Continuing from our first event in April, in mid-October PESA WA Young Professionals in conjunction with ASEG WA held our second speaker’s night. With approximately 20 members attending, the first speaker, Tasman Gilfeather-Clark, presented his work on SOM and machine learning, which formed part of Team Macquarie’s submission for the Frank Arnott Award. The second speaker, Vincent Crombez, gave a brief overview of his PhD. following work on unconventional fields in western Canada. The talks gave insights to two vastly different sides of different industries.
Archives for November 2018
November 2018
PESA WA 2nd annual weekend field trip – Perth Basin
On Friday, 12 October, 27 PESA members made their way to the Priory Hotel, Dongara to network, enjoy dinner and drinks and kick start the field trip headed by Darren Ferdinando, our trip leader. First stop on the Saturday was to survey magnificent spectacle of the cliffs at Coalseam Park. Along the banks of the Irwin River are some magnificent outcrops, with strata gently dipping, such that a hike up the river brings you to successively younger beds. The first rocks we looked at in the high cliff near the car park were, the imaginatively titled High Cliff Sandstone.
ADNOC unveils $132 billion capex program targeting gas exports and increased oil production
The Abu Dhabi National Oil Company’s (ADNOC) announced, has announced plans to launch a new integrated gas strategy and increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030 following approval from the Supreme Petroleum Council. The company also announced capital investment growth of $132.33 billion between 2019-2023 and new discoveries of 1 billion barrels of oil. ADNOC’s gas strategy will add potential resources that will enable the UAE to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter.
Gazprom and Sinopec capex to top US$259 bn by 2025
Gazprom and China Petrochemical Corp (Sinopec) are likely to be the top spenders among global oil and gas companies with new build capital expenditure (capex) on planned and announced projects across the oil and gas value chain during 2018–2025. According to a report by data and analytics company GlobalData, Gazprom and Sinopec’s spend across the oil and gas value chain' are likely to lead with an estimated capex of US$170.2bn expected on 93 oil and gas projects globally. Sinopec and Royal Dutch Shell Plc (Shell) follow with capex of US$88.9bn (69 projects) and US$84.5bn (107 projects), respectively.
Bass Oil achieves record oil production at Indonesia field
Bass Oil (ASX: BAS) has announced that it produced a record monthly oil production of 27,795 barrels of oil JV share, or 15,287 barrels Bass share, from its Indonesian Tangai-Sukananti KSO during the month of October. This represents an average daily rate of 896 barrels of oil per day, a 7% increase over the previous Joint Venture production record of 26,077 bbls set in October 2015 and a 63% increase over September 2018 production levels of 17,081 barrels of oil Joint Venture share.
Fast-Track PSTM Data from CGG’s Mozambique Multi-Client Survey available
CGG announced during Africa Oil Week that the fast-track 3D seismic data from its recent Mozambique multi-client survey in the outer Zambezi Delta Basin is now available for license. Interested international oil companies with an Africa focus can view the high-end data set in CGG data rooms in anticipation of the country’s 2019 licensing round. The data covers a 15,400 km2 area over blocks Z5-C and Z5-D and surrounding open acreage. It was acquired as part of a multi-client program agreed between CGG and Mozambique’s Instituto Nacional de Petroleo (INP) in 2017.
TGS announces Q3 results earnings per share up 78%
Oslo-listed marine seismic data providers TGS has posted a net income of $16,8 million for the third quarter of 2018, compared to 9 million in the third quarter of 2017, with net operating revenues of $140.7 million showing a decrease of 1% compared to $141.7 million in Q3 2017.
Seven Australian exploration permit awards target $530 million
The Australian Government has awarded seven offshore exploration permits which it believes could yield an investment of more than $530 million over the next six years. Minister for Resources and Northern Australia Matt Canavan said the granting of seven permits finalised the Government’s 2017 Offshore Petroleum Exploration Acreage Release. According to the minister, strong bidding for round one of the 2018 Offshore Petroleum Exploration Acreage Release had been “encouraging” and new permits could see more than $530 million invested over the next six years.
ExxonMobil’s third quarter earnings surge 57 percent
ExxonMobil has boosted third quarter earnings by 57 percent, buoyed by increased crude oil and natural gas prices compared to the corresponding period a year ago. In its financial report published on Friday, the supermajor said earnings had increased by 57% to US$6.2 billion in the third quarter compared to $3.97 billion in the same period last year. The company’s revenues rose to $76.6 billion from $61.1 billion in the previous corresponding period in 2017. Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017.
Chevron doubles 3Q yield with record earnings
Chevron has doubled its third quarter earnings, spurred by higher crude oil prices, to US$4 billion compared to $2 billion in the third quarter of 2017. The U.S. supermajor reported that the current quarter included write-off, an asset impairment and a non-recurring contractual settlement totalling $930 million in the upstream segment. A gain of $350 million was recorded from the sale of southern Africa refining, marketing and lubricant assets. Foreign currency effects decreased earnings in the 2018 third quarter by $51 million, compared with a decrease of $112 million a year earlier.