CGG says it anticipates fourth quarter revenue for 2018 of around $432 million, up 16% year-on-year and 54% sequentially. In a financial update the Paris-headquartered company said it expected segment geoscience fourth quarter 2018 revenue of around $108 million, up 16% sequentially. CGG anticipates segment Multi-Client sales of around $219 million for the fourth quarter of 2018, the highest quarterly segment revenue since Q4 2015. After-sales are expected to be around $114 million.
Company Updates
Calima spuds three-well drilling campaign in British Columbia
ASX-listed Calima Energy has spud of the first well of a three well programme to test the prospectivity of the Montney Formation in the company’s 72,000 acre lease holdings in British Columbia, Canada. The Calima-1 vertical well, Calima Tommy A-54-C/94-G-09, is planned to be drilled to a total depth of 1,860m. Calima said core data will be collected over a substantial section of the Montney interval followed by the acquisition of a full suite of wireline logs.
Bass Oil backs out of Indonesian deal
Australian-based Indonesian oil producer, Bass Oil has decided to withdraw from the acquisition of a 100% participating interest in the North Madura Production Sharing Contract (PSC) (Java) from AziPac Limited. Bass Oil announced that finalisation of the acquisition was subject to the execution of a detailed sale and purchase agreement and Bass being satisfied with the results of its due diligence enquiries on the two AziPac subsidiaries - which were to be acquired by Bass to effect the transaction.
DUG welcomes Michael Lambert as Manager for new McCloud services
DownUnder GeoSolutions (DUG) has announced the appointment of Michael (Mick) Lambert as Manager for for the new DUG McCloud services business. A veteran of the seismic industry, Mick has spent the last 8 years with Wireless Seismic Inc. most recently as the company’s President and CEO. Mick is probably best known for the 16 years he spent with GX Technology (GXT), serving as President and CEO from 1997 until 2004 and then as President until 2006, after the company was acquired by Input/Output (now Ion).
Sercel sells a 100,000 channel 508XT land seismic acquisition system to BGP
Sercel has been awarded a contract by BGP to supply land seismic equipment for a large onshore 3D seismic survey in the Middle East. The contract includes 100,000 Sercel 508XT channels equipped with strings of 12 SG-10 geophones. Sercel said in a media release that “this large-scale 3D project encompasses several diverse environments, including areas with limited access, such as industrial complexes, agricultural land and urban areas. The 508XT system is an ideal choice for these challenging conditions: its unique fault-tolerant cross-technology (X-Tech®) architecture, including local storage and automatic data rerouting, simplifies field operations and enables continuous acquisition.
Quadrant Energy applies for Bedout seismic permit
Quadrant Energy has applied to NOPSEMA to conduct a seismic survey in the Bedout sub-basin offshore Australia. Quadrant Energy, which was recently acquired by Santos, is eager to acquire additional subsurface data for further appraisal of identified hydrocarbons in several reservoirs within the Bedout sub-basin. NOPSEMA said the proposed Keraudren seismic survey would be conducted approximately 118km off Port Hedland in water depths of 50m to 150m. The survey is in permits WA-435-P, WA-436-P, WA-437-P and WA-438-P and covers a total area of 5,539 km2, including vessel ramp up zones.
Polarcus and PGS set for court stoush over patent claim
Polarcus has accepted service of court proceedings filed by PGS Australia Pty Ltd relating to the acquisition of seismic data on three surveys in Australia and the processing of that data. Polarcus said proceedings had followed three years of intermittent correspondence from PGS “in response to which Polarcus, supported by leading patent counsel, provided overwhelming evidence that Polarcus’ activity did not intersect PGS’ patent. “The claim will be vigorously contested and has no impact on any project outside Australia,” Polarcus added.
CGG and OMV continue cooperation with Multi-Year extension of dedicated Centre
CGG has announced that its contract with OMV to operate a dedicated centre at its head office in Vienna has been renewed and will run for a further three years. During this period OMV will continue to benefit from onsite access to CGG’s subsurface imaging and reservoir characterization expertise and technology. The support given by the centre to image and interpret OMV’s geophysical data and the collaborative spirit in which the teams work together will help to provide greater insight into OMV’s worldwide acreage, CGG said.
Shell exits upstream operations in Ireland
Shell has exited the upstream sector in Ireland with the sale of its interest in the Corrib gas project to Nephin Energy for US$1.3 billion. The Corrib natural gas field is located approximately 83km off the northwest coast of Ireland, 3,000 meters under the seabed and in water depths of 350 meters. Initial field development started on December 30, 2015 comprising six subsea wells. Gas is transported via an 83 km pipeline to an onshore gas processing terminal and then exported via the Bord Gais Eireann link line to the Irish gas grid.
Tap sells Carnarvon basin offshore licence to Santos
Tap Oil has entered into a sale and purchase agreement for the sale of its 22.474% non-operated interest in WA-33-R in the offshore Carnarvon basin of WA. Tap said the development was consistent with its strategy to monetize and rationalise its Australian portfolio and pursuant to the terms of the SPA, the company’s subsidiary, Tap Shelfal, will sell its interest in WA-33-R to its joint venture partners Quadrant Oil and Santos with Tap Shelfal’s interest being split between the buyers 12.361% and 10.113%, respectively. Santos already has an 18.