China’s upstream industry is turning to natural gas as a way to reduce air pollution created by the consumption of coal. However, despite the progress made in the shale gas industry since 2011, China has been facing challenges to develop efficient shale gas extraction, according to data and analytics company GlobalData. With 27 trillion cubic feet (tcf) of proven shale gas reserves China has emerged as the world’s largest shale gas producer outside the U.S. and Canada.
Dale
Bight offers huge benefits for State and nation
Potential Bight benefits great for State and nation Successful oil exploration in the Great Australian Bight could see the creation of more than 2,000 jobs in South Australia and generate over $7 billion in average annual tax revenue to Federal and State governments over the next four decades, a new study has found. The indirect benefits of the activity and the associated tax revenue could see almost 5,000 jobs created across Australia in the period between 2020 and 2060.
Employment recovery back on track for Geos – but no sign of a boom
The recovery in employment opportunities for Australia’s geoscientists resumed in the June quarter, with the unemployment rate falling to 8.5% from 11.1% in March. A small increase in the underemployment, or skills underutilisation rate was observed, with 12.9% in March coming in at 13.2% in the latest Australian Institute of Geoscientists survey. This survey series experienced continued, strong support from Australian geoscientists with just over 700 responses received from across Australia. The number of responses increased in every state. AIG spokesperson Andrew Waltho welcomed the survey results.
The Ichthys train finally arrives at the station
One cannot be sure what as more audible. The whoosh of hydrocarbons or the sighs of relief in Japan as Inpex’s belated Ichthys LNG project finally delivered first gas to begin an expected 40-years of production. While Tokyo boasts the most punctual trains in the world - marginally superior to the Swiss – at the Ichthys field offshore Western Australia it was a case of better late than never yesterday as Inpex proudly announced the milestone moment from its flagship project.
TGS and PGS commence Lewis Hill 3D multi-client project offshore East Canada
Norwegian seismic players TGS and PGS have teamed up and begun a new 3D multi-client project in East Canada. The Lewis Hills 3D Geostreamer survey will cover approximately 3,400 km² in an active Newfoundland area of the Flemish Pass Basin with data to be acquired by the PGS Ramform Sterling vessel, TGS announced in a media release on Friday. As previously announced, this vessel will also acquire approximately 2,700 km2 of additional data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.
Chevron Q2 earnings take off on the wings of soaring oil prices
Supermajor Chevron has posted more than double earnings for the second quarter of 2018 compared to the corresponding period a year earlier.
Boosted by soaring oil prices, the San Ramon-headquartered oil giant reported earnings of US$3.4 billion for the first three months of this year, corresponding with US$1.5 billion from the same period in 2017.
Sales and operating revenues during the second quarter of this year were US$40 billion, contrasting with US$33 billion a year ago.
“Second quarter earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth.
Triangle Energy says no spilled hydrocarbons sighted after Cliff Head Alpha shut-in
Triangle Energy has asserted that no hydrocarbons were sighted in the marine environment or shoreline following a “low-level spill” and shut in at the Cliff Head Alpha platform in the Perth Basin, 14km offshore Western Australia. Severe weather and rough seas last Tuesday caused a small crack in the flow meter on the CH6 Well, prompting the suspension of production and the launching of an Oil Pollution Emergency Plan (OPEP) to conduct safety and environmental assessments. Triangle Energy said in a statement that the loss of produced fuel comprised zero to 10,000 litres.
PGS is back in the black
Petroleum Geo Services posted a profit of US$10.4 million for the second quarter of 2018, reversing a loss of US$32.2 million from the same corresponding period a year earlier. The Norwegian seismic services company reported that revenues were flat at US$239.7 million in 2Q 2018, compared to US$240.5 million in the same period in 2017, but had delivered an EBIT of US$30.5 million. PGS said: "Most of our active 3D vessel capacity was allocated to MultiClient in the quarter and pre-funding revenues dominated the sales mix.
ADNOC awards world’s largest combined onshore and offshore 3D seismic survey to CNPC affiliate
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth US$1.6bn, representing the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres. ADNOC said the latest award was part of the company’s ongoing strategy to “identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy”. Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30,000 km2 offshore and 23,000 km2 onshore.
Schlumberger flags accelerated E&P spending
Schlumberger has posted second-quarter revenue of US$8.3 billion, an increase of 11% compared to a year ago, and is flagging an increase in exploration and production spending in a brightening disposition. The company said revenue was primarily lifted by a 43% lift in operations in North America to US$3.1 billion. Schlumberger said offshore activity began to recover during the second quarter with new drilling projects in Eastern Canada, the US Gulf of Mexico, and the Caribbean, resulting in sequential offshore revenue growth of 22%.