Archives for January 2017

Spectrum starts 6,000km Multi-Client 2D survey in Potiguar Basin

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Spectrum, in partnership with BGP, has announced the commencement of a 6,000 km Multi-Client 2D survey offshore Brazil in the Potiguar Basin. The new acquisition program is an extension of Spectrum's 2013 Potiguar phase 1 survey as the company said it continues to add to an extensive equatorial margin database offshore Brazil, which now totals more than 110,000 kilometers of modern 2D data and 11,300km2 of new 3D broadband data. The survey ties the Pitu discovery - announced by Petrobras in December 2013 in block POT-M-855. A discovery of the extension well Pitu Norte announced in November 2015 confirmed the…

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Now Greenpeace targets Amazon exploration

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Greenpeace has launched a new campaign targeting exploration operations in Brazil with that stated intention of protecting the newly discovered Amazon coral reef, which was discovered in April last year. The environmental activist group charged that the reef, which could be a new marine biome comprising about 9500km2 of formations, primarily giant sponges and rhodolith, would be threatened by oil exploration. Total and BP, which was also in the activist crosshairs before it abandoned its planned $1 billion exploration in the Great Australian Bight, have flagged the mouth of the Amazon River for exploratory drilling. Total owns one block which…

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Hess write down puts Equus in limbo

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US Independent Hess Corporation has taken the decision to write down the full value of the Equus development by $933 million. The New York-headquartered company has revealed its focus will switch to the Bakken Shale, the Valhall field in Norway and the Liza field, offshore Guyana, leaving Equus and joint venture partner Woodside with the challenge on how to expedite the Western Australian offshore discovery. Sixteen wells were drilled in the prospect over the past six years, resulting in 14 gas discoveries in WA-70, WA-390-P and WA-474-P. Tie-in options to bring the gas onshore for processing to the North West…

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Oil price signals a hopefully happier 2017

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THE oil industry welcomed the start of a new year a lot more upbeat than a year ago, with recovering crude oil prices over 80 per cent higher than in the corresponding 2016 period. Although there were doubts that OPEC and other nations would fully follow through on agreed cutbacks to further stimulate the price of oil, crude started the week on January 16 with Brent trading at US$55, US West Texas US$52 and Tapis at US$56. While rising US oil production was putting a brake on crude prices climbing further, the oil and gas industry was enjoying a period…

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