Woodside has bought ConocoPhillips’ exploration stake in Senegal, acquiring a 35% stake in the SNE and FAN deepwater oil discoveries and the option of becoming operator, for US$430 million. The deal gives the Perth-based company exposure to a potential 560 million bbl oil discovery, which Woodside appears to have picked up for a significant discount at about US$2.30 per barrel to the US$7 per barrel valuation of RBC Capital Markets. Melbourne-based FAR Energy, which holds a 15% stake in the Senegal venture, was trading 13% lower at 7.3c in a trading halt.
Latest News
BP invests in Bunker facility for Bight program
BRITISH Petroleum has signalled its commitment to Australia by announcing a multi-million dollar investment in infrastructure establishing a new fuel bunkering facility in Port Adelaide’s inner harbour. BP and Flinders Ports said the $8 million facility would support operations for BP’s planned $1 billion Great Australian Bight program which, subject to approval will see the first two wells drilled from late 2016, by providing safe, efficient and simultaneous refuelling of vessels and receipt of fuel into the terminal.
UKOG secures two-year retention for Horse Hill-1
UK Oil & Gas has retained its leases for the ‘Gatwick Gusher’, in southern England, which will enable the London-based company to continue production testing of the eagerly watched Horse Hill-1 oil discovery. The Horse Hill partners, also encompassing UK Oil & Gas Investments and Solo Oil, have retained PEDL137 and PEDL246 lease areas for a further two years by the UK Oil and Gas Authority. Horse Hill-1 has flowed 40 deg API of sweet crude at 1360 bopd from two bands of fractured Kimmeridgian Micrites at around 800-900m, spiking UKOG AIM-listed stock 77% to 1.
PESA WA Branch – 2016 Meritorious Service Award
This year the WA Branch is proud to announce that four members have been awarded the Meritorious Services Awards (MSA) for their contributions to Western Australian Basins Symposium (WABS). Their efforts are reflected in a series of volumes that capture geological features of hydrocarbons findings in WA as well geological concepts currently used for exploration in WA basins. The recipients of this year's PESA MSA are Dr Myra Keep, Dr Don Poynton, Ed Kopsen and Dr Steve Moss.
CGG wins prestigious award in Paris
CGG Processing Manager Singapore, Joe Zhou, has won the EAGE 2016 Guido Bonarelli Award in recognition of the best oral presentation for his paper entitled ‘Unlocking the full potential of broadband data with advanced processing technology, a case study from NWS Australia’. The paper was co-authored with Peter Chia from Shell Australia and Jingyu Li, Henry Ng, Sergey Birdus, Keat Huat Teng, Phan Ying Peng, Jason Sun and He Yi from CGG and presented during the 77th EAGE Conference & Exhibition in Madrid in June 2015.
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36th PESA Symposium
PESA QLD/NT members and non-members are invited to the 36th PESA Symposium, to be held at the Brisbane Convention and Exhibition Centre on Wednesday 7th September 2016. The QLD PESA branch has been actively promoting exploration,production and development of oil and gas through these symposia and its monthly technical meetings since 1977. Much has changed since our debut, but our purpose has remained the same; namely attracting explorers and developers into the northern states to meet the demand for clean, competitive energy.