Company Updates

CGG wins three-year contract extension for Dedicated Processing Centre in Oman

01/12/2020 Posted by Dale

CGG has been awarded a three-year contract extension by Petroleum Development Oman to continue providing advanced land seismic imaging services at its dedicated processing centre in Muscat. The new contract will run from 1 January 2022 until 31 December 2024.

PDO operates a concession in Oman that covers almost one third of the country’s land surface area. This makes the DPC a critical proving ground for deploying new technology and workflows that can meet the highly variable imaging requirements of PDO’s exploration and production activities.

With this contract extension, CGG said its specialists would continue to implement their latest proprietary algorithms to bring step-changes in the imaging of the ever-growing volumes of land data, characterized by complex near-surface conditions and strong multiples.

PGS launches ‘Scheme of Arrangement’ to implement financing transaction

01/12/2020 Posted by Dale

PGS has launched a scheme of arrangement in England via the issuance of a practice statement letter to the lenders under its ~$350 million revolving credit facility and ~$522 million term loan B facility.

PGS said it was proposing the scheme in order to implement the financing transaction announced on October 21, 2020 as contemplated in the Lock-Up Agreement dated October 21, 2020.

“As of the date of this announcement, lenders representing 95.4% by value of debt and 99.5% by number of the RCF/TLB Facility have entered into the Lock-up Agreement and thereby agreed to support the Transaction,” PGS said.

Shearwater wins Petrobras OBN 4D baseline survey

01/12/2020 Posted by Dale

Shearwater GeoServices has been awarded a large Ocean Bottom Node 4D Baseline survey over the Jubarte Field in the Campos Basin offshore Brazil.

Shearwater said it had positioned itself as a leading player in the deepwater OBN market, building on its established leading positions in the hybrid and shallow water ocean bottom seismic markets.

Shearwater CEO Irene Waage Basili said: “We welcome this contract awarded by Petrobras and look forward to supporting their continued ambitions in the Jubarte Field.

“This deepwater OBN award reflects our experience in operating offshore Brazil, our position in the deep water OBN...

CGG awarded large offshore Malaysia seismic processing contract

24/11/2020 Posted by Dale

Subsurface Imaging, part of CGG’s Geoscience division, has been awarded two large-scale complex seismic reprocessing contracts by PTTEP.

CGG said that PTTEP was investing in the rejuvenation of pre-existing data sets from two regions offshore Malaysia by leveraging CGG’s recognized high-end imaging technology and long-standing processing experience in SE Asia.

Over the course of the next year, CGG, through its offices in Kuala Lumpur, will conduct merged reprocessing of surveys from many vintages, including towed-streamer and OBC seismic data from offshore Sabah and Sarawak.

Elixir Energy intersects gas saturated coals in new sub-basin

24/11/2020 Posted by Dale

ASX-listed Elixir Energy has intersected 27 metres of coal in the Yangar 1S strat-hole well during continuing exploration of its Mongolian acreage.

The Yangar 1S strat-hole well is currently being drilled in a new sub-basin located some 24 kilometres to the West North West of Nomgon-1. To date 27 metres of coal have been intersected. As of Saturday morning, the well was at 347 metres.

The company’s well site geologist has observed very active gas bubbling from coals recovered to surface and in the mud-pit.

Shearwater awarded Senegal 3D acquisition and processing contract by Total

17/11/2020 Posted by Dale

Shearwater GeoServices has announced the award for a large towed streamer 3D acquisition and Fast Track processing project by Total E&P Senegal (“Total”).

The exploration survey covers 5,000km² in the UDO Block Exploration area, offshore Senegal. The data acquisition will be carried out by the SW Empress using an ultra-wide tow Flexisource configuration together with Fast Track processing enabled by Shearwater’s proprietary Reveal software.

“We are pleased to be awarded this contract by Total in North West Africa, providing us with back-to-back work for one of our vessels,” said Irene Waage Basili.

“Leveraging our strong geographically dispersed...

Searcher announces partnership with NVentures on the GeoClerk platform

17/11/2020 Posted by Dale

Geoscience data service provider Searcher has entered into a strategic partnership with upstream explorer NVentures for hosting and integrating the NVentures competitor intelligence database on its advanced geo-imagery search engine - GeoClerk.

The partnership will provide users of GeoClerk with the ability to add the NVentures database onto their GeoClerk subscription. Searcher said that in doing so, users will be able to search for geo-imagery through GeoClerk’s open-file database and the NVentures database with the platform intelligently identifying and classifying images into relevant categories.

The NVentures global E&P database consists of geology-rich reporting, maps and presentations, providing valuable and up to date information and insight to exploration teams monitoring upstream activity and local exploration results.

Sercel sells a WiNG land nodal acquisition system to Paragon Geophysical Services

17/11/2020 Posted by Dale

Sercel has announced the sale and delivery of a WiNG wireless land nodal seismic acquisition system to Paragon Geophysical Services.

Sercel announced that Paragon had selected its latest nodal technology to conduct high-production seismic surveys across the USA and to provide their clients with “the most accurate seismic acquisition data. This is achieved through the key advantages of WiNG’s System-Certified Data delivery and the proven high performance of Sercel’s QuietSeis® broadband digital sensor.”

John H. Beury III, Paragon’s CEO/Owner, said: “Paragon has always believed in providing its clients with the latest technology.

Searcher announces seismic project offshore South Africa

09/11/2020 Posted by Dale

Searcher has announced a new multi-client 2D and 3D seismic rectification project Offshore South Africa, in collaboration with the Petroleum Agency of South Africa.

The South Africa seismic data covers the Outeniqua Basin and its sub-Basins; the Bredasdorp, Infanta, Pletmos, Gamtoos, Algoa and Southern Outeniqua Basins.

Searcher said it has applied its proprietary post-stack reprocessing method to rectify navigation, metadata, amplitude, phase and time creating a contiguous database that can be easily loaded into any interpretation software.

Neil Hodgson, Searcher's VP GeoScience, said: “With the success of the Luiperd-1 well proving the spectacular commercial resource potential offshore South Africa, this then is an incredible time to be bringing a ready-to-interpret dataset over the basin to the industry.

Senex announces sale of Cooper Basin business

09/11/2020 Posted by Dale

Senex has entered into a binding agreement with Beach Energy to sell its South Australian Cooper Basin assets for an $87.5 million cash consideration.

The sale will result in Senex’s exit from the Cooper Basin after more than 20 years, and will support plans to accelerate the development of its Surat Basin natural gas assets, increasing the supply of natural gas to the east coast to support manufacturing and jobs.

Senex said that together with strong and increasing cash flow generation from its low-cost, high-margin natural gas assets, the company is well positioned to materially enhance shareholder value through its suite of Surat Basin natural gas production acceleration and expansion opportunities, and resultant capital management initiatives.