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TGS and PGS commence Lewis Hill 3D multi-client project offshore East Canada

30/07/2018 Posted by Dale

Norwegian seismic players TGS and PGS have teamed up and begun a new 3D multi-client project in East Canada. The Lewis Hills 3D Geostreamer survey will cover approximately 3,400 km² in an active Newfoundland area of the Flemish Pass Basin with data to be acquired by the PGS Ramform Sterling vessel, TGS announced in a media release on Friday. As previously announced, this vessel will also acquire approximately 2,700 km2 of additional data on the 2017 Harbour Deep and Cape Broyle 3D...

Chevron Q2 earnings take off on the wings of soaring oil prices

30/07/2018 Posted by Dale

Supermajor Chevron has posted more than double earnings for the second quarter of 2018 compared to the corresponding period a year earlier. Boosted by soaring oil prices, the San Ramon-headquartered oil giant reported earnings of US$3.4 billion for the first three months of this year, corresponding with US$1.5 billion from the same period in 2017. Sales and operating revenues during the second quarter of this year were US$40 billion, contrasting with US$33 billion a year ago. “Second...

Triangle Energy says no spilled hydrocarbons sighted after Cliff Head Alpha shut-in

30/07/2018 Posted by Dale

Triangle Energy has asserted that no hydrocarbons were sighted in the marine environment or shoreline following a “low-level spill” and shut in at the Cliff Head Alpha platform in the Perth Basin, 14km offshore Western Australia. Severe weather and rough seas last Tuesday caused a small crack in the flow meter on the CH6 Well, prompting the suspension of production and the launching of an Oil Pollution Emergency Plan (OPEP) to conduct safety and environmental assessments. Triangle...

PGS is back in the black

24/07/2018 Posted by Dale

Petroleum Geo Services posted a profit of US$10.4 million for the second quarter of 2018, reversing a loss of US$32.2 million from the same corresponding period a year earlier. The Norwegian seismic services company reported that revenues were flat at US$239.7 million in 2Q 2018, compared to US$240.5 million in the same period in 2017, but had delivered an EBIT of US$30.5 million. PGS said: "Most of our active 3D vessel capacity was allocated to MultiClient in the quarter and...

ADNOC awards world’s largest combined onshore and offshore 3D seismic survey to CNPC affiliate

24/07/2018 Posted by Dale

The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth US$1.6bn, representing the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres. ADNOC said the latest award was part of the company’s ongoing strategy to “identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy”. Adding to the 2D and 3D seismic data already acquired...

Schlumberger flags accelerated E&P spending

24/07/2018 Posted by Dale

Schlumberger has posted second-quarter revenue of US$8.3 billion, an increase of 11% compared to a year ago, and is flagging an increase in exploration and production spending in a brightening disposition. The company said revenue was primarily lifted by a 43% lift in operations in North America to US$3.1 billion. Schlumberger said offshore activity began to recover during the second quarter with new drilling projects in Eastern Canada, the US Gulf of Mexico, and the Caribbean,...

OGA offers frontier blocks in 31st offshore licensing round

17/07/2018 Posted by Dale

The Oil and Gas Authority (OGA) has launched the 31st Offshore Licensing Round, offering blocks in frontier areas of the UK Continental Shelf (UKCS), supported by government-funded data to stimulate interest in these under-explored basins and assist companies in their activities. A total of 1766 blocks (370,000 km2) of open acreage is now available across the West of Scotland, the East Shetland Platform, the Mid North Sea High, South West Britain and parts of the English Channel, covered...

Cliff Head reveals a potential 29-million barrel bounty

16/07/2018 Posted by Dale

Perth-based Triangle Energy has announced that a recently completed static model has unveiled a prospective resource estimate of up to 29 million barrels of oil at its Cliff Head field in the Perth Basin. This represents an 80% increase over previous estimates of 15.7MMbbl in a discovery located 10km offshore in depths of 15-20 metres. The ASX-listed junior explorer said the “near field” prospects are located in close proximity to Cliff Head’s discovered, producing reservoirs...

USA flags 78 million acres for offshore exploration

16/07/2018 Posted by Dale

The US Bureau of Ocean Energy Management (BOEM) has put approximately 78 million acres offshore Texas, Louisiana, Mississippi, Alabama and Florida up for offer for oil and gas exploration and development. BOEM said acreage offer was in support of President Donald Trump's America-First Offshore Energy Strategy and the region-wide lease sale, scheduled for Aug. 15, 2018, includes all available unleased areas in federal waters of the Gulf of Mexico. “Responsibly developing our offshore...

First production from large Alaskan discoveries hamstrung by lack of infrastructure

10/07/2018 Posted by Dale

Since 2015 a few major oil discoveries were announced on the North Slope Alaska basin that together could add at their peak approximately 450 thousand barrels per day (mbd) to the Trans Alaska Pipeline System (TAPS), says GlobalData, a leading data and analytics company. These include Smith Bay, Horseshoe, Pikka, Willow and Liberty oil discoveries. In the short term, boosting the volume of oil transported through the TAPS depends greatly on the fields located within the National Petroleum...

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