Hibiscus Petroleum has outlined how its commitment to excellence in well management and services and other offshore operations have been recognised by Malaysian authorities.
In an October investor presentation, the company outlines various awards by state operator Petronas in 2025, in areas such as production enhancement and idle well reactivation at South Furious in North Sabah.
It is also recognised for its well management in lost time and injury, optimising and sustaining output, as well as proactively converting high pressure gas to a low pressure system for production optimisation.
The company also works with leading offshore contractors and service providers, including EEST, which completed a contract in 2023 for well intervention services on its Malaysian assets.
This project entailed the provision of well workover, re-completion and well plug and abandonment services using the EEST-502 hybrid hydraulic workover unit.
In the presentation, Hibiscus said that “invaluable goodwill with regulators” had created access to further opportunities.
As well as maximising potential from existing assets offshore Malaysia — and in other territories across Asia, including Brunei and Vietnam — Hibiscus is also stepping up its commitment towards net zero 2050 and various transition initiatives.
This includes leveraging on core competencies to operate and maintain decentralised power generation with strategic collaborations in this niche set to be announced in due course. the company noted.
The group already generates 126 megawatts (MW) of power offshore across its assets and the intention is to transfer this know-how to address electricity generation, specifically to support data centres or the semi-conductor industry in Malaysia, it added.
The company also intends to invest in solar projects for internal use to reduce operating expenditure on oil and gas assets, with a potential new 12 MW solar farm in Brunei for a low-pressure compressor project.
Aiming the delivery of incremental production volumes in 2026 and beyond, Pharos Energy will be commencing a six-well campaign in Vietnam.
As well interventions and optimisation opportunities maintained production stability on both TGT and CNV wells, the company is now set to further drill infill wells and appraisal wells from these prospects.
Pharos has secured rig contracts for the drilling of three infill wells and the 18X appraisal well, targeting TGT’s western area. It is also planning the drilling of one infill well and the 5X-LI appraisal well to tap into the norther part of the CNV field.
Speaking of the company’s progress in Vietnam, Katherine Roe, Chief Executive Officer, said, "In Vietnam, we will begin an important and material six-well drilling campaign in the fourth quarter, with results expected in the first half of 2026. Preparations for drilling the TGT appraisal well 18X to unlock future upside are progressing well and, together with the planned CNV 5X-L1 appraisal and infill drilling campaign, are expected to de-risk additional development opportunities and drive production growth from 2026 onwards. On our exploration blocks 125 & 126, we have engaged with an independent third party adviser to conduct a formal process to identify farm-in partners. This process, together with the ordering of long lead items, provides optionality to pursue the long-term potential of these important exploration assets. The recent approval of a two-year PSC extension in June further supports this optionality."
Hunting PLC has introduced Opti-TEK, a new suite of Optimised Intervention Technologies aimed at helping operators extend well life, minimise downtime, enhance decision-making, and lower both operational costs and environmental impact.
Developed through Hunting’s TEK-HUB innovation platform, Opti-TEK combines the company’s internal expertise with strategic technology partnerships to accelerate the delivery of next-generation tools to the market.
The initial range of products includes:
Allan Gill, Product Line Director for Well Intervention, commented: “Opti-TEK represents Hunting’s commitment to delivering smarter, safer and more cost-effective interventions. By aligning cutting-edge innovation with real-world operational demands, we are enabling our customers to optimise every intervention and maximise the value of their asset.”
The launch of Opti-TEK underscores Hunting’s ongoing drive to innovate within the well intervention sector, equipping operators with advanced tools designed for greater precision, safety, and sustainability in increasingly complex field environments.
As part of consolidating its largest producing field, Petrobras has began contracting for the construction of the FPSO Buzios 12 for installation in the Santos Basin, in the state of Rio de Janeiro.
P-91, which will be the 12th platform assigned to the Buzios field, will be connected to 16 wells, including eight producers and eight alternating water and gas injectors, with a capacity to produce 180,000 barrels of oil per day and 12 million cubic meters of natural gas per day.
