Industry

Aquaterra Energy, a leading provider of intelligently-engineered products and services for well access and offshore developments, has formally aligned with James Fisher and Sons plc (James Fisher). James Fisher, a renowned global provider of specialist marine and energy solutions driving offshore energy forward, joins Aquaterra Energy to form a new strategic global partnership.

The offshore energy sector is currently facing a monumental transitional phase as thousands of legacy structures reach the end of their operational lifecycle.

In response to this escalating industry challenge, Aquaterra Energy, a leading provider of intelligently-engineered products and services for well access and offshore developments, has formally aligned with James Fisher and Sons plc (James Fisher). James Fisher, a renowned global provider of specialist marine and energy solutions driving offshore energy forward, joins Aquaterra Energy to form a new strategic global partnership. This vital collaboration is explicitly designed to streamline offshore decommissioning delivery, presenting a cohesive solution to an increasingly complex operational landscape.

An Integrated Delivery Model

By joining forces, the two organisations aim to provide energy operators with a single, highly integrated route to meticulously plan and execute well abandonment and infrastructure removal programmes. Under this newly established partnership model, the division of expertise is clearly delineated to maximise operational efficiency. Aquaterra Energy is taking the lead on all front-end engineering and well access solutions. Concurrently, James Fisher, operating through its dedicated energy division, is responsible for delivering comprehensive subsea operations alongside offshore execution expertise.

Together, these two industry leaders offer a significantly more coordinated alternative to highly fragmented traditional decommissioning models. Their approach actively connects early-stage planning, detailed engineering, and well access with final offshore execution under a much clearer, unified delivery framework. For operators, this directly translates to fewer handovers between disparate contractors, substantially stronger accountability throughout the project lifecycle, and far greater certainty from initial scope development through to final execution. Importantly, this unified approach still retains the vital flexibility required to adapt seamlessly as specific project requirements inevitably evolve.

Addressing a Massive Global Requirement

The strategic collaboration is set to operate on a truly global scale. The initial operational focus will be heavily directed towards the North Sea, the Asia-Pacific (APAC) region, and the Middle East. These specific regions represent critical markets where a highly significant number of offshore wells and existing infrastructure are currently approaching the stage of permanent abandonment.

The sheer scale of the upcoming decommissioning workload is immense. In the UK Continental Shelf alone, recent reports from the North Sea Transition Authority highlight that there are currently 153 wells sitting past their decommissioning consent deadlines. Furthermore, an estimated £44 billion is still projected to be spent on regional decommissioning efforts. The situation is similarly pressing in Australia, where detailed government modelling estimates that offshore decommissioning liabilities could reach a staggering £48 billion over the course of the next thirty to fifty years. Looking at the global picture, it is anticipated that more than 2,500 offshore structures will ultimately require complete decommissioning by the year 2040. This rapidly growing international workload is the primary catalyst driving the urgent industry demand for much more efficient delivery models.

Leadership Perspectives

Matt Marcantonio, Head of Engineering at Aquaterra Energy, said: “Decommissioning programmes are increasingly moving away from simple, isolated scopes. The next generation of projects will require tight engineering control, early integration and the ability to adapt quickly as conditions change. By aligning our expertise with James Fisher from the outset, we can shape more efficient scopes, prevent downstream redesign and ultimately reduce offshore duration. We see this as a way to give operators the confidence to take on decommissioning programmes that are becoming more technically demanding and commercially pressured, while keeping the agility needed to respond as projects evolve.”

Mark Stephen, Product Line Director - Decommissioning & CFE at James Fisher Energy, commented: “What operators are looking for now is delivery confidence, predictable execution, fewer interfaces and teams who already understand how to work together. By combining our subsea operations capability with Aquaterra Energy’s early engineering and well access expertise, we can remove many of the common friction points that slow projects down offshore. This model gives operators a scalable, field-proven approach that directly supports safer, more efficient execution as global decommissioning activity accelerates.”

Operational Execution and Safety

Moving forward, the partnership will operate strictly on a project-by-project basis. The precise team composition for each undertaking will be meticulously determined by the specific scope of work required. This tailored approach will include the strategic utilisation of cross-trained crews. Doing so will significantly reduce the number of people offshore (POB), which subsequently lowers the overall exposure to operational risk. While operating within this agreed collaborative framework to ensure aligned delivery, each company firmly remains an independent entity. Both partners are already actively engaging with operators regarding upcoming decommissioning opportunities across multiple international regions.

ADNOC aims to play a leading global role in LNG development.(Image source: Adobe Stock)

ADNOC has advanced its global LNG expansion ambitions with the launch of a global LNG marketing and trading platform in Abu Dhabi Global Market (ADGM)

It brings the marketing activities of ADNOC Gas and XRG with the trading capabilities of ADNOC Trading into an integrated commercial platform.

Designed to enhance flexibility and shipping optionality, the move supports ADNOC Gas’ expanding LNG portfolio, including Ruwais LNG, and XRG’s international gas and infrastructure growth, while strengthening customer access globally.

