Insight
Q3 2025 pre-FID project tracker: Majors top-up project pipeline despite capital discipline
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Sixteen projects have been sanctioned in 2025 so far. Representing almost US$70 billion of committed investment and around 8.5 billion boe of reserves. Almost half the year’s total so far was sanctioned in Q3. ExxonMobil sanctioned its seventh FPSO in Guyana, Eni officially started its Coral Norte project in Mozambique, BP approved the Tiber project in the Gulf of America and TPAO awarded key contracts for the largest phase of its Sakarya project in Türkiye. Up to seven projects could be sanctioned before year-end, with around US$35 billion of capex on the table. But with capital discipline prominent in investors’ minds, delays for some of these projects remain likely.
Table of contents
- Recent final investment decisions
- What to look for in the remainder of 2025?
- About the tracker
Tables and charts
This report includes the following images and tables:
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Major project FIDs in 2025
What's included
This report contains:
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