Feature Articles

PGS reports decline in revenue for 2023

30/04/2024 Posted by Dale

PGS ended the full year 2023 benefitting from an improving data acquisition market with high pre-funding level on MultiClient projects and increasing profitability for contract work.

Nevertheless, revenues declined compared to 2022 due to unexpected scheduling and operational challenges, and lower than expected MultiClient late sales.

This was revealed in PGS’s recent 2023 Annual Report in which outgoing President and CEO Rune Olav Pedersen said of the roller coaster ride through the year: “We entered 2023 with a strong order book in a recovering seismic market. Our integrated service offering enabled us to leverage the market recovery.

His Excellency Faisal Alibrahim, Saudi Minister of Economy and Planning, has welcomed global leaders to Riyadh for the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development. (Photo: AETOSWire)

Saudia Arabia opens doors to first World Economic Open Forum outside of Davos

30/04/2024 Posted by Dale

Riyadh convened global leaders this week at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development to host candid dialogues and outline bold steps to tackle the most pressing geopolitical, social and economic challenges facing humanity.

This comes after the United Arab Emirates hosted the COP28 Summit in Dubai in December.

Speaking at the Special Meeting, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy for Saudi Arabia, said a just and equitable energy transition will only be achieved by using a range of energy sources to diversify the global energy market.

Tamboran steps on the gas with Origin agreement in the Top End

30/04/2024 Posted by Dale

Tamboran Resources has announced that the Tamboran/Sheffield JV has entered into a 10-year Gas Sales Agreement for up to 36.5 PJ per annum (18.3 PJ per annum net to Tamboran) with energy retailer Origin.

This follows a MOU executed in June 2022 with gas pipeline operator, Jemena, to enable Tamboran to contract ~100 TJ per day of firm capacity through the Northern Gas Pipeline, subject to applying NGP Access Principles, under a long-term gas transportation agreement.Tamboran Resources' pure focus is on its acreage portfolio in the Beetaloo/McArthur Basin in the Northern Territory, where it is the largest acreage holder with ~1.

PGS Contract Award in Northern Europe

15/04/2024 Posted by Dale

PGS has been awarded a 4D contract in Northern Europe for an independent energy company. The Ramform Tethys is scheduled to mobilize for the survey in late April and the project has a total duration of approximately 30 days.

“We are very pleased with this contract award, marking the start of the Northern Europe summer season for the Ramform Tethys. By combining the Ramform acquisition platform with our proprietary multi-sensor GeoStreamer technology we will quickly provide the client with high-quality 4D seismic data,” says Rune Olav Pedersen, President & CEO in PGS.

PGS announces contract awards and MultiClient projects as stock exchange releases if the contract has a value of $10 million or more, MultiClient projects with a duration of two months or more, and strategically important contracts.

Shearwater Geoservices Completes US$700 million Debt Refinancing.

15/04/2024 Posted by Dale

Shearwater Geoservices has completed the refinancing of its long-term secured debt portfolio.Shearwater Geoservices had issued a five-year US$300 million senior secured first lien bond and then executed a new $US300 million five-year bank term loan with net proceeds used to repay previous secured debt facilities. The bonds rank pari passu with the term loan. Shearwater has also established a US$50 million revolving credit facility (RCF) and a US$50 million guarantee facility.“Shearwater has established a strong foundation for growth and value creation as a global leader within the marine seismic industry in terms of capabilities, capacity and financial standing.

Sercel Announces First Commercial Sale of its New 528 Land Acquisition System

15/04/2024 Posted by Dale

CGG has announced the first major sale - by Sercel - of the Sensing & Monitoring business line of its next-generation 528™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC).

CGG said the client would deploy the system, representing a total of 8,000 channels, on a 3D seismic survey in Turkey, across challenging, semi-arid terrain.

Delivery of the system commenced at the end of March, with the survey expected to start in Q3 2024.

The sale follows the recent launch of Sercel’s new 528 and VE564 land seismic solutions, designed to maximize client return on investment by reducing downtime and boosting productivity even in the harshest of terrains.

Geopolitical tensions come to the boil with oil prices in sharp focus

15/04/2024 Posted by Dale

Iran's launch of over 300 drones and missiles on Israel in the first ever direct attack on the Israeli soil from Iranian territory has increased geopoliticsl risk in the oil market, according to Rystad Energy's oil market update in reaction to the accelerating conflict.

Rystad Energy Senior Vice President Jorge Leon said that although the vast majority of drones and missiles were intercepted, no Israeli fatalities were reported and only minor damage at an Israeli military base was inflicted, the hostilities markedd an unprecedented and dangerous development in an already volatile region.

"As mentioned in our recent commentary, the likely Iranian retaliation increased the geopolitical risk in the oil market.Rystad Energy’s Geopolitical Risk Index increased to 1.22 during the first week of April," Leon said.

ACCC again warns southern states on gas supply

06/04/2024 Posted by Dale

The Australian Competition and Consumer Commission (ACCC) has confirmed that Australia’s gas industry continues to deliver on its commitment to the domestic market.

However, in a new report the ACCC has again highlighted concerns that southern states are relying on gas from the north to keep the lights on.

Australian Energy Producers today said the ACCC Gas Inquiry March 2024 Interim Report reaffirmed the industry’s role in providing reliable and affordable energy to Australian homes and businesses.

The report, examining the third quarter of 2024, estimated east coast supplies would be 6PJ in surplus.

However, New South Wales and Victoria – which have stifled investment with bans and regulatory uncertainty – would rely on other states for gas supply, despite having their own untapped gas resources.

AEMO warns diesel-powered electricity looms without new gas supply

23/03/2024 Posted by Dale

Concerns over the east coast gas market have deepened, with warnings gas generators may soon burn diesel at extra cost and emissions to plug energy shortages unless new gas supply is developed.

Weak demand shadows minor supply outages

22/03/2024 Posted by Dale

Energy’s gas and LNG market update from senior analyst, Masanori Odaka:Spot prices in Asia remain under $10 per million British thermal units (MMBtu), well below those seen in the same period in 2022 and 2023, leading to revised optimization demand from buyers.In general, gas demand and consumption in the northern hemisphere is set to fall in the coming weeks as most countries enter the spring season.In Europe, April prices on the Netherlands-based Title Transfer Facility (TTF) fell 9.8% week-on-week to approximately $7.9 per MMBtu on 12 March.