E&P Highlights: March 24, 2025

From a tech collaboration in Norway to new fabrication contracts in Louisiana, below is a compilation of the latest headlines in the E&P space.

Activity

MOL Discovers Oil in Western Hungary

MOL has discovered a new oil field near Somogysámson in western Hungary. During exploration drilling in December, oil was found at a depth of 1,250 meters (m). According to the results, the well located in the Somogysámson-oilfield is able to produce 1,200 bbl/d. 

The drilling of the new well, called Som-8, began on Nov. 25, and was completed at Christmas. The oil is transported by truck to the Danube refinery in Százhalombatta. The well accounts for 1% of the company’s production.

Israel Awards Natural Gas Exploration Licenses to BP, Socar, NewMed

Israel awarded licenses to BP, Azeri national oil firm Socar and local company NewMed Energy (formerly Delek Drilling) to explore for natural gas in Israeli waters, Reuters reported.

Socar will act as operator of the exploration consortium in the Cluster I area near the Leviathan Field, while BP will be involved in Israel’s natural gas sector for the first time. NewMed is already the largest stakeholder in Leviathan, the giant offshore field operated by Chevron.

Cluster I is a 1,700 sq km area located in the Mediterranean at the northern part of Israel’s economic waters. The consortium is expected to conduct seismic and geological surveys in the first phase of exploration, with drilling in a second phase based on survey results.

The gas-rich offshore basin straddling Egypt, Israel, Cyprus and Lebanon has drawn some of the world’s top energy companies in recent years.

Contracts and company news

Interocean Marine Wins North Sea Safety Award

Interocean Marine Services, an offshore support services specialist, has been named the winner of this year’s Associate Member’s Safety Award at the IADC North Sea Chapter (NSC) Annual Safety Awards.

The company’s drone technology has transformed traditional inspection methods, reducing personnel exposure to hazardous environments and significantly reducing the need for scaffolding and rope access by up to 80%.

Reelwell Secures Investment from Odfjell Technology

Reelwell AS announced that it has secured a strategic equity investment by Odfjell Technology, in which Odfjell is purchasing a 10% stake in Reelwell for $3.8 million (40 million Norwegian krone). The investment will be used to grow and develop Reelwell’s DualLink digital pipe technology.

The cooperation agreement in place between Reelwell and Odfjell has also been extended to five years, with options for five additional one-year extensions. The partnership aims to deliver synergies between Reelwell’s DualLink digital platform and modems, and Odfjell’s offshore expertise in equipment deployment, maintenance and logistics.

Earlier this year, the companies agreed to a multiyear contract with Vår Energi.

Twin Brothers Marine Lands Three Contracts Worth $12 Million

Twin Brothers Marine has been awarded three contracts worth more than $12 million to provide pressure vessels and infrastructure components for a major marine transportation provider and major infrastructure contractor.

The company will make ASME-coded pressure vessels and infrastructure pieces, with deliveries extending into 2026, at its plant at the Port of West St. Mary, Louisiana.

The contracts include fabrication of critical components for a major interstate upgrade along the Gulf, as well as construction of large marine transportation tanks. In total, these projects will involve producing more than 4,000 tons of steel materials.