- CEO
- Polykarpos Protopapas
- Full Time Employees
- 214
- Sector
- Energy minerals
- Industry
- Oil & gas production
- Address
- Office 401 Limassol LI Cyprus 3036
- IPO Date
- May 12, 1997
- Business
- Petrolia SE is an integrated oil and gas company headquartered in Limassol, Cyprus, founded in 1997. It operates primarily in two business segments: Energy and Energy Service. The Energy segment focuses on exploration and production of oil and gas, including interests in the Norwegian Continental Shelf through its associated company Petrolia NOCO AS, which holds multiple licenses for exploration and production and operates as an independent license holder and operator. The Energy Service segment provides well services and rents energy service equipment such as drill pipes, test tubing, casing, and handling equipment primarily through its subsidiary Independent Oil Tools AS. This segment also offers casing and tubing running, drilling services, and make and brake services, serving drilling contractors, oil companies, and energy service companies.
Geographically, Petrolia SE operates extensively in Norway, with additional operations across Europe, Asia, Australia, the Middle East, Africa, and Romania. The company also owns and operates one land rig in Iraq, and through its subsidiary CO2 Management AS, it is involved in decarbonization projects and planning a multimodal CO2 hub in Bremen, Germany to address emissions in hard-to-abate European industries.
Recent major changes include Petrolia NOCO being awarded interests in new licenses on the Norwegian Continental Shelf in the 2023 Predefined Areas Awards, with operator roles in multiple licenses and plans for first oil production expected around 2029. The Energy Service division has experienced fluctuating activity levels impacted by regional events such as the closure of the pipeline from Iraq to Turkey in 2023, but expects a pick-up in operations in 2025. Additionally, the company has increased its focus on green energy initiatives, including carbon capture and emission reduction technologies.
Petrolia SE continues to strengthen its portfolio through exploration, production, and equipment rental services with a strategic focus on maximizing field potential through innovative technologies and increasing recovery in mature fields, while expanding its footprint in energy service solutions globally.
The company employs around 251 people and maintains a diversified client base of major oil service companies, oil companies, and drilling contractors worldwide. It changed its name from Petrolia E&P Holdings SE to Petrolia SE in 2013 and continues to report modestly improving financial performance and an active investment program in both oil and gas exploration and service activities.