The USA’s Department of the Interior is proposing updates to reduce costly regulations on the offshore oil and gas industry, which would effectively reduce the amounts companies need to set aside for future decommissioning.
The proposal follows President Trump's Executive Order 14154 "Unleashing American Energy" which aims to exploit the full potential of the USA's energy resources by getting rid of "burdensome" regulations. It would rescind requirements from a 2024 rule that forced companies to set aside around US$6.9bn in supplemental financial assurance to cover potential costs of decommissioning activities. Around US$6bn of that would have fallen on small businesses, which make up most of the operators on the Outer Continental Shelf. At the time, the rule was challenged by the Republican-led states of Louisiana, Mississippi and Texas and oil and gas industry groups, who argued that it would result in "potentially existential consequences" for small and medium-sized companies.
The change is expected to save industry around US$484mn each year in compliance costs.
“For too long, Washington red tape has strangled American energy producers and held back small businesses,” said Interior Secretary Doug Burgum. “President Trump is delivering on his promise to put American workers first, cut burdensome regulations and unleash our vast energy potential. These updates will free up billions of dollars for exploration and development, create good-paying jobs and unlock domestic energy production so we are never forced to rely on foreign adversaries for the resources that power our economy.”
The proposal would modernise how the Bureau for Ocean Energy Management (BOEM) evaluates financial risks and lower the amounts companies must set aside for future decommissioning. By using updated risk metrics and data from the Bureau of Safety and Environmental Enforcement, BOEM would ensure taxpayer protections remain in place while allowing companies to invest more capital in new projects.
The proposal maintains strong accountability for lessees and grant holders under the Outer Continental Shelf Lands Act, but reduces excessive financial barriers that have slowed growth, according to the BOEM.
The proposed changes will be published in the Federal Register with a 60-day public comment period.
Promethean Energy, Enovate AI and POOLE Oil & Gas Services have announced a strategic partnership to advance responsible offshore platform decommissioning, artificial intelligence applied from reservoir to the wellhead, and advanced production and process flow optimisation work
They are working to devise a new model that combines Artificial Intelligence, reservoir analytics, and Carbon Capture & Sequestration to push the boundaries of just platform removal to repurposing it. The partners are looking at this strategically in terms of tackling decommissioning liabilities as it will potentially extend value, reduce costs and improve operational efficiency across the Gulf of America.
The region is anticipated to become one of the largest carbon storage hubs on the planet as it is currently one of the biggest industrial carbon emittors in the world, thanks to its innumerable refineries, petrochemical plants, LNG facilities, power generation facilities and offshore depleted reservoirs. This makes way for a largely untapped storage potential for captured CO2.
When it comes to abandoned reservoirs, repurposing to a CO2 injection and monitoring facility instead of decommissioning promotes sustainability while saving costs significantly. Existing assets that can be converted includes platform structures, subsea pipeline systems, monitoring and instrumentation systems, while wellbores can be transformed to injection wells.
The Gulf of America is especially well suited to adopt the CCS transition as it is already looking towards a vast network of offshore infrastructure and established pipeline corridors.
ACCIONA has expanded its marine fleet with the addition of Australia’s largest registered jack-up barge, supporting the delivery of critical water infrastructure projects in Western Australia.
The vessel, named Beverley, measures 59.6 metres by 32 metres and is comparable in size to one and a half Olympic swimming pools or slightly more than four basketball courts. It operates on 78-metre legs that lift the platform above the ocean surface, creating a stable and elevated work environment. Designed for strong sea-state performance, the barge features a deck load capacity of 8 tonnes per square metre, helping to minimise the impact of swell, tides and currents. It is equipped with a 400-tonne crane, a helideck and accommodation for up to 50 workers, along with onboard kitchen, dining facilities, office spaces and a medical room to support continuous offshore operations.
The acquisition and commissioning of Beverley mark a significant strategic investment, enhancing ACCIONA’s capacity to execute complex marine infrastructure projects. The addition strengthens the company’s end-to-end capabilities, enabling more efficient and effective project delivery while ensuring access to advanced assets tailored to demanding offshore environments.
ACCIONA CEO for Australia and New Zealand Bede Noonan said Beverley will play a crucial role in the delivery of local projects and future marine works across the region and also carries personal significance for the Noonan family.
