JERA has strengthened its indirect participation in the Chevron-operated Wheatstone LNG project by acquiring all shares held by Japan Organization for Metals and Energy Security (JOGMEC) in Pan Pacific Energy (PEJ), the company through which the Japanese heavyweight holds its interests in this Australian LNG project with other shareholders, Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK Line).

With the completion of the transaction done on October 2, 2026, JERA’s ownership interest in PEJ has increased to 50.1%, strengthening its position in the Wheatstone LNG project. The interests held by PE Wheatstone (PEW), a subsidiary of PEJ, remain unchanged at 10% in the upstream gas field development and 8% in the LNG liquefaction project.

The Wheatstone LNG project processes and liquefies natural gas produced from offshore gas fields off the coast of Western Australia at the Ashburton North facility. Since starting production in 2017, the project has contributed to the stable supply of LNG to Japan.

Australia remains strategically important to JERA as a trusted and reliable supplier of LNG, as the company procures approximately 5.2 million tonnes of LNG annually from the project, making it one of the firm’s key LNG supply sources.

The Japanese firm intends to continue to maintain a strong presence in key Australian LNG projects while building a diversified LNG portfolio through balanced procurement from the Asia-Pacific region, the Middle East, the United States, and other sources.

Irtiza Sayyed, JERA’s Senior Managing Executive Officer and JERA Global Energy Solutions CEO, commented: “Reliable LNG supply is fundamental to energy security.

“This acquisition supports our strategy of securing stable and competitive LNG supply and will help meet Japan’s energy needs and contribute to energy security across the Asia-Pacific region for years to come.”

BW Energy has entered into a $208 million project-level lease financing for the Akoum wellhead platform to be installed on the Bourdon field offshore Gabon and signed an 18-month extension to the $250 million corporate revolving credit facility (RCF). These agreements further strengthen the financing platform as the firm executes its long-term growth strategy.

Thomas Young, CFO of BW Energy, commented: “The Bourdon development is a great example of what our business model can deliver. Fourteen months from discovery to FID, and now the full infrastructure cost financed long term at an attractive cost of capital, without upfront equity. Extending the RCF adds further flexibility as we grow towards more than 100,000 barrels per day.”

Following a final investment decision (FID) on the Bourdon development in the BW Energy-operated Dussafu license in May, conversion of the Akoum rig, formerly Jasmine Alpha, into a 12-slot wellhead platform is said to be progressing to plan. The unit will provide capacity for future planned development phases in the area, with first oil targeted in the first quarter of 2028

The Oslo-listed company highlights that the twelve-year lease with Minsheng Financial Leasing (MSFL) replaces the previously announced short-term financing, covering 100% of the platform’s capital expenditure, and has a firm term of eight years, with an option to extend by a further four years.

Lease costs are shared by the Dussafu license partners in line with their participating interests, with BW Energy’s share at 73.5%. The firm points out that the ownership of the platform passes to the license at the end of the lease.

The offshore operator has exercised an option to extend the tenor of the RCF with DNB Bank by a further 18 months with the new maturity in August 2028 on the same terms, providing enhanced financial flexibility in support of ongoing field development activities and general corporate purposes

Singapore’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson, has locked in a $1.458 billion senior secured notes offering, setting a new benchmark for the floating production, storage, and offloading (FPSO) sector.

The pricing of $1.458 billion in 144A/RegS senior secured notes by Yinson Azalea Production marks the industry’s first-ever FPSO project bond issued outside of Brazil, broadening the global infrastructure asset class for institutional investors as the company refinances its FPSO Agogo, which is leased to Azule Energy and operates in block 15/06 offshore Angola under a 15-year firm, plus extension options for up to five years, bareboat charter.

Markus Wenker, Yinson Production’s Chief Financial Officer, commented: “We are very pleased with the strong support from institutional investors for this offering, which is our third FPSO project bond in three years and sets a new benchmark as the largest FPSO project bond to date.

“It also represents an important milestone for the asset class as a whole, as this is the first FPSO project bond outside Brazil, broadening and diversifying the investable universe for investors seeking exposure to infrastructure assets backed by highly visible cash flows and strong counterparties.”

Yinson Production explains that the notes are fully amortizing with a scheduled maturity of 13.3 years and were priced at 98.164% of their principal amount with a fixed coupon of 6.517% p.a., payable semi-annually.

