Petroleum Technology Company

What Petroleum Technology Company does

Petroleum Technology Company (PTC), operating commercially as Petrotec and aligned with the Interwell product brand, is a private oil services firm founded in 2002 and headquartered in Stavanger, Norway, with subsidiary operations tied to Al Mahhar Holding Company in Qatar. The company designs, manufactures, and delivers well integrity technology solutions for the upstream oil and gas industry, with a portfolio organized across six solution areas: Wellhead Integrity, Casing Barrier Solutions, Completion, Intervention, Plug & Abandonment, and Renewables & Low Carbon. Its technology stack is built around proprietary downhole tools and barrier systems, including RockSolid (a thermite-based permanent abandonment barrier), VR Sensor, MSAS (Master Surface Annulus Safety Valve), A-Pro, IRBV (Inter Remote Bypass Valve), CannSeal ZonalSeal epoxy technology, and continuous pressure/temperature monitoring systems — many designed to ISO standards and targeting regulatory compliance across well lifecycle stages from completion through abandonment.

The business operates a product-led, sales-driven GTM centered on direct enterprise engagement with global oil and gas operators. Revenue is generated through the sale of well integrity products (plugs, packers, barrier systems, monitoring equipment) alongside custom engineering services addressing specific well challenges such as water shut-off, wellhead integrity assurance, and plug & abandonment. Customer engagement is collaborative and project-based, with operators submitting well challenges for tailored solutions. The company demonstrates global reach via case studies spanning Africa and Europe, and through its Qatar-linked subsidiary has extended into Middle Eastern energy infrastructure. Capital history includes a 2013 financing round with Nordic private equity firm Herkules Capital.

Name

Petroleum Technology Company

Legal name

Petrotec

Website

https://ptc.as

Company type

Private

Founded year

2002

Operating status

Operating

Short description

Petroleum Technology Company (Petrotec) is a Norway-based, private oil services firm specializing in proprietary well integrity technology — including barrier systems, thermite-based plug-and-abandonment tools, and continuous downhole monitoring — sold directly to global oil and gas operators.

Ownership category

akta.pro rank

Product category

Oilfield Well Integrity Equipment and Services

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Oil & Gas Field Machinery & Equipment (3533)

akta.pro industry

PRIMARYEUALABAD

Completion Tools & Subsurface Equipment (Packers, Liners, Valves, Sand Control)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

SECONDARYEUALAAAJ

Well Intervention, Workover & Integrity Management

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Upstream Exploration & Production (E&P)

SECONDARYEUALABAO

Inspection, Integrity & Testing Services (NDT, Well Integrity, Corrosion, QA/QC)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

SECONDARYEUALABAH

Production Services & Artificial Lift (ESP, Rod Lift, Gas Lift, Chemicals)

Energy, Utilities & Environment/Oil & Gas (Upstream, Midstream, Downstream and Refining)/Oilfield Services & Drilling (OFS)

Keywords

• Well integrity solutions
• Oilfield equipment manufacturing
• Plug and abandonment services
• Wellhead monitoring systems
• Downhole intervention tools

Headquarters

HQ city

Stavanger

HQ country

Norway

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Supply Chain, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Well Integrity Products and Services: Interwell generates revenue through the sale of well integrity products including plugs, packers, barrier systems, monitoring equipment, and associated services for the oil and gas industry. The company provides both products and custom engineering solutions to address specific well challenges.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Petroleum Technology Company (operating as Interwell) designs, manufactures, and services well integrity equipment and engineered solutions for oil and gas operators across the full well lifecycle. Its portfolio includes wellhead integrity systems, casing barrier solutions, completion tools, intervention equipment, and plug and abandonment technologies, sold alongside custom engineering services on a project-by-project basis to global enterprise customers.

Product overview

Interwell (Petroleum Technology Company) is a well integrity solutions provider offering a comprehensive portfolio organized into six core solution areas: Wellhead Integrity, Casing Barrier Solutions, Completion, Intervention, Plug & Abandonment, and Renewables & Low Carbon. The company's product portfolio includes specialized tools such as RockSolid thermite-based P&A technology, Retrievable Bridge Plugs, Glass Barrier Plugs (including IRBV and IRSV), Straddle Solutions, Flow Control valves (ISV, IBV), Setting Tools (EST, HRT), Data Acquisition systems, Chemical Injection systems, Side Pocket Mandrels, Gas Lift Solutions, Annular Sensor Systems, Surface Annular Systems, and Annular Isolation Solutions. The solutions span the entire well lifecycle from completion through intervention to final abandonment, with technologies addressing well integrity, barrier verification, pressure monitoring, water shut-off, and production optimization.

