Company Updates

Dr Fraser Bransby appointed Fugro geotechnics chair at UWA

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Dr Fraser Bransby has been appointed Fugro chair in geotechnics at the University of Western Australia’s Oceans Graduate School. Dr Bransby has worked across academia and industry, most recently at Fugro AG Pty Ltd. After obtaining his PhD in soil mechanics from the University of Cambridge, he spent time in university geotechnical research and in industrial consultancy before joining Fugro. Having established the Fugro chair in geotechnics in 2014, UWA and Fugro developed a...

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ADNOC announces US$45 Billion investment to become leading lobal Downstream Player

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The Abu Dhabi National Oil Company (ADNOC) has unveiled plans to invest US$45 billion with partners over the next five years to become a leading global downstream player. The plans were unveiled at the ADNOC Downstream Investment Forum, which took place today in Abu Dhabi, UAE. The event brought together more than 40 CEOs and 800 senior business leaders from the global oil and gas, energy, petrochemical and finance industries, as well as many other sectors. Building on the existing...

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CGG Launches new MotionMap UK National Ground Stability Database

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CGG’s NPA Satellite Mapping group has unveiled its new MotionMap UK product for companies involved in asset management, large engineering projects, property conveyancing, insurance disputes and risk management. In a media release CGG said the UK’s geological setting, mining legacy and engineering heritage has led to substantial changes above and below ground. From subsidence and heave across coal fields in the Midlands, to tunnelling-related ground settlement in London, the impact on...

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$46.3bn will be spent on Southeast Asia’s upstream capex by 2020

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An average capital expenditure (capex) of $17.8bn per year will be spent on 336 oil and gas fields in Southeast Asia between 2018 and 2020, according to GlobalData, a leading data and analytics company. Capex on Southeast Asia’s traditional oil projects will add up to $8.3bn over the three-year period, while heavy oil fields will require $1.7bn over the same period. Investments into gas projects in Southeast Asia will total $43.4bn in upstream capex by 2020. Jonathan Markham, Oil &...

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BP Commits to Sell Gas to Alaska LNG Project

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The Alaska LNG Project has reached a "historic milestone" as BP Alaska and Alaska Gasline Development Corporation (AGDC) announced the parties have agreed to key terms of a Gas Sales Agreement, including price and volume. The terms are captured in a Gas Sales Precedent Agreement which was signed on May 4, 2018. In a statement Alaska Gas Development Corporation said both the parties anticipate finalizing a long-term gas sales agreement in 2018 for AGDC to purchase BP Alaska’s share of...

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Po Valley raises funds for Italian operations

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Po Valley Energy Limited has secured funding of $2.5m through the issue of a convertible note with a conversion price of $0.042 per share and a maturity of three years. The ASX-listed company said the funds will be used to expedite a final investment decision for its successfully drilled onshore Selva field in Italy and to complete seismic work on its large oil condensate/gas Torre del Morro explorations licence. Company directors Kevin Bailey and Michael Masterman both intend to...

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Byron hits 90% production mark in Gulf of Mexico

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ASX-listed Byron Energy has hit 90 percent production capacity at its SM 71 F platform in the Gulf of Mexico, ramping up operations following a pipeline shut-in earlier in April. Production from the company’s SM 71 F platform began on March 23 from the SM 71 F1 and F2 wells with the F3 well following suite on April 6. For the period March 23 to April 25, the three wells produced a total gross sales volume of 83,000 barrels of oil and 55.5 mm cubic feet of natural gas. Byron said the...

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B;ue Energy well in the Nebo Area

Blue Energy raises concerns over hydraulic stimulation

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Blue Energy is concerned about that additional layers of regulation governing hydraulic stimulation could burden an already labouring oil and gas industry. Barely two weeks after the Northern Territory government lifted the moratorium on hydraulic fracturing in the north of Australia, Brisbane-based Blue Energy welcomed the development, but also noted some concerns in its quarterly activities report released last week. “It is passing strange that for a technique which has been used...

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Schlumberger profits surged in Q1

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Schlumberger has posted an increase in profit and revenues during the first quarter of 2018 compared to the same period last year. The company announced revenues of US$7.8 billion for the first quarter of 2018, a 14% increase compared to US$6.9 billion in the same period of 2017. In addition, net income attributable to Schlumberger was US$525 million in Q1 2018 compared to US$279 million in the year-before period, an increase of 88%. Inthe last quarter of 2017 Schlumberger recorded...

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Eni to spend US$1B a year on exploration

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Italian oil company Eni said it expects production to increase by 3.5% per year over the next four years and has plans to invest US$1.1 billion per year on exploration activities in its quest to discover two billion barrels of new resources. This was revealed by Eni CEO Claudio Descalzi in the company’s 2018-2021 Strategic Plan, which builds on the transformation started by the company back in 2014. Descalzi said over the past four years, in a very low price environment, Eni had...

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