Nice try to intercept Oil industry money for laser resaerch, but methinks that the surface equipment and energy load required for this will kill the project.

Mechanical energy is far easier to deliver to a subsurface location than light energy, and has the same effect. Plus, as Ed pointed out, it combines better with opaque and high density drilling fluid to sweep solids away from the cutting face.

Plus, the pressure containment aspect of drilling, which is actually the difficult bit - any fool can make a hole, the trick is to make the hole stable!

The day they bring out a hobby drill based on lasers, I'll worry about the oil industry, Till then, keep the bit turning to the right...