“Beverley is a game-changer for marine construction in Australia. Securing the largest registered jack-up barge in Australia supports our ability to deliver some of the most technically challenging, offshore infrastructure projects, at a time when sustainable water infrastructure solutions are more crucial than ever,” Mr Noonan said.
“Currently Beverley is central to the complex construction of the offshore intake structure for desalination projects and will help shape sustainable infrastructure projects for years to come.
“In keeping with maritime tradition, Andre [ACCIONA Chief Operating officer] and I have named the vessel after our mother, Beverley. It’s a tribute that reflects both our family’s connection to the industry and the long-standing custom of naming ships after women. It’s a proud moment for us and our family business.”
The introduction of Beverley highlights ACCIONA’s continued focus on innovation, capability development and the delivery of sustainable infrastructure across Australia and New Zealand.
Halliburton has successfully completed a series of offshore wireline operations for Croatia’s INA Group in the Adriatic Sea, demonstrating both technical strength and operational efficiency.
The project involved logging activities across four wells, where the Wireline team carried out 17 combined runs without any health, safety, or environmental incidents, while also maintaining zero non productive time.
Over the course of more than 272 hours of continuous operations, the team ensured that all personnel and equipment were securely managed on site. By keeping closely aligned with INA’s project schedule, Halliburton delivered the work within the agreed timeline, allowing the client to assess well performance and make informed operational decisions in real time.
A key element of the project was the development of an integrated workflow that combined measurement and analysis. This approach played an important role in identifying promising production opportunities as well as uncovering new hydrocarbon zones offshore Croatia. The team worked closely with INA’s subsurface specialists, offering real time support through formation testing and detailed petrophysical interpretation.
To better understand thin geological layers, Halliburton deployed its Xtended range water based mud imager. This technology enabled accurate identification of sandstone intervals and helped determine net pay zones. In addition, enhanced vertical resolution techniques were used to capture density and neutron porosity data, improving the analysis of shaly sand formations and refining estimates of porosity and gas saturation.
Further insights were gained through the use of the Reservoir Description Tool, which measured fluid density, capacitance, and resistivity during pump out operations. These measurements confirmed the presence of productive gas zones. The team also applied magnetic resonance technology to distinguish between moveable and bound hydrocarbons, providing a clearer picture of reservoir potential.
Through a combination of innovation, precision, and collaboration, Halliburton delivered a seamless operation that supported INA in unlocking valuable subsurface insights.
Malaysian offshore vessel owner Keyfield International has had quite a busy period, landing chartering agreements for eight offshore support vessels spread across three regions including Malaysia, the Middle East and Thailand.
The Bursa Malaysia filing confirmed that seven of the eight vessels are accommodation workboats, with the remaining one being an anchor handling tug and supply vessel. The bulk of the work sits closer to home, with five of the accommodation workboat contracts tied to an oil and gas operator in Malaysian waters. The remaining two accommodation workboat deals cover one contract each in the Middle East and Thailand, while the anchor handling tug and supply vessel heads to the Middle East under its own separate agreement.
Contract lengths vary quite a bit across the eight deals. The shortest runs just two months firm with a one month extension option, whereas the longest stretches to a full year with another year available on top. Seven of the eight contracts are set to kick off within the first half of 2026, and the final one is lined up to begin in early 2027.
Altogether, the contracts carry a combined value of around US$41.3mn. Should all extension options be exercised, that figure grows by approximately US$21.4mn.
Keyfield has said it expects the deals to reflect positively on earnings and net assets across the financial years ending December 2026 and 2027.
In its Annual Report for 2025, Australia's Santos outlines its structured approach to decommissioning, with a focus on best practice in environmental management, safety and community engagement, and plans that address its decommissioning obligations, including regulatory and sustainability requirements.
In 2025, the company embedded the Decommissioning Project Process and Technical standards throughout its regional business units, for safe and efficient project delivery.
Attention is focused on decommissioning right from the outset, and continues throughout the project lifecycle, with decommissioning strategy and cost estimates defined as part of project investment decision. The decommissioning strategy, plan and cost estimates are updated regularly throughout the asset production phase and incorporated into operation and maintenance plans and budgets. The decommissioning plan addresses regulatory requirements, joint venture agreements, timing constraints, cost estimates, opportunities and risks.