The development of Buzios 12 aims to expand the field's production and add economic value, in partnership with CNPC (China National Petroleum Corporation, 3.67%) and CNOOC (China National Offshore Oil Corp, 7.34%), with Petrobras as operator (88.99%).
Alongside systems to process and separate its own production, the new P-91 unit will also be capable of exporting gas produced on other platforms in the field that were not originally designed for gas export. The generated gas will be directed to the Boaventura Energy Complex in Itaborai via the Rota 3 gas pipeline until reaching the coast.
"Starting the contracting process for Búzios 12 on Petrobras' anniversary is symbolic: it demonstrates the strength of our innovative capacity and the work of generations of professionals committed to the country. This new unit expands the supply of natural gas to the Brazilian market, ensuring safe, competitive energy that's essential for a fair energy transition. The P-91 is designed with solutions to increase gas supply to the market, reduce emissions, and increase energy efficiency, reflecting Petrobras' raison d'être: generating wealth for Brazilian society responsibly and sustainably," said the company's president, Magda Chambriard.
Initiated by Petrobras, the Buzios 12 contracting process is driven by the BOT (Build-Operate-Transfer) model, in which the contractor is responsible for the design, construction, assembly, and operation of the asset for an initial period defined in the contract. Operation will subsequently be transferred to Petrobras.
Interested companies will have 180 days from the publication of the Request for Proposals (SEP) to submit their proposals. The SEP establishes a minimum local content percentage of 25%.
As the recent well test on the State 36-2 LNW-CC-R well from Zephyr Energy's Paradox project reflected considerable well productivity, the company announced an updated Competent Person's Report (CPR) that was compiled by independent energy consulting and advisory firm, Sproule-ERCE International Limited
This acknowledgement has allowed Zephyr Energy to transition the Paradox project from appraisal to development, as the well test revealed high reservoir pressure, reservoir quality and liquid yields, leading to a significant boost in recoverable reserves across all reserve categories.
Based on the performance of the Cane Creek reservoir on 20,000 acres held within Zephyr's White Sands Unit, the CPR confirmed a 93-fold increase in Proved Recoverable Reserves (1P Reserves), demonstrating the site's scale and immediate production potential. It will be able to deliver 14.8 million net barrels of oil equivalent proved recoverable reserves, an increase from 0.16 million net boe in the 2022 CPR.
Speaking of the Paradox project, Colin Harrington, Chief Executive of Zephyr, said, "To date, we have drilled two successful, one-mile horizontal wells utilising different completion technologies and both demonstrated strong deliverability and expanded our completion design options for the greater field development. We have also gathered a substantial amount of data that will help inform future development plans. Furthermore, we have acquired significant infrastructure that will enable us to bring the project into full production, including gas gathering lines, plant infrastructure, permits and future water disposal wells, and we are close to securing gas export capacity. All this has been achieved at low development costs, especially when compared with many other new field startups of a similar size, and this infrastructure should enable accelerated project development once a suitable partner is secured. It should be noted that while acceleration of drilling activity and increased gas processing capacity won't change undiscounted free cash flow totals, they would enhance the current NPV-10 value of the project by bringing forward future cashflows."
Funk Futures, a leading growth consultancy for energy companies, has announced a strategic partnership with KCI, a specialist in well integrity, intervention, and leak sealing for both brownfield and greenfield assets, to expand their presence in the North American energy market.
Since its founding in 2002, KCI has built a strong reputation by tackling some of the industry’s toughest engineering challenges across subsea, topside, pipeline, downhole, and process environments. From chemical leak sealing to isolation gels, KCI’s solutions are trusted to minimize downtime, cut costs, and extend the operating life of production assets. Their expertise lies in a holistic approach: rigorous asset assessment, customized procedures, and precise execution that enable operators to protect production and ensure long-term well integrity.
KCI’s plug and abandonment (P&A) solutions are also becoming increasingly important as operators and regulators work to address the growing challenge of orphan and idle wells responsibly. By combining proven intervention expertise with advanced abandonment technologies, KCI supports clients through both the production and end-of-life stages of well operations.
