Feature Articles

Santos achieved record annual production, sales and revenue in 2019

28/01/2020 Posted by Dale

The largest company in South Australia reported production of 75.5 million barrels of oil equivalent (mmboe) in 2019 – up 28 per cent from 58.9 mmboe the previous year.

The report says Santos sold 94.5 mmboe over the year, up from 78.3 mmboe in 2018 – and it achieved sales revenue of $4.03 billion, up from $3.66 billion in 2018.

Santos Managing Director and CEO Kevin Gallagher said in a statement to the Australian Securities Exchange that the company had also delivered lower unit production costs and strong cash flow in 2019.

“The year was highlighted by highest ever free cash flow of more than $1.1 billion, record onshort drilling performance, lower unit production costs and significant progress on our diversified portfolio of growth projects,” he said.

Pioneering WA Geoscience teacher praised for key ‘Australian of the Year’ nomination

28/01/2020 Posted by Dale

A Perth geoscientist who has pioneered taking science out of the classroom into a hands-on, in-the-field experience – particularly for remote area schools – has been praised for her nomination among Saturday night’s “Australian of the Year” awards in Canberra.

Ms Suzy Urbaniak was WA’s nominee in the “Australian of the Year - Local Heroes” award category.

The ‘Local Hero’ award acknowledges extraordinary contributions made by Australians in their local community – with Ms Urbaniak currently making significant inroads into science education in WA’s Pilbara region.

A former 2016 Prime Minister's Prize for Excellence in Science Teaching...

Shearwater GeoServices awarded Western Offshore India 3D campaign by ONGC

28/01/2020 Posted by Dale

Shearwater GeoServices has been awarded a 3D broadband marine seismic acquisition campaign by ONGC in Western Offshore India. The project is scheduled to commence in the first quarter of this year.

The four-month survey covers 2,000 sq. km of 3D in a shallow-water area of the Arabian Sea. The contract award follows last month’s announcement of a combined 2D and 3D broadband marine seismic survey for ONGC off the East Coast of India.

“We are pleased to receive this second award for the coming season in India” said Irene Waage Basili, the CEO of Shearwater GeoServices.

Shearwater kicks 2020 off with sevenfold increase in vessel backlog

10/01/2020 Posted by Dale

Shearwater has announced announce a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from nine vessel-months at the same time a year ago.

This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG for two vessel-years annually over a five-year period. The backlog numbers exclude WesternGeco minimum commitment.

Shearwater said the backlog expansion reflects growing demand for marine seismic, particularly 4D, and successful execution of the company’s market consolidation strategy.

CGG exits from Seabed Data Acquisition Business

08/01/2020 Posted by Dale

CGG has completed its exit from the seabed data acquisition business and terminated the Seabed Geosolutions’ joint venture agreement.

The Paris-headquartered geophysical services company said that in line with its strategy to exit the data acquisition business, which was effective from December 31, 2019, the company had agreed to transfer its 40% shareholding in Seabed Geosolutions to Fugro before the end of the first quarter of 2020.

In addition, it was agreed to conclude remaining matters related to Seabed Geosolutions’ financing and non-competition provisions by paying $35 million to Fugro.

CGG said that notwithstanding this payment, it...

Fugro performs first deepwater AUV and geotechnical site survey for Brunei Shell Petroleum

08/01/2020 Posted by Dale

Fugro has successfully completed the first deepwater autonomous underwater vehicle (AUV) site survey for Brunei Shell Petroleum Company Sdn Bhd (BSP).

Ceri Powell, BSP’s Managing Director, delivered a congratulatory note acknowledging the quality of Fugro’s work and HSSE leadership shown throughout the campaign. BSP’s Project Lead Bilman Pardomuan Hutabarat commented: “This campaign was the first deepwater survey project for Shell in Brunei and its success will lead to many more deepwater programmes.”

The survey was performed in August in water depths of 600 m using the Fugro Equator, a dedicated geophysical survey vessel, and the Fugro ES-V...

Australia formally becomes world’s largest exporter of LNG

07/01/2020 Posted by Dale

Australia has officially become the world’s largest exporter of Liquefied Natural Gas (LNG) on an annualised basis.

In sending overseas, an estimated record 77.514 million tonnes (Mt) of locally produced LNG in calendar 2019, Australia edged out former No. 1 LNG export titleholder Qatar, expected to produce 75Mt in 2019.

The 2019 Australian LNG exports were more than twice those of the United States, the world’s other fast-growing LNG producer. The US Energy Information Administration expects the US to have exported 34.3Mt in 2019.

The Australian contribution came from across all three now fully established LNG hubs...

Shell makes ‘significant’ gas discovery offshore Australia

31/12/2019 Posted by Dale

Shell has stepped on the gas, announcing a “significant gas and condensate discovery” at the Bratwurst-1 well in the Browse Basin off the North West Coast of Western Australia.

Shell said that the drilling of the Bratwurst-1 exploration well, within title AC/P64, was safely and successfully concluded on December 4 after a 78-day campaign.

This campaign was completed in just over 18 months from bidding and 12 months from award of the AC/P64 title, Shell said in a statement.

This discovery is located 160km north east of the Shell operated Prelude FLNG facility and presents an opportunity for a future tie-back to Prelude.

“Bleak outlook” for natural gas output expected for Northwest Europe

17/12/2019 Posted by Dale

Natural gas production for Northwest Europe is forecast to decline by approximately 25% from current levels over the next five years as upcoming projects struggle to offset overall declines, according to data and analytics company, GlobalData.

The company’s report, ‘2019 Northwest Europe Upstream Development Outlook – Surge in New-Build Oil and Gas Project Starts for 2020’, reveals that gas production fell year on year over the last two years, a trend that is set to continue over the forecast period.

The lack of major upcoming gas projects, alongside a production phase out at the giant Groningen gas field, has set a clear downward trend for gas production in Northwest Europe.

CGG’s completes Jumpstart for the North West Shelf and Banda Arc

17/12/2019 Posted by Dale

CGG has completed JumpStart™ multi-client geoscience packages for the North West Shelf (NWS) of Australia and the Banda Arc in the Asia-Pacific region. Both packages are now available and enhance understanding of the prospectivity of these two high-potential regions, allowing the assessment of exciting new plays, the Paris headquartered company said.

JumpStart packages mobilize the full suite of CGG’s geoscience capabilities to accelerate and support exploration efforts. They integrate all available data in a specific geographical area and frame it within a geological context.