Ten years prior to the cessation of production, opportunities are explored for asset repurposing, divestment or field life extension. With a focus on the repurposing of assets towards CCUS and other decarbonisation opportunities as part of the company’s commitment to sustainability and responsible asset management, Santos seeks to identify alternative uses for wells, infrastructure pipeline and facilities which have reached the end of their operational life, and actively assesses reservoirs and wells for their suitability for long-term CO2 storage. (For example it has repurposed reservoirs to support CO2 storage for the Moomba CCS project). It also looks at repurposing pipelines and processing facilities for new energy projects, such as transporting low carbon fuels.
Five years prior to production cessation, the company initiates the decommissioning process and develops a decommissioning plan.
After the cessation of production, decommissioning projects are executed following due processes and in accordance with regulatory requirements, with a focus on minimising environmental impact, restoring ecosystems or adapting them for reuse, and addressing residual environmental risks through post-decommissioning monitoring and mitigation. Platform, pipelines, subsea infrastructure and other facilities are decommissioned according to the approved environmental plan (EP).
Santos stresses its commitment to engaging local communities and stakeholders in decommissioning planning and activities, keeping them informed and involved, to enable transparency and social licence to operate, as well as to facilitate the management and mitigation of potential impacts.
The company also plays an active role in shaping industry-wide decommissioning practices, and influencing the future of decommissioning in Australia.
In its Annual Report, Santos also provides an update on specific decommissioning projects, including the safe decommissioning of wells in the Mutineer-Exeter-Fletcher-Finucane well decommissioning campaign, including the recycling of waste materials; the successful disconnection and recycling of the Ningaloo Vision FPSO in the Van Gogh-Coniston-Novara field; preparatory works for the removal of Harriet Alpha platform; support to non-operated joint ventures; and progress of decommissioning in the Cooper Basin.
Global energy technology group SLB, through its OneSubsea joint venture, has been hired for more work on Malaysia’s first deepwater field, which has now been in production for almost 20 years.
It highlights the growing role of specialist technology and support, including well and intervention services, as the country’s offshore sector matures.
In this latest project, SLB OneSubsea has been awarded an engineering, procurement and construction (EPC) contract by PTTEP Sabah Oil Limited, for various services on the Kikeh field, the country’s first deepwater oil and gas development, which started producing since 2007 — when the first subsea tree manufactured by SLB OneSubsea in Malaysia was deployed.
PTTEP Sabah Oil Limited is a subsidiary company of PTT Exploration and Production Public Company Limited (PTTEP).
“Building on our long-standing collaboration with PTTEP, this award supports the next phase of the development of Malaysia’s deepwater resources,” said Mads Hjelmeland, CEO of SLB OneSubsea.
“With more than two decades of experience supporting PTTEP’s subsea projects, our team is well positioned to deliver safe, efficient and integrated execution across all three recent contract awards.”
The contract expands SLB OneSubsea's role in delivering integrated subsea production systems (SPS) for PTTEP's deepwater portfolio offshore Malaysia and marks the third major SPS award from PTTEP in the last 12 months.
As part of the EPC contract, SLB OneSubsea will deliver comprehensive SPS equipment for the second development of the Kikeh 3B project, including three subsea trees, a manifold, a subsea distribution unit and integrated control systems, along with project management and associated services.
Project execution will run through 2026 and 2027, supported by SLB OneSubsea's manufacturing and services facilities in Malaysia.
“Today, SLB OneSubsea continues to work alongside PTTEP to expand production, at water depths of 1,300-1,400 metres, while increasing local manufacturing of high-value subsea equipment and systems, strengthening local supply chains and building expertise and capabilities in the region,” the company noted in a statement.
Following a period of challenging drilling work, including horizontal wells, Lime Petroleum has confirmed that the hook-up of its Mobile Offshore Production Unit (MOPU) and Floating Storage and Offloading unit (FSO) has been completed on the Sèmè field in Benin.
After the FSO Kristina was anchored in place, a flow-line was laid from the Stella Energy 1 MOPU to the FSO.
“Commissioning of the production system is well underway, with oil now flowing into the FSO,” a Lime Petroleum statement noted on 5 March, 2026.
Over the coming days, further testing and commissioning will take place, with the aim to optimise production rates and start regular production, it added.
However, drilling operations proved a challenge, the company reported earlier in February.
While the latest operational milestones marked an important step forward, it noted that drilling operations “encountered significant technical complications” — this resulted in a “material increase in drilling costs and a production delay of more than three months.”
