Norwegian oil & gas firm gearing up to spud North Sea wildcat with COSL rig

Norwegian oil and gas player Wellesley Petroleum has secured a drilling permit from the country’s authorities for an exploration well in the North Sea off Norway. The drilling work is expected to be carried out using one of COSL Drilling Europe’s rigs.

The Norwegian Offshore Directorate (NOD) disclosed on Tuesday, January 30, that it had granted Wellesley Petroleum a drilling permit for the well 35/11-29 S. The program for this well entails drilling a wildcat well in production license 248 C, which was awarded on April 9, 2013, and is valid until June 4, 2035.

Wellesley Petroleum holds an ownership interest of 30% and acts as the operator of the license, while its partners, Equinor and Petoro, hold 30% and 40% stakes, respectively. The well will be drilled with the COSL Promoter rig.

The 2012-built COSL Promoter is a semi-submersible drilling rig designed to operate in water depths up to 750 meters. While the rig is currently on contract with Equinor, it also got a new deal with the same company in August 2023. This deal is due to start in 1Q 2025.