Dale

Santos gets green light for Bedout Sub-Basin survey

21/04/2020 Posted by Dale

NOPSEMA has approved Santos' application for a 3D seismic marine survey in the Bedout Sub-basin offshore Western Australia.

The approval was granted on April 9, 2020.

The Keraudren Extension 3D Marine Seismic Survey area is located approximately 45km from Bedout Island, 56 km from the mainland coastline and 141 km from Port Hedland.

The survey data will develop regional geologic models to assist an exploration permit retention strategy and potential locations of future drilling of exploration and development wells and the seismic survey vessel will sail on pre-determined lines towing streamers with hydrophones to determine the structure and composition of geological formations below the seabed.

Oil & gas M&A deals totalled US$5.6 billion in February

14/04/2020 Posted by Dale

Global oil & gas industry M&A deals were worth US$5.6 billion in February, according to GlobalData’s deals database.

The value marked a decrease of 37.8% over the previous month and a drop of 82.9% when compared with the last 12-month average, which stood at $32.62bn.

Comparing deals value in different regions of the globe, North America held the top position, with total announced deals in the period worth $2.19bn. At the country level, the US topped the list in terms of deal value at $2.04bn.

In terms of volumes, North America emerged as the top region for...

CGG announces sold Q1 financial results

14/04/2020 Posted by Dale

CGG has anticipated first quarter revenues of around US$273 million, down 3% year-on-year, including geoscience revenue of about US$93 million, up 2% year-on-year, and multi-client first quarter 2020 segment revenue around US$104 million -- up 17% year-on-year, with after-sales of around $47 million.

This was revealed in the company’s latest financial update in which CGG said it had generated a positive net cash flow of around $25 million during the first quarter of this year, with group cash liquidity of around $622 million at the end of March, net debt of around $583 million and a geoscience...

COVID-19 takes its toll on project sanctioning and exploration wells

14/04/2020 Posted by Dale

The effects of the COVID-19 virus, in tandem with the ongoing crude oil price war, are likely to reduce oil and gas project sanctioning by up to $131 billion, or about 68% year-on-year, as major players batten down the hatches to weather the story, according to Rystad Energy.

At the same time, at least nine of the world’s top planned exploration wells for 2020 are at risk of suspension, the independent energy research and business intelligence company has said.

Rystad said the wells most at risk were located in Norway, Brazil, the Bahamas, Guyana, the US, Gambia...

Oil Search completes successful well tests at Nanushuk in Alaska

07/04/2020 Posted by Dale

The Mitquq 1 ST1 and the Stirrup 1 wells were both digged, logged, cored and flow tested, which included a clean-up and flow period and a pressure build-up before the final flow test to assess deliverabilities.

At Mitquq 1 ST1, located nine-kilometres east of the proposed central processing facility of the Pikka Unit Development, Oil Search encountered a net pay zone of 52.5m with a gas cap of nine metres. The well flowed at a rate of 1730 barrels of oil per day (bopd) from a single stimulated zone.

Stirrup 1, located 12km west of the Horseshoe...

NOPSEMA accepts proposal to develop Scarborough gas fields

07/04/2020 Posted by Dale

NOPSEMA has announced approval of the Scarborough project, which it says has satisfied environmental hurdles and the management of greenhouse gas emissions.

This follows a year’s assessment, including an eight-week public comment process.

Woodside CEO, Peter Coleman, said NOPSEMA’s acceptance of the offshore project proposal was a significant step forward for the proposed development of the gas resource, which is now being progressed on a revised schedule due to the current global investment environment.

Coleman said:

Energy bill relief essential for small business and households to survive virus impacts

07/04/2020 Posted by Dale

A move to provide immediate bill relief across three states to small businesses and households struggling to pay electricity and gas bills as a result of the COVID-19 pandemic, has been welcomed by one of the country's largest energy infrastructure businesses.

Multinet Gas Networks (MGN) and Australian Gas Networks (AGN), part of the Australian Gas Infrastructure Group (AGIG), which supplies over two million customers across Australia, said the measures would help soften the blow for customers being stressed by indefinite business uncertainty and loss of household income related to COVID-19.

MGN and AGN, as part of AGIG, have been working closely with the energy bodies and stakeholders in implementing this relief package.

Argentina Super-Tie Reprocessing Project

Searcher completes Argentina 2D Reprocessing Expansion Project

07/04/2020 Posted by Dale

INTERNAL STOCK BRIEF

Projects hit as Woodside halves spending

31/03/2020 Posted by Dale

Woodside has decided to reduce its total expenditure for 2020 by 50% in response to global uncertainty, which is almost certain to impact final investment decisions for several projects.

This follows the worldwide financial consequences of the COVID-19 crisis and the oversupply of crude oil and LNG, which has crashed prices.

Woodside said it is taking a prudent approach to cash flow management, given the considerable uncertainty in the near-term investment environment and the magnitude of forward capital investment decisions.

“We will take appropriate actions to ensure our credit rating remains robust, and that we are well...

Permian production ‘already a victim of oil price war’

31/03/2020 Posted by Dale

Following the announcement that several key operators in the Permian Basin were significantly reducing capex or production in their positions as a result of the severe oil price fall; Adrian Lara, Oil and Gas Analyst at GlobalData, a data and analytics company, said of the fallout:

“Of all the unconventional plays, the Permian Basin reduction in forecast production growth will be the largest in absolute terms and exemplifies quite well the collateral effect sought by the oil price war initiated by Russia and Saudi Arabia a few weeks ago,” Lara said.

“The capex reduction of 36 key...