The delays and complications brought with them knock-on financial implications, it added.
At the field, it follows the drilling of the AK-2H production well by Lime Petroleum’s wholly-owned indirect subsidiary Akrake Petroleum Benin.
A total of 1,405 metres was drilled horizontally through the reservoir section at the site.
The well was geo-steered using advanced Logging While Drilling (LWD) tools to ensure the well only encountered oil-bearing reservoir sandstone.
The Sèmè Field, discovered by Union Oil in 1969, is located in Benin’s Block 1in shallow water depth of 20 to 30 metres.
It was first developed by Norwegian oil company, Saga Petroleum, and had produced approximately 22 MMbbl1 between 1982 and 1998, before production was stopped prematurely due to low oil prices of around US$14 per barrel in 1998.
A consortium of TotalEnergies with Shell and Repsol, has started producing oil at the Lapa South-West project, a new development in the Lapa field, located in the Santos Basin, approximately 300 km offshore Brazil.
The Lapa South-West project will increase production from the Lapa field by 25,000 bpd, bringing the field’s total production to around 60,000 bpd. The development of the project consists of the subsea tie-back of three wells to the Lapa Floating Production, Storage and Offloading (FPSO) unit, enabling the development of additional reserves while leveraging the available capacity of the existing Lapa FPSO.
TotalEnergies (operator) holds 48% working interest in the project, with Repsol Sinopec Brazil and Shell holding 25% and 27%, respectively.
The project represents a significant addition to the portfolios of all three companies.
“The start-up of our operated Lapa South-West project marks another important milestone for TotalEnergies in Brazil, a key growth country for our company,” said Nicolas Terraz, President Exploration & Production of TotalEnergies. “This project, which leverages the available capacity of the existing Lapa facilities, delivers low cost and low emission oil production in line with our company strategy and contributes to the achievement of our objective to grow our production by 3% per year until 2030”.
TotalEnergies has been operating in Brazil for 50 years and employs around 4,000 people in the country. Its Exploration & Production portfolio currently includes nine licenses, of which four are operated. In 2025, the company’s average production in the country was 184,500 barrels of oil equivalent per day. This start-up represents a ramping up of TotalEnergies’ portfolio in Brazil, following the start-up of Mero-4 in May 2025, and ahead of the start-ups of Atapu-2 and Sépia-2 expected in 2029.
“The start-up of Lapa Southwest is another example of our strong track record of efficient delivery on the key projects where we have taken FID in recent years. This enables us to continue high-grading our upstream portfolio,” added José Carlos Vicente Bravo, Executive Director of International E&P at Repsol.
Repsol Sinopec, is a joint venture formed by Repsol (60%) and Sinopec (40%) is today the one of the largest oil and gas exploration and production companies in Brazil with a strong portfolio focused on offshore pre-salt assets, including producing fields such as Albacora Leste, Lapa, and Sapinhoá, and growth projects such as Raia. It was the first private company to participate in the opening of the Brazilian pre-salt exploration market, and has invested significantly in the country over the past decade
Shell, meanwhile, is the second largest oil and gas producer in Brazil after Petrobras, with investments including the Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil for which it took FID last year, as well as the Atapu and Mero pre-salt projects, also in the Santos Basin. Shell is committed to growing its high margin portfolio in Brazil, viewing its assets in the country as among the most competitive in its global portfolio.
ExxonMobil has provided a round up of its 2025 decommissioning activities off Australia’s Bass Strait, as well as plans for 2026.
Andy Hospodar, Senior Project Manager Australia Major Projects at Esso Australia Resources Pty Ltd, summarised the company’s current position in the ExxonMobil Decommissioning Progress Report 2025.
It includes a busy programme ahead for the coming year across key offshore assets.
“Esso is progressing the safe shutdown and decommissioning of the non-producing Bass Strait facilities in consultation with stakeholders,” said Hospodar.
“At the same time, Esso continues to safely operate offshore platforms and subsea facilities that still produce energy for the region.”
Esso Australia Resources owns and operates the following assets in Bass Strait: 421 wells; 19 platforms; six subsea facilities; and more than 800 kilometres of subsea pipeline.
These assets form part of the Gippsland Basin Joint Venture between Esso and Woodside Energy (Bass Strait) Pty Ltd (Woodside Energy) and the Kipper Unit Joint Venture (Esso, Woodside Energy, and Mitsui E&P Australia Pty Ltd).