Targeting 47 million tonnes per annum (mtpa) of combined marketable LNG by 2035, the platform will scale up ADNOC and XRG’s capacity to optimise a growing and diverse LNG portfolio and reinforce Abu Dhabi’s position as a global energy trading centre.

The platform is supported by ADNOC’s shipping capabilities. ADNOC Trading’s LNG shipping desk ranked among the top global LNG charterers in both physical and freight derivatives in 2025. ADNOC L&S has expanded its owned LNG fleet to 20 vessels, including 14 modern dual-fuel carriers, supporting growing UAE LNG production and global trade.

His Excellency Dr. Sultan Al Jaber, ADNOC managing director and Group CEO, and XRG Executive chairman, said, “With LNG demand set to grow substantially, the world will need reliable, responsible and trusted suppliers at scale. This world-class, integrated commercial LNG platform brings together the full strength of ADNOC’s marketing, trading and shipping capabilities to create a single global hub in Abu Dhabi. It marks a step-change in scale, flexibility and optionality of our LNG marketing and trading platform and will further position ADNOC to meet the world’s growing demand for energy.”

The initiative comes as ADNOC’s Ruwais LNG project, under development in AI Ruwais Industrial city, is scheduled to start commercial operations in 2028. Comprising two 4.8 mtpa liquefaction trains with a combined capacity of 9.6 mtpa, it will more than double ADNOC Gas’ existing operated LNG production capacity to around 15 mtpa. To date, 90% of the Ruwais LNG project’s 9.6 mtpa production capacity has been committed to international buyers across Asia and Europe through long-term arrangements.

Another such arrangement followed not long after the launch of the new marketing and trading platform, with the signing of a 15-year Sales and Purchase Agreement (SPA) with INPEX CORPORATION (INPEX), Japan’s largest E&P company, for the supply of 1 million tonnes per annum (mtpa) of LNG from the Ruwais LNG project.

The agreement was announced during a visit to Japan, one of ADNOC’s most important markets, by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Executive Chairman of XRG

Nasser Al Muhairi, acting CEO of ADNOC Downstream Industry, Marketing & Trading, and chairman of Ruwais LNG, said, “This SPA with INPEX marks the first long-term LNG agreement announced following the launch of ADNOC and XRG’s integrated global LNG marketing and trading platform, demonstrating how we are bringing more LNG molecules, greater market access and enhanced commercial flexibility to our customers. It builds on ADNOC’s decades-long energy partnership with Japan, advances the commercialization of Ruwais LNG and reinforces strong market confidence in the project. As ADNOC and XRG target 47 mtpa of combined marketable LNG by 2035, Ruwais LNG will be a key source of reliable, flexible and lower-carbon supply for customers in Asia and around the world.”

Also signed during Dr. Sultan Al Jaber's visit to Japan, was a strategic collaboration agreement with Mitsui, which envisages collaboration across multiple strategic areas, including crude oil market development and long-term supply, LNG sales and optimisation, sulfur procurement and logistics, and shipping solutions for LNG, ammonia, sulfur and other commodities.

Image source: Rystad Energy

Oil prices have risen again following reported attacks on vessels transiting the Strait of Hormuz which prompted the USA to launch renewed airstrikes on more than 80 targets in Iran and President Trump to declare the ceasefire over

The US also revoked the sanctions waiver that had allowed limited Iranian oil exports, while missile and drone attacks on military bases in Bahrain and Kuwait have been reported.

Brent crude reached US$78-79/bbl, up more than 5%, reflecting the risk of renewed disruption to oil supply through the Strait. The move highlights how sensitive prices remain to any escalation around the Strait, given its role as a critical transit route for global oil flows, comments Rystad Energy, adding that even if no sustained physical disruption materialises, uncertainty around vessel safety, insurance costs, potential delays, and the risk of further retaliation is likely to keep volatility elevated in the near term.

“The events of the last few days significantly weaken any confidence that the current 60-day truce can still evolve into a permanent peace agreement,” said the energy consultancy.

“Vessel movements have already fallen sharply, and traffic through the Strait will almost certainly remain reduced until the security situation becomes clearer and market participants gain more visibility on whether a diplomatic off-ramp remains available.”

Prior to these events, oil prices had dropped to the lowest level since hostilities began, with Gulf producers ramping up production and exports following the ceasefire agreement and OPEC + countries agreeing an increased production quota for August, leading to the prospect of a well-supplied or even an oversupplied market later in the year. Gulf oil exports in June jumped more than 3 million barrels from May to more than 10 million barrels per day, according to Reuters, ⁠although volume remained 40% below pre-war levels.

Seven OPEC+ countries agreed a further increase in output targets from August, increasing quotas by 188,000 bpd for the fifth consecutive month in continuation of the unwinding of production cuts agreed in 2023.