The proceeds from the transaction will be used to, amongst other things, refinance the existing outstanding debt related to the FPSO, fund reserve accounts as required under the new bond issue, unless funded by a reserve account facility, pay for transaction-related fees and expenses, and for equity distributions from excess proceeds.

The notes are expected to settle on October 21, 2026, and an application has been made for the admission to trading on the London Stock Exchange’s International Securities Market with Bloomberg ticker symbol YPAGAO.

Fitch and Moody’s have assigned expected credit ratings of BBB+ and Baa2, respectively, to the notes, reflecting the strong credit fundamentals of the FPSO Agogo, its strategic importance to the charterer, and the critical role of FPSOs in the offshore oil and gas value chain more broadly.

“The transaction demonstrates the availability of long-term capital to the FPSO industry, reinforces the merits of the lease-and-operate model, and further strengthens Yinson Production’s capital structure,” added Wenker.

The previous mega-scale FPSO project bonds, including Yinson Production’s own prior issuances, such as the one for the FPSO Maria Quitéria, were tied to assets operating in Brazilian waters, while the FPSO Agogo operates offshore Angola, making this a geographic milestone for the asset class.

Wenker emphasized: “Beyond the size of the transaction, what really makes this one stand out is that it is the first FPSO project bond outside Brazil, broadening and diversifying the investable universe for investors seeking exposure to FPSOs in the public markets.”

The acquisition of the FPSO OSX-1 was announced in August 2026, a move that secured the second unit for use in the accelerated development of the Central Development Area at the Navitas Petroleum-operated Sea Lion oil project.

Rockhopper has now confirmed its entrance into an agreement to acquire its 35% pro rata participating interest in this FPSO. The firm has agreed to subscribe for $44 million of ordinary shares in a newly incorporated special purpose vehicle (SPV) that owns the unit.

The company emphasizes that the subscription will be funded from its existing cash resources. The amount reflects the UK firm’s 35% share of the previously disclosed aggregate acquisition cost of the FPSO, estimated at approximately $125 million.

The European player elaborated: “The SPV is a newly incorporated private company whose sole asset is the OSX-1 FPSO, and it has no material trading history or other business activities.

“Rockhopper is expected to incur net holding costs, attributable to Rockhopper’s 35 per cent pro rata participating interest, of approximately $1.4 million per annum.”

This comes shortly after Navitas shed light on Sea Lion contractor replacements and ongoing Falklands oil development progress following Argentine sanction threats, as illustrated in the recent speech delivered by Javier Milei, President of Argentina.

Following a final investment decision (FID), the project’s post-FID funding requirement is $1.8 billion through to first oil, but the total requirement to project completion is estimated at $2.1 billion.

The first two development phases are expected to use the FPSO Aoka Mizu, which will have a production capacity of 55,000 barrels of oil per day (bopd).

Based on the existing schedule, the drilling works are slated to begin in early 2027, with first oil from Phase 1 slated for H1 2028. The FPSO OSX-1 will increase production capacity by a further 125,000 barrels of oil per day

 

UK-headquartered Ithaca Energy, an oil and gas operator and producer, has set the stage to move beyond the North Sea to expand its footprint into the North Atlantic through a multimillion-dollar cash agreement to snap up Suncor Energy’s Canadian offshore oil assets, making its first international splash and adding high-margin barrels and a new springboard for North American growth.

Ithaca Energy has announced a deal to acquire Suncor’s conventional offshore East Coast oil assets for upfront cash consideration of $860 million, alongside potential oil price-related contingent consideration of up to $250 million based on a sharing factor of 50%, subject to customary adjustments based on an economic effective date of July 1, 2026.

The company expects to fully finance the transaction through cash in hand, utilization of its borrowing base facility, and secured in-country financing. The additional $250 million of contingent consideration is linked to Brent crude oil prices over a 27-month period commencing July 1, 2026, which would be funded from Ithaca Energy’s free cash flow.

This move will diversify and enrich the UK operator’s portfolio by adding a 48% operated working interest in Terra Nova, a 40% non-operated interest in the White Rose Existing Lands, and a 38.6% non-operated interest in the White Rose Growth Lands, including the West White Rose Extension, collectively known as White Rose assets in Canadian waters.

While Terra Nova is a producing, operated shallow-water oil asset supported by a recently completed floating production, storage, and offloading (FPSO) asset life extension project, White Rose, which is operated by Cenovus Energy, has high margins with substantial near-term production growth expected from West White Rose, where first production is anticipated in Q4 2026.The Terra Nova oil field is situated on the Grand Banks, 350 kilometers southeast of St. John’s, Newfoundland and Labrador. The field started production in 2002, using the FPSO Terra Nova.

