From SLB’s geothermal collaboration to a new look at some old images off the coast of India, below is a compilation of the latest headlines in the E&P space.
Activity
Westwood Forecasts Increase in Global Land Drilling Fleet
Drilling rigs on land around the world will average 4,704 from 2025 to 2029, Westwood Global Energy Group said in its World Land Drilling Rig Market Forecast. It predicts continued strong activity in Asia, the Middle East and North America.
The forecast calls for rig activity to rise by 18% from 2025 to 2029 compared to 2020 to 2024.
Among Westwood’s findings:
- Operator consolidation, capital discipline and rising efficiency per rig have driven down utilization of rigs in North America. That may spur contractors to relocate part of their fleets into other markets;
- 72% of forecast rig demand is expected to come from just four countries: Canada, China, Russia and the U.S. However, these are not necessarily growth markets for rig contractors, offering limited expansion opportunities; and
- Argentina and Australia are expected to outperform global growth rates as investments pour into unconventional projects. Other areas with growth potential include Algeria, Kuwait and Turkey.
SLB, Deep Earth to Collaborate on Geothermal Project in Canada
Deep Earth Energy Production Corp. announced a collaboration with global energy technology company SLB to drive the development of Canada's first next-generation geothermal project, located in southeast Saskatchewan. With the feasibility phase now complete, the project is poised to produce up to 30 megawatts of emissions-free, baseload power on completion of its initial two phases.
SLB will provide engineering design and integrated well construction services for the first two phases of the project, including the development of two production and two injection wells in Phase 1 and up to 18 wells in Phase 2.
TGS Launches Reprocessing Project Off India’s East Coast
Data and intelligence provider TGS has announced the launch of its Krishna-Godavari (KG) Basin Mega 3D reprocessing project, which will apply modern seismic data processing to legacy data of a 16,900 sq km area off the Indian coast.
The project, which began in January, is expected to deliver final advanced seismic products by April 2026, with fast-track data available in the second quarter of this year.
Contracts and company news
Viridien Awarded Contract for Seismic Processing in Oman
Viridien, formerly CGG, has been awarded a three-year contract by Petroleum Development Oman (PDO) to provide advanced land seismic imaging services at its dedicated processing center in Muscat, Oman. This new contract continues a longstanding partnership.
Viridien geophysical experts at the Muscat center will work to deploy advanced proprietary algorithms to bring step-changes in image quality to PDO’s library of seismic data.
Vår Energi Selects Reelwell for Drill Pipe Technology
Reelwell AS said it has secured a multi-year contract with Vår Energi ASA for the provision of its DualLink powered digital drill pipe technology, which will be deployed offshore on the Norwegian Continental Shelf for the first time. Reelwell will partner with Odfjell Technology to fulfill the contract.
The initial contract covers operations on the COSLPioneer rig for one year, with the option of four additional one-year extensions. The contract also includes an option to expand the scope to include all Vår Energi installations across the North Sea, depending on future operational requirements.
“With its unique ability to provide both real-time data and reliable downhole power, DualLink has the potential to revolutionize not only drilling but the entire wells process,” said Reelwell CEO Svein Strømberg.
Dana Petroleum Renews U.K. Contract with Imrandd
Industrial data and engineering consultancy Imrandd has secured a two-year renewal of its long-standing contract with Dana Petroleum to 2027. Imrandd will deliver services including integrity management, risk-based inspection and advanced data analytics for Dana's U.K. operations in support of Dana’s Triton FPSO, which produces oil and gas from multiple fields in the North Sea.
Strohm Launches Advanced Pipe Design Tool
Strohm, maker of thermoplastic composite pipes, has launched TCP Designer, a web-based tool to help companies design and engineer pipes for their projects.
The tool helps users ensure their piping systems meet critical requirements for water depth, pressure, temperature and means of installation. It’s designed to streamline pipe design assessments during the FEED stage of projects, helping simplify decisions and reduce design time.