CGG Multi-Physics has released an important update to its industry-renowned LCT potential field software suite. Oil and gas exploration geoscientists use LCT to model, process and interpret their gravity and magnetic data for guiding integrated subsurface imaging.
The improved capabilities available in the new LCT R2017.06 release are based on existing user feedback. In particular, enhancements to the software’s intuitive and powerful workflows improve ease-of-use, bring overall risk...
The Board of PGS confirms that it has received a conditional and non-binding offer from TGS to acquire the MultiClient data library of PGS for a cash consideration of $600 million.
The offer also includes proposals for the provision of acquisition services by PGS to TGS and the opportunity for TGS to participate in future MultiClient projects undertaken by PGS.
PGS Management and the Board of Directors will address the offer. PGS said it will make an...
National Energy Resources Australia (NERA) and CO2CRC have announced an industry-led project to reduce emissions and unlock Australia’s energy potential through long-term carbon capture, utilisation and storage solution.
NERA and CO2CRC described the initiative as “a new landmark study into carbon capture, utilisation and storage (CCUS) to assist the nation’s energy resources sector reduce CO₂ emissions while securing Australia’s energy future”.
The...
Cairn Energy has agreed to sell its 40% stake in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore contract area to Russia’s Lukoil for a cash consideration of up to $400 million, in addition to reimbursement of capital expenditure incurred since January.
Completion of the sale is expected to be finalised in the fourth quarter of 2020 and Cairn said it will return at least $250 to shareholders.
This come after FAR Limited said it had received a “good level of...
MOL has made a new gas and condensate discovery, the company’s 13th discovery in Pakistan and the 10th in the TAL Block.
The Budapest headquartered oil and gas company said that the Mamikhel South-1 exploratory well successfully reached a total depth of 4,939m on 23 May 2020. Upon testing the well flowed gas and condensate from the Lockhart & Hangu formation at a flow rate of 6516 boepd (16.12 MMscf/d and 3240 bpd respectively), with flowing well-head pressure of 4,476...
Senex Energy Ltd (ASX: SXY) has successfully delivered a major upgrade in gas reserves which the company says builds a foundation for established and continued growth in production, earnings and cashflow.
Senex’s share price on the ASX was trading at 28c at close on 20 July, up 12% from a week earlier on and 115% up from its six-month low of 13c in the latter part of March.
In it’s June quarterly report Senex announce the following highlights:
• Fourth quarter...
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...
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...
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...
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...