Wood has been awarded a new contract by Woodside to support the execution of concept definition for the proposed Scarborough upstream development, offshore Western Australia. Wood said secured under a long-standing master services agreement, this latest contract extends the company’s 35-year relationship with Woodside across their asset portfolio. Concept definition level engineering associated with the floating production unit, subsea umbilicals, risers and flowlines, flow assurance and overall system integration of the upstream development, will be delivered by Wood’s specialist field development studies team in Houston, US and Perth, Australia.
Company Updates
TGS announces updates to Australian data library
TGS is pleased to announce that the purchase of the Capreolus 3D seismic survey from Polarcus has been completed. The Capreolus, full broadband 3D seismic survey is 22,130 km2 and covers two hydrocarbon provinces with proven, but underexplored, oil and gas plays both in the Beagle and Bedout sub-basins offshore north-west Australia. Capreolus 3D includes modern 3D coverage over the Phoenix South and Roc oil and gas discoveries. Additionally, Capreolus 3D also spans the Dorado-1 exploration well and Phoenix South-3 appraisal well, currently being drilled.
Phoenix South-3 slow but steady to target
Quadrant has cemented the liner to around 5,205 meters and is drilling ahead to target depth at the Phoenix South-3 well off north Western Australia. Carnarvon Petroleum, which has a 20% interest in the Phoenix project with JV partner and operator Quadrant holding the 80% balance, announced that the GSF Development Driller-1 semi-submersible rig was drilling ahead to a depth of approximately 5,500m. The previously drilled Phoenix South-2 well was unable to fully evaluate the Caley Member due to high pressures encountered in that well.
Bight offers huge benefits for State and nation
Potential Bight benefits great for State and nation Successful oil exploration in the Great Australian Bight could see the creation of more than 2,000 jobs in South Australia and generate over $7 billion in average annual tax revenue to Federal and State governments over the next four decades, a new study has found. The indirect benefits of the activity and the associated tax revenue could see almost 5,000 jobs created across Australia in the period between 2020 and 2060.
TGS and PGS commence Lewis Hill 3D multi-client project offshore East Canada
Norwegian seismic players TGS and PGS have teamed up and begun a new 3D multi-client project in East Canada. The Lewis Hills 3D Geostreamer survey will cover approximately 3,400 km² in an active Newfoundland area of the Flemish Pass Basin with data to be acquired by the PGS Ramform Sterling vessel, TGS announced in a media release on Friday. As previously announced, this vessel will also acquire approximately 2,700 km2 of additional data on the 2017 Harbour Deep and Cape Broyle 3D survey outlines.
Chevron Q2 earnings take off on the wings of soaring oil prices
Supermajor Chevron has posted more than double earnings for the second quarter of 2018 compared to the corresponding period a year earlier.
Boosted by soaring oil prices, the San Ramon-headquartered oil giant reported earnings of US$3.4 billion for the first three months of this year, corresponding with US$1.5 billion from the same period in 2017.
Sales and operating revenues during the second quarter of this year were US$40 billion, contrasting with US$33 billion a year ago.
“Second quarter earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth.
Triangle Energy says no spilled hydrocarbons sighted after Cliff Head Alpha shut-in
Triangle Energy has asserted that no hydrocarbons were sighted in the marine environment or shoreline following a “low-level spill” and shut in at the Cliff Head Alpha platform in the Perth Basin, 14km offshore Western Australia. Severe weather and rough seas last Tuesday caused a small crack in the flow meter on the CH6 Well, prompting the suspension of production and the launching of an Oil Pollution Emergency Plan (OPEP) to conduct safety and environmental assessments. Triangle Energy said in a statement that the loss of produced fuel comprised zero to 10,000 litres.
PGS is back in the black
Petroleum Geo Services posted a profit of US$10.4 million for the second quarter of 2018, reversing a loss of US$32.2 million from the same corresponding period a year earlier. The Norwegian seismic services company reported that revenues were flat at US$239.7 million in 2Q 2018, compared to US$240.5 million in the same period in 2017, but had delivered an EBIT of US$30.5 million. PGS said: "Most of our active 3D vessel capacity was allocated to MultiClient in the quarter and pre-funding revenues dominated the sales mix.
ADNOC awards world’s largest combined onshore and offshore 3D seismic survey to CNPC affiliate
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth US$1.6bn, representing the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres. ADNOC said the latest award was part of the company’s ongoing strategy to “identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy”. Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30,000 km2 offshore and 23,000 km2 onshore.
Schlumberger flags accelerated E&P spending
Schlumberger has posted second-quarter revenue of US$8.3 billion, an increase of 11% compared to a year ago, and is flagging an increase in exploration and production spending in a brightening disposition. The company said revenue was primarily lifted by a 43% lift in operations in North America to US$3.1 billion. Schlumberger said offshore activity began to recover during the second quarter with new drilling projects in Eastern Canada, the US Gulf of Mexico, and the Caribbean, resulting in sequential offshore revenue growth of 22%.