ExxonMobil has boosted third quarter earnings by 57 percent, buoyed by increased crude oil and natural gas prices compared to the corresponding period a year ago. In its financial report published on Friday, the supermajor said earnings had increased by 57% to US$6.2 billion in the third quarter compared to $3.97 billion in the same period last year. The company’s revenues rose to $76.6 billion from $61.1 billion in the previous corresponding period in 2017. Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017.
Dale
Chevron doubles 3Q yield with record earnings
Chevron has doubled its third quarter earnings, spurred by higher crude oil prices, to US$4 billion compared to $2 billion in the third quarter of 2017. The U.S. supermajor reported that the current quarter included write-off, an asset impairment and a non-recurring contractual settlement totalling $930 million in the upstream segment. A gain of $350 million was recorded from the sale of southern Africa refining, marketing and lubricant assets. Foreign currency effects decreased earnings in the 2018 third quarter by $51 million, compared with a decrease of $112 million a year earlier.
US LNG liquefaction over capacity, set to reach 8.9 bcfd by 2020
The US will have a total of 8.9 billion cubic feet per day (bcfd) equating to 66.7 million tons per annum (mtpa) of liquefied natural gas (LNG) liquefaction capacity from currently planned and sanctioned projects by 2020, according to data and analytics company GlobalData. Presently about 77% of the US LNG volume exported is contracted under a long-term scheme. Through these contracts, US LNG production competes whenever an arbitrage window is created to export cargoes, based on shipping costs and natural gas landed prices in the destination markets. By the end of 2017 the total LNG trade accounted for 9.
Bass Oil on track for record monthly output
Bass Oil (ASX: BAS) has announced that during October it achieved sustained high daily oil production levels averaging almost 900 barrels of oil per day (bopd) Joint Venture share, at the Tangai Sukanati KSO. The Melbourne-based company said it was on track to challenge the previous Joint Venture production record for the KSO of ~26,000 bbls. The previous record was set in October 2015. “This compares favourably to September production levels of 17,081 barrels of oil Joint Venture share,” Bass Oil said. Bass has a 55% interest in the Joint Venture.
Pakistan’s Bahria University Benefits from CGG GeoSoftware’s Donation Program Promoting Geoscience Education
Postgraduate students at Pakistan’s Bahria University (Karachi Campus) can now conduct more complex research into quantitative geophysics thanks to the donation by CGG GeoSoftware of a full suite of its advanced geoscience software. Exploration & production companies around the world use this software to better understand the Earth’s subsurface, manage exploration and development risks, and maximize the potential of oil and gas reserves.
Professor Kurt Lambeck receives Prime Minister’s prize
Emeritus Professor and geophysicist, Kurt Lambeck (ANU), received the Prime Minister’s Prizes for Science for his work on the ‘breathing Earth’, detecting sea level change, and developing precise navigation, using geophysical techniques. This award is an important step in the recognition of the importance of geosciences for Australia’s future. Kurt’s original work in the 1960s enabled accurate planning of space missions. It led him to use the deformation of continents during the ice ages to study changes deep in the mantle of the planet.
Spectrum and TGS announce collaboration on expanded Santos Basin Multi-Client 3D Survey
Spectrum and TGS have joined forces and expanded the Santos 3D seismic program to 15,000 square kilometers over the prospective southern Santos Basin offshore Brazil. TGS and Spectrum will be equal partners with seismic data processing and imaging to be performed by TGS. The survey covers an area south of the high profile discoveries of the Santos Basin and the recent sought after blocks offered in Rounds 2,3,4,5 and 15. Rune Eng, CEO Spectrum, comments, “Spectrum is excited to cooperate with TGS in this survey over such a highly prospective area.
Wood wins new IRPC contract in south east Asia
Wood has been awarded a new contract by IRPC Plc for its Maximum Aromatics (MARS) project, leveraging its operations in the south-east Asian oil and gas market. Wood will provide frontend engineering design (FEED) for the world-scale paraxylene complex to be built at IRPC’s existing integrated petrochemical complex in Rayong Province, Thailand. The one-year contract will be delivered from Wood’s offices in Sriracha, Thailand, and secures around 100 jobs in-country.
Geoscience awards its top guns with national honour
Two of Australia’s foremost proponents of better ways to discover our natural resources using great science have been honoured in Adelaide by Australia’s Geoscience sector. The title of “National Geoscience Champion” has been bestowed by the Australian Geoscience Council (AGC) on each of Dr Marita Bradshaw of Canberra and Emeritus Professor David Groves of Perth, at an industry peer dinner in Adelaide hosted as part of the AGC’s inaugural four-day Convention last week in Adelaide.
High-End Seismic Imaging Solves Shallow Gas Challenges
The latest Q modeling, and Q-compensating imaging techniques bring greater clarity to Northern Viking Graben, CGG has announced. CGG has recently completed seismic depth imaging of its entire Northern Viking Graben multi-client survey, in the Norwegian North Sea. The latest visco-acoustic (“Q”) velocity modeling and seismic imaging technologies have been applied to BroadSeis™ broadband variable-depth streamer field data, acquired between 2014 and 2016. The final output forms a contiguous data volume covering 35,400 km².