Company Updates

CGG and Fairfield Geotechnologies Collaborate on New Multi-Client Program in the Central Basin Platform

11/02/2020 Posted by Dale

CGG and Fairfield Geotechnologies have signed a second cooperation agreement to acquire a series of large-scale, high-density, multi-client surveys in the Central Basin Platform (CBP) of the Permian Basin located in West Texas.

The new wide-azimuth datasets will provide a better understanding of the structural complexity of the transition between the CBP and surrounding basins to enhance industry drilling efforts, CGG said.

The CBP is a tectonically uplifted geological structure that separates the deep Delaware Basin and the shallower Midland Basin, which, all together, make up the greater Permian Basin of West Texas.

Australian LNG cargoes not affected by coronavirus but broader market is impacted

11/02/2020 Posted by Dale

“Suddenly, the global LNG market is being buffeted from all directions. The market was already soft with a warm winter in North Asia and rapidly growing US production. Now the outbreak of the coronavirus has hit oil prices (to which Australian LNG prices are indexed) and spot LNG prices.”

This is according to the latest EnergyQuest report which revealed that Brent had started the month at US$67.05/bbl (A$96.03/bbl) and rose to US$70.25/bbl (A$101.34/bbl) but then fell steadily through the month to US$54.00/bbl (A$80.65/bbl) on 3 February, reflecting the expected fall in Chinese oil demand.

“There has also been a dramatic fall in Asian spot prices with the Platts JKM spot price, dropping to below US$3.00/MMBtu.

Searcher Completes Offshore Peru OpenSeis 2D & 3D Seismic Datasets

11/02/2020 Posted by Dale

Searcher is pleased to announce the completion of its Offshore Peru OpenSeis 2D and 3D Seismic Dataset as part of its Offshore Peru Multi-Client Campaign.

The Offshore Peru OpenSeis Seismic Dataset consists of both 2D and 3D vintage seismic data which has been rectified in a post-stack reprocessing method. The data package comprises of 44,389 km of 2D and 15,526 km2 of 3D seismic data along the coast of Peru.

Offshore Peru offers high impact, moderate-risk exploration in shallow water, with high prospectivity in multiple, unexplored basins, supported by Perupetro that is welcoming foreign investment.

ConocoPhillips acquires operatorship of 3D Oil Tasmania permit

04/02/2020 Posted by Dale

3D Oil Ltd, has executed a farmout agreement with ConocoPhillips Australia whereby the latter will acquire a 75% operated interest in the T/49P exploration permit in the Otway Basin offshore Tasmania for $5 million cash.

Prior to the deal 3D Oil held a 100% interest in the T/49P exploration permit, which covers 4,960km of the Otway Basin and is located adjacent to the producing Thylacine and Geographe gas fields.

The most recent agreement was finalised with ConocoPhillips on Dec 18.

“The beginning of this relationship represents an important step towards 3D Oil’s overarching strategy, to provide much needed...

PO Valley says ‘Mama Mia’ to first gas production in Italy

04/02/2020 Posted by Dale

Australia’s Po Valley Energy has welcomed the Italian Ministry of Environment giving the Selva gas field development in Northern Italy a green light that has brought the project to the cusp of production.

At the same time the company revealed that final environmental approval for the Teodorico offshore gas project was expected in the March quarter following primary environmental approval in 2019.

Po Valley CEO, Michael Masterman commented:

Shearwater secures back-to-back work with 3D survey for Reliance in India

04/02/2020 Posted by Dale

Shearwater has been awarded a 3D broadband marine seismic acquisition contract by Reliance Industries in the Bay of Bengal, India. The project is scheduled to commence in Q2 2020.

The survey covers 1,500 sq. km of block KG-UDWHP-2018/1 in the Krishna-Godavari basin and will be executed by the Polar Duchess using a Dual source design, Shearwater has announced.

“We are pleased to add Reliance as a new customer with this award for the coming season in India” said Irene Waage Basili, the CEO of Shearwater GeoServices. “This is the third contract award we have won in India in recent weeks.

New five-year plan set to deliver WA gas supplies at ‘lower cost’

28/01/2020 Posted by Dale

Maintaining strong safety, reliability and service performance with lower revenue and costs are the focus of Australian Gas Infrastructure Group’s Final Plan for Western Australia's Dampier to Bunbury Natural Gas Pipeline (DBP) for the 2021 to 2025 period.

The Plan also puts in place measures to support the DBP continuing to deliver gas to an evolving Western Australian energy market well into the future.

The Plan was presented this month to WA’s Economic Regulation Authority (ERA) and follows an extensive 18-month consultation period with customers of the pipeline.

The pipeline - part of the Australian Gas Infrastructure...

Santos achieved record annual production, sales and revenue in 2019

28/01/2020 Posted by Dale

The largest company in South Australia reported production of 75.5 million barrels of oil equivalent (mmboe) in 2019 – up 28 per cent from 58.9 mmboe the previous year.

The report says Santos sold 94.5 mmboe over the year, up from 78.3 mmboe in 2018 – and it achieved sales revenue of $4.03 billion, up from $3.66 billion in 2018.

Santos Managing Director and CEO Kevin Gallagher said in a statement to the Australian Securities Exchange that the company had also delivered lower unit production costs and strong cash flow in 2019.

“The year was highlighted by highest ever free cash flow of more than $1.1 billion, record onshort drilling performance, lower unit production costs and significant progress on our diversified portfolio of growth projects,” he said.

Shearwater GeoServices awarded Western Offshore India 3D campaign by ONGC

28/01/2020 Posted by Dale

Shearwater GeoServices has been awarded a 3D broadband marine seismic acquisition campaign by ONGC in Western Offshore India. The project is scheduled to commence in the first quarter of this year.

The four-month survey covers 2,000 sq. km of 3D in a shallow-water area of the Arabian Sea. The contract award follows last month’s announcement of a combined 2D and 3D broadband marine seismic survey for ONGC off the East Coast of India.

“We are pleased to receive this second award for the coming season in India” said Irene Waage Basili, the CEO of Shearwater GeoServices.

Shearwater kicks 2020 off with sevenfold increase in vessel backlog

10/01/2020 Posted by Dale

Shearwater has announced announce a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from nine vessel-months at the same time a year ago.

This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG for two vessel-years annually over a five-year period. The backlog numbers exclude WesternGeco minimum commitment.

Shearwater said the backlog expansion reflects growing demand for marine seismic, particularly 4D, and successful execution of the company’s market consolidation strategy.