CGG GeoSoftware has donated its Jason®, PowerLog® and InsightEarth® software suites, encompassing all aspects of seismic reservoir characterization, to the Geoscience and Technology Institute of China University of Petroleum (East China). CGG said in a media release that ‘the donation will enhance scientific research and expand students’ theoretical and practical knowledge of quantitative reservoir characterization and inversion techniques.’ Dr. Xinwei He, China Operations Manager, CGG GeoSoftware, said: “This significant new donation strengthens our ties with China University of Petroleum (East China) which is recognized as an important training base for high-level petroleum and petrochemical professionals in China.
Company Updates
DUG builds one of the world’s largest supercomputers
To be at the top of your game in any sport, you need plenty of skill and lots of muscle,” DownUnder GeoSolutions proudly proclaimed as it announced it was building one of the world’s largest supercomputers. DUG is rolling out a series of muscle-building upgrades to its global seismic processing centres, including Perth, Kuala Lumpur, London and Houston; an expansion that the company says will see its Intel-supported processing capability grow and likely exceed its competitors, based on petaflops (PF) per geo. Details of its global expansion, and its progress, will be released as it becomes available during 2017.
McMahon opens new chapter with DataReSource
DataReSource has expanded its exploration and geophysical research capacity by appointing senior geophysicist Andrew McMahon to the team. Andrew joins DataReSource after stints at the Queensland Department of Natural Resources and Mines, Geoscience Australia, Paradigm and Schlumberger. DataResource said the extensive skills Andrew has acquired and developed, most notably through his work with Geoscience Australia, would enable him to have an “insightful, well-developed and refined perspective in locating difficult to find or lost datasets. His unique and vast contact network in the oil sector also makes him a valuable addition to the DataReSource team.
Sercel launches new WTU-508 Node
CGG announced that Sercel has launched the WTU-508 high-performance X-Tech® node as an extension of its 508XT land seismic acquisition product range. CGG said the new node offers even greater flexibility for all types of survey operations, such as complex small-scale urban surveys or high-productivity mega-crews. Fully integrated into the existing 508XT platform, it reinforces the new paradigm created by the 508XT in land seismic acquisition. 'The WTU-508 is an easy-to-use smart autonomous land node. Users need only to connect the geophone for the WTU-508 to record its position and start collecting seismic data.
Sercel celebrates “success” of Sentinel
Sercel announced that its multi-sensor solid streamer, the Sentinel® MS, has been commercially deployed for the first time and is being successfully operated on a large 3D CGG multi-client survey being conducted by the CGG Geo Coral in the Southern Porcupine Basin in Ireland. Sercel said the Sentinel MS was specifically designed to deliver multi-sensor data sets of exceptional quality to help the industry achieve the best broadband imaging and generate more detailed and accurate images of the subsurface.
APPEA embraces carbon capture Federal funding
The Australian Petroleum Production & Exploration Association has welcomed the Federal Government’s move to allow carbon capture and storage (CCS) projects access to Clean Energy Finance Corporation (CEFC) financing. APPEA Chief Executive Dr Malcolm Roberts said access to CEFC financing could help overcome some of the capital and financing obstacles facing some CCS projects. “CCS is seen as one of the pathways to the continued use of fossil fuels in a low-carbon economy,” Dr Roberts said. “Accelerating the roll-out of CCS projects could assist in reducing emissions from the generation sector.
Woodside reveals thinking for Browse Project
Woodside has flagged potential first Browse basin gas from the mid-2020s. However, it remains unlikely that the Perth-headquartered oil and gas producer intends to deploy floating LNG or construct a new onshore plant, as was the initial plan near Broome, if and once the suspended project does receive FID. At Woodside’s annual general meeting on Friday, CEO Peter Coleman gave a hint of where Woodside was heading with Browse, saying: “As you know, we have worked for some years to find the right development concept for the world class Browse resources. I’m very excited about where we are headed.
Arrow enters FEED for Surat expansion
“Arrow’s planned expansion of its Tipton operations may involve up to 90 wells in the initial phase and up to another 180 wells over the next 25 years,” Mr Turner said.
“This initiative – coupled with the recent announcement by QGC, a Shell joint venture, that it will soon start drilling up to 161 additional wells as part of Project Ruby – shows the industry in Queensland is getting on with the job.
Mr Turner said that all parties know that the only way to meet gas demands for exports, domestic manufacturing, and energy generation in a sustainable manner is to increase supply, which is exactly what Queensland operators are going.
McKINSEY sees upside in oil prices
McKinsey Energy Insights has released its latest Global Oil Supply and Demand Outlook predicting that oil prices will range within $60–70/bbl over the next three years. That is if the market trades ad MEI expects, in which case oil prices would increase to $65-75 by 2030. In the shorter term, MEI said that subject to OPEC continuing to fulfil its share of production cuts, having achieved 90% of its target in January, then the rebalancing process was likely to proceed relatively smoothly over the coming months.
APPEA warns against sovereign risk threat to Australia
The gas industry is disappointed to see the Australian Industry Group advocate half-baked policies that would definitely shred the incentive for investing in new gas projects, and that even AiGroup concedes these policies may not be feasible. “Calling for retrospective policy changes is a huge step for any business group,” APPEA Chief Executive Dr Malcolm Roberts said. “Suggesting government intervention to overturn contracts is almost unprecedented in Australia. “There is no doubt that we are facing a tight east coast gas market. There is no doubt that the market needs more gas supply.