Shearwater GeoServices has been awarded a new contract by the Multi-Client geophysical company TGS for the second consecutive year. The contract is for a seismic survey on the Atlantic Margin in the Norwegian Sea which is expected to take approximately three months and is scheduled to be completed by the end of September, 2018. The 2018 survey will cover 5,135 km2 and will be performed by one of Shearwater's vessels which will utilize FlexiSource and a wide tow spread. In 2017 Shearwater acquired 29,500 km2 of FlexiSource data for TGS, including 17,700 km2 for the TGS Atlantic Margin project.
Archives for April 2018
April 2018
Spectrum starts 2D Sergipe Basin survey off Brazil
Spectrum has begun a 6,000-kilometer 2D program over the Pernambuco-Paraiba basins along the Eastern Margins of Brazil. The multi-client specialist said in a market update that the survey, carried out in partnership with BGP Marine, covers an area north of the prolific Sergipe Basin that would be included in Round 16 scheduled for 2019. The survey is being acquired with a 12,000-meter cable to record data necessary to understand basin architecture as well as to image prospective zones similar to the large oil discoveries in the Sergipe Basin.
CGG GeoSoftware Donates Seismic Reservoir Characterization Software to Delft University
CGG GeoSoftware has donated its Jason and HampsonRussell seismic reservoir characterization software suites to Delft University of Technology (TU Delft) in the Netherlands. The donation of a full HampsonRussell suite and the renewal of an enhanced Jason package will enable students at the Department of Geoscience & Engineering to expand their theoretical and practical knowledge of quantitative reservoir characterization and inversion techniques.
Bass Oil lifts daily oil output by 20% in South Sumatra
In a market update Melbourne-based Bass Oil said it had made significant improvements to its oil producing Tangai-Sukananti KSO, in Indonesia’s prolific South Sumatra Basin. This had lifted the company’s 2018 daily field output from 550 barrels of oil per day (bopd) earlier this year, to a current 650 bopd, “with further gains of between 150 to 250 bopd expected over coming weeks”. “The significant production uplift is a direct result of the successful completion of field optimisation work pursued by Bass over the past six months.
LNG powering economic growth, boosting trade balance
APPEA has welcomed the Resources and Energy Quarterly, prepared by the Department of Industry, Innovation and Science, as further confirmation that surging liquefied natural gas exports are playing a major role in driving Australia’s economic growth. In 2017-18, the value of Australia’s resource and energy exports is expected to reach its highest level on record, $230 billion, on the back of rapidly growing LNG export volumes. Australia’s LNG export earnings totalled $22.8 billion in 2016-17 before growing to $30.4 billion in 2017‑18 and are expected to reach $38.8 billion by 2022-23.
Bank of China & Goldman Sachs selected to drive Alaska LNG project
The Alaska Gasline Development Corporation (AGDC) has engaged the Bank of China and Goldman Sachs to serve as global capital coordinators to AGDC’s Alaska LNG project. This follows the Bank of China along with Sinopec and CIC Capital signing a joint development agreement with AGDC in November to collaborate on the advancement of Alaska LNG. The signing of the agreement was witnessed by U.S. President Donald J. Trump and China President Xi Jinping. Bank of China and Goldman Sachs will assist AGDC with raising equity and debt financing for the continued development of Alaska LNG.
Trelleborg Announces New Rotary Seal for High Pressure Oil & Gas Applications
Trelleborg Sealing Solutions has announced the launch of the new polytetrafluoroethylene (PTFE) based O-Ring energized single-acting rotary seal, Turcon® Roto Glyd Ring® DXL, specifically designed to meet the demands of high pressure rotary applications within the oil and gas industry. The Fort Wayny, Indiana-based company said the “innovative design” of the Turcon® Roto Glyd Ring® DXL “provides improved dynamic sealing efficiency and reduced friction by balancing the contact force on the dynamic lip under all service conditions, allowing for superior extrusion resistance and low torque.
Over $811bn will be spent on 615 oil and gas fields by 2025, says GlobalData
Over $811bn will be spent on 615 upcoming oil and gas fields between 2018 and 2025. Globally, capital expenditure (capex) into conventional oil, heavy oil, oil sands and unconventional oil projects would add up to $352bn, $44bn, $43.4bn and $30bn respectively over the eight-year period, according to GlobalData, a leading data and analytics company. Conventional gas projects will require $363.2bn, while the investments into coal bed methane (CBM) and unconventional gas projects will total $3.7bn and $1.6bn in upstream capital expenditure by 2025. Brazil accounts for $76.7bn or over 9.
APPEA calls for decisive decisions on hydraulic stimulation in the NT
The Australian Petroleum Production & Exploration Association has noted the release of the final report of the Scientific Inquiry into Hydraulic Fracturing in the Northern Territory, and commented as follows: This document confirms the conclusion of the draft report that any risks associated with onshore gas development and hydraulic fracturing can be managed by effective regulation, the peak body said.
Sercel Delivers Land Acquisition System and Neo Vibrators to Algeoland
Sercel has announced the delivery of a 25,000-channel 508XT land seismic acquisition system and 15 Nomad 65 Neo broadband vibrators to Algeoland, Algeria’s leading private geophysical company. Algeoland will deploy the Sercel equipment to conduct a major 3D seismic survey over a 2,000-km² area of the Rhourde-Nouss desert region in north east Algeria, on behalf of the national oil company. Sercel said the 508XT system drives productivity, data quality and adaptability to an unprecedented level thanks to its X-Tech architecture.