Following the recent news that Chevron Corp (Chevron) will acquire Anadarko Petroleum Corp (Anadarko) for US$33 billion, the oil and gas major has significantly increased its oil production output in the United States. Jonathan Markham, Upstream Oil & Gas Analyst at GlobalData, said of the deal “The acquisition is a continuation of Chevron’s recent focus on upstream operations in the US. The combined portfolios of Chevron and Anadarko will make Chevron the leading producer in the US, with forecast production of over 1.6 million barrels of oil equivalent per day (mmboed) in 2019, according to GlobalData.
Feature Articles
Otway Basin can play a lead role in gas famine
New sources of gas need to be found to offset the emerging gas crisis in the east coast market and the Otway Basin bordering the South Australian-Victorian border can be part of that solution, according to one of Adelaide’s newest ASX-listed petroleum explorers. Addressing the first day today of the two-day Paydirt 2019 South Australian Resources and Energy Investment Conference in Adelaide last week, Vintage Energy’s Managing Director, Mr Neil Gibbins, said the Victorian gas supply market alone is expected to fall from 435 petajoules (PJ) two years ago to around 187PJ by 2022.
CGG completes 2D survey offshore Gabon
Acquisition of CGG’s 9,800 km long-offset broadband 2D multi-client seismic survey in the highly prospective Gabon South Basin has been completed. Fast-track data sets will be delivered in batches from the end of April, giving interested oil companies sufficient time to understand offshore petroleum systems and appraise blocks offered in Gabon’s 12th offshore licensing round planned for September 2019. This modern data set will help define the full extent of existing and new plays in the region. It will also aid in understanding the thickness variations in the sediment overburden for source rock and maturity analysis.
Karoon still courting farm-in partner to expedite FID for its Neon oil field
Australian oil and gas company Karoon is still courting a farm-in partner for its 100% owned Neon oil field in the Santos Basin, offshore Brazil, as it considers FPSO options and the possibility of drilling another well to de-risk the prospect. The company has carried the blocks containing two oil fields, Neon and Goia, to a development and production phase but also extended a final investment decision initially targeted for last year to 2019.
Shell applies for 3750 km2, 3D seismic survey off Western Australia
Shell has applied to offshore safety regulator NOPSEMA to conduct a 3750km2seismic survey offshore Kimberley, Australia. The oil and gas major plans to launch the “Factory” 3D marine seismic survey within the Browse and Bonaparte Basin, off Western Australia. The Factory 3D survey will comprise acquisition of approximately 3,750 km2 of 3D seismic data in Exploration Permits AC/P65, AC/P41, WA-534-P, and a smaller section of adjacent acreage to acquire data to fully-image the prospects on the titles, NOPSEMA said.
Sercel Brings its Technical Expertise to Structural Health and Earth Monitoring Markets
CGG has transferred its geophysical seismic technology to structural stability and earth monitoring markets The company said that Sercel has created two new brands, Sercel Structural Monitoring and Sercel Earth Monitoring, to bring the benefits of its advanced sensor technology to the high-potential Structural Health Monitoring (SHM) and Earth Monitoring markets. Renowned in the global geophysics industry as a leading provider of innovative seismic equipment and reservoir monitoring instruments, Sercel has designed and manufactured an extensive range of cutting-edge sensors for natural resource exploration for over 60 years.
Budget highlights oil and gas as major economic pillar
The Australian Petroleum Production & Exploration Association (APPEA) says the Federal Budget has reaffirmed the vital and significant contribution liquefied natural gas (LNG) exports play in sustaining Australia’s economic growth. “The government has recognised the critical role Australia’s oil and gas industry plays in supporting our economy through providing energy security and exports,” said APPEA Chief Executive Andrew McConville. This follows the recent release of the March Resources and Energy Quarterly, which found in 2018-19, Australia’s LNG export earnings are forecast to reach $50 billion, an $18 billion increase over the previous year -- the largest increase of any commodity.
Otto Energy farms into Gulf of Mexico license
West Perth, North America-focussed Otto Energy has farmed into Talos Energy’s Green Canyon 21 (GC 21) lease in the Gulf of Mexico. Otto said it would earn a 16.67% working interest in GC 21 through paying 22.22% of the cost of drilling of the Bulleit appraisal well in the lease. Otto Energy said the well would be drilled by Talos using the Noble Don Taylor drillship, commencing in the mid-second quarter of 2019. First production is expected to be within 12-18 months from spud.
Certification confirms Leigh Creek Energy gas reserve ‘largest in South Australia’
Leigh Creek Energy’s (LCK) said its syngas resource at Leigh Creek has received reserve certification, unlocking South Australia’s largest gas reserve for commercial use. LCK announced that it had received a PRMS certificate of 1,153PJ (petajoule) 2P syngas reserves, making Leigh Creek’s commercial deposit in the far north of SA ‘larger than reserves currently located within the Cooper Basin’.
North America expected to add 265 mtpa of LNG liquefaction capacity in 2023
North America will be the major contributor to the growth of global liquefied natural gas (LNG) liquefaction capacity between 2019 and 2023, accounting for around 72% of the total global capacity from planned and announced projects, according to data and analytics company, GlobalData. The company’s report: ‘H1 2019 Global Capacity and Capital Expenditure Outlook for LNG Liquefaction Terminals -- US Continues to Dominate Global Liquefaction Market with Staggering Capacity Additions' reveals that around 366 million tonnes per annum (mtpa) of LNG liquefaction capacity is expected to be added during the outlook period (2019–2023), from planned and announced projects globally.