Offshore Energy Poised to Deliver Secure and Reliable Energy Amid Gulf Conflict

The ongoing conflict in the Gulf has significantly impacted oil production and may have longer-lasting effects on liquified natural gas, particularly given that repairs to the damaged Ras Laffan LNG complex will take up to five years.

Despite this setback, offshore is well-positioned to deliver secure and reliable energy. Offshore oil and gas reserves are abundant along the continental margins of South America, West Africa, and the Gulf of Mexico, areas with stability and political will to underpin development.

Major players such as ExxonMobil and Equinor are investing heavily in offshore projects, including the Longtail FPSO in Guyana and the Raia gas find in Brazil. These projects are expected to add significant capacity over the next few years, helping to fill demand for transportable natural gas.