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."
In Q1 2026, offshore oil and gas decommissioning and abandonment activity across the Asia-Pacific region remained firmly in the preparatory and planning phase.
Malaysia continues to lead visible progress through targeted contracts and regulatory enhancements, while other key nations such as Indonesia, Thailand, Vietnam, and Brunei are focused on applying established frameworks to address ageing infrastructure.
With many fields approaching the end of their productive lives, the region is bracing for a significant decommissioning wave, driven by maturing assets and the need for environmental compliance.
Malaysia saw the most concrete developments. T7 Global Berhad, through its subsidiary Tanjung Offshore Services Sdn Bhd, secured a contract from PETRONAS Carigali for well abandonment operations at the Zuhal East field.
HELMS Geomarine Sdn Bhd completed back-to-back geotechnical drilling campaigns in Sarawak waters from late January to the end of March, providing essential data for jack-up rig entries ahead of P&A activities.
PETRONAS reinforced its commitment by releasing the Activity Outlook 2026-2028 in January, which highlighted expanding well decommissioning and intervention programmes.
The national operator has established a Hydraulic Workover Unit (HWU) Academy to develop skilled talent for abandonment work, aiming to position Malaysia as a regional hub for these services.
In parallel, authorities introduced enhanced regulations on offshore platform removal, which now prioritise full restoration of the original seabed state to meet stricter environmental standards.
In contrast, other APAC countries reported no major new contract awards or campaign executions during Q1.
Indonesia continues to operate under the Oil and Gas Law, Government Regulation 35/2004, and MEMR Regulation No. 15/2018.
These require contractors to prepare post-operation plans covering well plugging, equipment removal, and site restoration, with abandonment and site restoration (ASR) funding obligations embedded in modern production-sharing contracts.
While no new amendments emerged, operators are actively applying these rules to legacy assets as production-sharing contracts near expiry, amid ongoing discussions about liability and cost estimation for ageing fields.
Thailand’s framework, governed by the Petroleum Act and the 2016 Ministerial Regulation on decommissioning plans and financial security, remains among the more advanced in Southeast Asia.
No fresh regulatory updates were issued, but concessionaires continued preparatory work on cost estimates and environmental assessments for Gulf of Thailand assets.
Vietnam relies on Circular No. 16/2024/TT-BCT and earlier decisions, mandating contributions to a decommissioning trust fund managed by PVN.
Brunei continues to apply its pre-existing Decommissioning and Restoration Guideline for offshore facilities, emphasising case-by-case assessments for removal and site clearance, particularly in sensitive or deep-water areas.
Overall, this reflects a focus on regulatory compliance and forward planning rather than large-scale execution. With approximately 200 offshore fields expected to cease production by 2030 and decommissioning costs projected at around US$100bn, Southeast Asia is methodically building capacity.
Malaysia’s proactive steps signal a maturing market, while other nations are steadily aligning operations with existing obligations to ensure safe, cost-effective, and environmentally responsible asset retirement in the years ahead.
In Q1 2026, Weatherford International demonstrated resilience in the Middle East despite geopolitical headwinds, securing strategic contracts and achieving notable technical successes that underscore its growing role in well intervention, completions, and digital optimisation across GCC countries.
The oilfield services provider reported a two-year well services contract awarded by a National Oil Company in the UAE.
This agreement covers a range of intervention and production enhancement activities, positioning Weatherford to support ongoing operations in one of the region’s key offshore and onshore basins.
The award comes at a time when operators are prioritising well integrity and production optimisation in mature fields.
In Saudi Arabia, Weatherford delivered two standout achievements. The company set a new global record for extended-reach wireline logging, successfully reaching 29,121 ft measured depth using its Compact Well Shuttle system.
This milestone highlights the technology’s capability to evaluate long, highly deviated wells efficiently without traditional conveyance methods, offering significant time and cost savings for complex reservoir characterisation in challenging offshore and extended-reach environments.
Equally significant was the successful execution of the first rigless thru-tubing sand-control gravel-pack operation in the Kingdom.
The intervention restored a shut-in gas well to full production by eliminating sand production without the need for a workover rig.
This rigless approach reduces operational complexity, minimises downtime, and lowers costs, advantages particularly valuable in offshore well intervention scenarios where rig mobilisation can be prohibitively expensive.
