Petroleum Technology Company AS

What Petroleum Technology Company AS does

Petroleum Technology Company AS, operating under the Interwell brand, is a Norway-based provider of well-integrity products and services for the upstream oil and gas industry. Founded in 2002 and headquartered in Stavanger, the company designs, manufactures, and deploys downhole tools — including plugs, packers, valves, and downhole sensors — alongside intervention and plug-and-abandonment (P&A) services across the full well lifecycle.

Its technology portfolio spans proprietary mechanical, chemical, and digital offerings: RockSolid™ is a thermite-based permanent abandonment technology; VR Sensor™ and the broader digital suite provide downhole sensing and monitoring; and additional branded families — MSAS™, A-Pro™, IRBV, NexLift™, CannSeal ZonalSeal, and SureFlo™ — cover zonal isolation, sand control, and production assurance applications. The company holds API Q1, ISO 9001, and ISO 14001 certifications and operates a global field-sales and field-service footprint covering Norway, the rest of Europe, Africa, the Americas, the Middle East, and Asia-Pacific.

The business model combines hardware/tool sales, project-based intervention and P&A service contracts, and recurring monitoring revenue enabled by the sensor portfolio. Customers are enterprise upstream operators (IOCs, NOCs, and large independents); revenue is inherently project-driven and tied to drilling, workover, and P&A campaigns. Interwell has also established a Renewables & Low Carbon segment targeting geothermal, carbon capture and storage (CCS), and hydrogen applications, representing an explicit diversification beyond traditional oil and gas. No public financials, funding rounds, or M&A activity are disclosed.

Name

Petroleum Technology Company AS

Legal name

Petroleum Technology Company AS

Website

https://ptc.no

Company type

Private

Founded year

2002

Operating status

Operating

Short description

Petroleum Technology Company AS (Interwell) is a Norway-based, founded in 2002, provider of proprietary well-integrity tools and services — including plugs, packers, valves, sensors, and plug-and-abandonment technologies — for global oil and gas operators, with a new Renewables & Low Carbon segment.

Ownership category

akta.pro rank

Product category

Oilfield Well Integrity Equipment

NAICS

Oil and Gas Field Machinery and Equipment Manufacturing (333132), Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Oil & Gas Field Machinery & Equipment (3533), Industrial Instruments For Measurement, Display, And Control (3823), Oil & Gas Field Services, Nec (1389)

akta.pro primary industry

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

akta.pro secondary industries

Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL), Inspection, Integrity & Testing Services (NDT, Well Integrity, Corrosion, QA/QC) (EUALABAO)

Keywords

• Well integrity solutions
• Downhole tools
• Oilfield equipment
• Wellbore isolation
• Well completion products

Headquarters

HQ city

Stavanger

HQ country

Norway

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D

Revenue model

1. Well Integrity Products: Sale of proprietary hardware products including plugs, packers, valves, sensors, and monitoring systems for oil and gas well applications. Products are sold directly to operators for deployment in drilling, completion, intervention, and abandonment operations.
2. Professional Services: Engineering and technical services supporting product deployment, well intervention operations, barrier verification, and custom solution development. Services are tailored to customer-specific well challenges.
3. Monitoring & Data Services: Long-term monitoring services using proprietary sensors and data acquisition systems for barrier verification, pressure logging and integrity management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Petroleum Technology Company AS designs and supplies well integrity solutions for oil and gas wells, offering plugs, packers, valves, chemical injection systems, gas lift systems, downhole sensors, and monitoring systems. The products are used to isolate, treat, and monitor the integrity of wellbores across the well life cycle, including intervention and abandonment operations.

Product overview

Interwell offers a comprehensive portfolio of well integrity solutions organized into five core segments: Wellhead Integrity, Casing Barrier Solutions, Completion, Intervention, and Plug & Abandonment, plus Renewables & Low Carbon services. The company's products include barrier verification tools (RockSolid™ thermite-based P&A technology, Retrievable Bridge Plugs, Plugs & Packers, Glass Barrier Plugs), flow control solutions (Flow Control valves, Straddle Solutions, Gas Lift Solutions, Side Pocket Mandrels), intervention tools (Setting Tools like EST and HRT, Data Acquisition systems, Plug & Packer Add-Ons), wellhead monitoring (Annular Sensor System, Surface Annular Systems including MSAS™ and HSAS™), and chemical injection systems (SureFlo™). Key product lines feature proprietary technologies such as VR Sensor, MSAS™, A-Pro™, IRBV, IRSV, APS, IVC, ISV, IBV, EST, HRT, NexLift™, and CannSeal ZonalSeal. These solutions work together to provide comprehensive well lifecycle management from completion through abandonment.

Differentiator

Problem solved

Functional benefit

Brands

• RockSolid™: Permanent abandonment barrier technology using thermite-based approach for well P&A operations
• IRBV
• IRSV
• APS
• IVC
• ISV
• IBV
• MSAS™
• HSAS™
• NexLift™
• SureFlo™
• CannSeal ZonalSeal
• VR Sensor™
• EST
• HRT

Quantifiable outcome

• Rigless single-run permanent barrier creation with RockSolid™
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Scale indicators1 record

Recent moves5 records

Expansion highlights5 records

Emerging players

• NCS Multistage: Emerging completions and intervention provider focused on multistage stimulation and well-completion technologies; partial overlap with Interwell's completion and intervention product lines in unconventional plays.

Broad incumbents

• Halliburton: Integrated OFS major with established well-integrity, completion tools, and intervention product lines serving global oil & gas operators; competes with Interwell across multiple product categories.
• Baker Hughes: Major OFS and energy-technology company offering well construction, completions, and production solutions that overlap with Interwell's plug-and-packers, intervention, and barrier monitoring business.
• SLB (Schlumberger): Largest integrated OFS provider with comprehensive downhole tools, well integrity, completions, intervention, and P&A capabilities. Competes with Interwell via full-portfolio offerings while Interwell competes on specialized differentiation such as RockSolid™.

Direct peers

• Weatherford International: Global OFS major with a focused well-integrity and downhole-tools portfolio (packers, plugs, barrier valves, completions) that overlaps directly with Interwell's plugs & packers, casing barrier, and completion product lines across the same oil & gas operators.
• Altus Intervention: Specialized well-intervention and integrity management company offering technology-based intervention, pressure control, and P&A support services — directly competing with Interwell on intervention and abandonment work.
• Welltec: Specialized well-intervention and well-integrity company offering robotic intervention, conveyance, and downhole tools globally; directly competes with Interwell in intervention and P&A applications with similar enterprise-O&G customer base.
• Tendeka (NCS Energy Services): Independent specialist in sand control, inflow control, downhole monitoring, and well-integrity technologies; closely comparable niche positioning to Interwell with overlapping customer base in completions and intervention.
• Packers Plus Energy Services: Specialized completion-tools provider focused on openhole multi-stage systems, packers, and well-integrity technology used by North American and global operators — directly comparable niche completion-and-integrity focus.

Regional players

• Read Well Services: Norway-based well-services specialist operating on the Norwegian continental shelf, providing intervention and integrity services — a regional OFS peer with adjacent offerings in Interwell's home market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/petroleumtechnologycompany-ptc

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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 AS