Company Updates

Buffett invests billions in gas future with Dominion Energy

13/07/2020 Posted by Dale

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.

Sercel acquires stake in autonomous robot start-up AMBPR

13/07/2020 Posted by Dale

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.

Shearwater wins two awards and launches deep water OBN operations

06/07/2020 Posted by Dale

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.

Searcher launches advanced geo-imagery search engine, GeoClerk

06/07/2020 Posted by Dale

Searcher has announced the launch of its latest Searcher Technology Product, GeoClerk -- an advanced geo-imagery search engine that utilizes machine learning to intelligently extract imagery and surrounding data from all types of documents and classify them into intuitive and geologically relevant categories.

Traditional search functionality queries documents by text and are unable to instinctively provide context to an image beyond words. GeoClerk, through its use of algorithmic learning, interacts with internal document libraries, public sources, and institutional subscriptions to identify, define and present images in categories which are relevant to the exploration industry and the work of geoscientists.

Paul Larsen, Vice President of Sales & Commercial at Searcher, said, “Images, tables and maps are generally created by great minds that interpret complex theories and a large magnitude of data. F

PGS and ION Announce Global 2D Exploration Collaboration

30/06/2020 Posted by Dale

PGS and ION Geophysical Corporation have announced an agreement to collaborate globally on 2D exploration data.

Both companies have modern, high-quality MultiClient data libraries that together cover all the significant hydrocarbon provinces around the world. The new joint data library will comprise nearly one million line kilometres of uniquely complementary data, including many areas of genuine broadband seismic that have substantial opportunity for integration and reimaging.

Drawing on PGS broadband 2D GeoStreamer® offering and ION’s latest imaging technology, the companies will produce enhanced deliverables with higher resolution and greater spatial coverage, offering deeper insights and more reliable pre-stack attributes for exploration screening on a global basis.

Geoprocesados sambas with DUG McCloud as Brazilian P&I centre is opened

22/06/2020 Posted by Dale

Geoprocesados and DownUnder GeoSolutions have announced the opening of a new DUG McCloud-based seismic processing and imaging centre in Rio de Janeiro, Brazil.

Operating as Geoprocesados Serviços Sismicos, this new centre will offer clients a full suite of P&I services, for both onshore and offshore projects, including advanced least-squares imaging tools such as reverse time migration and high-frequency full-waveform inversion, DUG said in a media release.

Geoprocesados General Manager Javier Rubio said: “Geoprocesados has been operating successfully in Mexico, Argentina and Colombia for more than 20 years, providing advanced seismic P&I services.

“Brazil has become the largest oil-producing country in Latin America and we see a great opportunity to expand our operations into this very active market.

Sole delivers on gas promise as Orbost inches towards terajoule target

22/06/2020 Posted by Dale

Cooper Energy says 1.8 petajoules of gas from the Sole gas field has been processed and supplied into the Eastern Gas Pipeline from the APA-owned and operated Orbost Gas Processing Facility.

In a market update Cooper Energy, who are contracted to supply the gas to APA Group for customers in south-east Australia, said progress on commissioning activities since March 10 had demonstrated Orbost Gas Plant’s capability to produce sales specification gas from the Sole raw gas stream.

“A total of 1.

3D Oil gets green light from NOPSEMA for ConocoPhillips deal

22/06/2020 Posted by Dale

NOPSEMA has approved a farm-out agreement which will enable ConocoPhillips to earn up to 80% of 3D Oil’s T/49P exploration permit on the proviso that the latter spends the first $43.44 million in exploration funds on the project.

The deal makes provision for ConocoPhillips to front a $5million cash payment and complete a 1580km 3D seismic survey, in return for transfer of the title of the T49P exploration licence.

Following initial drilling, 3D Oil will retain a 20% stake in the permit and will then be liable for its share of payments for further drilling.

The permit is located in the eastern offshore Otway Basin, west of King Island, and covers an area of 4,960m² in water depths of 100m.

3D Oil gets green light from NOPSEMA for ConocoPhillips deal

16/06/2020 Posted by Dale

The deal makes provision for ConocoPhillips to front a $5million cash payment and complete a 1580km 3D seismic survey, in return for transfer of the title of the T49P exploration licence.

Following initial drilling, 3D Oil will retain a 20% stake in the permit and will be liable for its share of payments for further drilling.

The permit is located in the eastern offshore Otway Basin, west of King Island, and covers an area of 4,960m2 in water depths of 100m.

Senex completes $400 million Surat Basin gas development project

15/06/2020 Posted by Dale

Senex Energy has completed its 100% owned Surat Basin natural gas development project, establishing the Brisbane-based independent exploration and production company as an important supplier of gas to the domestic market.

Senex also revealed in a market update that it has completed its 80 well Surat Basin drilling campaign, down from approximately 110 wells originally planned due to continued production outperformance.

In conjunction with infrastructure partner Jemena, Senex has also successfully built and commissioned natural gas facilities at Roma North and Atlas, which is set to deliver greenfield gas processing infrastructure capacity of more than 20 petajoules (PJ) a year.