Latest global drilling activity spans Brazil presalt, Egypt gas and Mexico jackups
Drilling underway at ultradeepwater Raia project offshore Brazil
The drillship Valaris DS-17 has started development drilling for the Equinor-operated Raia project in the presalt Campos Basin offshore Brazil.
Six wells will be drilled in the Raia area, 200 km offshore and in water depths of about 2,900 m.
The oil/condensate/gas project is designed to recover more than 1 Bboe, and it is due to start operations in 2028, producing up to 16 MMcm/d of gas. According to Equinor, this could satisfy about 15% of the country’s gas needs.
Other partners in the project are Repsol Sinopec Brasil (35%) and Petrobras (30%). Both collaborated previously with Equinor on the Bacalhau deepwater field development, where the DS‑17 was also involved.
Geir Tungesvik, EVP of Projects, Drilling and Procurement at Equinor, said Raia was the company’s largest project under execution currently and in the deepest water to date of any fields in its portfolio. It is also the company’s largest international investment, totaling about $9 billion.
He added, “While drilling takes place, integration and commissioning activities on the FPSO are progressing well putting us on track towards a safe start of operations in 2028."
The wells will be connected to an FPSO capable of producing oil/condensate and gas, with the gas transported through a 200‑km pipeline to Cabiúnas in Macaé, Rio de Janeiro state.
Equinor expects the FPSO to be one of the most carbon‑efficient in operation globally, with an average CO2 emissions intensity of about 6 kg.boe.
Arcius Energy, bp launch new offshore gas drilling campaign in Egypt’s Mediterranean
The campaign is centered on the arrival of the Valaris DS‑12 drillship, which has entered Egyptian territorial waters to begin a four‑well offshore drilling program, according to Egypt’s Ministry of Petroleum and Mineral Resources.
The program includes two wells for bp—one development well and one exploration well—followed by two offshore gas exploration wells for Arcius Energy.
Arcius Energy’s wells will target the Atoll West and Nofret prospects in the eastern Mediterranean, both considered high‑potential gas exploration targets.
Drilling will be carried out by the Valaris DS‑12, a seventh‑generation drillship that recently mobilized from Las Palmas, Spain, after undergoing operational readiness and safety inspections.
The offshore drilling campaign forms part of Egypt’s broader upstream strategy for 2026, which includes plans to drill more than 100 exploratory oil and gas wells in cooperation with international partners. The Ministry of Petroleum said the effort is designed to maximize resource utilization, unlock new discoveries and support a gradual increase in domestic production over the next five years.
Borr Drilling JV strikes price for five jackup rigs located in Mexico
Borr Drilling has entered agreements to acquire five jackup rigs from Fontis Finance for a total price of $287 million.
BC Ventures, a 50:50 joint venture between subsidiaries of the company and its well construction partner in Mexico, will complete the acquisition of the owner entities and their two Friede & Goldman JU-2000E and three LeTourneau Super 116-C design rigs.
All five rigs are presently based in Mexico.
“These rigs are being acquired at an attractive valuation and at a lower debt per rig and cash breakeven level than our existing fleet," Borr Drilling CEO Bruno Morand said. “We continue to see shallow-water rigs as strategically important for our customers, particularly at a time when security of energy supply and reliability of execution are of heightened importance.
“In the current environment, we expect demand for jackup rigs to increase, and the acquisition of these units positions us well to capture future opportunities in Mexico and globally.”
The transaction should close during third-quarter 2026, subject to merger control approvals.
Constellation Oil Services rigs secure new drilling contracts
Brazilian drilling contractor Constellation Oil Services has reported 6% higher net revenue of $597 million for 2025, a 6% increase on the previous year, with strong fleet utilization (95%).
Contracts for both the Gold Star and Atlantic Star rigs were extended, with the Alpha Star and Laguna Star starting new contracts.
And the company expanded its position in third-party asset management, starting operations of the Hanwha Ocean-owned drillship Tidal Action and ADES Holding’s jackup Admarine 511. Tidal Action began operations for Petrobras on the Roncador Field last September, while Admarine 511 started a long-term P&A campaign last November for Petrobras in the offshore Sergipe, Alagoas, Ceará and Potiguar basins; the firm execution period is 1,143 days, with an extension option of up to 472 day.
Constellation owns and operates a fleet of seven offshore drilling rigs: Alpha Star, Amaralina Star, Atlantic Star, Brava Star, Gold Star, Laguna Star and Lone Star. It says the fleet can serve a wide range of offshore drilling requirements.
CEO Rodrigo Ribeiro said the company was well placed “to capitalize on the next growth cycle in the Brazilian offshore market."
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About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.