Industry News

Equinor and its partners have discovered oil in wildcat well 6507/8-12 S in production license 124 B on the Norwegian Continental Shelf. The well tested the Othello South prospect about 4 km north of the Heidrun field and approximately 240 km west of Sandnessjøen in the Norwegian Sea.Exploration well 6507/8-12 S was drilled by the COSL Innovator semi-submersible drilling rig to a vertical depth of 2,477 m below sea level and encountered multiple oil-bearing sandstone layers in the Åre Formation. The well proved an oil column totaling about 14 m in the upper section of the formation, with additional hydrocarbon-bearing

Vår Energi announced the completion of the appraisal well with two production tests on the Zagato structure in the Goliat Ridge discovery in the Barents Sea, confirming reservoir quality and adding recoverable volumes.The well was drilled approximately 7 km northeast of the Vår Energi-operated Goliat field. The production tests confirmed good quality reservoirs and oil quality similar to the Goliat field.The latest well tested two intervals with each showing maximum flow rates of more than 4,000 barrels of oil per day, confirming reservoir quality.（2026-01-20）

Patterson-UTI signed a multi-year agreement to lease two high-spec APEX 1500 drilling rigs to Archer. The rigs will support Archer’s operations in Argentina’s Vaca Muerta formation as part of its seven-rig contract with YPF that was announced in December 2025.The rigs will be provided from Patterson-UTI’s existing US fleet, and Archer will be responsible for all preparation, upgrade and mobilization costs. The rigs are expected to commence operations by mid-2026.（2026-01-16）

The Norwegian Ministry of Energy has offered 57 new production licenses to 19 companies on the Norwegian continental shelf in the APA 2025 licensing round. Of the total awards, 31 licenses are located in the North Sea, 21 in the Norwegian Sea and five in the Barents Sea. Each license includes a defined work program aimed at advancing exploration or appraisal activity.Equinor received 35 licenses, including 17 operatorships, spanning the North Sea, Norwegian Sea and Barents Sea. The company said the awarded acreage supports continued exploration around existing infrastructure as well as positions in less mature areas of the shelf.Aker

Saipem will restart operations of the Perro Negro 7 jackup in Saudi Arabia beginning this month. The contract, which was awarded to Saipem in 2011 and extended in June 2023 for 10 years, was temporarily suspended for 12 months in 2024. The suspension period will be recovered at the end of the contract, extending its duration until 2034.Perro Negro 7 is designed to operate in waters up to 375 ft deep and drill wells up to 9,100 m. The asset is equipped with advanced systems to ensure safety, efficiency, and compliance with the more demanding environmental standards.（2026-01-10）

Archer was awarded an integrated Plug and Abandonment (P&A) contract with Equinor for 30 subsea wells. The firm contract term is three years including two options each of two years, with an estimated total contract value up to $140 million for the 30 subsea wells.The fully integrated P&A program incorporates the planning scope including project management, well and subsurface engineering (provided through the Archer Elemental joint venture) with the execution scope including wireline, fishing and remedial services, downhole mechanical isolation, P&A services, cementing, fluids and mudlogging.（2026-01-08）

Transocean awarded a contract and an extension for two of its drilling rigs. Together, the fixtures total approximately $168 million of firm backlog.In Brazil, the ultra-deepwater drillship Deepwater Mykonos was awarded a contract with BP. The estimated 302-day campaign is expected to begin in Q3 2026 and contribute about $120 million in backlog, excluding additional services and compensation for mobilization and demobilization.In Norway, three one-well options have been exercised for the semisubmersible Transocean Enabler. The incremental 105 days of work, which is in direct continuation of the rig’s current activity, is expected to contribute about $48 million in backlog and

Europa Oil & Gas signed a binding farm-out agreement covering the EG-08 production sharing contract offshore Equatorial Guinea, securing a partner ahead of planned exploration drilling.Under the agreement, Europa will farm out a 40% working interest in the EG-08 block to APCL. The transaction is structured to support the drilling of the Barracuda exploration well, with the incoming partner funding the majority of the costs associated with the first well.Operatorship of the EG-08 block will remain with Antler Global. The Barracuda prospect is the initial drilling target within the license and is planned as the first exploration well on the