Po Valley Energy Limited has secured funding of $2.5m through the issue of a convertible note with a conversion price of $0.042 per share and a maturity of three years. The ASX-listed company said the funds will be used to expedite a final investment decision for its successfully drilled onshore Selva field in Italy and to complete seismic work on its large oil condensate/gas Torre del Morro explorations licence. Company directors Kevin Bailey and Michael Masterman both intend to participate in the note issue for $700,000 and $300,000 respectfully, subject to shareholder approval, Po Valley said.
Dale
Byron hits 90% production mark in Gulf of Mexico
ASX-listed Byron Energy has hit 90 percent production capacity at its SM 71 F platform in the Gulf of Mexico, ramping up operations following a pipeline shut-in earlier in April. Production from the company’s SM 71 F platform began on March 23 from the SM 71 F1 and F2 wells with the F3 well following suite on April 6. For the period March 23 to April 25, the three wells produced a total gross sales volume of 83,000 barrels of oil and 55.5 mm cubic feet of natural gas.
Blue Energy raises concerns over hydraulic stimulation
Blue Energy is concerned about that additional layers of regulation governing hydraulic stimulation could burden an already labouring oil and gas industry. Barely two weeks after the Northern Territory government lifted the moratorium on hydraulic fracturing in the north of Australia, Brisbane-based Blue Energy welcomed the development, but also noted some concerns in its quarterly activities report released last week.
Schlumberger profits surged in Q1
Schlumberger has posted an increase in profit and revenues during the first quarter of 2018 compared to the same period last year. The company announced revenues of US$7.8 billion for the first quarter of 2018, a 14% increase compared to US$6.9 billion in the same period of 2017. In addition, net income attributable to Schlumberger was US$525 million in Q1 2018 compared to US$279 million in the year-before period, an increase of 88%. Inthe last quarter of 2017 Schlumberger recorded a loss of US$2.3 billion.
Eni to spend US$1B a year on exploration
Italian oil company Eni said it expects production to increase by 3.5% per year over the next four years and has plans to invest US$1.1 billion per year on exploration activities in its quest to discover two billion barrels of new resources. This was revealed by Eni CEO Claudio Descalzi in the company’s 2018-2021 Strategic Plan, which builds on the transformation started by the company back in 2014. Descalzi said over the past four years, in a very low price environment, Eni had increased its hydrocarbon production and restructured its mid-downstream businesses to drive positive structural result.
Searcher expands its Offshore Argentina Seismic and Well Database
Searcher Seismic announced it has expanded the Offshore Argentina Seismic and Well Databasewhich is being carried out in anticipation of the 2018 Argentina Offshore Bidding Round 1. Since late 2016, Searcher Seismic has been collating, organising, reimaging, interpreting and evaluating a vast amount of offshore data from the Argentina continental shelf areas. The original data required considerable adjustments, editing and QC enhancement, which allows the industry to easily utilise the rectified data sets for further analysis. Searcher now holds 11,171 km of Pre-STM broadband reprocessed data and over 100,000 km Post-STM processed open file 2D and 1,865 km² 3D.
Northern Territory lifts hydraulic fracking moratorium
The Northern Territory government has lifted a near two-year moratorium on hydraulic fracturing in the Australian state, barely three weeks after a scientific report gave the technology the all clear and said it could be performed safely if regulated responsibly. Northern Territory Chief Minister, Michael Gunner, made the surprise announcement, saying that he had taken his cue from the recent review, led by Justice Rachel Pepper from the Land and Environmental Court of New South Wales, that hydraulic fracturing could be done safely. Pepper’s reported listed 135 recommendations to mitigate risks associated with onshore shale drilling.
New Zealand bans new oil and gas exploration permits
New Zealand's ruling Labour Party has banned all new oil and gas exploration permits in the country. This was announced by New Zealand Prime Minister, Jacinda Ardern, who said that the changes would be phased in and that all existing permits would be honoured. The decision was welcomed by environmental activist group Greenpeace, which has campaigned for seven years to end offshore oil and gas exploration in the country – most recently with campaigns against the Amazon Warrior seismic vessel in its exploration program for Statoil, Chevron and OMV off the Wairarapa Coast.
Australia’s pipe dream would be the third longest
Former Western Australian premier Colin Barnett’s “pipe dream” of constructing a 2400km gas artery traversing from west to east Australia would, if realised, produce one of the longest pipelines on the planet.
But not the longest, according to GlobalData, which said recently that analysis of planned and announced trunk/transmission oil and gas pipelines in Europe, the Middle East and Africa, had revealed the Trans Saharan Gas project pipeline to be the biggest of them all with a length of 4,400km.
GlobalData did not consider the Keystone Pipeline from Canada to the Gulf of Mexico, which would span 3,450km if it is constructed.
Abu Dhabi is open for bidding with six oil and gas blocks
The Abu Dhabi National Oil Company (ADNOC) has released six oil and gas blocks for bidding as part of Abu Dhabi's first ever block competitive exploration and production bid round. In a media release ADNOC said the licensing strategy represents a major advance in how Abu Dhabi unlocks new opportunities and maximizes value from its hydrocarbon resources. “It is also consistent with ADNOC's approach to expanding its strategic partnerships across all areas of its business.