Archives for February 2021

February 2021

Long-term investment vital for Australia’s continued recovery

04/02/2021 Posted by Dale

The Australian Government should embrace measures for long-term business investment that will ensure sustained job creation and economic growth for Australia, according to APPEA’s 2021-22 pre-Budget submission.

Acknowledging the Government’s actions taken during 2020 and as part of the previous Federal Budget, APPEA has made a number of recommendations to the Government that build on the success of these reforms.

APPEA’s five key recommendations will help to create certainty for capital-intensive industries – including oil and gas – for sustained investment that will drive job creation, increase employment opportunities and promote domestic spending.

APPEA Chief Executive Andrew McConville said reforms from the Government’s 2020-21 Budget – including the temporary full expensing and loss carry back measures – helped to guide Australia out of recession by the end of 2020.

Shearwater is awarded 3D Survey in SE Asia

04/02/2021 Posted by Dale

Shearwater GeoServices Holding AS has announced the award of a marine seismic 3D survey in South East Asia.

Shearwater did not give any details of the precise survey location, or the schedule, but said the two-month project would commence in the second quarter of 2021, covering approximately 1,500 sqkm.

MCR announces BEX Multi-Client 3D Advanced Reprocessing Project

02/02/2021 Posted by Dale

Multi-Client Resources (MCR), in collaboration with DUG, has commenced a very large 3D seismic reprocessing project over the hydrocarbon prolific Northern Carnarvon Basin, Northwest Shelf, Australia.

The Barrow-Exmouth “BEX” Multi-Client 3D Project incorporates 23 legacy 3D surveys, reprocessed using DUG’s advanced Broadband, least-squares anisotropic PreSDM and high frequency FWI imaging technology to produce one seamless 26,400 square kilometer 3D seismic dataset over the major gas producing fairways of the Barrow Sub-basin and Exmouth Plateau.

The BEX MC3D survey covers large tracts of high impact Petroleum Acreage Release areas, field development and production acreage.

CGG Commits to carbon neutrality by 2050

01/02/2021 Posted by Dale

Aligned with the company’s longstanding commitment to act responsibly and minimize the impact of its activities on the environment, in every sector of its business, CGG has announced its pledge to become carbon neutral by 2050 in scopes 1 & 2 of the Greenhouse Gas (GHG) Protocol.

CGG said that company-wide efforts are focused on continuing to improve the power usage efficiency of its data centers, offices and factories, along with increasing the share of sustainable energy in its energy supply mix, mainly through the energy purchased from utility providers.

To reach this long-term target, CGG has also set itself an intermediary milestone to reduce by half its 2019 levels of scope 1 & 2 GHG emissions by 2030.

Polarcus’ lenders take over seismic vessels after debt default

01/02/2021 Posted by Dale

Polarcus has defaulted on US$130 in debt repayments and announced that it was halting all interest and instalment payments to lenders.

On the Oslo Stock Exchange, Polarcus shares dived 30% as the company went into a trading halt, before emerging to announce that lenders had taken over six of its vessels.

The lenders are now in control of Polarcus’ Shipholding and the seismic vessels; Polarcus Asima, Polarcus Amani, Polarcus Adira, Polarcus Nadia, Polarcus Alima and Polarcus Naila.