Drilling & Completion News
Velesto jackup contracted for Chevron campaign
Velesto Drilling was awarded a contract by Chevron Malaysia, which is a Production Arrangement Contractor of PETRONAS, for the provision of integrated rig, drilling and completion (i-RDC) services for Chevron Malaysia’s 2026–2028 North Malay Basin Full Field Development Campaign. The NAGA 8 jackup is expected to commence the campaign in August 2026.
The contract, valued at approximately $51 million, marks Velesto’s second i-RDC contract award supporting the North Malay Basin development program.
Chevron announces discovery in Angola’s Block 0
Chevron’s subsidiary Cabinda Gulf Oil Company (CABGOC) confirmed an oil and gas condensate discovery at the 105-4X exploration well in Block 0 offshore Angola. The well, drilled in the prolific Lower Congo Basin, encountered an oil and gas condensate column of more than 600 m in the primary Pinda reservoir, with more than 90 m of net pay in excellent reservoir quality.
The discovery will be assessed for potential development as a tieback to the company’s existing facilities nearby.
Chevron has continued to add high-quality exploration acreage to its portfolio in the region. In Nigeria, the company farmed into two offshore blocks last year (PPL2000 and PPL2001) and was awarded a deepwater block, PPL2010, in the country’s latest bid round. Chevron has also had three near-field exploration successes – Meji NW-1, South Delta AA and Awodi-07 – in Nigeria since late 2024.
In Guinea-Bissau, Chevron has secured three blocks, including the newly acquired Block 4B, while in Equatorial Guinea it has secured additional five-block reconnaissance licenses. Chevron is also preparing a high-impact, multi-well exploration program across the region, including Namibia’s Nabba-1X well on PEL 90 before year-end.
ADES offshore rigs in Saudi Arabia resume operations
ADES received resumption notices for all of its offshore rigs that had been temporarily suspended in Saudi Arabia. The resumptions followed the company’s earlier guidance that the suspensions across the Gulf Cooperation Council region were expected to be short term. The suspensions originated from a wave of jackup contract pauses that Saudi Aramco announced in 2024.
The return to full operations in Saudi Arabia came alongside ADES rigs in Qatar, which had already resumed and were back in full operations.
Noble drillship to drill in Brunei starting in early 2028
The Noble Viking drillship was awarded a contract by a customer to support offshore drilling operations in Brunei. The contract comprises a firm scope of six wells, with an estimated contract value of approximately $136.2 million, excluding MPD and additional services. The program is scheduled to commence in early 2028, with a duration of approximately 296 days. The contract also includes three priced optional wells.
BP to increase stake in Calypso, seeks to sell off North Sea business
BP agreed to acquire Woodside Energy’s 70% interest in Block TTDAA 14, the Calypso gas project in Trinidad and Tobago, increasing BP’s stake to 100% and assuming operatorship.
Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where BP has an established business and extensive oil and gas infrastructure. BP is the largest supplier of gas to the domestic market and has a 45% stake in the Atlantic LNG facility off Trinidad’s southwest coast.
The transaction is expected to close by the end of 2026.
In separate news, BP announced that it is launching a process to market its North Sea business for a potential sale. The company said the decision is part of an ongoing portfolio review and reflects its disciplined approach to capital allocation.
“The North Sea remains integral to the UK’s energy system,” CEO Meg O’Neill said. “However, as we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company.”
Days after the announcement, Ms O’Neill said in an interview with CNBC that the North Sea is no longer competitive for investment. The oil and gas industry, including the IADC North Sea Chapter, has repeatedly called for the UK government to revise its energy tax policies and commit to new exploration licenses.
