Archives for August 2020

Queensland Government to spend $5 million on Bowen Basin Gas Pipeline Study

25/08/2020 Posted by Dale

Blue Energy has commended the announcement from Queensland Premier, Annastacia Palaszczuk, that the Queensland Government will invest $5 million in a concept study to investigate the feasibility and options for a new transmission pipeline south, to connect the Bowen Basin’s gas reserves to the east coast of Queensland.

The commitment was contained in the “Queensland’s Economic Recovery Plan”, released by the Premier.

Blue said it had regularly commented on the enormous gas resource that has already been discovered in the North Bowen Basin.

Shearwater GeoServices Holding AS has received an award for a towed streamer 3D acquisition by SK Innovation Co., Ltd, the operator of Vietnam Block 16-2.

“This will be Shearwater’s first seismic survey in Vietnam and our first project for our new client SK Innovation” said Irene Waage Basili, the CEO of Shearwater GeoServices.

“We are well-established in South East Asia and look forward to further expanding our regional operations through this…

Australia ships first LNG cargo to Chile

25/08/2020 Posted by Dale

EnergyQuest says cargo shipped from the Shell-operated QCLNG project at Gladstone in Queensland and transported aboard the Sevilla Knutsen represented a milestone, first LNG export from Australia to Chile.

The tanker docked at Quintero, Chile on 15 August after a 24-day voyage of more than 13,500 nautical miles. QCLNG cargoes generally go to China and Japan.

Quintero mostly imports LNG cargoes from the Atlantic Basin.

Asia oversupply

EnergyQuest said that in 2019, it…

APPEA says tightening WA domestic gas policy risks development

18/08/2020 Posted by Dale

In the most challenging market conditions facing the Western Australian economy for a generation, the WA Government’s decision to place restrictions on the development of a potential new energy resource runs counter to the Government’s COVID-19 recovery plans of stimulating the economy and creating jobs.

APPEA’s WA Director Claire Wilkinson said: “As we look to the post-COVID-19 recovery, all responsible development, including of WA’s onshore natural gas resources and the economic activity and jobs it provides, should be encouraged, not stifled.

“A recent APPEA survey…

Geoscientist Employment improves in Australia despite Coronavirus Pandemic

18/08/2020 Posted by Dale

Geoscientist employment in Australia improved in the second quarter of 2020. Nationally, unemployment decreased to 8.6% from 10% in the March quarter, while underemployment also fell to 17.4% from 18.1% for the period.

AIG President, Andrew Waltho, described the improvement as most welcome. “The level of improvement observed in the survey results was small but defied the increase in unemployment observed in the Australian community as a whole, and the sharp downturn in economic activity affecting Australia’s economy” Mr Waltho…

PGS turns down TGS-NOPEC bid to buy its multi-client library

17/08/2020 Posted by Dale

PGS has reviewed, assessed and rejected an offer from TGS-NOPEC to acquire its MultiClient data library.

PGS said the board “is of the view that the value of the company’s multiclient data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment”

In a statement PGS added that having consulted with its financial and legal advisers, “the board has concluded that the proposal is not…

ACCC confirms lower gas prices and more supply for domestic market

17/08/2020 Posted by Dale

The latest Australian Competition and Consumer Commission’s (ACCC) Gas Market Inquiry 2017-2025 report has confirmed for the eighth consecutive time that there is no shortfall in the domestic gas market.

The ACCC report again highlighted actions taken by the oil and gas industry to bring more natural gas into the local market will continue natural gas supply, ensuring domestic gas supply with a surplus of gas available to the domestic gas market.

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CGG updates LCT software with innovations for imaging potential field data

11/08/2020 Posted by Dale

CGG Multi-Physics has released an important update to its industry-renowned LCT potential field software suite. Oil and gas exploration geoscientists use LCT to model, process and interpret their gravity and magnetic data for guiding integrated subsurface imaging.

The improved capabilities available in the new LCT R2017.06 release are based on existing user feedback. In particular, enhancements to the software’s intuitive and powerful workflows improve ease-of-use, bring overall risk reduction benefits and increase productivity to levels unavailable in previous versions.

Subsurface clarity

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TGS Offers to Acquire PGS MultiClient Library

11/08/2020 Posted by Dale

The Board of PGS confirms that it has received a conditional and non-binding offer from TGS to acquire the MultiClient data library of PGS for a cash consideration of $600 million.

Future collaboration

The offer also includes proposals for the provision of acquisition services by PGS to TGS and the opportunity for TGS to participate in future MultiClient projects undertaken by PGS.

PGS Management and the Board of Directors will address the offer. PGS said it will make…

Quantum goes deeper

11/08/2020 Posted by Dale

Experts in quantum cold-atom sensors are delving deep underground in a new project aimed at harnessing quantum gravity sensing technology in harsh underground borehole environments.

The Gravity Delve project, funded by Innovate UK, brings together academics from the UK Quantum Technology Hub Sensors and Timing, which is led by the University of Birmingham and Nemein Ltd, with the aim of investigating the benefits and challenges associated with using quantum gravity sensors down boreholes.