its exploration efforts in the Kutei Basin, where it is drilling the large Miocene fan prospect known as Geliga. Success there could strengthen confidence in the wider basin.
In India, ONGC and Oil India are due to wrap up their frontier campaigns in the Andaman and Kerala Konkan basins in early 2026. The next phase of high impact drilling could then shift towards deeper waters, led by Vedanta Cairn India in the Krishna Godavari basin block KG DWHP 2017 1.
Australia is also expected to re enter the exploration scene. Santos is planning a return to drilling in the Roebuck Basin from late 2026, targeting potential Triassic plays at Curie and Ara. This marks a long awaited step back into frontier activity for the company.
Overall, Asia Pacific’s 2026 drilling programme signals cautious optimism, with several wells capable of reshaping the region’s exploration landscape.
Perenco Congo has installed the new Kombi 2 platform with connection work currently underway on the Kombi-Likalala-Libondo II (KLL II) field, before commissioning begins early March.
This marks the first redevelopment move in more than 20 years since the drilling of its last well.
The field's future performance will stand secured from Kombi 2's new-generation infrastructure that ensures improved water and effluent treatment and increased associated gas recovery. On top of that, two gas turbines will generate 8 MW of electricity for greater energy autonomy for operations.
Designed to meet global sustainability standards, the six-well drilling campaign starting this year will involve production optimisation, enhanced field recovery, and field-life extension work, all of which will be supported by the forward-looking Kombi 2 platform.
Considering it a historic field, Perenco Congo has invested more than US$200mn with a long-term strategy in the region. “This project is a concrete example of Perenco's commitment to investing in high-performance, responsible, and value-creating infrastructure that promotes the sustainable development of national resources,” said Gregoire de Courcelles, managing director of Perenco Congo.
Recfishwest, a non-profit organisation representing the interests of Western Australian recreational fishers, and global energy company Woodside have collaborated to install the Dampier Artificial Reef.
The Dampier Artificial Reef is a new, pupose-built artificial reef designed to boost recreational fishing opportunities and enhance marine biodiversity off the Western Australian coast. Backed by scientific research and community input, it has the support of the WA Government, City of Karratha, Traditional Owners and fishing clubs. It aims to create a new marine habitat and boost recreational fishing opportunities in the Pilbara region. The reef consists of 48 purpose-built concrete modules installed in approximately 35 metres of water, near Rosemary Island in the Dampier Archipelago, Western Australia. Each module is designed with complex internal spaces and hard surfaces to encourage coral growth, shelter juvenile fish and attract larger species higher up the food chain, creating a thriving and sustainable marine ecosystem. The 48 concrete reef modules were installed on the seabed from Fugro’s multipurpose vessel, the Fugro Etive.
Over time, the site is expected to become a high-quality fishing location for species such as Spanish mackerel, cobia, emperor, cod and even sailfish – a welcome addition for local fishers and visiting anglers alike, while supporting local tourism. Similar projects, such as Exmouth’s King Reef, have transformed bare sand into vibrant habitats supporting more than 150 fish species within five years.
Recfishwest CEO Dr Andrew Rowland said, “The deployment of the Dampier Artificial Reef will provide new fishing opportunities while enhancing fish habitats. Our collaboration with Woodside demonstrates what can be achieved when industry and the recreational fishing community work together for positive outcomes.
“These scientifically designed structures build healthier oceans — supporting biodiversity, boosting fish stocks and strengthening ecosystem resilience. Most importantly, they create fantastic new fishing opportunities particularly in this instance for pelagic species like mackerel and sailfish, and all the flow-on benefits that brings to coastal communities,” he said.
Woodside acting executive vice president & chief operating officer Australia Breyden Lonnie said, "Woodside is excited to collaborate with Recfishwest and the local fishing community to bring this new reef to life. The reef is expected to provide a productive marine habitat for diverse species of algae and corals, supporting an abundance of fish life to feed and shelter. Not only is the reef expected to contribute to marine biodiversity; it will also be an added drawcard to boost fishing tourism to the Pilbara, supporting the local economy and communities."
