CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore Jamaica and will be of particular interest to oil explorationists focused on Central America and the Caribbean. The oil seeps were found during fieldwork for a recently completed multi-client Robertson Study (Red Book) of the petroleum potential of on- and offshore Jamaica entitled ‘Petroleum Geological Evaluation of Jamaica’ made jointly by CGG GeoConsulting and PCJ.
Company Updates
Po Valley upgrades maiden 2P reserves to 36.5 bcf for Teodorico.
Po Valley Energy has upgraded its oil and gas reserves and resources for its 100% owned subsidiary Po Valley Operations, with maiden 2P reserves of 36.5 bcf of gas now declared at the company’s offshore Adriatic development Teodorico gas field. Teodorico has the largest gas in place of all of Po Valley’s gas fields and is at an advanced stage of assessment and is ready for development. The company received a preliminary award of the Teodorico Production Concession last year and is advanced in securing environmental approval which is the critical step before the full grant of the production concession.
New CGG GeoSoftware Technology ‘Drives Greater E&P Efficiency’
CGG GeoSoftware has announced new releases across its entire geoscience portfolio. Its complementary HampsonRussell, Jason, PowerLog, InsightEarth, VelPro, and EarthModel FT solutions are the industry’s preferred set of tools and support for multi-disciplinary teamwork at every stage from exploration and development to life-of-field production management. In a media release CGG said recent developments “bring exciting new capabilities within each individual solution while offering increasingly integrated workflows from geology and geophysics to reservoir engineering.
The Eagle has Landed – in Carnarvon’s basket
Carnarvon Petroleum has been awarded the AC/P63 permit within the Southern Vulcan Sub-basin, on Western Australia’s North West Shelf, which will be known as the Eagle Project. This 585km² permit is in shallow water and contains multiple attractive leads in the same proven oil producing basin that includes the Talbot, Jabiru, and Cassini / Challis oil fields. Carnarvon said prides itself on applying leading technologies to its technical work to assist in unlocking an area’s potential.
CGG and Ardiseis complete highest-density seismic survey ever acquired
CGG, its technology partner, and Ardiseis, subsidiary of the Arabian Geophysical and Surveying Company (ARGAS), the Middle East’s seismic acquisition specialist, have announced the successful completion of the world’s highest-density broadband seismic survey ever acquired onshore or offshore. The ultra-high density of the data recorded on the West-Kalabsha survey on behalf of Apache Corporation (Apache) heralds a step-change in the quality of seismic that can be economically acquired in Egypt’s Western Desert and a quantum leap in imaging for the Middle East and North Africa region, CGG said in a media release.
Katalyst Data Management Launches Well File and Well Log Scanning “Paper to Digits” Service
Katalyst Data Management announced that it has launched well file and well log scanning services for the oil and gas industry. The company now has the capacity to scan volumes of well logs and associated files that are created during the life cycle of a well into an accessible PPDM database. This announcement follows Katalyst's recent completion of a successful well file scanning project involving the scanning and classification of physical well files associated with over 20,000 wells in the US Lower 48.
Prime time live-streamed Mexican acreage bids up for grabs
Mexico, currently a global hotspot for exploration, will tomorrow open bids for awarding its deepwater oil and gas exploration acreage as it enters the Fourth Tender of Round 2. Tenders will be made for license contracts in 29 offshore contractual areas in the oil provinces of Perdido, Mexican Cordilleras and the Salina Basin. The Comisión Nacional de Hidrocarburos (CNH) has released a list of the nine individual companies that qualified for bidding; BHP Billiton, CNOOC, ExxonMobil, Noble Energy, Pemex, Petronas, Shell, Statoil, and Total. Seventeen consortia also taking part and in total the bidders are from 16 different countries.
Cairn sees the start line for SNE development
Cairn Energy has flagged development approval for the SNE field offshore Senegal - which counts Woodside, Far and Petrosen as JV partners - by the end of 2018. This follows the third phase of a completed offshore drilling program to further evaluate the SNE field using the Stena Drill Max drillship and an operational update from the independent UK-based independent aiming to expedite developments at SNE.
PO Valley advances Saffron Energy expansion with binding deals and £14m capital raise
Shareholders in Australian gas producer, Po Valley Energy have moved a step closer to benefiting from a three-way deal to become part of a larger European energy play under formal contract signings announced recently. Perth-based Po Valley said the signed binding Share Sale and Purchase Agreement with AIM-listed Saffron Energy meant Saffron would acquire onshore and offshore oil and gas production, development and exploration assets in northern Italy held by Po Valley Operations, a 100%-owned subsidiary of Po Valley Energy.
Schlumberger’s WesternGeco quits marine and land seismic acquisition business
WesternGeco is exiting the marine and land seismic acquisition business, Schlumberger has announced. The company said WesternGeco had not delivered a return on expectations going forward. Schlumberger Chairman and CEO Paul Kibsgaard said: ”With the significant changes seen in customer priorities and buying habits in recent years, we have also continued to evaluate the present and future return prospects for all of our product lines, as we look to maximize all aspects of the Company’s long-term financial performance.