Industry News

On 27 August, the IADC Advanced Rig Technology Committee held a Spark Tank at Transocean’s Houston office. The event brought together active and aspiring technology entrepreneurs to pitch products and ideas to a panel of drilling contractors, operators and service company representatives in a format similar to the TV show Shark Tank. The presentations allowed the panel to ask questions and provide both technical and business feedback on each product/idea.One such presentation, from Justin Jones of Texas A&M University, covered a project for creating PDC bit designs through 3D printing of metals. Mr Jones, a master’s student in petroleum engineering

Galp, Shell and Petrobras reached an agreement for stakes in São Tomé and Príncipe’s Block 4. With this new configuration a consortium was formed, joined by the National Petroleum Agency of São Tomé and Príncipe (ANP-STP).Galp is the operator of Block 6, where it holds an interest alongside Shell and ANP-STP. In addition to Block 6, Galp also holds an operating position in Block 12 in partnership with Equator and ANP-STP, and a stake in Block 11, operated by Shell, with Petrobras and ANP-STP as partners.Galp has been present since 2015, and in 2022 drilled São Tomé’s first offshore exploration

Vallourec was awarded a contract by Petrobras as a result of a competitive bidding process for the supply of OCTG (Oil Country Tubular Goods) products and services for its offshore operations from 2026 to 2029. This long-term agreement could generate total revenue of up to $1 billion.The contract covers the full OCTG scope of supply for seamless pipes and VAM premium connections required for Petrobras’ offshore wells from 4.5” up to 18”, including carbon and stainless steel tubulars and associated accessories. Vallourec will also deliver comprehensive value-add services both onshore and offshore, from desk engineering and material coordination to rig

Turkish Petroleum (TPAO) and Turkish Petroleum Offshore Technology Center (TP-OTC) tapped Baker Hughes to supply subsea production and completion systems in the country’s Sakarya Gas Field Phase 3.Through the agreement, Baker Hughes will provide deepwater horizontal tree systems with associated subsea structures and control systems to support production at depths from 6,500 to 7,200 ft. The company’s upper and lower completions systems will provide multizonal control of subsurface operations.Baker Hughes has collaborated with TPAO and TP-OTC in the Sakarya Gas Field since development began in 2022. The company’s GaffneyCline energy advisory team has worked closely with TPAO and TP-OTC on

PTTEP has reached the final investment decision (FID) on Carbon Capture and Storage Project (CCS) at the Arthit gas field, marking Thailand’s first CCS development.PTTEP has conducted extensive studies and assessments in preparation for the project, covering the entire process from storage site selection with reservoirs at depths of 1,000–2,000 m to engineering design, and comprehensive Measurement, Monitoring and Verification (MMV) programs. The company will leverage existing infrastructure at Arthit field while constructing and installing additional facilities as required.Carbon storage operations are expected to commence in 2028, with capacity gradually ramping up to around 1 million tons of carbon dioxide

BP signed a Memorandum of Understanding (MoU) to evaluate opportunities for a five-well program at water depth ranging from 300 to 1,500 m in the Mediterranean Sea.The program is designed to accelerate the development and production of national gas reserves, with the intention of extending the use of existing production facilities in the West Nile Delta.Drilling operations are expected to start in 2026, with possible tie-back options following evaluation of the drilling campaign and resource potential.（2025-09-10）

Pakistan Petroleum (PPL) made a significant oil and gas discovery at its Dhok Sultan-03 well, located in District Attock, Punjab Province. This discovery, the second in the Dhok Sultan Block, marks the second-deepest oil discovery in naturally fractured carbonate in the Potwar region.PPL, as operator, spudded the Dhok Sultan-03 well on 18 January 2025. Drilled to an depth of 5,815 m, the well tested the hydrocarbon potential of the Patala and Lockhart formations. Testing results were highly encouraging. The well flowed 1,469 barrels per day of oil (bopd) and 2.56 million std cu ft of gas at a Wellhead Flowing

Permex Petroleum entered into an option agreement to purchase producing oil and natural gas wells from an ownership group including Navidad Petroleum and TMR Exploration. The assets include over 50 producing wells, gathering facilities as well as over 20,000 net mineral acres of undeveloped leasehold interests.In consideration of a $75,000 cash payment, Permex receives a 6-month option to acquire all of the group’s interest in certain producing oil and natural gas assets for total consideration of $3 million in a combination of cash and stock.（2025-09-06）