The offshore oil and gas updates September 2025 highlight a dynamic period for the global industry. Rig contracts are being extended, governments are opening new bid rounds, and frontier exploration is gaining momentum. From Qatar to Uruguay, here’s a comprehensive look at the latest developments shaping upstream oil and gas.
Rig Contracts and Extensions
Borgland Dolphin LOI Signed
Dolphin Drilling has secured a Letter of Intent (LOI) for the Borgland Dolphin semi-submersible rig. The potential contract, valued at around USD 58 million, is expected to start in late 2026, covering mobilisation and demobilisation activities. This strengthens Dolphin’s North Sea presence and showcases rising demand for semi-submersibles.
Aquamarine Driller Qatar Extension
ADES Holding’s Aquamarine Driller has bagged a 4-year extension from QatarEnergy, with optional extensions of up to three years. The firm contract is worth USD 215 million, highlighting Qatar’s long-term drilling strategy as it ramps up LNG production capacity.
Well-Safe Guardian UK Deal
Well-Safe Guardian has been awarded a 180-day contract with an option for an additional 180 days. Operations will begin in March 2026 in UK waters, focusing on decommissioning and plug & abandonment (P&A) work—a growing segment in the UK Continental Shelf.
Exploration and Licensing
United Granted Jamaican Beach Licence
United Oil & Gas has received a Beach Licence to conduct surveys in the Walton Morant Basin, Jamaica. This includes piston core sampling and geochemical analysis to de-risk offshore prospects. With the licence extended until 2028, Jamaica is positioning itself as an emerging frontier basin.
India Prepares First Deepwater Bid Round
India is gearing up to launch its first-ever deepwater exploration bid round under the National Deepwater Exploration Mission. This initiative aims to cut import dependency and attract global exploration majors to invest in the Bay of Bengal and Arabian Sea basins.
Shell Signs Angola Block 33 MoU
At the Angola Oil & Gas Conference 2025, Shell, Chevron, and Sonangol signed an MoU for Block 33/24 in the Lower Congo Basin. With six exploration wells already drilled and over 4,000 km² of 3D seismic data available, the block is one of the most promising ultra-deepwater plays in West Africa.
Other Offshore Oil and Gas Updates September 2025
- Buchan Partnership Nears FID – The Buchan redevelopment project in the UK is close to reaching Final Investment Decision (FID), pending further clarity from the UK government on taxation and regulatory frameworks.
- Norwegian APA Round – Over 20 companies have applied for new acreage in the latest Norwegian APA licensing round, reaffirming Norway’s attractiveness for exploration investment.
- Noble Globetrotter I – Noble’s drillship Globetrotter I is mobilising towards Malta, signaling upcoming Mediterranean drilling campaigns.
- Chevron Uruguay Seismic – Chevron is set to commence seismic acquisition in Uruguay during Q4 2025, potentially opening a new deepwater exploration frontier in South America.
Key Takeaways
- Long-term rig contracts are expanding in Qatar and the UK, providing offshore stability.
- India and Angola are strengthening their positions as global deepwater hubs.
- Frontier basins in Jamaica and Uruguay are gaining traction among independents and supermajors.
- Norway and the UK continue to attract strong interest despite regulatory and fiscal uncertainty.