“KCI’s track record in delivering reliable, effective solutions for production well integrity and intervention is exactly what today’s operators need — maximizing uptime while reducing risk,” said Jeremy Funk, Founder & CEO of Funk Futures. “We’re also excited to showcase their P&A capabilities, which will be critical as North America faces the orphan wells challenge head-on.”
“We have always prided ourselves on solving complex problems where traditional methods fall short,” said Kevin Watt, Managing Director of KCI. “Partnering with Funk Futures allows us to highlight our integrity and intervention expertise for production wells, while also expanding awareness of our P&A solutions that address the industry’s environmental and regulatory responsibilities.”
With this partnership, the primary focus will be on supporting well integrity and well intervention teams responsible for keeping production wells online and performing. This remains KCI’s legacy strength and a critical area for operators seeking safe, efficient, and cost-effective production.
The riserless light well intervention (RLWI) market, valued at US$270.52 mn in 2024, is projected to reach US$405.81 mn by 2032, growing at a CAGR of 5.2%, according to Credence Research.
Key players shaping the market include Expro, ExxonMobil, Halliburton, Aramco, NOV, Emdad, Baker Hughes, Oceaneering, Hunting Energy, and Nortech. These companies focus on technological innovation, vessel upgrades, and digital integration to improve efficiency and safety in offshore interventions.
Logging and bottom hole surveys dominate the service segment, accounting for over 25% of demand. These services are vital for evaluating reservoirs, identifying production zones, and providing accurate well diagnostics without costly drilling. Operators increasingly adopt advanced downhole logging tools to gain real-time insights, reduce non-productive time, and optimize subsea operations.
The global increase in aging oil and gas wells serves as a significant driver for RLWI adoption. Many wells, particularly in the North Sea and mature offshore fields, require intervention to sustain production levels and extend well life. RLWI provides a practical solution by enabling remedial activities such as zonal isolation, sand control, and artificial lift installation without extensive downtime. The ability to enhance recovery rates from declining wells ensures continuous demand. This trend aligns with industry goals to maximize asset utilisation and improve return on investment.
Europe: Mature fields drive RLWI adoption
Europe holds approximately 28% of the global RLWI market, with the North Sea serving as a major hub. The region’s mature offshore infrastructure and large number of aging wells create significant demand for intervention solutions aimed at maximizing recovery rates. Operators and governments prioritise safe, cost-efficient methods, making RLWI a preferred choice over traditional rig-based systems. Continuous investment in digital integration and sustainability-driven practices strengthens Europe’s market position, ensuring RLWI remains critical for managing production from mature subsea assets.
To learn more about the RLWI market in other regions, visit Credence Research’s full report here
DOF Group ASA will be delivering several projects in the North America region in lines with a contract worth more than US$60mn with scope for extension.
DOF's vessels that are already available in the region have been booked for more than 300 days of firm vessel utilisation. While Skandi Skansen will cover a six-week mooring project in Guyana starting October, Skandi Implementer has been held in Mexico for a two-month service before the year-end, involving subsea cable repair and subsea installation.
Furthermore, the third-party vessel Cade Candies will be used to provide Walk to Work services off the East Coast of the USA with expected commencement in Q2 2026 and duration of approximately eight months with further options.
Mons Aase, DOF Group ASA CEO, said, “I am very happy to see the strong momentum in the North America region continue with these project awards, securing utilisation for project vessels in the region. I am especially pleased that Skandi Implementer has been working non-stop in the region after we terminated her original long-term contract in Mexico in early 2025.”
With around US$60bn worth of decommissioning activity due to take place in Australia over the next five decades, the challenges of disposing of or recycling a growing volume of waste materials have come to the fore.
A study undertaken by Centre of Decommissioning Australia (CODA) with support from the Government of Western Australia, explores the capacity, capability, and regulatory landscape for waste disposal in Australia while identifying barriers, opportunities, and actions to improve the safe and sustainable handling of materials over the coming decades. It makes recommendations which will help waste management and recycling supply chains address the challenges and opportunities, promoting best-practice approaches and encouraging re-use and recycling rather than just disposal.
