CGG announced during Africa Oil Week that the fast-track 3D seismic data from its recent Mozambique multi-client survey in the outer Zambezi Delta Basin is now available for license. Interested international oil companies with an Africa focus can view the high-end data set in CGG data rooms in anticipation of the country’s 2019 licensing round. The data covers a 15,400 km2 area over blocks Z5-C and Z5-D and surrounding open acreage. It was acquired as part of a multi-client program agreed between CGG and Mozambique’s Instituto Nacional de Petroleo (INP) in 2017.
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TGS announces Q3 results earnings per share up 78%
Oslo-listed marine seismic data providers TGS has posted a net income of $16,8 million for the third quarter of 2018, compared to 9 million in the third quarter of 2017, with net operating revenues of $140.7 million showing a decrease of 1% compared to $141.7 million in Q3 2017.
Seven Australian exploration permit awards target $530 million
The Australian Government has awarded seven offshore exploration permits which it believes could yield an investment of more than $530 million over the next six years. Minister for Resources and Northern Australia Matt Canavan said the granting of seven permits finalised the Government’s 2017 Offshore Petroleum Exploration Acreage Release. According to the minister, strong bidding for round one of the 2018 Offshore Petroleum Exploration Acreage Release had been “encouraging” and new permits could see more than $530 million invested over the next six years.
ExxonMobil’s third quarter earnings surge 57 percent
ExxonMobil has boosted third quarter earnings by 57 percent, buoyed by increased crude oil and natural gas prices compared to the corresponding period a year ago. In its financial report published on Friday, the supermajor said earnings had increased by 57% to US$6.2 billion in the third quarter compared to $3.97 billion in the same period last year. The company’s revenues rose to $76.6 billion from $61.1 billion in the previous corresponding period in 2017. Oil-equivalent production was 3.8 million barrels per day, down 2 percent from the third quarter of 2017.
Chevron doubles 3Q yield with record earnings
Chevron has doubled its third quarter earnings, spurred by higher crude oil prices, to US$4 billion compared to $2 billion in the third quarter of 2017. The U.S. supermajor reported that the current quarter included write-off, an asset impairment and a non-recurring contractual settlement totalling $930 million in the upstream segment. A gain of $350 million was recorded from the sale of southern Africa refining, marketing and lubricant assets. Foreign currency effects decreased earnings in the 2018 third quarter by $51 million, compared with a decrease of $112 million a year earlier.
Announcing New PESA-ASEG Queensland Mentoring Program
PESA and ASEG Queensland are joining forces to initiate a mentoring scheme for young professionals. This program aims to facilitate face-to-face mentoring sessions to establish a more interpersonal partnership through which industry insights, knowledge and experience are shared to foster the professional and personal development of mentees. In addition, we will also be launching a local Young Professionals’ network, with ties to federally coordinated YP networks in sister societies throughout Australia. Such networks exist as special interest groups within their respective societies and can be adapted to serve the needs and interests of their members.
US LNG liquefaction over capacity, set to reach 8.9 bcfd by 2020
The US will have a total of 8.9 billion cubic feet per day (bcfd) equating to 66.7 million tons per annum (mtpa) of liquefied natural gas (LNG) liquefaction capacity from currently planned and sanctioned projects by 2020, according to data and analytics company GlobalData. Presently about 77% of the US LNG volume exported is contracted under a long-term scheme. Through these contracts, US LNG production competes whenever an arbitrage window is created to export cargoes, based on shipping costs and natural gas landed prices in the destination markets. By the end of 2017 the total LNG trade accounted for 9.
Bass Oil on track for record monthly output
Bass Oil (ASX: BAS) has announced that during October it achieved sustained high daily oil production levels averaging almost 900 barrels of oil per day (bopd) Joint Venture share, at the Tangai Sukanati KSO. The Melbourne-based company said it was on track to challenge the previous Joint Venture production record for the KSO of ~26,000 bbls. The previous record was set in October 2015. “This compares favourably to September production levels of 17,081 barrels of oil Joint Venture share,” Bass Oil said. Bass has a 55% interest in the Joint Venture.
Pakistan’s Bahria University Benefits from CGG GeoSoftware’s Donation Program Promoting Geoscience Education
Postgraduate students at Pakistan’s Bahria University (Karachi Campus) can now conduct more complex research into quantitative geophysics thanks to the donation by CGG GeoSoftware of a full suite of its advanced geoscience software. Exploration & production companies around the world use this software to better understand the Earth’s subsurface, manage exploration and development risks, and maximize the potential of oil and gas reserves.
Professor Kurt Lambeck receives Prime Minister’s prize
Emeritus Professor and geophysicist, Kurt Lambeck (ANU), received the Prime Minister’s Prizes for Science for his work on the ‘breathing Earth’, detecting sea level change, and developing precise navigation, using geophysical techniques. This award is an important step in the recognition of the importance of geosciences for Australia’s future. Kurt’s original work in the 1960s enabled accurate planning of space missions. It led him to use the deformation of continents during the ice ages to study changes deep in the mantle of the planet.