Analysis of Saudi Arabia’s crude oil production shows that over $79.6bn in capital expenditure (capex) would be spent by Saudi Arabia Oil Co on oil projects over the next four years, to ensure that country’s production remains around 11.2 million barrel per day (mmbd) in 2021. The company will have 17 fields producing in 2021, of which 13 are conventional oil fields and four are gas fields producing condensate, according to GlobalData, a leading data and analytics company. Saudi Arabia is expected to spend $79.
Industry
Po Valley upgrades maiden 2P reserves to 36.5 bcf for Teodorico.
Po Valley Energy has upgraded its oil and gas reserves and resources for its 100% owned subsidiary Po Valley Operations, with maiden 2P reserves of 36.5 bcf of gas now declared at the company’s offshore Adriatic development Teodorico gas field. Teodorico has the largest gas in place of all of Po Valley’s gas fields and is at an advanced stage of assessment and is ready for development. The company received a preliminary award of the Teodorico Production Concession last year and is advanced in securing environmental approval which is the critical step before the full grant of the production concession.
New CGG GeoSoftware Technology ‘Drives Greater E&P Efficiency’
CGG GeoSoftware has announced new releases across its entire geoscience portfolio. Its complementary HampsonRussell, Jason, PowerLog, InsightEarth, VelPro, and EarthModel FT solutions are the industry’s preferred set of tools and support for multi-disciplinary teamwork at every stage from exploration and development to life-of-field production management. In a media release CGG said recent developments “bring exciting new capabilities within each individual solution while offering increasingly integrated workflows from geology and geophysics to reservoir engineering.
AWU’s gas campaign – ‘a bad idea reheated and served up again’
The Australian Petroleum Production and Exploration Association has torpedoed the ‘Shipping Away Our Competitive Advantage’ report released by the Australian Workers’ Union, saying the release “confirms that the AWU’s campaign to control gas exports is disconnected from economic reality”. “The AWU report’s central claims do not withstand scrutiny,” said APPEA Chief Executive Dr Malcolm Roberts. “The report ignores the latest independent data, such as the Gas Price Trends report to the Council of Australian Governments (COAG) and the December 2017 report from the Australian Competition and Consumer Commission (ACCC).
CGG and Ardiseis complete highest-density seismic survey ever acquired
CGG, its technology partner, and Ardiseis, subsidiary of the Arabian Geophysical and Surveying Company (ARGAS), the Middle East’s seismic acquisition specialist, have announced the successful completion of the world’s highest-density broadband seismic survey ever acquired onshore or offshore. The ultra-high density of the data recorded on the West-Kalabsha survey on behalf of Apache Corporation (Apache) heralds a step-change in the quality of seismic that can be economically acquired in Egypt’s Western Desert and a quantum leap in imaging for the Middle East and North Africa region, CGG said in a media release.
CNOOC plans 132 exploration wells and will splash out up to $12.7B in 2018
China National Offshore Oil Corporation (CNOOC) has announced that it will drill up to 132 exploration wells in 2018 and that it will also bring five projects into production.
The giant Chinese oil and gas major said it will acquired about 19000km² of 3-D seismic data as it also strives to bring the Hess-operated Stampede oil field in the United States, the Weizhou 6-13 oil field, Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project, Dongfang 13-2 gas fields and Wenchang 9-2/9-3/10-3 gas fields offshore China into production.
Bloomberg said the $12,7 billion that CNOOC planned to spend in 2018 represented the company’s highest capex in four years.
‘AWU missing the point with calls to curb gas exports’
The Australian Workers’ Union should be calling for the immediate removal of state government-imposed bans on natural gas development instead of demanding heavy-handed restrictions on gas exports. APPEA Chief Executive Dr Malcolm Roberts said the gas reservation policies being pushed by the AWU would discourage investment in new domestic gas supply, drive up energy costs for businesses and families and, ultimately, cost union members their jobs. Dr Roberts said the AWU was relying on economic modelling that is dated and ignores evidence that gas prices are falling.
Prime time live-streamed Mexican acreage bids up for grabs
Mexico, currently a global hotspot for exploration, will tomorrow open bids for awarding its deepwater oil and gas exploration acreage as it enters the Fourth Tender of Round 2. Tenders will be made for license contracts in 29 offshore contractual areas in the oil provinces of Perdido, Mexican Cordilleras and the Salina Basin. The Comisión Nacional de Hidrocarburos (CNH) has released a list of the nine individual companies that qualified for bidding; BHP Billiton, CNOOC, ExxonMobil, Noble Energy, Pemex, Petronas, Shell, Statoil, and Total. Seventeen consortia also taking part and in total the bidders are from 16 different countries.
Cairn sees the start line for SNE development
Cairn Energy has flagged development approval for the SNE field offshore Senegal - which counts Woodside, Far and Petrosen as JV partners - by the end of 2018. This follows the third phase of a completed offshore drilling program to further evaluate the SNE field using the Stena Drill Max drillship and an operational update from the independent UK-based independent aiming to expedite developments at SNE.
PO Valley advances Saffron Energy expansion with binding deals and £14m capital raise
Shareholders in Australian gas producer, Po Valley Energy have moved a step closer to benefiting from a three-way deal to become part of a larger European energy play under formal contract signings announced recently. Perth-based Po Valley said the signed binding Share Sale and Purchase Agreement with AIM-listed Saffron Energy meant Saffron would acquire onshore and offshore oil and gas production, development and exploration assets in northern Italy held by Po Valley Operations, a 100%-owned subsidiary of Po Valley Energy.