Differentiator

Problem solved

Functional benefit

Products and services

• RockSolid Thermite-Based Plug & Abandonment Barrier RockSolid is a thermite-based permanent abandonment barrier technology that melts all well elements and solidifies to reinstate caprock integrity, providing a rigless, single-run alternative to traditional slot recovery and mechanical P&A methods for oil and gas operators.
• Retrievable Bridge Plugs Retrievable Bridge Plugs provide reliable temporary zonal isolation for demanding wells including high-pressure/high-temperature environments and complex well geometries, sold to oil and gas operators for intervention and abandonment applications.
• Plugs & Packers Plugs & Packers are wellbore isolation solutions with retrievable and permanent options that ensure secure sealing and anchoring in demanding downhole environments for oil and gas operators.
• Glass Barrier Plugs (IRBV & IRSV) Glass Barrier Plugs include the Inter Remote Bypass Valve (IRBV) and Inter Remote Shatter Valve (IRSV), providing remotely operated, pressure-cycled barriers that improve well performance, reduce wireline interventions, and tolerate extreme conditions for subsea and complex wells.
• Straddle Solutions (APS, IVC, ISV) Straddle Solutions are flexible intervention tools including the Anchored Production Straddle (APS), Insert Valve Carrier (IVC), and Injection Safety Valve (ISV), used for production control, safety valve retrofitting, and tailored well intervention by oil and gas operators.
• Flow Control Products (ISV & IBV) Flow Control products include the Injection Safety Valve (ISV) for water injection stabilization and the Intelligent Barrier Valve (IBV) for remote-controlled operation, supporting well efficiency, integrity, and production optimization for operators.
• Setting Tools (EST & HRT) Setting Tools include the Electronic Setting Tool (EST) and Hydraulic Running Tool (HRT), used by operators and service crews to install downhole isolation devices with control, versatility, and efficiency.
• Data Acquisition Systems Data Acquisition Systems provide real-time wireless downhole monitoring using acoustic communication with up to 10 years of monitoring capability, used for barrier verification and integrity management by oil and gas operators.
• Chemical Injection Systems (SureFlo) Chemical Injection Systems include the SureFlo range, which tackles U-tubing effects and unstable flow with anti-U-tubing protection and dual back check systems for scale and corrosion management in producing wells.
• Side Pocket Mandrels (NexLift Series) Side Pocket Mandrels include the NexLift Series, designed for modern gas lift operations to improve well integrity and reduce intervention needs for oil and gas operators.
• Gas Lift Solutions (GLVs & Retrofit Systems) Gas Lift Solutions include Gas Lift Valves (GLVs) and retrofit systems that improve production efficiency, well integrity, and long-term well performance for oil and gas operators.
• Annular Sensor System The Annular Sensor System monitors wellhead integrity with continuous pressure and temperature checks, reducing costs by eliminating traditional valves and providing autonomous and manual pressure management capabilities for operators.
• Surface Annular Systems (MSAS & HSAS) Surface Annular Systems include the Master Surface Annulus Safety Valve (MSAS) and Hydraulic Surface Annulus Safety Valve (HSAS), which create independent barriers meeting regulatory standards and mitigating sustained annulus pressure risks at the wellhead.
• Annular Isolation Solutions (CannSeal ZonalSeal) Annular Isolation Solutions use CannSeal ZonalSeal patented epoxy technology for precise annular seals that reduce water production in vertical and horizontal wells, deployed via standard electric wireline.
• Plug & Packer Add-Ons Plug & Packer Add-Ons enhance well integrity with secure isolation, flow direction management, and advanced control features, complementing the company's downhole isolation product lines.
• Well Integrity Custom Engineering Services Interwell provides custom engineering services in response to customer-submitted well challenges, delivering tailored well integrity solutions on a project-by-project basis to global oil and gas operators.

Named customers3 records

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

One partnership is on record.

• Gulf Automation SystemcoreStrategic or Co-development Partner · 24 July 2025Al Mahhar Holding Company (through subsidiary Petrotec) completed a 90% acquisition of Gulf Automation System. This acquisition strengthens Al Mahhar's position in Qatar's energy and infrastructure value chain.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Welltec: Welltec is a global well intervention and integrity specialist offering downhole tools and services, including intervention, P&A, and well integrity solutions across the well lifecycle — directly overlapping with Interwell's intervention, casing barrier, and P&A portfolio.
• Archer Limited: Archer provides well integrity and intervention services globally, including plug and abandonment, fishing, and downhole tools — closely comparable to Interwell's intervention and P&A solution areas.
• Altus Intervention: Altus is a specialist well intervention company providing downhole tools and well integrity services to global operators — a direct comparable to Interwell's intervention, water shut-off, and barrier monitoring offerings.
• TETRA Technologies: TETRA provides plug and abandonment, water management, and well intervention services to oil and gas operators, comparable to Interwell's P&A and water shut-off capabilities.
• Helix Energy Solutions Group: Helix provides well intervention and P&A services alongside subsea well construction, with exposure to North Sea and Gulf of Mexico — comparable to Interwell's intervention and wellhead integrity portfolio.
• Corex (formerly Tendeka): Corex specializes in well intervention and zonal isolation products including sand control and inflow control, with shared focus on well integrity, zonal isolation, and production optimization comparable to Interwell's portfolio.

Broad incumbents

• Weatherford International: Weatherford is a large OFS provider with substantial well construction, completion, intervention, and well integrity product lines, competing with Interwell in plugs, packers, valves, and barrier equipment.
• Halliburton: Halliburton is the largest global OFS company with full-spectrum offerings including completion tools, well intervention, and well integrity services — a broad incumbent against which Interwell's niche tools (RockSolid, VR Sensor, IRBV) compete.
• SLB (Schlumberger): SLB is the largest oilfield services company globally, offering completion, intervention, production, and well integrity technologies that intersect with most of Interwell's portfolio at the enterprise level.
• Baker Hughes: Baker Hughes offers a complete OFS portfolio including completion, well intervention, production, and integrity management solutions — a large incumbent competing with Interwell across multiple product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petroleum Technology Company