Offshore energy developments accelerated rapidly during the final weeks leading up to Christmas 2025, with high-profile acquisitions, discoveries, and contract awards underscoring its resilience and strategic significance.
Harbour Energy Completes Acquisition of LLOG for $3.2 Billion Entry Into U.S. Gulf
Harbour Energy announced its intent to acquire deepwater operator LLOG for $3.2 billion, signalling their entry into the U.S. Gulf of Mexico region and strengthening their position within one of the world's most prolific deepwater provinces. The deal brings long-life oil-weighted offshore assets with long life ahead to Harbour's portfolio while further cementing Harbours position there.
This transaction, announced on December 22, reflects ongoing consolidation in the offshore sector as operators seek to bolster reserves amid volatile markets. LLOG assets should provide Harbour with immediate production benefits and long-term development prospects.
Shell and INEOS Unlock First Oil Discovery in Gulf of America Norphlet Play
Shell and INEOS Energy announced on December 22 their first Gulf of America oil discovery - high-grade crude was discovered at the Shell-operated Nashville well in Norphlet play's deepwater Norphlet play, signifying its potential. This historic event marks another step in developing this frontier area.
Discovered through partnerships evaluating commercial viability and appraisal drilling, this discovery may open new frontiers of exploration in the region.
CNOOC Commences Production at Xijiang 24 Offshore Project
CNOOC announced on August 14 the beginning of production at their Xijiang 24 offshore oil project located in Pearl River Mouth basin. Aiming for peak output of 18,000 barrels of oil equivalent per day by 2026, they aim to boost Chinas domestic energy supply.
CNOOC's commitment to maturing marginal fields through advanced recovery techniques is clearly demonstrated with this achievement.
TechnipFMC Awarded Subsea Contract by Eni Coral North FLNG
TechnipFMC announced on December 19 that it has secured an expansive subsea EPCI contract from Eni for their Coral North FLNG project off Mozambique, covering flowlines, risers, manifolds and umbilicals in ultra-deepwater environments.
TechnipFMC's award positions them at the forefront of Mozambiques expanding LNG export hub, with execution set to support Enis' ambitious Rovuma basin expansion plans.
Subsea7 Awarded Chevron Gorgon Stage 3 Contract Offshore Australia
Subsea7 recently won an impressive subsea installation contract from Chevron Australia for their Gorgon Stage 3 project off Western Australia, including engineering, fabrication and deepwater installation activities with offshore operations scheduled to commence by 2028 according to reports released December 16. The contract includes engineering, fabrication and deepwater installation activities planned to commence offshore by 2028 as reported on December 16.
Subsea7s involvement in one of the world's largest resource projects will further cement Australias place as a key LNG producer and extend their track record in managing complex marine environments.
Caribbean Offshore Boom Drives as Logistics Investments
As offshore oil and gas activity expands across the Caribbean, investments in shore bases and specialized ports are becoming critical to project execution. From Guyana and Trinidad to Suriname, logistics hubs are shaping timelines, costs, and operational reliability for deepwater developments according to an analysis published December 23.
Guyanas rapid development under ExxonMobils leadership demonstrates how integral supply chains are essential to maintaining offshore momentum in the region.
OMV Petrom and NewMed Prepare for Black Sea Drilling
OMV Petrom and NewMed Energy announced on December 20, 2017, their plan to drill two offshore wells at Bulgarias Han Asparuh block in the Black Sea; first drilling is anticipated before year's end. This development signals renewed exploration interest in Southeast Europe's offshore gas potential.
Europe is currently pushing hard for energy security, and this campaign could unlock additional resources to secure its energy needs.
Ukraine Aims at Lukoil Platform in Caspian Sea
Ukraine claims it hit an offshore drilling platform belonging to Lukoil in the Caspian Sea on December 20, as part of its campaign targeting Russian energy infrastructure tied to wartime revenue streams.
This incident highlights the increasing geopolitical risks for offshore assets in contested waters.
ADNOC Secures $11 Billion Financing for Hail and Ghasha Gas Projects
Abu Dhabi National Oil Company recently secured $11 billion financing tied to future production from their Hail and Ghasha offshore gas projects, part of a long-term goal to increase gas output and reach self-sufficiency within decades.