CGG announced that it has an agreement with Société Nationale des Hydrocarbures (SNH), the National Oil and Gas Company of Cameroon, to promote enhanced multi-client E&P data packages and interpretative products, in support of Cameroon’s 2018 Onshore & Offshore Licensing Round opened and conducted by SNH for eight free blocks on offer, located in sedimentary basins offshore and onshore Cameroon. The Licensing Round opened on 15th January 2018 and will close on 29th June 2018.
Latest News
Significant Italian gas discovery confirmed for Po Valley
Strong gas flows on test have confirmed a significant commercial discovery for Australia’s Po Valley Energy Limited at its new Selva gas field in northern Italy. The company announced the strong gas flows had resulted from successful flow testing of the recently drilled Podere Maiar 1dir exploration well on the Selva gas field within the Podere Gallina Exploration licence in northern Italy (PVE 63% Operator; United Oil & Gas Plc 20%; Prospex Oil & Gas Plc 17%). That drill program intersected two identified gas reservoirs, C1 and C2, in the Medium-Upper Pliocene sands of the Porto Garibaldi Formation.
Australian LNG hits record export highs in 2017
Exports of liquefied natural gas (LNG) from Australia hit a record high of 56.8 million tons in 2017, a 26.3 percent spike from 44.9Mt in the corresponding previous year. The increase in LNG cargoes, combined with recovering oil prices, boosted Australia’s 2017 LNG export revenue by 44.1% to $20.51 billion, according to the December LNG report from energy consultancy, EnergyQuest. EnergyQuest CEO, Dr Graeme Bethune, said 2017 was a watershed year with growth demand from China driving historic highs as total Australian LNG exports to China increased by 40.5% from 12.4Mt to 17.5Mt over the period.
Polarcus goes on a seismic safari in South America
Dubai-based marine geophysical player Polarcus has received a commission for the acquisition of a 3D marine seismic project in South America. Dubai-headquartered Polarcus said that the project would begin in the first quarter of 2018 and was scheduled for approximately two months. The company was coy on details, declining to reveal any financial details, the name of the vessel to be deployed or the name of the commissioning company. The latest deal comes after Polarcus recently extended a collaboration agreement with Norwegian geophysical player TGS for an additional year.
BP brings North Sea field trio back online
The repair of the Forties pipeline has enabled BP to resume production from three North Sea fields from which oil and gas is transported to the United Kingdom. The Bruce, Keith and Rhum fields are all operated by BP will transfer to Serica Energy in mid-2018 as part of a sale and purchase agreement. Serica has acquired BP’s interests in the Bruce (36%), Keith (34.83%) and Rhum (50%) fields, with BP retaining 1% of Bruce. The deal was effective from January 1, 2018 and completion of the acquisition is expected in mid-2018.
TIME TO REGISTER – URGENT ACTION REQUIRED NOW
The Standard Registration fee ends on 18 January 2018, one month before the AEGC 2018 starts in Sydney at the International Convention Centre in Darling Harbour. Assuming you were not a member last year, if you do the numbers you can join now or re-join, pay the PESA new member registration fee before 18 January 2018 and register for the Conference and still pay less to register than what you would if you waited a week.
Blue Energy courts top international investor in capital raising
Blue Energy Limited (ASX: BUL) has announced that it has raised approximately $2.0 million (net of fees) through a targeted share placement to a global institutional investor. The Brisbane-based company said it will issue a total of 13,000,000 fully paid Blue Energy ordinary shares, at an issue price of $0.155 per share to the new participant, IFM Investors. IFM Investors is a top tier global institutional investor with over $100 billion in funds under management.
Explorers will turn the corner in 2018: Wood Mackenzie
Energy intelligence group Wood Mackenzie expects exploration investment to be lower in 2018 than in 2017, albeit in a year where may companies can begin to look forward to a brighter economic outlook. Wood Mackenzie expects most oil companies to retain a cautious approach this year with well counts remaining low, but says the industry’s focus in recent years on reducing costs will likely producer better returns in 2018. Wood Mackenzie believes the favoured plays will be deepwater sweet spots promising high resource density, rapid commercialization and breakeven prices below US$50/bbl.
Polarcus and TGS extend agreement by another year
Marine geophysical company Polarcus has extended a collaboration agreement signed in October 2016 with Norway’s TGS for another year. The multi-client and vessel agreement made provision for both companies to jointly select 3D multi-client projects. The new agreement extends TGS’ vessel commitment with Dubai-headquartered Polarcus to the end of 2018 for up to 10,000 sq.km. Polarcus said the recently announced XArray project in the Gulf of Mexico with TGS forms part of this commitment and that additional awards under this commitment will be announced separately.
Trump opens US offshore up for big exploration
The Trump administration is taking steps to open up almost the entire offshore continental shelf for oil and gas exploration and production. The US Department of Interior said that proposed National Outer Continental Shelf Oil and Gas Leasing Program for 2019-2014 would make over 90 per cent of OCS acreage and more than 98 percent of undiscovered, technically recoverable oil and gas resources in federal offshore areas available for future exploration and development. The program would also create the largest lease sales in US history.