Dale

Carnarvon Petroleum to continue Dorado Project development

31/03/2020 Posted by Dale

Carnarvon Petroleum said it was continuing with Dorado Project development as planned, with engineering and pre-FEED work streams being advanced in spite of corona virus upheavals.

The Perth-based explorer said current market conditions associated with the COVID-19 virus and lower oil price environment had created challenging business conditions, with many planned seismic acquisition programs in the 2020 calendar year expected to be deferred until market conditions improve and vessel logistics were not constrained by health issues.

However, the company was striving to keep its plans on track.

Carnarvon managing director and CEO Adrian Cook said: “The Dorado field is a high-quality asset that is expected to have a low cost of production.

Searcher announces Offshore Timor-Leste Data and Study Package

31/03/2020 Posted by Dale

Searcher has announced that it has reached a marketing and sales agreement with Timor-Leste’s Petroleum Authority, Autoridade Nacional Do Petroleo E Minerals (ANPM) for its Offshore Timor-Leste Data and Study Package.

Searcher, in collaboration with Discover Geoscience, said it was offering the industry rapid access to a comprehensive open-file seismic package “which will significantly expedite our clients ability to access a collection of organized seismic and well data to assist in the evaluation of the country’s second petroleum licensing round, announced on 3 October 2019.

“To further complement and leverage on the value of the subsurface database,...

Russian oil and gas operators “on top” despite the plummeting oil prices

24/03/2020 Posted by Dale

Following oil prices plummeting to an 18-year low on March 18 as a result of the coronavirus-fuelled crisis and oversupply led by Saudi Arabia and Russia cutting oil prices and boosting exports, the Soviets remain in a strong position to weather out the storm.

Anna Belova, Senior Oil & Gas Analyst at data and analytics company GlobalData, said Russian oil and gas operators showed no signs of slowing down as both Russia and the Saudis continued to slash spending.

“Shielded by devaluing currency and progressive taxes that automatically adjust to oil price, producers in Russia remain above...

Gas supply critical amid COVID-19 challenges

24/03/2020 Posted by Dale

The Australian natural gas industry is responding to the personnel and operational challenges posed by the COVID-19 pandemic to ensure vital energy supplies are maintained.

The Australian Petroleum Production & Exploration Association (APPEA) and Australian Pipelines and Gas Association (APGA) are working with members, governments and energy users to ensure the delivery of essential gas supply to local customers.

APPEA Chief Executive Andrew McConville and AGPA Chief Executive Officer Steve Davies confirmed members were taking all steps necessary to ensure the production and delivery of gas supplies continued.

“Our industry provides vital energy resources to millions of...

Upstream PS appoints Cameron Wills as CEO

24/03/2020 Posted by Dale

Upstream Production Solutions has announced the appointment of Cameron Wills to the role of Chief Executive Officer.

Cameron joined the company in 2007 and has held executive leadership roles withUpstream PS since its acquisition from Oceaneering in 2014.

“Cameron has demonstrated a successful track record of being able to build sustainable client relationships and safely grow the business” said Geoff Jones, Managing Director, GREngineering.

“Cameron is ideally positioned to lead Upstream PS in the next phase of its growth.We thank Joe Corvetti for his dedication and contribution to Upstream PS and wish him well in his future endeavours.

“We also welcome Omesh Motiwalla and Kevin Craig to the Upstream PS Board.

After some delays, 88 Energy’s drilling program is all set

24/03/2020 Posted by Dale

88 Energy has announced that drilling of the production hole at the Charlie-1 appraisal well on the Alaska North Slope at Project Icewine will commence imminently.

88E and farm-in partner Premier Oil are targeting 1.6 billion barrels of gross mean prospective oil resource potential, with 480MMBO net to 88E.

As part of the farm-in deal, 88 Energy will operate Charlie-1 via its 100% owned subsidiary Accumulate Energy Alaska, Inc and the cost of the well will be funded by Premier Oil Plc up to US$23 million.

The Charlie-1 well has been designed as a step out appraisal...

CGG Announces Increase in Backlog to $537m

17/03/2020 Posted by Dale

CGG announced that its backlog, from its new profile, at the end of February 2020 stands at $537m, up 34% compared to last year.

Following CGG’s recently announced exit from the marine and land acquisition business, CGG has transformed into a People, Data and Technology company providing a comprehensive range of data, products, services and equipment that support the discovery and responsible management of the Earth’s natural resources.

CGG published its Q4 2019 financial results on March 6th highlighting a strong financial position at year-end 2019 with cash liquidity of $611m, net debt of $584m (before...

‘Saudi Oil price war unlikely to have quick end’

17/03/2020 Posted by Dale

Following the news that Saudi Arabia is responding to Russia’s refusal to a new oil production cut agreement by cutting oil prices and boosting supply, Will Scargill, Managing Oil & Gas Analyst at GlobalData, said of the likely outcome.

“The Saudis’ apparent price war is a risky strategy that may take months to play out. In reality, the brunt of the previous OPEC production cuts were borne by OPEC members and Saudi Arabia more specifically, with Russia not implementing significant cuts.

It appears unlikely that it will allow itself to be forced into them now in response...

Crude collapse to crush US petrochemical advantage

17/03/2020 Posted by Dale

The collapse in crude oil prices is wiping out much of the US petrochemical competitive advantage while global demand is being slammed by the continuing spread of the coronavirus. Financial markets are seizing up, throwing a wet blanket on new chemical investment and M&A activity, and ratcheting up the risk of a global recession, reports Joseph Chang, Global Editor, ICIS Chemical Business.

“All things being equal, this [crude oil plunge] would tend to diminish competitiveness of US-based petrochemicals but it also depends on by-product values from cracking naphtha,” said Kevin Swift, chief economist of the American Chemistry Council (ACC).

Crude oil prices are also being watched closely as this has major implications for downstream prices and margins.

Santos opts out of Beehive farm-in option

10/03/2020 Posted by Dale

Santos has chosen not to farm into Melbana Energy's Beehive prospect in the Bonaparte Basin off Western Australia.

The Adelaide-headquartered oil and gas company had an option to acquire an 80% interest in the block in exchange for funding the drilling costs of an exploration well. However, The deadline to complete the farm-in expired on March 4.

"Santos therefore no longer has any right to acquire an interest in the Permit. As a result, Melbana now has a 100% unencumbered 100% interest in the Permit," Melbana said.

Last year Total also declined to farm into the block.