The United States surpassed Russia in crude oil production for the first time in two decades, both in June and August 2018, new figures show. The United States already exceeded Saudi Arabia in oil production back in February 2018, a first in more than 20 years, according to estimates from the U.S. Energy Information Administration. The agency expects that U.S. crude oil production will continue to outdo Russian and Saudi Arabian production for the remaining months of 2018 and through 2019. According to the US Department of State, increased U.S.
Feature Articles
Jadestone satisfies conditions for Montara acquisition from PTTEP
Jadestone Energy has satisfied all conditions precedent to its proposed acquisition of the Montara oil project, offshore Australia, from Thailand’s PTTEP. The independent oil and gas producer announced on Friday that the transaction was expected to complete within 10 days. PTTEP announced its decision to divest its 100% stake in the Montara field to align with the company’s business strategy aimed to focus on the operations and projects in strategic locations back in mid-July.
China and Russia deals come at a high cost for Venezuela
Venuezela is paying a high price for loan agreements, according to global data and analytics company GlobalData following the recent visit of Venezuela President Nicolas Maduro to China to sign cooperation agreements to seek more financial support for his country’s crippled economy. Adrian Lara, Senior Oil and Gas Analyst at GlobalData, said: “Financial support to keep the Maduro regime alive will certainly come at an increasingly high cost for Venezuela in the form of loss of autonomy from Petróleos de Venezuela, S.A (PDVSA) to develop, operate and export oil and gas production from its own fields.
IMPROVING NORTHERN AUSTRALIA’s “INFRASTRUCTURE TRIFECTA”IS KEY TO JOBS AND ECONOMIC PROSPERITY
No growth is possible within Australia’s largest undeveloped footprint - Northern Australia - without fundamental gains in its “infrastructure trifecta”, according to one of the region’s most experienced industry lobbyists. Mayor of Mount Isa, Madam Mayor Joyce McCulloch, said the costs and handling of the region’s three main infrastructure essentials - energy, transport and water supply - are the main issues constricting much needed new domestic and international investment across northern Australia.
Cairn evaluating FPSO tender bids for SNE
Cairn Energy is assessing tender responses for the FPSO facility and subsea infrastructure for its SNE field development, offshore Senegal, ahead of the front end engineering and design (FEED) phase planned for the fourth quarter of this year. Cairn, as operator, has a 40% working interest in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore and Rufisque Offshore) alongside partners, Woodside 35% WI, FAR 15% WI, and the Senegal National Oil Company, Petrosen 10% WI, which has the right to increase its equity to 18% on development.
TGS announces new 3D multi-client survey off West Africa
Norwegian geoscientist data company TGS has announced that it will commence a new 3D multi-client in West Africa in the early fourth quarter of this year. TGS said that Jaan, a fully harmonized 3D multi-client project, will cover the southern portion of the MSGBC Basin from northern Senegal, through Gambia and the AGC zone into Guinea-Bissau and down to the Guinea transform fault. The project will consist of 11,135 square kilometres of new acquisition complemented by the reprocessing and full stack merging of existing multi-client 3D. The new data will be acquired using triple source broadband acquisition.
CGG’s MotionMap UK Data ‘Enhances Ground Risk Reports of Terrafirma Search’
High-precision ground stability measurements from CGG’s recently released MotionMap UK database will now be used to enhance the specialist ground risk reports of Terrafirma Search, the UK’s leading independent advisor on ground hazards. After signing a multi-year agreement with CGG, Terrafirma becomes one of the first UK companies to include the latest-generation MotionMap UK data, which reveals millimeter-scale changes in ground and building heights, in their suite of geological, geotechnical and environmental services.
Oil and gas fuels Australia’s growth and exports
New Australian Bureau of Statistics (ABS) data highlights the important contribution the oil and gas industry and liquefied natural gas (LNG) exports are playing in supporting the ongoing growth of Australia’s economy. Oil and gas extraction value-added figures increased by 10.8 per cent in 2017-18 compared with 2016-17, to reach a record $30 billion, according to ABS figures from Australian National Accounts: National Income, Expenditure and Product, Jun 2018.
Oil Spill Response achieves first air transport of fully-assembled capping stack
Oil Spill Response Limited (OSRL) has reached another important milestone in the development of its subsea capping and containment response capabilities – successfully completing an air transport test flight of a fully assembled subsea capping stack for the first time. OSRL said the newly demonstrated capability has the potential to significantly reduce capping stack mobilisation times, and represents the realisation of a key objective for the company and all those involved in its Subsea Well Intervention Services (SWIS).
Bridgeport Energy completes three-month refurbishment of self-owned rig
Bridgeport Energy has announced that its BDR-1 rig, which is capable of drilling to depths of up to 2,500m, commenced the first of five oil development wells on 31 August. The two-month campaign was started in the Surat Basin on the Moonie field with Moonie-46, which will be follow by Moonie-45. Thereafter the rig will move to the Cooper Basin where it will drill three development wells on the Utopia field. Bridgeport said the rig will then go back into service mode to continue with infield workover activities planned for the balance of the year at Bridgeport’s producing fields.