Building on the momentum of 2024, Hospodar said that during 2025 Esso completed all well abandonments across all GD 817 listed wells, advanced facility preparation across multiple platforms and strengthened regulatory alignment through proactive Safety Case submissions and approvals.
“Decommissioning activities remain on track to meet key milestones,” he noted in the report, highlighting close engagement with official bodies such as the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).
More Safety Cases are expected to be submitted to NOPSEMA in early 2026, he added, including flushing activities and Stasis Mode transition of Fortescue, and a combined MPSV campaign and transition to Stasis Mode for Flounder, Mackerel and Kingfish A.
“Development of the combined Safety Case covering future MPSV campaigns and transition to Stasis Mode for Bream A is [also] ongoing with completion targeted for the first quarter of 2026,” noted Hospodar in the report.
The group’s forward planning timeline for decommissioning actives in the area stretches into the 2030s, with work spread across multiple fields.
KOIL Energy Solutions Inc. has secured a major contract from an international oil company to support an offshore development project in West Africa, reinforcing its role in delivering specialised services for deepwater energy projects
The company will provide load out, transit oversight, installation monitoring and pre-commissioning services as part of the development. The contract covers a comprehensive range of activities, including engineering support, project management, offshore and onshore personnel, as well as specialised rental equipment required for subsea operations.
As part of the project, KOIL Energy will deploy its personnel and equipment to transportation and installation vessels, as well as to quayside locations and offshore production facilities. The work will involve supporting the installation and pre-commissioning of several subsea umbilical systems that will connect to an existing deepwater production field.
Mobilisation for the project is expected to begin during the second half of 2026.
"This contract is a recognition of our company’s capabilities of delivering mission-critical services to deepwater developments internationally," said Erik Wiik, CEO of KOIL Energy. "It is also a testament to our teams’ expertise in testing of advanced deepwater systems and helping customers bring production online efficiently and safely."
KOIL Energy is widely recognised for delivering subsea systems and services that support offshore oil and gas projects throughout their lifecycle. The company’s specialised testing equipment and operational methodologies are designed to help operators accelerate project timelines and move more quickly toward production.
Founded in 1997 and headquartered in Houston, KOIL Energy provides engineering expertise, subsea equipment and technical support services to energy and offshore industry clients worldwide. Its team of engineers and manufacturing specialists focuses on developing solutions for complex subsea challenges while supporting energy projects across global offshore markets.
ASX-listed Bhagwan Marine Limited has stepped up its position to support Australia’s offshore industries, including involvement in the decommissioning effort, with the acquisition of rival firm Riverside Marine.
The Australian marine solutions company announced the acquisition recently, unveiling the transaction terms on a debt-free cash free basis with a normal level of working capital, for an enterprise value of up to US$130mn.
“This significant acquisition represents a step-change in scale and scope for Bhagwan, strengthening the company’s position as a preferred marine solutions partner,” it stated in a release to the ASX.
Founded in Brisbane in 1926 by the Campbell family, Riverside specialises in the management and operation of approximately 30 diverse vessels, including nine owned vessels, across five established brands.
The Riverside group has long-standing clients within the industrial resources, scientific research, transport and logistics sectors.
Riverside is forecasting FY26 revenue of $63mn and EBITDA of US$26mn, the ASX statement added.
Announcing the strategic rationale behind the deal, Bhagwan Marine cited a strong alignment and highly complementary service offerings.
“The acquisition brings together two founder-led businesses with a strong strategic fit, complementary services and a commitment to operational excellence,” a Bhagwan Marine media statement added.
The acquisition also further diversifies Bhagwan Marine’s offer across services, including third-party vessel operations, harbour tugs, sand dredging and commercial ferries, and across commodities, including iron ore, metallurgical coal and industrial sand.
It also boosts geographic spread with an established presence in North Queensland, and additional operations in Mackay and the Pilbara.
Bhagwan Marine added that the deal increases its recurring revenue base from around 40% to around 50%, supported by long-term contracts and high barriers to entry.
The company recently christened its newest vessel, 'Bhagwan Micah' at its Brisbane operational base, which could play a key role in the nation’s decommissioning drive, highlighting that it is purpose-built for the energy transition and critical infrastructure sectors.