Weatherford expects this technique to become a recurring solution for sand management in the region.
Further digital progress was noted in Oman, where the company advanced its partnership with Petroleum Development Oman (PDO) by deploying Electric Submersible Pump (ESP) Predictive Analytics within the ForeSite Well Management System.
Moving from pilot to full operational use, this technology enables proactive well management, reducing failures and optimising artificial lift performance across gas and oil wells.
Weatherford’s Middle East/North Africa/Asia revenue for Q1 2026 reached US$476mn, reflecting a 5% year-on-year decline primarily attributable to heightened geopolitical tensions linked to the Iran conflict.
Sequential revenue fell 14%, driven by project suspensions, logistical disruptions, and reduced drilling and workover activity in several countries, including offshore operations in Saudi Arabia and the UAE.
Management estimates a US$30–50mn profit impact for H1 2026 but remains optimistic about a meaningful recovery in H2, contingent on regional stabilisation.
Despite these challenges, the company highlighted the strength of its local manufacturing and supply chain base, which helped mitigate early disruptions.
Executives pointed to a multi-year acceleration of capacity and resilience programmes across Saudi Arabia, the UAE, Oman, Iraq, and Kuwait, where Weatherford’s integrated offerings in drilling, completions, production, and well services provide a competitive edge.
With 20,006 barrels of oil per day generated from offshore Angola during Q1 2026, Afentra plc reported a stable asset performance, driven by the consistency of asset revamping and integrity workstreams.
Key workstreams as part of multi-year redevelopment plan in Angola for increased reserves recovery and production growth included water injection work, which reached up to 70,000 bwpd. The company now targets attaining 100,000 bwpd in H2 2026.
The Pambi platform has already undergone infrastructure upgrades for improved reliability and operational performance, and similar work is ongoing on the Cobo and Palanca platforms. The Palanca FSO is ready for safe operations over the next five years as it has received formal recertification.
As part of the company's 2026 light well interventions (LWI) programme that aims to complete 40 interventions work, six has been completed on the first quarter of the year.
Alongside the drilling of the Pacassa SW well as part of 2026 infill drilling and workover programme in Block 3/05, the company will also be tackling the Impala-2 development well. It aims from this well a potential gross production uplift of ~9,000 bopd and gross recoverable resources of over 100mmbo.
Hydraulic workover programme preparations are ongoing with execution planned for late 2026/27.
In Block 3/24, operational activities continued for the GPQ development, including the planning of a survey vessel programme to execute wellhead inspection, survey and measurement scope.
In a boost to rig activity in the US Gulf, Harbour Energy's subsidiary, LLOG Exploration Company LLC, has extended contracts with Seadrill Limited, adding approximately US$260mn to the drilling contractor's contract backlog.
The year-long contract extension secures ultra-deepwater drillship West Neptune's services for operations that are set to start in September 2026. On the other hand, the West Vela ultra-deepwater drillship will be operating for an additional duration of 270 days, which is likely to commence in August 2026.
“We are pleased to extend our working relationship with LLOG, building on more than a decade of productive collaboration and shared success. The strong operational performance delivered by the West Vela and West Neptune teams continues to help us win follow-on work,” said Seadrill's President and Chief Executive Officer, Samir Ali.
“Securing this backlog enhances revenue visibility and supports free cash flow generation as we navigate near-term softness in the US Gulf. The West Vela and West Neptune are positioned favourably for availability in 2027 as global floater utilisation is expected to improve,” he said.
This follows the last contract extension between Seadrill and LLOG Exploration for a four-month programme in the US Gulf, which secured approximately US$48mn to Seadrill’s backlog.
The Sevan Louisiana had also received a contract award in the US Gulf from an undisclosed operator for a two-month programme. This engagement is set to start directly after its current contract with Walter Oil and Gas. The campaign will mark the first use of the Trendsetter well-intervention equipment in the region.
A sustained US$100 / bbl oil price could unlock up to 2.1mn bpd of additional crude supply across South America by the mid-2030s, according to new analysis by Rystad Energy
Global oil supply plummeted by 10.1 mn bpd to 97 mn bpd in March, according to the IEA, with continued attacks on energy infrastructure in the Middle East and ongoing restrictions to tanker movements through the Strait of Hormuz sparking the largest energy crisis in history. The supply situation looks unlikely to be resolved any time soon. Even once the Strait of Hormuz re-opens, it will still take some time to re-establish oil flows and restore lost Middle East production.