Jorge Leon, head of Geopolitical Analysis at Rystad Energy said, “Tanker traffic through the Strait of Hormuz has essentially stopped, which tells you more about risk perception right now than any statement from Washington or Tehran.

Brent's climb to its highest level since 19 June shows how quickly the market is pricing in a ceasefire the US president himself says is over.

The real test comes after 9 July, once the mourning period ends and both sides show whether there is still an appetite for a diplomatic off-ramp.”

“Going forward, the latest developments are likely to restore part of the geopolitical premium that had largely unwound in recent weeks, although the broader outlook will depend on whether the conflict escalates further or diplomatic efforts resume,” commented MUFG research.

Samer Hasn, senior market analyst at XS.com said, “The return of rising oil prices comes as the market once again recognises the fragility of the current ceasefire and that the war in the Middle East has not ended, while the risks of oil supply disruptions remain high and the diplomatic path to settlement is still very long.

No breakthrough on the Strait

He added that he failure to achieve a breakthrough regarding the Strait means that the possibility of reaching an agreement on the most vital points, which relate to the Iranian nuclear program, will be much harder.

“Amid this narrative and the absence of a near-term outlook for a comprehensive diplomatic settlement, the risks of a return to the total closure of the Strait, or even the retargeting of vital energy facilities across the region, whether on the Iranian or Gulf side, remain high. This threatens a sudden spike in oil prices. Furthermore, this narrative will keep the OPEC+ decision to increase oil production on paper and unenforceable for now; in this case, the market will remain in a state of supply deficit, keeping prices vulnerable to rise.

“On the other hand, it is not unlikely that we could witness a sudden breakthrough regarding the return of ships and oil tankers crossing the Strait, or even the lifting of restrictions again on Iranian oil exports. This is for a single reason: the United States and President Donald Trump do not have enough time to engage in this war for long, with the midterm elections approaching and the average price of a gallon of gasoline remaining near US$4 per gallon. In this scenario, an OPEC+ hike might prove effective over time, lowering prices more quickly.”

Iraq is working to increase oil production. (Image source: Adobe Stock)

Iraq’s Basra Oil Company (BOC) and Halliburton have signed a five-year integrated management contract for the Bin Omar and Sindbad fields in the Basra region, according to a Ministry of Oil Statement

Oil Minister Bassem Mohammed Khudair Al-Abadi said at the signing ceremony that the contract comes in the context of the ministry’s plans and strategy to increase oil and gas production.

The Minister indicated that over the five years, crude oil production in the Ben Omar field will be increased to 150,000 barrels per day, in addition to the production of 300 million standard cubic feet per day of associated gas. He added that production rates in the Sindbad field will be developed to reach 80,000 to 100,000 barrels per day, and the associated gas capacity will be increased from 240 to 260 million standard cubic feet per day, which will provide a flexible supply of gas to the country’s power sector, which currently relies heavily on imported gas.

The Minister affirmed that the Ministry is proceeding with signing contracts with major international companies, especially American companies, and that it will provide support and remove obstacles to “achieve the goals and the public interest”, noting the longstanding involvement of Halliburton in Iraq, where it has been working since 2003.

According to Reuters, Iraq’s Cabinet has approved the Basra Oil Company (BOC), to sign a heads of agreement (HoA) and a non-disclosure agreement (NDA) with a consortium comprising US-based Capital TI and Chevron, alongside Qatar’s UCC, to study strategic oil export pipeline projects. Under the agreements, the consortium will conduct technical and financial feasibility studies for proposed pipeline routes aimed at enhancing Iraq’s crude export infrastructure. The routes under evaluation include the Basra–Haditha–Kirkuk–Ceyhan corridor, which would connect southern Iraq to Turkey’s Mediterranean port of Ceyhan, and the Basra–Haditha–Baniyas route, linking Basra to Syria’s Mediterranean port of Baniyas.

The Cabinet has also authorised Basra Oil Company to sign a consultancy services contract with US engineering firm KBR for the proposed Basra–Haditha oil pipeline project, supporting the technical development of the planned export route.

The proposed pipelines are part of Iraq’s efforts to diversify its crude oil export routes and reduce reliance on the country’s southern export terminals and the Strait of Hormuz.

Iraq, OPEC’s second largest producer, has a sustainable capacity of 4.9mn bpd and is reported to have ambitions to raise production to 7mn bpd. Under economic pressure due to the suspension of oil exports through the Strait of Hormuz during the recent hostilities, and with the oil and gas sector still accounting for 53% of GDP, 88% of revenues and 91% of exports according to the World Bank, Iraq is reported to be lobbying for an increase in its OPEC quota, currently standing at 4.3mn bpd. Major development and rehabilitation of oilfields is underway with the participation of international oil companies; last year ExxonMobil signed an agreement with the Iraq government to develop the supergiant Majnoon oilfield, bp signed an agreement for the redevelopment of oilfields at Kirkuk, and Chevron is looking to take over from Lukoil as operator of the West Qurna Field.