Global energy companies are ramping up investments in conventional oil and gas projects to guarantee supply security, even as the UK government maintains its opposition to domestic North Sea production expansion and high tax rates. While Westminster weighs modest field approvals, international operators are accelerating activity across the Americas, Africa, and the Middle East to satisfy growing global demand.
International Investment Shifts Away From UK to Global Markets
Energy security remains paramount for industrial economies, driving capital into conventional resources abroad rather than waiting on domestic policy shifts. BP SVP of gas and power international Elaine Skinner Reid stated on September 30, 2026, that price matters, but energy security and supply take precedence for keeping businesses running. Major engineering firms point to extensive activity in United States liquefied natural gas terminals, Middle East brownfield sites, and offshore tiebacks as operators look to sweat existing assets.
Offshore and LNG Expansions Across the Americas
Expro secured a multi-product line contract for a life-extension campaign offshore Newfoundland, Canada, with work slated for early 2027. In Guyana, production is on track to reach 1 million barrels per day by the end of 2026, accompanied by a shift toward gas resources such as the Longtail development for onshore power. Meanwhile, Shell completed the sale of its 50% stake in the Na Kika platform and related Gulf of Mexico assets to Talos Energy and Ridgewood Energy for approximately $840 million in cash, retaining royalty interests on new tiebacks.
African and Middle Eastern Upstream Developments
African projects are advancing to feed domestic and export infrastructure, anchored by TotalEnergies taking final investment decision on the Ima gas field offshore Nigeria to supply the new Train 7 plant. In North Africa, Predator Oil & Gas commenced drilling the MOU-6 well in Morocco. In the Middle East, SLB secured four integrated well construction contracts from Aramco in Saudi Arabia to deliver more than 450 wells over three years, alongside a major contract for OQ Exploration and Production on the Bisat-B facility in Oman.
Frequently Asked Questions About Global Oil and Gas Projects
Why are energy companies prioritizing international markets over the UK?
Westminster’s opposition to North Sea production expansion, combined with high tax rates and societal opposition, has challenged domestic resources, prompting firms to direct capital toward more welcoming global jurisdictions.
What major asset sales have recently occurred in the Gulf of Mexico?
Shell completed the sale of its 50% stake in the Na Kika platform and related Gulf of Mexico assets to Talos Energy and Ridgewood Energy for approximately $840 million in cash.
Which company won the well construction contracts from Aramco in Saudi Arabia?
SLB signed four integrated well construction contracts with Aramco to deliver over 450 wells across a three-year period.
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