Major oil and gas companies are increasingly highlighting the alignment of their corporate strategies with climate change goals. They are also pursuing major production growth projects, but the value risk to these investments from the energy transition is limited, according to data and analytics company GlobalData. The company’s latest analysis shows that planned and announced projects from the six supermajors of ExxonMobil, Chevron, Royal Dutch Shell, BP, Total and Eni are expected to contribute over 5 million barrels per day (mmbd) of gross oil production by 2025.
Archives for March 2019
March 2019
A Geological Field Guide to Kalgoorlie and Surrounds is launched
The geological field guide to the Kalgoorlie region, produced by Earth Science Western Australia (ESWA), John Bunting and Peter Muhling, was officially launched on Tuesday the 19th of March at the Australian Resources Research Centre, Kensington. This guide is the third produced by this group, with others to Perth and surrounds and the capes region of the Southwest. This launch event was well attended with guests including; field guide contributors, members of ESWA’s Board, sponsors of ESWA, representatives of various educational authorities, teachers and interested parties.
Sercel Extends Boundaries of Well Exploration with SigmaWave, its First DAS Seismic Solution
Sercel has announced the launch of its first distributed acoustic sensing (DAS) seismic solution: SigmaWave. Designed in partnership with Fotech Solutions, SigmaWave is the first integrated distributed acoustic solution designed exclusively for borehole seismic applications and reinforces Sercel’s advanced range of downhole seismic acquisition systems. SigmaWave is fully integrated with Sercel’s existing downhole seismic tools and enables continuous, real-time seismic measurements along the entire length of a fiber optic cable. Whether by retrievable or permanent deployment, it is now possible to visualize and monitor the well in real time and instantly generate SEG-Y files.
‘New reality could unlock £200bn of future UK business opportunities’
A sustained focus on cost and efficiencies with ongoing uncertainty in commodity markets marks the “new reality” for the UK’s offshore oil and gas sector, according to a flagship report into industry performance published recently. Oil & Gas UK’s (OGUK) Business Outlook 2019 finds continued uncertainty in commodity markets is reinforcing investor caution, with forecasts indicating a conservative outlook for prices. Against this backdrop, exploration and production companies remain focused on cost whilst striving for further business and operational improvements.
PESA QLD Luncheon “Making Good Decisions under Uncertainty” – Prof. Steve Begg
On a sweaty Tuesday morning in Brisbane’s February, a diverse group of industry individuals piled eagerly into a training room at Santos’ office, ready to improve their abilities to “Make Good Decisions under Uncertainty”. Under the wise tutelage of Prof. Steve Begg, a man whose experience in the industry and in academia totals more years than most of our student members, participants from companies including Arrow, Central, Geosolve, Santos, Senex, Shell, and others, quickly found out that decision-making is more complex than a first glance would suggest. Opening the course with a questionnaire revealed just how dire the situation was.
PESA WA Evening Talk – AAPG President, Denise Cox
The PESA WA evening talks programme kicked off for 2019 on 12 March, hosted with thanks to our evening talk sponsor Discover Geoscience. The Grand Bar and Bistro was filled to capacity for the talk on the role of geoscience in sustainable energy development – “recycling” the Permian Basin, West Texas presented by visiting AAPG President Denise Cox. Various companies and academic institutions were represented in the crowd of well over 60 initially meeting in the Grand’s outdoor space for food, drinks and networking before heading upstairs for the talk.
‘Production revival and development potential makes Eagle Ford shale a winner’
During 2018, Eagle Ford re-emerged as one of the lucrative destinations for oil and gas companies, according to data and analytics company, GlobalData. The company’s latest market analysis report reveals that the shale play has reverted a production decline and leading operators continue to increase the scale of their operations. There are still some sections within the Eagle Ford shale play which are underdeveloped, especially in the northern part comprising the Burleson and Brazos counties and some companies are also assessing the overlying Austin Chalk formation.
Santos awards drilling support contract to MMA Offshore
Marine service provider MMA Offshore has been awarded a contract by Santos to support its 2019 drilling campaign. The contract is for the provision of three vessels to support the drilling campaign, including two anchor handling tug supply vessels and a platform supply vessel. The scope of services includes rig tows to and from field, infield rig moves and platform supply duties in support of the Noble Tom Prosser rig, operating offshore Australia. The contract started in February and is expected to run for at least six months.
Technical problems curtails Norway oil production
The Norwegian Petroleum Directorate (NDP) has revealed that oil production during February this year was below expectations as a result of technical problems on some fields. The NDP said that preliminary production figures for February indicated an average daily production of 1,745,000 barrels of oil, NGL and condensate. This represented a decrease of 75,000 barrels per day in comparison to January. Total gas sales were 10.2 billion Sm3 (GSm3), a decrease of 0.9 GSm3 from the previous month. During February the average daily liquids production figures were 1,388,000 barrels of oil, 328,000 barrels of NGL, and 30,000 barrels of condensate.
APPEA applauds environmental authority retreat on carbon emission directives
The Australian Petroleum Production & Exploration Association welcomed the decision by the board of the Western Australian Environmental Protection Authority to withdraw guidelines imposing unprecedented constraints on investment in new projects. APPEA CEO Malcolm Roberts said the requirement to offset all project emissions would have put at risk essential investment in resources and energy projects in WA. APPEA welcomed the decision of EPA chairman Tom Hatton and his board to provide a genuine opportunity for consultation with all stakeholders in a complex policy debate.