Yaniv Friedman, Executive Chairman of Ithaca Energy, commented: “This acquisition marks the next era of growth for Ithaca Energy as we make our inaugural international acquisition in offshore East Coast Canada.

“The transaction delivers on our clear stated growth strategy as we seek to diversify and grow our production and resource base and replicate our success in the United Kingdom Continental Shelf (UKCS) through disciplined international expansion in regions we believe we can create long-term value for our shareholders.”

With this acquisition, Ithaca Energy builds scale and diversification over two key operating hubs, with incremental average 2P production of around 30,000 barrels of oil equivalent per day (boe/d) between 2027 and 2031, with peak 2P production of 35-40,000 boe/d in 2029, supporting its medium-term growth outlook of 140-150,000 boe/d.

The transaction, which is expected to be immediately cash flow and dividend accretive, positions the company as the fifth largest operator offshore Canada by production, establishing a strong platform in the region for further inorganic growth in North America, with focus on adding premium northern-OECD barrels.

Ithaca’s acquisition of these long-life assets will add 2P reserves of 103 million boe at approximately $8/boe, with substantial additional remaining resource volumes of around 200 million boe providing further investment optionality with significant resources advancing toward the final investment decision (FID) phase, offering material organic growth optionality.

The completion of the acquisition is targeted for H1 2027, subject to satisfaction of customary closing conditions, including applicable regulatory and government approvals in Canada

 

With declining reservoir pressures in mind and a desire to bolster regional energy security, Singapore’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson, and Italy’s energy giant Eni have decided to embark on a high-stakes topside modification project to supercharge the gas export capacity of a floating production, storage, and offloading (FPSO) vessel operating off the coast of Ghana.

Yinson Production has signed a contract amendment with Eni for a major Non-Associated Gas (NAG) modification project on the FPSO John Agyekum Kufuor (JAK) offshore Ghana, enabling the firm’s lease period for the FPSO JAK to be extended by four years to run until 2036.

The Singapore-based player will undertake the topside modification works to substantially expand the gas handling and processing capabilities of the FPSO JAK, reinforcing domestic gas supply and supporting the African country’s regional energy security.

Following completion of the modification works, the contract amendment will generate an incremental day rate through 2036, which together with the four-year extension to the contract increases Yinson Production’s firm contract backlog by approximately $600 million.

The primary objective of the NAG modification project is to install gas compression to address expected decreasing reservoir pressures and increase the vessel’s gas export capacity from approximately 210–220 million standard cubic feet per day (scf/d) to 355 million scf/d.

The modification project, expected to be completed by Q1 2028, will involve the fabrication and integration of two key topside modules designed to expand the FPSO JAK’s gas-handling capacity, which include the MG2 module, equipped with two gas turbine-driven compressors, and the MC4 module, an auxiliary gas treatment module designed to manage higher gas volumes.

Flemming Guiducci Grønnegaard, Yinson Production’s Chief Executive Officer (CEO), commented: “The signing of this contract amendment for the NAG Modification Project on FPSO John Agyekum Kufuor marks a milestone in our partnership with Eni, our joint venture partners, and in Ghana’s energy sector.

“By increasing gas export capacity, we are strengthening reliable offshore energy infrastructure, supporting Ghana’s domestic energy needs, and helping extend the field’s economic life.”

Decades of false starts and nearly two years of behind-the-scenes commercial maneuvering seem to be bearing fruit, as a giant liquefied natural gas (LNG) project in Alaska is one step closer to putting shovels in the ground following a newly disclosed $50 billion capital commitment from South Korean partners to fast-track the North Slope gas pipeline.

Glenfarne Alaska LNG, a subsidiary of Glenfarne Group, has welcomed President Donald J. Trump’s announcement of a $50 billion-plus investment from South Korea for the Alaska LNG project, as it enables the long-sought development to clear a major hurdle, pushing the multibillion-dollar pipeline and export facility to the brink of construction.

Brendan Duval, CEO and Founder of Glenfarne, who joined President Trump in the Oval Office for the announcement, commented: “We came to Alaska to build this project, and every decision we make starts with what will move us closer to delivering affordable, reliable gas and long-term economic benefits for Alaskans.

 “Today’s announcement brings together the capital needed to accelerate Alaska LNG to a final investment decision and construction. We are ready to deliver on the opportunity Alaska LNG represents for Alaska and the United States.”

