Offshore energy in 2026 looks set to be a mixed bag. Offshore oil and gas will deliver 65 high-impact wells in Africa and South America, just on par with last year, but offshore wind is poised to make a return to form after a rocky 2025. Last year was difficult for offshore wind, but not all bad. It piled the pressure on the sector worldwide. Several tenders in European countries fell through without any or just one bidder, developers turned up their caution, bailed on several projects, and political uncertainty went into overdrive after US president Donald Trump decided to halt offshore wind projects under construction, even those close to completion. However, last year, Poland awarded its first offshore wind CfDs, Norway accelerated Utsira Nord, and floating wind in Asia and Europe got a much-needed boost. So, the upsides were there. And the politicians mostly agree, as offshore wind remains a focal point in many countries’ strategies, and governments are trying to enact new legislation to make those projects attractive to investors again. But the fortunes of the offshore wind market in 2025 and 2026 could be completely different, and the numbers do back that up. Only 17.2GW of site awards were secured in 2025, far below the 75GW annual average seen between 2022 and 2024, according to a report from TGS 4C. In 2026, it is expected that around 20GW could be leased through scheduled and ongoing auctions. It must be stated that some of those were pushed back from 2025. Offtake was even more subdued in 2025, with only 6.5GW awarded. If revised frameworks succeed and delayed processes move forward, up to 17.6GW of offtake could be awarded in 2026, below the 2024 peak, but well above 2025 levels. “The success of two-sided contracts for difference here is significant. Some of the jarring results, for example, Germany and the Netherlands receiving zero bids, have prompted governments to rethink auction frameworks, and we could see higher award rates in 2026,” says Jamie Bernthal-Hooker, research manager at TGS 4C. As for final investment decisions, 2025 totalled around 6.5GW, almost entirely in Europe. For 2026, TGS forecasts point to nearly 11.5GW reaching FID, while construction approvals are set to bounce up from 17GW last year to nearly 27GW this year, more than 25GW of that in Europe. Another thing 2026 has going for it is the fact that all five stopped projects in the US by president Trump were allowed to continue construction. The Trump administration might still appeal those decisions, but for now, construction is underway again. “The advantage of a bumpy year is that postponed leasing rounds, delayed offtake processes, and stalled approvals now line up ahead of us. For an industry that thrives on long-term visibility, 2026 is shaping up to be a year with plenty to watch and much to look forward to,” adds Bernthal-Hooker. Drilling This year also promises to be an exciting one for oil and gas and its drilling sector, as Westwood forecasts 65 high-impact wells to be completed in 2026, with Africa and South America as the busiest regions. This is no record by any stretch, since the number of such wells is in line with 2025 levels, and is even a slowdown compared to some previous years, as explorers are exercising capital discipline in the current price environment, whilst building their acreage portfolios to create future optionality, but there is much to look forward to all the same. Most high-impact wells, including those with strong pr