Company Updates

Seabird revenue soars from Ocean Bottom Node activity

01/09/2020 Posted by Dale

Norwegian seismic company Seabird has posted third-quarter results revealing a 196% increase in revenues year-over-year to $16 million, up from $5.4 million a year ago.

In the third quarter of 2019, however, Seabird’s losses dipped to $5 million, compared to a loss of $4,6 million in the corresponding period a year earlier.

The company had five vessels in operation during the quarter, representing 68% fleet utilisation, contrasting with three vessels on projects (55% utilisation) in the second quarter of 2018.

Seabird said day rates had increased 30% year-on-year and it expected rising demand in OBN seismic in the fourth quarter of this year.

CGG adds second Azimuth to Northern Viking Graben Survey

01/09/2020 Posted by Dale

CGG has announced the commencement of a new multi-client 3D survey in the Northern North Sea. The survey will provide a second azimuth over CGG’s existing Northern Viking Graben (NVG) multi-client 3D survey and extend into open acreage on offer in the UK 32nd License Round.

The new survey will acquire approximately 2,000 sq km of additional data in an E-W direction. This new data will be processed together with the existing N-S data, using CGG’s latest velocity modelling and imaging technology, to produce a dual-azimuth volume.

The added azimuth, together with CGG’s advanced processing, will specifically address and improve the imaging of multi-directional fault patterns prevalent in the region.

Shearwater receives Mauritania 3D exploration award from Total

01/09/2020 Posted by Dale

Shearwater GeoServices has announced an award for a large towed streamer 3D acquisition and Fast Track processing project by Total.

“This award confirms that our strong client focus and leadership of the consolidation in the marine geophysical industry, has positioned us well to navigate through these challenging times,” said Irene Waage Basili, the CEO of Shearwater GeoServices.

The exploration survey covers 6,000 sq. km in the C15 and C31 Blocks using an ultra-wide tow Flexisource configuration, the largest triple source spread to date, together with Fast Track processing enabled by Shearwater’s proprietary Reveal software.

The two-and-a-half-month survey is scheduled to commence in Q3 2020, adding to other recent activity in North West Africa for Shearwater, and will be carried out by the SW Empress (formerly “Polar Empress”).

Shearwater GeoServices receives SK Innovation 3D award offshore Vietnam

25/08/2020 Posted by Dale

Shearwater GeoServices Holding AS has received an award for a towed streamer 3D acquisition by SK Innovation Co., Ltd, the operator of Vietnam Block 16-2.

“This will be Shearwater’s first seismic survey in Vietnam and our first project for our new client SK Innovation” said Irene Waage Basili, the CEO of Shearwater GeoServices.

“We are well-established in South East Asia and look forward to further expanding our regional operations through this new survey.”

The survey covers 900 sq. km in Block 16-2 of the Cuu Long Basin. Shearwater has deployed the vessel SW Duchess for the survey.

PGS turns down TGS-NOPEC bid to buy its multi-client library

17/08/2020 Posted by Dale

PGS has reviewed, assessed and rejected an offer from TGS-NOPEC to acquire its MultiClient data library.

PGS said the board “is of the view that the value of the company’s multiclient data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment”

In a statement PGS added that having consulted with its financial and legal advisers, “the board has concluded that the proposal is not in the best interests of the company and its stakeholders.”

Kristian Johansen,...

CGG updates LCT software with innovations for imaging potential field data

11/08/2020 Posted by Dale

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 reduction benefits and increase productivity to levels unavailable in previous versions.

CGG said critical techniques required for comprehensive geological forward modelling, inversion, and management of potential field data have also been extended and enhanced to rapidly deliver an accurate model of the subsurface.

TGS Offers to Acquire PGS MultiClient Library

11/08/2020 Posted by Dale

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.

NERA and CO2CRC partner in emissions reduction and energy stimulation project

04/08/2020 Posted by Dale

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.

FAR says Sangomar for sale sign has piqued suitors

28/07/2020 Posted by Dale

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.

MOL makes 13th discovery in Pakistan

21/07/2020 Posted by Dale

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.