“The Middle East conflict has done more than spike oil prices — it has exposed how dangerously concentrated global supply chains are around the Strait of Hormuz. South America is now positioned as the world’s most consequential source of incremental supply. The region offers scale, geologic quality and relative political stability at exactly the moment that the world is shopping for alternatives,” said Radhika Bansal, Senior Vice President, Oil & Gas Research, Rystad Energy.
Offshore developments in Brazil, Guyana and Suriname represent the most immediate source of upside, says Rystad. Fast-tracking projects across these markets could deliver more than 1mn barrels of oil equivalent per day (boepd) of additional production over the next decade, backed by around US$33bn in incremental greenfield capex through 2035. In Guyana, ExxonMobil is targeting up to 300,000 bpd from its Yellowtail project, which came online at an initial average production of 250,000 bpd, and Rystad believes debottlenecking could unlock an additional 80,000 to 90,000 bpd across the Errea Wittu, Jaguar and Hammerhead fields. However, limited shipyard capacity for new FPSOs remains a constraint.
In a high-price scenario, Rystad Energy estimates Venezuela, which has now re-entered the global market, could add 910,000 bpd by 2035, with majors such as ExxonMobil and Shell assessing opportunities and signing preliminary agreements, although progress will depend on sanctions relief and fiscal reform. Production could grow even more if more players come in as investor confidence improves. Increased participation in underdeveloped fields, particularly through partnerships with PDVSA, the state-owned oil and gas company, would further unlock additional production potential, Rystad comments.
As for Argentina’s Vaca Muerta, crude production, currently around 600,000 bpd, could reach as much as 1.5mn bpd in 2035 in a high price scenario, says Rystad.
“The pace of growth across South America will depend less on resource availability or economics and more on execution capacity, supply-chain constraints and the broader investment environment. Countries that provide clear fiscal and regulatory frameworks are better positioned to accelerate project sanctions and capture the upside from higher prices. Those that hesitate or are slow to move will simply watch the capital flow elsewhere,” Bansal added.
Well-Safe Solutions, a tier-one specialist in well decommissioning, has secured a multi-year agreement with Apache North Sea Limited to decommission platform and subsea wells in the Forties Field.
The programme is scheduled to commence in 2026, with Well-Safe Solutions taking responsibility for all well-related project management, well and subsurface engineering, and offshore execution for both platform and subsea wells.
The contract is expected to sustain hundreds of jobs in Aberdeen while providing a welcome economic uplift to northeast Scotland during a period of ongoing pressure on the sector and concerns around long-term workforce retention.
Phil Milton, Chief Executive Officer at Well-Safe Solutions, said:
“This award is a defining moment for Well-Safe Solutions and a testament to the confidence Apache has in our team to deliver safe, efficient and technically robust decommissioning solutions at scale.
“This contract award is exciting news for our business and for the wider economy, sending a powerful signal to the supply chain and helping to secure critical talent and resources. Today’s announcement is undoubtably a huge moment for our business and our industry, however, it comes at a particularly difficult time for our sector when we are hopeful of retaining the talent and capability that we have in the North Sea”
Industry capacity for mobile offshore drilling units able to carry out both drilling and decommissioning work on platform and subsea wells has fallen steadily in recent years. Only five semi-submersible rigs now remain in the UK Continental Shelf. This continued decline in available assets could hinder the UK’s ability to satisfy future energy requirements and fulfil decommissioning commitments, with thousands of wells expected to require decommissioning before the decade ends.
Donald Martin, Vice President, Decommissioning, Apache, commented:
“We are pleased to partner with Well-Safe Solutions on this large-scale decommissioning programme across the Forties Field. This contract reflects our commitment to delivering safe, predictable and cost-effective decommissioning through disciplined execution and with a high-performing, integrated team.
“Building on decades of successful production from one of the North Sea’s cornerstone assets, Apache is focused on maximising late-life asset value, reducing risk, and delivering a safe, efficient and disciplined transition into decommissioning.”
The latest award further strengthens Well-Safe Solutions’ standing as a strategic leader in the UK decommissioning market. It follows successful recent campaigns involving the Well-Safe Defender and Well-Safe Protector, as well as two other significant North Sea contract wins announced earlier this summer.
