Archives for October 2024

October 2024

Iran oil field discovery sanctions

Middle East Tensions Puts Energy Market Issues in the Crosshairs

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Rystad Energy’s market update from Middle East Research Director, Aditya Saraswat:

“Tensions are persisting in the Middle East and the humanitarian toll is climbing.Energy market fundamentals have been largely unaffected to date, but this could change at a moment’s notice.

In a widespread regional war scenario, Iran and Israel's conflict could severely impact gas exports and lead to delays in oil development projects.

Attacks on key facilities may threaten nearly 1.4 million bpd of Iranian production, causing significant supply disruptions.

A full-blown war could choke the Strait of Hormuz, risking up to 12 million bpd of oil, driving prices up sharply.

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Chevron and Total Petroleum Brazil

Total EnergiesSells its Fuel Distribution Activities in Brazil to SIM Distribuidora

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TotalEnergies has signed an agreement to sell its fuel distribution activities in Brazil to SIM Distribuidora, a Brazilian company. The transaction involves a network of about 240 filling stations and several storage facilities for petroleum products and ethanol.

SIM Distribuidora, one of the recognized players of the fuel distribution business in Brazil, belongs to Grupo Argenta, which has more than 500 service stations, lubricants and aviation activities.

This sale reflects the selective strategy of TotalEnergies in Marketing & Services in the retail network business focussed on core geographies with significant market share positions. The Company will retain its lubricants blending and distribution activities in Brazil.

The acquisition remains subject to authorization by the relevant authorities.

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MOL and Turkish Petroleum Team up for Exploration

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MOL Group has signed a Memorandum of Understanding with Turkish Petroleum Corporation in Istanbul to cooperate as strategic partners in the exploration and production of hydrocarbons. The companies agreed to elevate their cooperation to a new level after successful international joint projects to potential partnership in exploration in Türkiye and further potential projects in other regions.Under the Memorandum of Understanding (MoU), MOL Group and Turkish Petroleum have expressed their intention to jointly provide their experience, technical and commercial knowledge, advanced techniques and financial resources.

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From Russia with Oil … As Yet

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By Eugene Kharkutov and Ellen Starostina

The history, current state and prospects of development of the Russian oil market and its world impact are considered and analysed. The author uses methods of systematic and comparative analysis in the context of the global, and Mideast oil industry. The main conclusions of the article are that, despite the imposed sanctions, the highly motorized market of Russia performs so far quite well and will adapt a wider use of domestically produced natural gas. Though it has shrunk, Russian oil exports have shifted from the usual Western destinations to the East.

Source: https://www. morethanshipping.com [2]

Figure 1.

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scholarship

PESA Horstman Federal Postgraduate Scholarship Winner’s Circle

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Federal Programs and Scholarships Sub-Committee

By Bonnie Lowe-Young

As part of PESA’s ongoing program to foster and encourage subsurface energy geoscience research and education in Australia, PESA has annually offered Federal Postgraduate Scholarships to support PhD or Masters students undertaking geoscience research relevant to the exploration, development or production of energy resources in Australia.

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Editorial Correction: Searcher acquires new 3D seismic in the Gulf of Papua

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Contrary to information that has been incorrectly published recently in PESA News, reporting the new acquisition of seismic data in offshore Papua New Guinea (PNG) by Shearwater, the Nanamarope Non-Exclusive 3D Marine Seismic Survey was actually acquired by Searcher, utilising PXGEO's Seismic Research Vessel (SRV) PXGEO 2. The survey was acquired between May and June 2023, with final processing deliverables released in March 2024. 

The acquisition of the Nanamarope survey adds to Searcher's vast multi-disciplinary geotechnical database in PNG, which includes over 80,000 km of 2D new acquisition and reprocessing, 3,500 sqkm of 3D new acquisition and reprocessing, as well as 60,000 sqkm of Airborne Gravity Gradiometry & Magnetics data and a Geochemical survey covering offshore PNG (Figure 1).

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Newly awarded production licenses to provide feedstock for Otway Gas Project

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In late September 2024, Madeline King, the Minister for Resources and Northern Australia, granted two production licenses to Beach Energy over the Artisan and La Bella fields in the offshore Otway Basin.

Both VIC/L35 (Artisan) and VIC/L36 (La Bella) will be valid for the life of the fields with production to be tied back to the Otway Gas Project.

Gas is currently supplied to the domestic market through the Project from six fields; the near to shore Black Watch, Enterprise, Halladale and Speculant, and the deeper water Geographe and Thylacine.

Both discoveries are expected to be appraised...

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Cooper Energy name change

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Cooper Energy announced in early October 2024 that it intends to change its name to Amplitude Energy Limited, with a special resolution to be put to shareholders at the AGM on 7 November 2024. Should the change be approved the ASX code with change to "AEL".

The name change is designed to reflect the company's move from a legacy Cooper Basin oil producer to a dedicated domestic gas explorer, producer and operator.

Cooper Energy was listed on the ASX on 13 March 2002 and holds acreage in the Gippsland, Otway and Cooper/Eromanga Basins.

In the Gippsland Basin, the company holds eight offshore blocks as well as the onshore Orbost Gas Processing Plant.

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CGG OaaS

Viridien selected to support technology-driven mineral exploration program in Oman

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Viridien has been awarded a comprehensive remote sensing program by Minerals Development Oman (MDO),in the Sultanate of Oman, to identify, map and rank mineralization prospectivity potential across seven concessions, covering a total area of 16,000 km².

Following a series of remote sensing programs conducted to support mineral exploration initiatives, Viridien said it was now pleased to aid the strategic development of Oman's mineral resources led by MDO.

Viridien's multi-disciplinary team of experts will use machine learning, high-performance computing, advanced processing algorithms and archives of multi- and hyperspectral satellite imagery to create their innovative Bare Earth Plus models.

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