Potential Bight benefits great for State and nation Successful oil exploration in the Great Australian Bight could see the creation of more than 2,000 jobs in South Australia and generate over $7 billion in average annual tax revenue to Federal and State governments over the next four decades, a new study has found. The indirect benefits of the activity and the associated tax revenue could see almost 5,000 jobs created across Australia in the period between 2020 and 2060.
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Employment recovery back on track for Geos – but no sign of a boom
The recovery in employment opportunities for Australia’s geoscientists resumed in the June quarter, with the unemployment rate falling to 8.5% from 11.1% in March. A small increase in the underemployment, or skills underutilisation rate was observed, with 12.9% in March coming in at 13.2% in the latest Australian Institute of Geoscientists survey. This survey series experienced continued, strong support from Australian geoscientists with just over 700 responses received from across Australia. The number of responses increased in every state. AIG spokesperson Andrew Waltho welcomed the survey results.
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Pluto 4D – Australia’s first 4D over a gas field is an outstanding success
It was by far the most successful PESA WA event this year with over 100 PESA members attending our monthly luncheon. Our July guest speaker was a recognizable principal geophysicist Larry Tilbury from Woodside Energy presenting his long-lived contribution into planning and analysis of first Australia’s 4D seismic survey acquired over Pluto gas field, Northern Carnarvon Basin. The branch announcements by Victoria Seesaha, WA Branch Vice-President, included upcoming events such as the Winter Warmer at Ku De Ta, August technical talk by Garry O’Halloran from BHP on evolution of “Tres Hombres” within the Northern Beagle Sub-basin, and many more!
SEG Distinguished Lecturer Entertains at joint PESA Qld-ASEG Qld Evening
The July technical meeting saw PESA Queensland team up with ASEG Queensland to present an evening with SEG distinguished lecturer Dr Kurt Marfurt. Dr Kurt Marfurt serves as the Frank and Henrietta Schultz Professor of Geophysics within the ConocoPhillips School of Geology and Geophysics at the University of Oklahoma. His primary research interests are the development and calibration of new seismic attributes to aid in seismic processing, seismic interpretation and reservoir characterisation. In addition to his work at the University of Oklahoma and with SEG, Dr Marfurt also serves as Editor in Chief of the AAPG/SEG journal Interpretation.
PESA Queensland 2017 Scholarship Winner Presents to Group
PESA Queensland were delighted to welcome 2017 Scholarship winner Peter Manchee to present on his honours project at their recent technical meeting. Peter is an alumni of University of Queensland graduating from his Bachelor of Science (Geology) in 2016 before completing his honours in 2017, working with Professor Joan Esterle and Dr Valeria Bianchi. Coming from an agricultural background, he had a particular interest in the sustainable management of groundwater and was offered a research project working with Arrow Energy analysing the Condamine Valley Transition Zone.
The Ichthys train finally arrives at the station
One cannot be sure what as more audible. The whoosh of hydrocarbons or the sighs of relief in Japan as Inpex’s belated Ichthys LNG project finally delivered first gas to begin an expected 40-years of production. While Tokyo boasts the most punctual trains in the world - marginally superior to the Swiss – at the Ichthys field offshore Western Australia it was a case of better late than never yesterday as Inpex proudly announced the milestone moment from its flagship project.
TGS and PGS commence Lewis Hill 3D multi-client project offshore East Canada
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 survey outlines.
Chevron Q2 earnings take off on the wings of soaring oil prices
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 quarter earnings were up significantly from a year ago,” said Chairman and CEO Michael Wirth.
Triangle Energy says no spilled hydrocarbons sighted after Cliff Head Alpha shut-in
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 Energy said in a statement that the loss of produced fuel comprised zero to 10,000 litres.