Q4 2025 pre-FID project tracker: approvals remain steady in 2025, but spend down

Twenty-five projects were sanctioned in 2025. Representing US$85 billion of committed investment and 10.5 billion boe of reserves. Projects continued to reach investment decisions in Q4. The long-awaited Sea Lion project was finally approved after a decade long wait. Eni and Petronas sanctioned projects in Indonesia and Brunei respectively. Chevron approved the US$2 billion Stage 3 expansion of the Gorgon project in Australia. Up to 30 projects could be sanctioned in 2026. Q1 will be dominated by projects slipping from 2025. Middle East NOCs will look to expand capacity. While Chevron will take advantage of Israel’s approval of a gas export deal to Egypt.