Recommendations include:
1. Develop clear communications which help to demystify and normalise oil and gas decommissioning as a process. Public information packs and fact sheets which concentrate on the industry’s effective risk management strategy and opportunity creation.
2. Maintain a materials focus: communications relating to oil and gas decommissioning programmes should talk about ‘materials’ and not just ‘waste’ to build expectation around recovery, re-use and recycling rather than just disposal.
3. Connect waste producers with the supply chain: enhance connections between the oil and gas and waste management industry sectors to improve waste producers’ understanding of the full range of options available to them and to publicise opportunities to the supply chain.
4. Develop a ‘waste-led decommissioning’ approach, prioritising critical-path waste management needs such as decontamination and hazardous materials management as the essential precursor to the safe and sustainable dissemination of materials and waste into disposal and recycling supply chains.
5. Clarify the circular economy perspective: position oil and gas decommissioning in the context of the circular economy and the role it can play in contributing to increasingly circular material flows.
6. Integrate oil & gas decommissioning and mining closure: identify common needs and optimise the range of solutions available to both industries.
7. Map and model industrial systems and supply chains in detail to fully understand the dependencies and opportunities within supply chains relevant to decommissioning materials and waste management.
The report, titled ‘Decommissioning Waste Disposal Pathways’ also stresses the importance of collaboration and partnership between government agencies, industry operators, and the waste supply chain to ensure alignment; education and awareness for regulators and planning policy bodies; uniformity and clarity of regulations, and the streamlining of regulation processes; an integrated national approach involving stakeholders from across the sector to support the creation of an enabling regulatory framework and national guidelines; and risk-based assessment and approval processes.
Perenco North Sinai Petroleum, a subsidiary of Egypt Kuwait Holding (EKH), has signed a new agreement with Egypt’s Ministry of Petroleum and Mineral Resources (MoMPR) to extend its tenure over the North Sinai Offshore concession until 2035, according to various news reports.
Under the 10-year reassignment, the company is committed to drilling three new exploratory oil and gas wells in the concession area.
The agreement was finalised during Petroleum Minister Karim Badawi’s September visit to Perenco’s facilities in North Sinai. The extension aims to unlock further exploration potential and expand reserves, aligning with Egypt’s national strategy to raise hydrocarbon output and safeguard future energy supplies.
Badawi noted that the deal reflects the growing trust of international investors in Egypt’s energy sector. He highlighted the ministry’s competitive licensing rounds as a key driver of new exploration partnerships, which in turn support higher production levels and meet local market needs.
Jon Rokk, CEO of EKH, described the extension as evidence of the company’s long-term commitment to Egypt.
“This agreement is a clear demonstration of the company’s role as a trusted partner in advancing Egypt’s energy future. By leveraging our strong track record and global partnerships, we are creating new exploration opportunities, transferring know-how, and generating high-value jobs for Egyptian youth.”
The reassignment was signed by Raafat El-Beltagy, CEO and representative of Perenco companies, and Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC), in the presence of Minister Badawi and EKH’s leadership.
Perenco North Sinai Petroleum, previously known as Offshore North Sinai, has operated the concession since 2014. The company currently runs six wells across a 443 sq km block in the Mediterranean, holding additional reserves of 223 bcf as of 31 December 2024, and averaging daily production of 53 mmscf/d last year.
Founded in 1997 and listed on both the Egyptian and Kuwaiti stock exchanges, EKH has expanded over the past two decades into one of the region’s fastest-growing investment firms, with a diverse portfolio across the Middle East and North Africa.
Woodside Energy is gearing up for the next phase of the Echo Yodel decommissioning, with the retrieval of the Echo Yodel umbilical expected to commence during the second half of 2025.
The company outlines its various decommissioning plans recently in its half-year 2025 results, stating that it had continued execution of planned activities in the first half of the year, spending approximately $565mn across its portfolio.
