Company Updates

PGS completes coverage of the emerging plays of the outboard Campos Basin.

04/02/2021 Posted by Dale

The Norwegian surveyor said the survey provided the first 3D seismic for Brazil’s 17th Round, scheduled for October 2021 with fast-track anisotropic PSDM products for the additional acreage set to be available in July.

The Ramform Titan began towing the largest spread ever offshore Brazil in June 2020 and returned to Campos in December. The acquisition configuration, with 14 streamers each 10 km long, is “tailored to the challenges of the Campos area”.

The vessel and its “exceptional equipment spread” maximize subsurface illumination and minimize environmental impact, acquiring the targeted coverage faster.

PGS said Ramform Titan will continue in the area on the “next phase of this exciting Multiclient program, which will deliver multi-azimuth illumination (MAZ) of presalt targets.

Shearwater is awarded 3D Survey in SE Asia

04/02/2021 Posted by Dale

Shearwater GeoServices Holding AS has announced the award of a marine seismic 3D survey in South East Asia.

Shearwater did not give any details of the precise survey location, or the schedule, but said the two-month project would commence in the second quarter of 2021, covering approximately 1,500 sqkm.

MCR announces BEX Multi-Client 3D Advanced Reprocessing Project

02/02/2021 Posted by Dale

Multi-Client Resources (MCR), in collaboration with DUG, has commenced a very large 3D seismic reprocessing project over the hydrocarbon prolific Northern Carnarvon Basin, Northwest Shelf, Australia.

The Barrow-Exmouth “BEX” Multi-Client 3D Project incorporates 23 legacy 3D surveys, reprocessed using DUG’s advanced Broadband, least-squares anisotropic PreSDM and high frequency FWI imaging technology to produce one seamless 26,400 square kilometer 3D seismic dataset over the major gas producing fairways of the Barrow Sub-basin and Exmouth Plateau.

The BEX MC3D survey covers large tracts of high impact Petroleum Acreage Release areas, field development and production acreage.

CGG Commits to carbon neutrality by 2050

01/02/2021 Posted by Dale

Aligned with the company’s longstanding commitment to act responsibly and minimize the impact of its activities on the environment, in every sector of its business, CGG has announced its pledge to become carbon neutral by 2050 in scopes 1 & 2 of the Greenhouse Gas (GHG) Protocol.

CGG said that company-wide efforts are focused on continuing to improve the power usage efficiency of its data centers, offices and factories, along with increasing the share of sustainable energy in its energy supply mix, mainly through the energy purchased from utility providers.

To reach this long-term target, CGG has also set itself an intermediary milestone to reduce by half its 2019 levels of scope 1 & 2 GHG emissions by 2030.

Polarcus’ lenders take over seismic vessels after debt default

01/02/2021 Posted by Dale

Polarcus has defaulted on US$130 in debt repayments and announced that it was halting all interest and instalment payments to lenders.

On the Oslo Stock Exchange, Polarcus shares dived 30% as the company went into a trading halt, before emerging to announce that lenders had taken over six of its vessels.

The lenders are now in control of Polarcus’ Shipholding and the seismic vessels; Polarcus Asima, Polarcus Amani, Polarcus Adira, Polarcus Nadia, Polarcus Alima and Polarcus Naila.

Buru Energy all set for extensive Canning Basin exploration program

31/01/2021 Posted by Dale

A farm-out deal with Origin Energy has put Buru Energy in the starting blocks for an expanded exploration program in the Canning Basin during 2021.

With a solid balance sheet, no debt and a committed new partner, Buru Energy said it would be targeting two conventional oil exploration wells at Kurrajong 1 and Rafael 1,

Buru Executive Chairman, Eric Streitberg, said: “The last quarter of 2020 was a seminal period for the company with the execution of a transaction with Origin Energy that will underpin a major exploration program on the company’s Canning Basin exploration permits during 2021.

“The exploration program will include a major regional seismic acquisition program and the drilling of potentially company changing, conventional oil exploration wells.

Norwest Energy raises $2 million for Perth Basin exploration well

22/01/2021 Posted by Dale

Norwest has completed a successful bookbuild to raise $2 million (before costs) through a placement of shares to a range of sophisticated and institutional investors, including major shareholders, to fund drilling costs of the Lockyer Deep-1 exploration well in the Perth Basin.

Norwest's has a 20% interest in Lockyer Deep-1 , located on EP368 on trend with three significant recent discoveries, for which drilling is targeted during the first half of 2021.

Norwest said funds will also be allocated towards planning and preparation for a 3D seismic survey across EP368 and EP426 (post drilling of Lockyer Deep-1), desktop studies on exploration permit TP/15, and general working capital.

CGG joins mine tailings monitoring research project led by Amira

22/01/2021 Posted by Dale

CGG has become a member of Amira, an independent global not-for-profit organization representing members from the mineral resources industry seeking to enhance, sustain and deliver transformational R&D, innovation and implementation to the benefit of society.

CGG said that as part of its membership, CGG’s Minerals & Mining group is sponsoring an independent industry research program developed in response to several recent and well-documented accidents and catastrophic failures at mine tailings storage facilities (TSF).

The program will evaluate the suitability of a range of monitoring technologies for giving advance warning of dam instability based on the analysis and modelling of data collected at TSFs provided by key mining company sponsors.

Searcher releases MapStand and NVentures data layers on its on-demand sAIsmic platform

15/01/2021 Posted by Dale

Searcher has launched new data layers functionality on its on-demand seismic web platform, sAIsmic, from Searcher’s partnerships with MapStand and NVentures.

The new MapStand and NVentures layers functionality on sAIsmic with an info tab that allows users to view blocks, wells and field information, anywhere in the world, providing valuable location context for sAIsmic users.

“We are very excited to have launched this latest functionality on sAIsmic through the partnerships with MapStand and NVentures which highly complement the on-demand platform,” Alan Hopping, VP at Searcher stated.

“Continually developing, adding functionality and new data to the sAIsmic platform is Searcher’s primary focus to assist in advancing our clients exploration efforts.

PGS picks up as multiclient sales double in fourth quarter

15/01/2021 Posted by Dale

PGS expects to report segment revenues for Q4 2020 of approximately $158 million. Contract revenues ended at approximately $21 million. MultiClient pre-funding revenues were approximately $61 million and MultiClient Late Sales approximately $70 million.

“We achieved a sequential revenue increase from our vessel operations in Q4, and a MultiClient pre-funding level benefitting from additional sales from ongoing surveys. Our MultiClient Late Sales more than doubled, compared to the average in the previous three quarters of the year.

"The drivers for the increased Late Sales were a mix of the usual seasonal Q4 increase and sales relating to licensing rounds in West Africa and Brazil,” PGS President and CEO, Rune Olav Pedersen, said.