Dan Hampson and Brian Russell from GeoSoftware, part of CGG’s Geoscience Division were honoured for their groundbreaking achievements in geophysics by the Geophysical Society of Houston and the Society of Exploration Geophysicists at their jointly sponsored 2019 GSH-SEG Spring Symposium and Exhibition in Houston. The theme of this year’s GSH-SEG Symposium, held from 16-17 April in Houston, USA, was ‘The Resurgence of Seismic Inversion’. Brian Russell spoke at the event about the ‘History of Inversion’ while Jon Downton, Senior Research Advisor for CGG GeoSoftware, gave a technical talk on the latest innovations in ‘Machine Learning Inversion’.
Industry
QLD gas delivers for local jobs
South-west Queensland natural gas from Senex Energy’s Project Atlas will fuel more than 200 Queensland manufacturing jobs in a national first. Mines and Energy Minister Dr Anthony Lynham congratulated gas producer Senex on sealing the first supply contract from Project Atlas with south-east Queensland manufacturer CSR Limited. In an Australian first, Project Atlas in the Surat Basin is delivering Queensland gas quarantined for sale to the Australian market only. Senex expects first gas production later this year.
Anadarko deal ups Chevron’s US oil production to 1.6 mmboed in 2019
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.
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.
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.
‘Limited risk to oil majors’ investments from energy transition in medium term’
Major oil and gas companies are increasingly highlighting the alignment of their corporate strategies with climate change goals. They are also pursuing major production growth projects, but the value risk to these investments from the energy transition is limited, according to data and analytics company GlobalData. The company’s latest analysis shows that planned and announced projects from the six supermajors of ExxonMobil, Chevron, Royal Dutch Shell, BP, Total and Eni are expected to contribute over 5 million barrels per day (mmbd) of gross oil production by 2025.
‘New reality could unlock £200bn of future UK business opportunities’
A sustained focus on cost and efficiencies with ongoing uncertainty in commodity markets marks the “new reality” for the UK’s offshore oil and gas sector, according to a flagship report into industry performance published recently. Oil & Gas UK’s (OGUK) Business Outlook 2019 finds continued uncertainty in commodity markets is reinforcing investor caution, with forecasts indicating a conservative outlook for prices. Against this backdrop, exploration and production companies remain focused on cost whilst striving for further business and operational improvements.
Technical problems curtails Norway oil production
The Norwegian Petroleum Directorate (NDP) has revealed that oil production during February this year was below expectations as a result of technical problems on some fields. The NDP said that preliminary production figures for February indicated an average daily production of 1,745,000 barrels of oil, NGL and condensate. This represented a decrease of 75,000 barrels per day in comparison to January. Total gas sales were 10.2 billion Sm3 (GSm3), a decrease of 0.9 GSm3 from the previous month. During February the average daily liquids production figures were 1,388,000 barrels of oil, 328,000 barrels of NGL, and 30,000 barrels of condensate.
APPEA applauds environmental authority retreat on carbon emission directives
The Australian Petroleum Production & Exploration Association welcomed the decision by the board of the Western Australian Environmental Protection Authority to withdraw guidelines imposing unprecedented constraints on investment in new projects. APPEA CEO Malcolm Roberts said the requirement to offset all project emissions would have put at risk essential investment in resources and energy projects in WA. APPEA welcomed the decision of EPA chairman Tom Hatton and his board to provide a genuine opportunity for consultation with all stakeholders in a complex policy debate.
Industry confidence ‘returning to oil and gas sector’ according to AOG report
Over 90 per cent of oil and gas professional believe that the industry will improve or remain the same in the mid-to-long term, according to the second annual Industry Confidence Report commissioned by the Australasian Oil & Gas Conference & Exhibition (AOG). The report surveyed 700 oil and gas representatives from senior and operational management, engineers, consultants, contractors and business development managers found that the current health of the Australasian oil and gas industry was either stable or improving.