10 projects to watch: oil and gas projects approaching final investment decision in 2025

Canada, Off Pearse Island

US$8bn Ksi Lisims LNG Ksi Lisims FLNG Export Terminal

This 12mtpa floating LNG plant in British Columbia is moving forward with more than US$150m in private equity funding. Project partner Western LNG secured the investment led by Blackstone Energy Transition Partners. The funding will support final development and front-end engineering, with FID expected later this year.

Norway, North Sea

US$1bn Equinor Fram South Cluster Development

Fram Sør is 10–30km north of the Equinor-operated Troll C platform, 70km north-west of Bergen. It will be a subsea tie-back in the Fram licence tied back to Troll C. In January, Subsea 7 secured a front-end engineering design study contract, with an option to execute engineering, procurement, construction and installation. FID is expected in H2 2025.

Guyana, Stabroek Block

US$7bn ExxonMobil Hammerhead Oil Field

Hammerhead is ExxonMobil’s seventh field development project on the Stabroek Block, featuring a 120,000–180,000bbl/d floating production storage and offloading unit converted from a very large crude carrier. First oil is planned for Q3 2029, and FID is expected in the second half of 2025.

Mozambique, Rovuma Basin

US$7bn Mozambique Rovuma Venture Coral Norte FLNG Export Terminal

The 3.6Mtpa Coral Norte floating LNG development is located in water depths of 2,000 metres. In October 2024, project partner Eni announced that it had secured more financing than initially required to advance the project, bringing it closer to an FID, which could happen in the first half of 2025.

Indonesia, Kutei Basin

US$14.8bn Eni Indonesia Deepwater Development

Eni’s project consists of four deepwater fields: Gendalo and Gandang in the Ganal concession, and Bangka and Gehem in the Rapak concession. It is expected to reach FID in Q1 2025. A tendering exercise has begun for topside modification services for the Gendalo-Gandang floating production unit.

US, Gulf of Mexico

US$5bn BP Tiber Offshore Oil Field

BP plans to develop the Tiber field using a semi-submersible floating production unit, which is expected to be an enhanced version of the unit being built for the Kaskida field. With an estimated 4–6bn barrels in place, the field could begin production by 2030. FID is expected in Q2 or Q3 of 2025.

Brazil, Santos Basin

US$3bn Shell Gato do Mato

Shell’s plans for this ultra-deepwater field development include installing a mid-sized floating production storage and offloading unit capable of producing 120,000Boe/d of crude oil and natural gas. The FID is expected between March and April 2025; if it is positive, the project could be operational by the end of the decade.

Nigeria, SW Niger Delta

US$750m TotalEnergies Ima Gas Field

The field holds reserves of up to 1.6tn cubic feet of gas and will be developed via four wells with a pipeline to shore. The gas from the field will be used as feedstock for Total’s Bonny LNG project. In December 2024, TotalEnergies confirmed that it is committed to reaching an FID on the project during 2025.

Papua New Guinea, Gulf Province

US$9bn TotalEnergies Elk-Antelope LNG Liquefaction Project

The project features four electric LNG trains with 6Mtpa total capacity. Gas will be transported to Caution Bay via a pipeline. Worley has completed front-end engineering design work, with engineering, procurement and construction offers due by June 2025. FID is set for Q4 2025, first production for 2028.

One to watch

Belgium, Antwerp

US$1.66bn Vioneo Antwerp Polyolefins Complex

Vioneo is developing a polyolefins complex in Antwerp, Belgium, with an annual production capacity of 300,000 tonnes of polyethylene and polypropylene, using green methanol as a feedstock. Front-end engineering design work commenced in Q4 2024, with the project expected to reach an FID by the end of 2025 amd operation slated for 2028. Honeywell has secured a contract to provide its advanced methanol-to-olefin conversion technology for the plastic production process.

Image credit | iStock | Shutterstock