Company Updates

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 announcement before the offer expires on August 16, 2020.

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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 study is being undertaken in two phases.

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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 interest” for the sale of its 15% stake in the $4.

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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 PSI at 32/64” choke.  Further testing of the well is ongoing.   

MOL has been operating in Pakistan’s upstream sector for 21 years and holds equity stakes in four blocks in the country.

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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 FY20 production up 20% to 711 kboe with Surat Basin gas production up 43% to 518 kboe and Roma North facility de-bottlenecking achieving to >18 TJ/day.

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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 added.

In a market update Dominion Energy said the transaction was valued at US$9.7 billion and included the assumption of $US5.7 billion of existing indebtedness.

Warren Buffett, chairman of Berkshire Hathaway, said: "I admire Tom Farrell (Dominion Energy chairman and CEO) for his exceptional leadership across the energy industry as well as within Dominion Energy.

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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 agreement whereby Sercel will manufacture AMBPR robots at its Saint-Gaudens site in France.

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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 source configuration. Shearwater has through this project further demonstrated its strategic positioning in the deep-water OBN market.”

The utilisation numbers for the first half of the year have remained strong, the company added, resulting from a solid backlog at the start of the year and effective COVID-19 management throughout global operations.

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