Archives for October 2020

October 2020

Chevron personnel on Barrow Island at the carbon injection facility

WA Budget reinforces vital contribution of oil and gas

10/10/2020 Posted by Dale

Western Australia’s 2020-21 State Budget reinforces the critical role oil and gas plays in supporting local jobs and the economy, highlighted by the recent challenging months of the COVID-19 pandemic as well as the need for natural gas to generate low emissions baseload power as the economy recovers.

APPEA WA Director Claire Wilkinson said the 2020-21 Budget demonstrated the important contribution the industry makes to the State’s bottom line, with Treasurer Ben Wyatt acknowledging that ongoing operations of the resources industry through the pandemic cushioned the negative economic impacts of COVID-19.

With the Budget also funding a number of new energy technologies, including renewable energy, natural gas will also be crucial to supporting development of these industries through its supply of baseload energy.

Saudi Aramco profits sunk 50% in H1 2020

10/10/2020 Posted by Dale

According to the research data analyzed and published by StockApps.com, Saudi Aramco’s profits dropped by 50% to $23.2 billion in H1 2020. During H1 2019, net income was $46.9 billion. Q2 2020 saw an even bigger decline at 73%, from $24.7 billion to $6.6 billion.

The company’s performance reflected the devastating condition in oil markets. According to the Organization of the Petroleum Exporting Countries (OPEC), Brent crude was priced at $68.44 at the start of 2020. It had dropped to a low of $20.46 by the end of April 2020.

Saudi Aramco Pays $37.5 Billion Dividends in H1 2020

Aramco’s free cash flow during H1 2020 was $20.6 billion, compared to $38 billion in H1 2019.

PGS cautiously upbeat about post COVID-19 “trough”

10/10/2020 Posted by Dale

PGS expects to report Segment* revenues for Q3 2020 of approximately $115 million. Contract revenues ended at approximately $9 million. MultiClient pre-funding revenues were approximately $52 million, from a capitalized MultiClient cash investment of approximately $57 million. MultiClient late sales were approximately $26 million.

Q3 2020 revenues include approximately $23 million of government grants related to the Covid-19 pandemic. The government grants are recorded as Other revenues.

“A majority of our active vessel capacity was allocated to MultiClient in Q3. The market remains challenging, but we believe this quarter represents the trough of this Covid-19 driven downturn.

Narrabri approval will ‘deliver energy and jobs for NSW’

03/10/2020 Posted by Dale

APPEA has welcomed approval of the Santos Narrabri Gas Project by the Independent Planning Commission as an “important step towards supporting jobs and economic recovery in NSW”.

APPEA Chief Executive Andrew McConville said the project will unlock natural gas reserves to supply NSW homes, small businesses, major industries and electricity generators with up to half the state’s natural gas needs, bringing substantial economic benefits to Narrabri and the region.

“The Narrabri community and surrounding region will directly benefit with up to 1,300 jobs created during construction and 200 local ongoing jobs.

Industry urges campaign groups to meaningfully engage with sector

03/10/2020 Posted by Dale

The leading representative body for the UK’s offshore oil and gas industry has repeated calls to campaign groups to meaningfully engage with the sector to ensure a fair and positive transition for energy communities.

The call comes after a report published by Friends of the Earth Scotland, Greenpeace and Platform failed to note the progress that is being made to support workers to move between renewables, oil and gas, and nuclear.

OGUK today said it intends to respond to the report and offered its full support in helping reach the heart of energy communities across the UK.

G20 energy ministers aim for ‘sustainable development and market stability’

02/10/2020 Posted by Dale

HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF) participated in the G20 Energy Ministerial Meeting and reaffirmed its commitment to greater international cooperation in ensuring the resilience of energy systems and affordable and secure energy for all.

In a media release, the GECF said the two-day deliberations had acknowledged the impact of the Covid-19 pandemic on energy markets and paved the ways for the sector’s recovery efforts. The meeting assumed vital importance against the backdrop of a global pandemic and was devoted to energy market stability amidst low oil and gas prices and lacklustre demand.

The final communiqué crystallised the resolve of the G20 countries to utilise the widest variety of technologies and fuels to ensure a stable and uninterrupted supply of energy for economic growth.

Demand for US LNG is ‘likely to remain depressed’

02/10/2020 Posted by Dale

Global economic slowdown has led to reduced demand for LNG produced in the United States. As a result, LNG exports from the country are likely to remain low in the near future, says data and analytics company, GlobalData.

Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “Significantly low prices of gas along with an LNG supply glut has pushed companies to revisit their capex spends on upcoming multi-billion-dollar gas projects.

In March 2020, Royal Dutch Shell exited the proposed Lake Charles LNG export project in Louisiana.

CGG Geosoftware launches interactive well path planning technology

02/10/2020 Posted by Dale

CGG GeoSoftware has launched WellPath, a new interactive 3D well path planning solution for optimal well planning in unconventional and fractured reservoirs and offshore development platforms, as part of its InsightEarth® 3D visualization and interpretation software suite.

CGG said that WellPath shows the complexity of the subsurface drilling environment in 3D so that drillers can quickly plan and QC horizontal wells on high-density, multi-lateral pads or large offshore platforms. Drilling engineers now have the power to perform interactive directional well path planning while adhering to the constraints of geological targets and engineering design.