Woodside has progressed planned decommissioning activities across the Enfield, Griffin and Stybarrow fields, offshore north west Western Australia, as well as the Minerva field, offshore Victoria, it noted.
Next up, is the removal of the Echo Yodel umbilical, part of a phased decommissioning process that has been ongoing already for several years.
The Echo Yodel subsea decommissioning plan details the proposed removal of subsea infrastructure which includes a 23-km pipeline, an electrohydraulic umbilical, two umbilical termination assemblies, an infield umbilical termination basket and infield electrical and hydraulic jumpers.
It marks the latest step in what has been a busy year already for Woodside.
During the first half of 2025, it concluded the 10 well Stybarrow plugging campaign and successfully completed the plug and abandonment of three remaining wells at the Minerva field.
In February, final infrastructure was recovered from Enfield, concluding a multi-year decommissioning that included permanently plugging and abandoning all 18 Enfield wells, recovering and deconstructing the Nganhurra riser turret mooring and removing flexible flowlines, umbilicals and other subsea structures.
Enfield marked the first project that Woodside has taken from exploration to development and operations, right through to decommissioning.
The company also said that it experienced a Tier 1 process safety event when unexpected fluids were released during flushing activities of a Griffin subsea flowline, but added that water quality monitoring identified no impact on the environment.
The company is now currently evaluating decommissioning work plans for Minerva, Stybarrow and Griffin.
The as-left condition on some closed sites, it noted, “has continued to present challenges for safe and efficient execution of decommissioning and learnings are being applied to improve planning and execution.”
In the financial statement, it reported that these challenges were the primary driver of a $445mn pre-tax ($218mn post-tax) restoration expense being recognised in the profit and loss in the half-year results.
At Bass Strait, the Gippsland Basin Joint Venture has safely completed approximately A$2,500mn (100% share) of early decommissioning works, including the plug and abandonment of over 200 wells, the company added.
This includes the completion of plugging the Bream B and Kingfish A platform wells in the first half of 2025.
Looking forward, detailed engineering and execution planning, including submission of primary and secondary environmental approvals to regulators for assessment, is well advanced for the Bass Strait offshore platform removal campaign planned for 2027, Woodside noted.
MODEC has been awarded an Engineering, Procurement, Construction, and Installation (EPCI) contract to develop a Floating Production Storage and Offloading (FPSO) vessel for ExxonMobil Guyana's Hammerhead Project offshore Guyana, following Final Investment Decision (FID).
Phase One of the contract, covering Front-End Engineering and Design (FEED), has already been completed.
“We are honoured to be entrusted with the full EPCI scope for Hammerhead. This award reflects MODEC’s integrated capabilities to design, build and operate—from concept and FEED through to safe execution and timely delivery of the project,” said Soichi Ide, head of Floating Production Solutions Business Unit of MODEC. “MODEC’s strategic relationship with ExxonMobil Guyana positions us to work with them and our stakeholders to create lasting value throughout the project lifecycle.”
The Hammerhead FPSO will have the initial annual average production of 150,000 barrels of oil per day (BOPD), along with associated gas and water. It will be moored at a water depth of approximately 1,025 metres.
The Hammerhead FPSO will be MODEC’s second for use in Guyana, following the Errea Wittu, which is currently being built for ExxonMobil Guyana’s Uaru project. As with the Uaru Project, MODEC will provide ExxonMobil with operations and maintenance services for the FPSO for 10 years from first oil.
The US$6.8 billion Hammerhead project, due to start up in 2029, is the seventh project on the Stabroek block, and will include 18 production and injection wells.
ExxonMobil is producing approximately 650,000 barrels of oil per day from the Stabroek block. With the recent successful startup of a fourth FPSO, the ONE GUYANA, the company anticipates growing production to more than 900,000 barrels of oil per day by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.
ExxonMobil affiliate ExxonMobil Guyana Limited is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest, and CNOOC Petroleum Guyana Limited holds 25% interest.
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