W&T Offshore's Garden Banks 783 drilling slips to 2026 as other Gulf wells wait years

W&T Offshore, a Houston-based oil and gas producer, has said three undeveloped projects will move ahead over very different timelines, with development drilling at its Garden Banks 783 field the one that has already slipped.

What is scheduled

In its annual report filed on 16 March 2026, the company said significant spending has already begun on rig and platform modifications for development drilling at Garden Banks 783. But the timeline "has been extended to 2026" before a rig can be mobilized. The company has not stated an earlier date in the excerpt, nor a firmer start within the year.

Two smaller projects are also listed, both proved undeveloped (PUD) locations, meaning drilling sites that have reserves booked but not yet produced:

• Viosca Knoll 823: a sidetrack, expected to be developed in 2026.
• Ship Shoal 349: a sidetrack, expected in 2038, delayed until an existing well is depleted.

The company said these timings are based on its latest reserve report.

Why it matters

W&T reported proved oil reserves of 38.7 million barrels at 31 December 2025, with a 100% company interest in that total. Of that oil, 5.8 million barrels are undeveloped, so drilling is how such volumes would eventually be converted into production. Total proved reserves were 121.0 million barrels of oil equivalent, down from 127.0 million a year earlier, as 12.4 million of production outweighed 6.5 million of upward revisions.

The company put the pre-tax present value of those reserves (PV-10) at $1,115.3 million, down from $1,229.5 million a year earlier. After asset retirement obligations and taxes, the standardized measure was $651.3 million. The company notes that PV-10 is not a market value.

What is uncertain

The company said its reserve revisions reflected a decrease in the number of PUD locations. It has not given the size of the Garden Banks 783 project or what it would add to production. Reserve estimates are, in its words, inherently subjective and may differ from what is recovered.

Recent context

W&T reported quarterly revenue of $162.6 million and net income of $12.6 million for the period ended 30 June 2026. In August, several executives, including CEO Tracy Krohn, exercised stock options and disposed of shares. Goldman Sachs reported a 3.40% holding.

If the Garden Banks 783 rig is mobilized in 2026 as stated, it would be the first of the undeveloped projects to come to fruition. Further slippage would push back any production it adds.