The installation of the reef was funded by Woodside and its Scarborough Joint Venture partners JERA Australia and LNG Japan. Woodside’s joint venture partner in the Enfield Joint Venture, Mitsui E&P Australia, contributed to the acquisition of the concrete modules for the reef.
A new report from Fortune Business Insights on the global offshore decommissioning market forecasts that the North America decommissioning market will grow at a CAGR of 7.06% from 2026 to 2034, the highest rate regionally after Europe.
The North America offshore decommissioning market size stood at around US$2.26bn in 2025, accounting for roughly 26.49% of the global market size, valued at US$8.52bn in 2025, according to the report. The region contains over 14,000 inactive offshore wells and more than 2,000 decommissioned platforms, creating a continuous pipeline of abandonment work. Many shallow-water platforms installed in the 1970s–1990s are at the end of their life, while deepwater fields sanctioned in the early 2000s are now entering late-life phases.
Offshore decommissioning is driven mainly by ageing assets, regulatory enforcement, and the economic reprioritisation of offshore portfolios, the report notes. Large energy companies are exiting marginal offshore fields to reallocate capital toward higher-return assets, including LNG, deepwater hubs, and low-carbon investments.
The report highlights the shift from multi-vendor execution toward integrated single-contract (EPC-style) decommissioning models, enableing operators to lock in costs early, transfer execution risk, and simplify regulatory compliance through a single accountable entity. Contractors with combined capabilities, including heavy-lift removal, subsea services, well P&A coordination, and access to certified recycling yards, are gaining a competitive advantage.
Challenges for offshore decommissioning include the high capital intensity combined with cost uncertainty, which continues to delay project sanctioning despite regulatory pressure. Decommissioning expenditures require substantial upfront capital for well plugging and abandonment, heavy-lift vessel mobilisation, subsea clearance, and onshore dismantling. For operators managing multiple late-life assets, these costs compete directly with sustaining capital expenditures (capex) and balance-sheet priorities, often leading to phased or deferred execution rather than complete removal.
One of the most critical challenges is execution complexity arising from legacy infrastructure and incomplete historical data, with many offshore fields scheduled for decommissioning developed before standardised digital asset management and modern integrity documentation came into use. This lack of reliable data increases the risk of encountering unknown well conditions, undocumented tie-ins, or degraded materials during execution.
Offshore decommissioning presents significant opportunities driven by project aggregation, specialisation, and industrialisation of removal activities rather than one-off asset retirement, the report notes. As decommissioning volumes rise sharply in mature basins, operators are increasingly bundling multiple platforms, wells, and subsea assets into multi-field or basin-wide decommissioning programmes. This creates opportunities for contractors to secure long-term framework agreements, enabling fleet optimisation, repeatable execution, and margin stability through scale efficiencies.
Another key opportunity lies in late-life asset transfer and decommissioning-only operators. The report notes that financial investors and specialist firms are acquiring end-of-life offshore assets specifically to execute decommissioning at lower cost through lean operating models and optimised contracting strategies, opening the market for advisory, engineering, and execution partners with specialised decommissioning expertise rather than traditional exploration and production (E&P) capabilities.
The products and services provider for offshore developments has secured a multi-year contract worth seven figures with a global offshore services company to support intervention and abandonment activities offshore Spain.
Under the agreement Aquaterra will deliver a subsea well access solution across 11 wells. The campaign will be executed from a semi-submersible vessel, where Aquaterra will supply a 7-3/8” ID, 5,000 psi rated intervention riser system. The complete riser-based solution will integrate with the customer’s subsea pressure control system to enable efficient intervention and abandonment activities.
Aquaterra Energy CEO, George Morrison, said, “Securing this multi-year contract is a significant milestone for Aquaterra Energy. Well intervention and abandonment is increasingly the defining challenge for many mature offshore basins and we have invested in building the team, capability and technology required to make these campaigns a success as our customers navigate complex late-life field operations.”
