Company Updates

CGG has anticipated first quarter revenues of around US$273 million, down 3% year-on-year, including geoscience revenue of about US$93 million, up 2% year-on-year, and multi-client first quarter 2020 segment revenue around US$104 million -- up 17% year-on-year, with after-sales of around $47 million.

This was revealed in the company’s latest financial update in which CGG said it had generated a positive net cash flow of around $25 million during the first quarter of this year, with group cash liquidity of around $622 million at the end of March, net debt of around $583 million and a geoscience...

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The Mitquq 1 ST1 and the Stirrup 1 wells were both digged, logged, cored and flow tested, which included a clean-up and flow period and a pressure build-up before the final flow test to assess deliverabilities.

At Mitquq 1 ST1, located nine-kilometres east of the proposed central processing facility of the Pikka Unit Development, Oil Search encountered a net pay zone of 52.5m with a gas cap of nine metres. The well flowed at a rate of 1730 barrels of oil per day (bopd) from a single stimulated zone.

Stirrup 1, located 12km west of the Horseshoe...

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Woodside has decided to reduce its total expenditure for 2020 by 50% in response to global uncertainty, which is almost certain to impact final investment decisions for several projects.

This follows the worldwide financial consequences of the COVID-19 crisis and the oversupply of crude oil and LNG, which has crashed prices.

Woodside said it is taking a prudent approach to cash flow management, given the considerable uncertainty in the near-term investment environment and the magnitude of forward capital investment decisions.

“We will take appropriate actions to ensure our credit rating remains robust, and that we are well...

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Carnarvon Petroleum said it was continuing with Dorado Project development as planned, with engineering and pre-FEED work streams being advanced in spite of corona virus upheavals.

The Perth-based explorer said current market conditions associated with the COVID-19 virus and lower oil price environment had created challenging business conditions, with many planned seismic acquisition programs in the 2020 calendar year expected to be deferred until market conditions improve and vessel logistics were not constrained by health issues.

However, the company was striving to keep its plans on track.

Carnarvon managing director and CEO Adrian Cook said: “The Dorado field is a high-quality asset that is expected to have a low cost of production.

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Upstream Production Solutions has announced the appointment of Cameron Wills to the role of Chief Executive Officer.  

Cameron joined the company in 2007 and has held executive leadership roles withUpstream PS since its   acquisition from Oceaneering in 2014.

“Cameron has demonstrated a successful track record of being able to build sustainable client relationships and safely grow the business” said Geoff Jones, Managing Director, GREngineering.

“Cameron is ideally positioned to lead Upstream PS in the next phase of its growth.We thank Joe Corvetti for his dedication and contribution to Upstream PS and wish him well in his future endeavours.

“We also welcome Omesh Motiwalla and Kevin Craig to the Upstream PS Board.

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CGG announced that its backlog, from its new profile, at the end of February 2020 stands at $537m, up 34% compared to last year.

Following CGG’s recently announced exit from the marine and land acquisition business, CGG has transformed into a People, Data and Technology company providing a comprehensive range of data, products, services and equipment that support the discovery and responsible management of the Earth’s natural resources.  

CGG published its Q4 2019 financial results on March 6th highlighting a strong financial position at year-end 2019 with cash liquidity of $611m, net debt of $584m (before...

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Santos has chosen not to farm into Melbana Energy's Beehive prospect in the Bonaparte Basin off Western Australia.

The Adelaide-headquartered oil and gas company had an option to acquire an 80% interest in the block in exchange for funding the drilling costs of an exploration well. However, The deadline to complete the farm-in expired on March 4.

"Santos therefore no longer has any right to acquire an interest in the Permit. As a result, Melbana now has a 100% unencumbered 100% interest in the Permit," Melbana said.

Last year Total also declined to farm into the block.

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88 Energy has begun drilling the eagerly anticipated Charlie-1 appraisal well in Alaska.

This brings to fruition a four-year target for 88 Energy, which had initially acquired 2D seismic over its Project Icewine acreage in 2016 and had targeted a drilling program for Charlie-1 ever since.

In the interim, 88 Energy reprocessed legacy 2D seismic in 2017, increased its acreage and shot 3D seismic in 2018 before farming down last year.

88 Energy managing director Dave Wall said, ‘’A prospect of this calibre in a frontier region requires significant time and effort to come to fruition and...

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