Latest News

CGG Announces Increase in Backlog to $537m

17/03/2020 Posted by Dale

CGG announced that its backlog, from its new profile, at the end of February 2020 stands at $537m, up 34% compared to last year.

Following CGG’s recently announced exit from the marine and land acquisition business, CGG has transformed into a People, Data and Technology company providing a comprehensive range of data, products, services and equipment that support the discovery and responsible management of the Earth’s natural resources.

CGG published its Q4 2019 financial results on March 6th highlighting a strong financial position at year-end 2019 with cash liquidity of $611m, net debt of $584m (before...

‘Saudi Oil price war unlikely to have quick end’

17/03/2020 Posted by Dale

Following the news that Saudi Arabia is responding to Russia’s refusal to a new oil production cut agreement by cutting oil prices and boosting supply, Will Scargill, Managing Oil & Gas Analyst at GlobalData, said of the likely outcome.

“The Saudis’ apparent price war is a risky strategy that may take months to play out. In reality, the brunt of the previous OPEC production cuts were borne by OPEC members and Saudi Arabia more specifically, with Russia not implementing significant cuts.

It appears unlikely that it will allow itself to be forced into them now in response...

Crude collapse to crush US petrochemical advantage

17/03/2020 Posted by Dale

The collapse in crude oil prices is wiping out much of the US petrochemical competitive advantage while global demand is being slammed by the continuing spread of the coronavirus. Financial markets are seizing up, throwing a wet blanket on new chemical investment and M&A activity, and ratcheting up the risk of a global recession, reports Joseph Chang, Global Editor, ICIS Chemical Business.

“All things being equal, this [crude oil plunge] would tend to diminish competitiveness of US-based petrochemicals but it also depends on by-product values from cracking naphtha,” said Kevin Swift, chief economist of the American Chemistry Council (ACC).

Crude oil prices are also being watched closely as this has major implications for downstream prices and margins.

Santos opts out of Beehive farm-in option

10/03/2020 Posted by Dale

Santos has chosen not to farm into Melbana Energy's Beehive prospect in the Bonaparte Basin off Western Australia.

The Adelaide-headquartered oil and gas company had an option to acquire an 80% interest in the block in exchange for funding the drilling costs of an exploration well. However, The deadline to complete the farm-in expired on March 4.

"Santos therefore no longer has any right to acquire an interest in the Permit. As a result, Melbana now has a 100% unencumbered 100% interest in the Permit," Melbana said.

Last year Total also declined to farm into the block.

88 Energy's Charlie-1 appraisal well in Alaska

88 Energy begins drilling Charlie-1 well in Alaska

10/03/2020 Posted by Dale

88 Energy has begun drilling the eagerly anticipated Charlie-1 appraisal well in Alaska.

This brings to fruition a four-year target for 88 Energy, which had initially acquired 2D seismic over its Project Icewine acreage in 2016 and had targeted a drilling program for Charlie-1 ever since.

In the interim, 88 Energy reprocessed legacy 2D seismic in 2017, increased its acreage and shot 3D seismic in 2018 before farming down last year.

88 Energy managing director Dave Wall said, ‘’A prospect of this calibre in a frontier region requires significant time and effort to come to fruition and...

Chevron personnel on Barrow Island at the carbon injection facility

INDUSTRY JOINS FORCES TO DRIVE INVESTMENT IN CARBON CAPTURE AND STORAGE

10/03/2020 Posted by Dale

CO2CRC is bringing together leading Australian energy and resources companies and advisory bodies at Australian Parliament House, Canberra.

The inaugural CO2CRC CCS Policy Forum will be convened to develop a consensus industry view on a practical CCS policy framework that will stimulate CCS project investment and development in Australia.

CO2CRC Chairman, Martin Ferguson AM, said that CO2CRC was pleased to begin this important initiative, leveraging industry leadership to help address the policy barriers and gaps that are holding back bigger investment in CCS.

“CCS is a proven technology and CO2CRC has a long and proud history of...

Shearwater enters deepwater OBS market with Gulf of Mexico award

10/03/2020 Posted by Dale

Shearwater GeoServices has announced the award of a major Ocean Bottom Seismic deepwater ROV project by TGS and partner in the Gulf of Mexico, USA.

This will be Shearwater’s first OBS ROV (Remotely Operated Vehicle) survey and will leverage the company’s strengths in source capabilities, operational scale and flexibility, Shearwater Geoservices said.

“Shearwater has an extensive track record of innovation and commercial success in Ocean Bottom Seismic.

European carbon constraints put the Bight into Australia

03/03/2020 Posted by Dale

Equnior’s decision to withdraw its plans to drill for oil in the Great Australian Bight has been attributed to increasing carbon-related constraints in Europe.

That is the view of EnergyQuest CEO Dr Graeme Bethune, an energy analysis and strategist, who described the decision as “disappointing for Australia and South Australia”.

“In our view, the decision is likely to have been driven by stronger carbon reduction targets of the European oil companies,” Dr Bethune said.

“Earlier this month, Equinor announced it would include Scope 3 in its emission reduction target (50% cut in net carbon intensity by 2050).

US tipped to become leading LNG exporter by 2025

03/03/2020 Posted by Dale

From a starting point of approximately 1.2 billion cubic feet per day (bcfd) of export capacity in 2016, the US will become the third most important liquid natural gas (LNG) exporting country with a total capacity of 8.9bcfd by the end of 2020, according to data and analytics company GlobalData.

Adrian Lara, Senior Analyst Upstream Americas at GlobalData, comments: “By the year 2025, the additional capacity from new trains in existing plants, as well as from newly constructed plants, will reach an estimated 14.3bcfd.

“However, several approved LNG plants could start production as early as 2023...

Shearwater GeoServices wins Bulgaria Black Sea 3D survey

03/03/2020 Posted by Dale

Shearwater GeoServices has announced the award of a large towed streamer 3D acquisition and Fast Track processing project in the Black Sea by Total.

The contract award follows an active 2019 season in the Black Sea for Shearwater, the company said.

The survey covers 5,500 sq. km in the Han Asparuh block 1-21 using Flexisource triple source together with Fast Track processing enabled by Shearwater’s proprietary Reveal software. The three-month survey starts in the first quarter of this year and will be carried out by the Oceanic Vega.

“Shearwater has a strong working relationship with Total from the execution of multiple projects and we have through 2019 built a unique working experience in the Black Sea,” said Irene Waage Basili, the CEO of Shearwater GeoServices.