Ben Cannell, Innovation Director at Aquaterra, commented, “Well access to support intervention and abandonment remains a key focus for us as we continue to expand our capability and presence in this market. This project is a strong example of collaboration in action, bringing together our riser-based well access solution and OEM AQC-CW connector technology to deliver a practical, integrated system that supports safe, efficient and reliable offshore operations throughout complex abandonment campaigns.”
According to Westwood, plug and abandonment is expected to account for almost half of total decommissioning expenditure in the UK North Sea, with similar pressures of ageing assets moving into the abandonment phase being witnessed in Spain.
The integrated subsurface, wells and facilities specialist has acquired Applied Petroleum Technology AS (APT), a geoscience company in a move which strengthens Elemental’s existing subsurface capabilities.
APT provides basin modelling and subsurface analysis to support well exploration, production and plug and abandonment decisions. The acquisition helps Elemental create an integrated team spanning geoscience, reservoir engineering, geochemistry and petroleum engineering.
The acquisition meets rising demand for deeper subsurface insights, with APT’s laboratory-based geochemical analysis adding a critical layer of subsurface insight to Elemental’s offering alongside traditional geoscience and reservoir engineering workflows.
APT will also bring established digital tools to Elemental’s portfolio, including Girasol which is used for wellsite gas interpretation and P&A decision-making.
Mike Adams, CEO of Elemental Energies, said, “As subsurface decisions become more complex across mature assets, decommissioning and CCS, we are continuing to invest in specialist capabilities that help our clients make more informed decisions. Bringing APT into Elemental Energies expands out subsurface and geochemistry expertise, creates new opportunities for our teams and strengthens our ability to support clients at every stage of the asset life cycle.”
Helge Nyrønning, CEO of APT, commented, “APT has always focused on delivering high-quality geochemical insight to support critical subsurface decisions. Becoming part of Elemental Energies is an exciting next step for our business and our people. It gives us the scale, reach and multidisciplinary environment to grow our capabilities, work more closely with clients we already know well, and apply our geochemistry expertise within fully integrated subsurface and wells team, particularly form our strong base in Norway.”
AF Offshore Decom has signed a contract with Ithaca Energy for decommissioning work in the UK sector of the North Sea
The contract scope includes the engineering receipt, cleaning, dismantling and recycling of a FSU weighing approximately 24,000 metric tons.
Lars Myhre Hjelmeset, EVP Offshore at AF Gruppen, said, “We are very pleased to have been awarded a second major contract by Ithaca Energy following the award of the FPF-1 asset in December 2025. As a result of the awards, AF Environmental Base Vats will receive close to 50,000 tons of floating production and storage facilities from Ithaca energy in 2026.
“The two units will, after initial preparations, be loaded onto our yard in a combined gloat over and load in operation, consistent with earlier similar projects at AFEBV. The units will be cleaned, dismantled and thereafter the steel will be repurposed, upcycled and recycled creating several circular material solutions for the agriculture, construction and civil industries in the Nordic region.”
The contract has been valued in the range of NOK350-400mn (approximately US$36-41mn).
Aker Solutions has secured a five-year framework agreement to provide maintenance, modification, and operations (MMO) services in the Yggdrasil area, with options to extend for up to two additional four-year periods from 1 March 2026. The work will form part of the next-generation MMO alliance covering Valhall, Fenris, Ula, EIGA (Edvard Grieg and Ivar Aasen), Skarv, Alvheim, and Yggdrasil.
The alliance aims to set new benchmarks in project execution and delivery, embracing advanced technology and AI-driven methods to boost productivity, reduce costs, and shorten project lead times. Greater organisational integration and a performance-focused commercial model are central to the approach.
Kjetel Digre, Chief Executive Officer at Aker Solutions, said: “This contract marks a new chapter for Aker Solutions. We are proud to serve as the MMO provider for the Yggdrasil Area, including three topsides, Hugin A, Hugin B, and Munin. It is an area that will set a new benchmark for remote operations and low-manned and unmanned production platforms.”
