Feature Articles

CGG Announces Q4 and Full Year 2020 Results

09/03/2021 Posted by Dale

CGG has released a solid operational performance in its fourth quarter results and positive net cash flow sustained by gradual recovery from COVID-19.

Commenting on the company’s full year and fourth quarter results, CGG CEO Sophie Zurquiyah said:

“In the particularly challenging year of 2020, which saw the collapse of the oil & gas market across the second and third quarters, we finished the year with solid fourth quarter operational performance. During 2020, we successfully completed our exit from the Acquisition business while continuing to advance our high-end Geoscience technologies for reservoir development and production.

“We also delivered our Multi-client surveys in the industry’s core mature sedimentary basins and released new products while reinforcing our market leadership in equipment. O

Resources technology roadmap builds Australia’s competitive advantage

09/03/2021 Posted by Dale

APPEA has welcomed the launch of the Resources Technology & Critical Minerals Processing National Manufacturing roadmap as a key priority under the Federal Government’s $1.5 billion Modern Manufacturing Strategy.

APPEA’s Chief Executive, Andrew McConville, a member of the industry-led taskforce that guided the development of the Resources Technology & Critical Minerals Processing roadmap, commended the Government’s consultation with industry and action to build Australia’s advanced manufacturing capability in resources technology.

“The Resources Technology & Critical Minerals Processing National Manufacturing roadmap recognises and builds on Australia’s world-class expertise and competitive advantage in the resources and energy sectors.”

“Australia has world-class resources, such as oil and gas and critical minerals which drive the modern global economy.

Shearwater announces offshore survey awards in Australia and Angola

09/03/2021 Posted by Dale

Shearwater Geoservices has announced the award of a 3D seismic survey in the Otway Basin and a 4D survey in Angola by Total.

“We see a solid, consistent level of activity in Australia where we have multiple projects booked in 2021”, said Irene Waage Basili, CEO of Shearwater. “We observe increasing regional demand for our vessels equipped with high-end technology, which is reflected in backlog and utilization.”

The approximately two-month survey is expected to commence in Q3 2021 covering an estimated 2,700 sqkm, employing the Geo Coral using a multisensor streamer system with a variable streamer spacing configuration.

Off Angola the two-month project will be on the GJDR Development area of Block 17, commencing in Q1 2021.

Western Gas and APA to study transcontinental pipeline plan

02/03/2021 Posted by Dale

Western Gas, Operator and 100% owner of the Equus Gas Project, has signed an MOU with APA Group to undertake a joint development and marketing study to supply Equus gas at competitive prices to Western Australia and the East Coast via a transcontinental pipeline.

The scope of the study comprises a detailed assessment of development, commercial, marketing and regulatory aspects of the project, which will form the basis of an integrated bankable feasibility study.

The study is a key step in delivering a new and independent gas supply for Western Australia and East Coast gas customers.

The Australian owned upstream and pipeline projects would support long-term domestic energy needs, create new jobs, drive significant economic and social benefits, and increase national energy security.

Europe’s oil & gas industry saw a rise of 23.73% in cross border deal activity in Q4 2020

02/03/2021 Posted by Dale

Led by PPG Industries’ $1.52bn acquisition of Tikkurila, Europe’s oil & gas industry saw a rise of 23.73% in cross border deal activity during Q4 2020, when compared to the last four-quarter average, according to GlobalData’s deals database.

A total of 73 cross border deals worth $7.58bn were announced for the region during Q4 2020, against the last four-quarter average of 59 deals.

Of all the deal types, M&A saw most activity in Q4 2020 with 69, representing an 94.5% share for the region.

In second place was private equity with four deals capturing a 5.

GECF lecture lights up natural gas for its “vital role in energy transition”

02/03/2021 Posted by Dale

Natural gas has a very important role to play in the energy transition and in meeting the world’s climate goals, the Secretary General of the International Energy Forum, HE Joseph McMonigle, said.

Speaking at the inaugural GECF Gas Lecture of 2021, entitled ‘The Role of Gas in Clean, Reliable, and Sustainable Growth’, HE McMonigle said that the success of the energy transition rests “on the use of natural gas technologies and their capacity to accelerate fuel-switching and create synergies to integrate renewables, green gas, hydrogen, and other carbon dioxide solutions.

“Obviously, this does not come without challenges...

CO2CRC launches technical advisory and consultancy services company

02/03/2021 Posted by Dale

CO2CRC’s Chief Executive, David Byers, has announced that CO2CRC has established a wholly-owned subsidiary company, CO2Tech Pty Ltd (‘CO2Tech’).

“We have established CO2Tech to meet the growing customer need for multi-disciplinary technical consultation, advisory and project management services across the whole CCUS value chain.” said Mr Byers.

CO2Tech will have access to the Otway International Test Centre (OITC) and CO2CRC’s expertise via commercial agreements.

“CO2Tech will allow CO2CRC Limited to offer our industry partners and customers, tailored solutions while preserving commercial confidentiality.

“CO2Tech will be pleased to work with industry customers to help them achieve their emissions...

Gippsland Basin leads in 3D Oil’s crosshairs

23/02/2021 Posted by Dale

3D Oil has flagged four potential leads with a best estimate prospective resources of 370 MMboe in the Gippsland Basin.

This follows completion of an estimate of prospective resources for leads and prospects in the VIC/P74 exploration permit.

3D Oil said the largest is the Bigfin Lead, which is hosted within the Lower Latrobe Group and has a Best Estimate Prospective Resource of 502 Bcf and 19 MMbbls of condensate. Bigfin is located approximately 8km West of the Kingfish Oil Field which has produced over one billion barrels to date.

An additional three Leads also hosted by the Lower Latrobe Group have a total Best Estimate Prospective Resource of 785 Bcf gas.

Woodside signs LNG supply deal with RWE

23/02/2021 Posted by Dale

Woodside has penned a deal to supply LNG to RWE Supply & Trading GmbH (RWE) for seven years from 2025.

The company announced that the quantity would be approximately 0.84 million tonnes per annum and was not subject to final investment decision on any project.

Woodside Executive Vice President Development and Marketing Meg O’Neill said the signing of the deal was further evidence of the strong market demand for LNG in the second half of this decade.

“Customers are increasingly seeking to secure new energy supplies in a timeframe which supports the development of our Scarborough offshore gas resource and the expansion of the Pluto facility with the addition of a second LNG production train.

US Gulf Coast storm outages rise, send ripples round global markets

23/02/2021 Posted by Dale

Will Beacham, of ICIS Chemical Business, says the US polar storm shut down 90% of US polypropylene (PP) capacity, 67% of ethylene and devastated other important products, sending ripples around global chemical markets and prices soaring.

More chemical plants and refineries across the Gulf Coast region have been hit by prolonged power and feedstock outages caused by freezing weather, snow and ice which have also halted logistics networks. More bad weather, forecast for later in the week, may prolong the disruption.

So far, ICIS has reported more than 60 plant outages as a result of the storm, with analysis using data from the ICIS Supply & Demand database showing that a wide swathe of the Gulf petrochemical sector has now been severely impacted.