Dale

Venezuela’s oil and gas sector experiences worst crisis during 2020

20/07/2020 Posted by Dale

Venezuela’s oil and gas sector was already caught in a vicious cycle well before the COVID-19 outbreak created a world economic crisis.

Even though there are several international companies still remaining in the country, they are not investing in any relevant manner and have minimum personnel.

GlobalData Oil & Gas Analyst Adrian Lara says it is fair to assume that, for most of these operators, the best scenario would be to wait for a change in government that could kick-start the sector under renewed rules or laws and improve their partnership terms with PDVSA.

EPBC recommendations a ‘step in the right direction’ says APPEA

20/07/2020 Posted by Dale

Australia’s oil and gas sector has welcomed the interim report into the review of the Environment Protection and Biodiversity Conservation Act 1999, as it provides an important pathway to more efficient environmental approvals processes while ensuring protection of the environment and delivering greater certainty for future investment.

APPEA Chief Executive Andrew McConville said the recommendation for consistent national environmental standards focused on outcomes rather than process that will help improve environmental protection while supporting businesses’ needs.

“While we still need time to consider the Interim Report in detail, the headline recommendations are a welcome outcome for both improved environmental protection while reducing the costly regulatory burden to business.

PGS completes Viking Graben extension project

13/07/2020 Posted by Dale

PGS has completed the second successful GeoStreamer X seismic survey in the Viking Graben.

PGS said the survey had been completed on time and covering all targets and fast track data would be ready in the fourth quarter with final PSDM results available in the second quarter of next year.

The Norwegian seismic company said its latest technology innovations for advanced offset and azimuth-rich data were applied in the project, which builds on the successful 2010 pilot project in the same area.

“The Ramform Vanguard managed its dense streamer spread in combination with record-wide sources, acquiring a survey that will deliver a dataset of excellent quality, with high resolution, optimal near-offset distribution for shallow imaging, improved demultiple, and AVO.

Buffett invests billions in gas future with Dominion Energy

13/07/2020 Posted by Dale

Warren Buffett’s Berkshire Hathaway has made its first “bargain” buy of the COVID-19 curtailed period, snapping up Dominion Energy’s gas transmission and storage assets for $US10 billion.

The New York Times’ DealBook reported that the purchase was Buffett’s biggest in four years, “putting to use some of Berkshire Hathaway’s $137 billion cash pile”.

“It will probably quell some investor anxiety about Mr Buffett’s recent drought of deal-making,” the publication added.

In a market update Dominion Energy said the transaction was valued at US$9.7 billion and included the assumption of $US5.7 billion of existing indebtedness.

Warren Buffett, chairman of Berkshire Hathaway, said: "I admire Tom Farrell (Dominion Energy chairman and CEO) for his exceptional leadership across the energy industry as well as within Dominion Energy.

Leigh Creek lights up with two licence award in SA

13/07/2020 Posted by Dale

Oil and gas junior Leigh Creek Energy has been awarded two exploration blocks in South Australia.

The Adelaide-based explorer told share holders that it had successfully won PEL 675 and PEL 676 by the Department of Energy and Mining. Both licences were released in last year’s Cooper Basin Acreage Release.

Leigh Creek said it still has to secure Native Title agreements, before which planned work programs over the next five years could commence. These include 2D and 3D seismic surveying and the drilling of exploration wells at PEL 676.

Both permits are located in close proximity to previous hydrocarbon discoveries, Leigh Creek said, and the company will pursue farm-in endeavours to optimise its acreage in the Cooper and Eromanga basins.

Sercel acquires stake in autonomous robot start-up AMBPR

13/07/2020 Posted by Dale

CGG has announced that Sercel has acquired a 34% shareholding in AMBPR, a start-up company that designs and markets autonomous robots for repairing (sanding and painting) large metallic structures, used in the maritime and energy industries.

CGG said that Sercel recognised the potential of AMBPR through Axandus, Sercel’s Industrial Accelerator program, which helps start-ups to scale up their industrial growth.

The two companies have also signed an exclusive industrial partnership agreement whereby Sercel will manufacture AMBPR robots at its Saint-Gaudens site in France.

Delfin floating LNG project stalls with no buyers

13/07/2020 Posted by Dale

Delfin LNG, the company driving a 13 MTPA floating LNG development in the Gulf of Mexico, is treading water in its quest to secure offtake deals for the project.

This comes after Delfin was given last year given a one-year extension from US FERC to build the facilities and its financial investment decision for the project was also deferred to 2020.

Now the company is pushing for an additional one-year extension to construct the proposed terminal with moorings for four FLNG vessels, located 80km offshore of Cameron Parish, Louisiana.

However, FERC says Delfin is struggling to woo LNG buyers as a consequence of the COVID-19 virus, ongoing United States trade war conflict with China and the fall of global crude oil prices.

CGG and Alibaba Cloud Collaborate with Cloud Geoscience Technologies

06/07/2020 Posted by Dale

CGG GeoSoftware has collaborated with Alibaba Cloud to successfully deploy its suite of proprietary geoscience software solutions on the Alibaba Cloud platform.

All applications across the entire GeoSoftware portfolio also run on the Azure and AWS cloud platforms, offering “advanced capabilities in machine learning and artificial intelligence, as well as connections to Python ecosystem notebooks,” CGG said.

Alibaba Cloud, the data intelligence backbone of Alibaba Group, is the third largest cloud service provider in the world, and holds the number one market share position in Asia Pacific, according to Gartner, a leading research and advisory company.

CGG...

SA announces successful applicants for acreage in Cooper and Otway Basins

06/07/2020 Posted by Dale

The State Government of South Australia has announced the successful bids for five new Petroleum Exploration Licences (PELs) with a guaranteed work program valued at $58.85 million over the next five years.

The Department for Energy and Mining said the successful applicants for new PELs in the Cooper Basin are Leigh Creek Energy, Cordillo Energy, Gidgee Energy and Vintage Energy.

Minister for Energy and Mining, Dan van Holst Pellekaan said there were great opportunities to ramp up exploration activities as South Australia’s restrictions due to COVID-19 begin to ease.

“South Australia aims to rebound quickly from the pandemic-led slowdown and petroleum exploration will be a significant contributor to a sharp recovery,” said Minister van Holst Pellekaan.

Shearwater wins two awards and launches deep water OBN operations

06/07/2020 Posted by Dale

Shearwater has announced two project awards. The first, for Oil India Limited, ensuring the company’s return to India following a successful execution of this year’s season. The second, a major Brazil project by CGG under the governing long-term capacity agreement between the companies.

Shearwater said that its first deep-water OBN award was launched successfully in the second quarter, “breaking the cost curve by implementing an industry leading wide-tow triple string and triple source configuration. Shearwater has through this project further demonstrated its strategic positioning in the deep-water OBN market.”

The utilisation numbers for the first half of the year have remained strong, the company added, resulting from a solid backlog at the start of the year and effective COVID-19 management throughout global operations.