This investment represents a major financing milestone for Alaska LNG, providing the foundation to advance the project toward final investment decision (FID) and construction. Glenfarne will work with the U.S. and Korean governments to finalize the investment structure and complete the remaining steps required to reach FID.

This financial achievement builds on 18 months of work the firm has done to advance the project since becoming lead developer in March 2025, which saw the firm secure agreements spanning LNG sales, North Slope gas supply, domestic Alaska gas supply, labor, engineering, pipeline construction, equipment and materials, and strategic investment and partnerships.

As a result, commercial agreements now represent 13 million tonnes per annum (mtpa) of the 16 million tonnes per annum Glenfarne is targeting to support final investment decision. Alaska LNG consists of an 807-mile, 42-inch pipeline to deliver natural gas from Alaska’s North Slope to meet the country’s domestic needs, a North Slope gas treatment plant, and a 20 mtpa LNG terminal in Nikiski, Alaska.

Adam Prestidge, President of Glenfarne Alaska LNG, commented: “For Alaskans, this is about getting to the point where we can put people to work and start building. Glenfarne has spent the past 18 months building the commercial, engineering, workforce and construction foundation for this project.

“This investment gives us the scale of capital needed, and we will keep working to make sure Alaska captures the jobs, economic opportunity and long-term value this project can create.”

Glenfarne owns 75% of Alaska LNG and the State of Alaska, through the Alaska Gasline Development Corporation, holds the remaining 25%.

Singapore-based offshore and marine engineering company Seatrium has expanded its collaboration with Karpowership, Türkiye’s floating power solutions provider and owner and operator of powerships, enabling it to be in charge of another floating storage regasification unit (FSRU) conversion project.

Seatrium has been hired for Karpowership’s ninth FSRU conversion project, LNGT Akdeniz, which will form part of the liquefied natural gas (LNG) fleet of Kinetics, a Karpowership energy transition initiative. The award follows the delivery of seven FSRUs since 2018 and the ongoing conversion of LNGT Karadeniz, the partnership’s eighth FSRU project after the recent naming and sail-away of LNGT Türkiye.

The LNGT Akdeniz project involves the conversion of an LNG carrier into an FSRU, with work scheduled to begin in the first quarter of 2027. Seatrium’s scope entails the engineering, conversion, integration, installation, and commissioning of regasification equipment and associated systems. Upon completion, the unit will enhance LNG import and regasification capabilities in its target market, supporting energy security and a reliable supply of cleaner energy.

Gokhan Kocak, Chief Technical Operations Officer at Karpowership, commented: “The successful delivery of LNGT Türkiye and the award of LNGT Akdeniz are important milestones in the continued growth of Karpowership’s LNG-to-Power business. Together, these FSRUs strengthen our ability to provide reliable and flexible energy solutions to markets where energy security is critical.Seatrium has been a key enabler of this journey, consistently delivering high-quality FSRU conversions that support our operational requirements and longterm growth plans. As global demand for flexible energy infrastructure continues to grow, we look forward to advancing our ongoing projects and exploring new opportunities together

Following the award of LNGT Karadeniz, LNGT Akdeniz is the second project to materialize under the previously announced letter of intent (LOI) between the two companies. Apart from three FSRU conversions, the LOI had also provided for the potential integration of up to six new-generation Powerships, creating opportunities for both firms to support evolving global energy needs through integrated floating energy solutions.

Alvin Gan, Executive Vice President of Repairs and Upgrades at Seatrium, said: “What began as a bold vision in 2018 has evolved into a strong and enduring partnership built on trust, shared success and a commitment to excellence. The award of LNGT Akdeniz, our ninth FSRU project with Karpowership and the second unit in Karpowership’s next-generation FSRU series, is a testament to the strength of this collaboration and further reinforces Seatrium’s position as a global leader in floating LNG infrastructure solutions.

“Featuring a regasification capacity of up to 600 MMscfd, LNGT Akdeniz will play a vital role in supporting reliable and flexible energy supply. We are grateful to Karpowership for its continued trust and confidence in Seatrium, and we look forward to building on this successful partnership to deliver innovative energy solutions for the future.”

While Seatrium has a track record of 22 FSRU and FSU conversion projects completed since 2007, Karpowership operates the world’s only Powership fleet, comprising 45 vessels, and Kinetics will expand its LNG fleet to 12 vessels with the addition of LNGT Akdeniz.