The agreement includes a significant share of local deliveries, supporting Norwegian industry through engineering and project management in Stavanger, Sandnessjøen, and Mumbai, and fabrication at Aker Solutions’ yards in Egersund and Sandnessjøen. Offshore employees will also benefit from the programme.
The award will be recorded as order intake in the Life Cycle segment in the first quarter of 2026, reflecting expected work during the five-year fixed period.
Malaysia’s Vantris Energy continues its corporate transformation after rebranding from Sapura Energy in 2025 with work on projects in support of the country’s offshore sector.
Its indirect wholly-owned subsidiary, Sapura Offshore Sdn Bhd, has been awarded work orders for offshore transportation and installation (T&I) services in Malaysia by Petronas Carigali Sdn Bhd.
The awards comprise the provision of T&I services for offshore facilities at the Sepat Integrated Redevelopment Project and the Belud South Greenfield Development Project.
Work on both is set to commence early this year by the group’s engineering and construction (E&C) arm, with Belud South anticipated for completion by the end of 2027, and Sepat by the third quarter of 2029.
The company said in a statement that it also marked a “strategic shift” towards opportunities with lower-risk contracting models.
“These contracts demonstrate Vantris Energy’s offshore T&I capabilities, and our continued focus to deliver sustainable performance across our core businesses, prioritising opportunities aligned with our capabilities, regional strengths, and risk appetite,” said Vantris Energy CEO Muhammad Zamri Jusoh.
With a stronger balance sheet following its restructuring in late 2025, the company is keen to strengthen its business across all areas of operation.
Vantris Energy is also active in numerous other areas, including oil well intervention and decommissioning.
The company also last month announced the divestment of its 40% equity interest in L&T-Sapura Shipping Pvt. Ltd., which owns and operates the LTS3000 heavy-lift and pipelay vessel.
The company sold up to its joint-venture partner, Larsen & Toubro Limited (L&T), in a deal valued at US$30.5mn, consisting of equity consideration and the full repayment of the outstanding shareholder’s loan and accrued interests owed to the group.
It marked another step in Vantris Energy’s ongoing efforts to streamline, strengthen and optimise its asset portfolio, according to Jusoh.
The outlook for well support, interventions and other associated services across West Africa should be buoyed by the prospect of high levels of wildcat drilling this year.
According to analysis by Rystad Energy, the global upstream sector is set to carry strong momentum into 2026, with high-impact drilling activity expected to remain elevated following a solid 2025.
Africa is set to continue leading global activity, it estimates, accounting for around 40% of planned high-impact exploration wells, driven largely along the Atlantic margin, with exploration expected to focus on the Orange Basin in southern Africa and the Gulf of Guinea in West Africa, reinforcing the region’s role in global high-impact drilling.
Wells are designated as high-impact based on a variety of factors: the size of the potential resources, whether they could open new hydrocarbon plays in frontier or emerging basins, and their significance to the operator.
Such activity in 2026 is expected to drive exploration momentum higher in specific basins and countries, with 42 such wells identified globally — close to half of them in Africa.
Last year, the success rate for high-impact wildcat wells rose to 38% from 23% in 2024, while total discovered volumes increased by 53% year on year to around 2.3 billion barrels of oil equivalent (boe), according to Rystad Energy.
What we are seeing in 2026 is a clear shift in which where operators are willing to deploy capital, according to Aatisha Mahajan, Rystad Energy’s Head of Exploration, Oil & Gas Research.
“Ultra-deepwater and frontier plays remain capital-intensive, but they also offer scale and material upside at a time when conventional opportunities are increasingly limited,” Mahajan said.
“Africa stands out because it still combines geological potential with the prospect of large, commercially meaningful discoveries, particularly for operators looking to secure long-life resources in a tightening global supply environment.”
Of around 17 potential high-impact wells across Africa during 2026, nearly all are offshore, with just a few onshore.
The continent scores twice as many proposed wells as Asia, the next busiest region, followed by South America and Europe.
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