Equinor reported USD 11.48 billion of adjusted operating income for the second quarter of 2026 and 3% year-on-year equity production growth. Offshore portfolio milestones included contract awards for an initial wave of Norwegian continental shelf tie-backs, final investment decision for Greater PAJ offshore Angola, and production start-up at Eirin and Symra. Dogger Bank B also contributed to an 11% increase in renewable generation.
Equinor, Petoro, Shell, TotalEnergies and ConocoPhillips are investing more than NOK 4 billion in the TWIN subsea development at Norway's Troll field. The third step of Troll phase 3 will comprise two wells in a subsea template, a pipeline and extensions to the existing umbilical and MEG line. Production is targeted as early as 2028, with the project expected to recover approximately 11 billion standard cubic metres of gas.
Petrobras has completed its acquisition of an interest in Bloco 3 and assumed operatorship of the offshore exploration block in São Tomé e Príncipe. Petrobras now holds 75%, alongside Oranto with 15% and the Agência Nacional do Petróleo de São Tomé e Príncipe with 10%.
ExxonMobil Guyana Limited has awarded SBM Offshore FEED contracts for an FPSO serving the Longtail development in Guyana. The award releases initial funding for FEED and allocation of SBM Offshore’s ninth new-build Multi-Purpose Floater hull. Subject to government, investment and project approvals, SBM Offshore would construct and install the unit, transfer it to the client before operations and subsequently operate it under an integrated operations and maintenance model.
Petrobras and Finep have launched a R$30 million call for research, development and innovation proposals focused on biorefining. The selected work will investigate biotechnology-based conversion of residual feedstocks into competitive low-carbon products, including biofuels for maritime, aviation and road transport. The call forms part of a five-year Petrobras–Finep partnership that could invest up to R$120 million in a biorefining technology ecosystem.
Petrobras and Petróleos Mexicanos (PEMEX) signed a two-year memorandum of understanding to assess potential joint hydrocarbon projects and exchange technical expertise. The E&P scope includes mature-field revitalization, seismic reprocessing, and exploration and development opportunities in deepwater and ultra-deepwater areas, including the Gulf of Mexico. The agreement is renewable but does not commit either company to invest or establish a partnership, consortium or joint venture; any resulting projects will require separate negotiations, feasibility work and approvals.
BW Offshore has completed the Interim Performance Test for the BW Opal FPSO as part of commissioning for Santos’ Barossa LNG project offshore northern Australia. The test demonstrated integrated operation and stable performance of key production, processing and utility systems. Gas production and export have continued since production restarted in early May, while remaining commissioning work is being completed ahead of Practical Completion and commencement of the FPSO’s long-term firm contract period.
BW Offshore and the Catcher field partners have amended the BW Catcher FPSO contract to establish a defined end-of-term framework of December 31, 2030, subject to a six-month adjustment either way. Effective February 1, 2026, the revised terms are expected to add approximately $490 million to BW Offshore’s firm operating cash-flow backlog and replace the previous series of unilateral one-year extension options. The clearer expiry window allows BW Offshore to begin marketing the harsh-environment FPSO for redeployment after its Catcher assignment.
BW Offshore reported 2025 revenue of $509.5 million, EBITDA of $240.1 million and net profit of $134.2 million, supported by 99.7% commercial uptime and contracted operating cash flow backlog of $2.2 billion. The year’s principal asset milestone was first gas from BW Opal at the Barossa field on September 20, 2025, with practical completion and the start of its 15-year firm contract expected in the second quarter of 2026. BW Offshore also sold BW Pioneer for $125 million while retaining a five-year O&M role, transferred BW Adolo operations to BW Energy, acquired BW Hurra as a redeployment candidate and advanced Equinor’s Bay du Nord FPSO opportunity toward engineering work in 2026.
BW Offshore has signed a front-end engineering and design agreement with Equinor for the proposed Bay du Nord FPSO offshore Newfoundland and Labrador. Scheduled to continue through the end of 2026, the work will mature the vessel design, execution plan, delivery schedule and commercial structure ahead of a firm offer and a potential final investment decision in 2027. Major subcontractor and vendor selection will also progress during FEED.
