The US Gulf of Mexico has seen recovery from a difficult few years, with a new wave of standalone projects poised for sanction in the next year, several new developments already approved and a notable pick-up in exploration activity.

Ultra high-pressure, high-temperature projects, often referred to as 20k psi, have also taken key steps forward after years of research and development.

But the region faces broader headwinds, including access to capital for smaller players, as markets remain sceptical of the energy sector and its role in the transition to a lower-carbon future.