Latest News

MCR announces BEX Multi-Client 3D Advanced Reprocessing Project

02/02/2021 Posted by Dale

Multi-Client Resources (MCR), in collaboration with DUG, has commenced a very large 3D seismic reprocessing project over the hydrocarbon prolific Northern Carnarvon Basin, Northwest Shelf, Australia.

The Barrow-Exmouth “BEX” Multi-Client 3D Project incorporates 23 legacy 3D surveys, reprocessed using DUG’s advanced Broadband, least-squares anisotropic PreSDM and high frequency FWI imaging technology to produce one seamless 26,400 square kilometer 3D seismic dataset over the major gas producing fairways of the Barrow Sub-basin and Exmouth Plateau.

The BEX MC3D survey covers large tracts of high impact Petroleum Acreage Release areas, field development and production acreage.

CGG Commits to carbon neutrality by 2050

01/02/2021 Posted by Dale

Aligned with the company’s longstanding commitment to act responsibly and minimize the impact of its activities on the environment, in every sector of its business, CGG has announced its pledge to become carbon neutral by 2050 in scopes 1 & 2 of the Greenhouse Gas (GHG) Protocol.

CGG said that company-wide efforts are focused on continuing to improve the power usage efficiency of its data centers, offices and factories, along with increasing the share of sustainable energy in its energy supply mix, mainly through the energy purchased from utility providers.

To reach this long-term target, CGG has also set itself an intermediary milestone to reduce by half its 2019 levels of scope 1 & 2 GHG emissions by 2030.

Polarcus’ lenders take over seismic vessels after debt default

01/02/2021 Posted by Dale

Polarcus has defaulted on US$130 in debt repayments and announced that it was halting all interest and instalment payments to lenders.

On the Oslo Stock Exchange, Polarcus shares dived 30% as the company went into a trading halt, before emerging to announce that lenders had taken over six of its vessels.

The lenders are now in control of Polarcus’ Shipholding and the seismic vessels; Polarcus Asima, Polarcus Amani, Polarcus Adira, Polarcus Nadia, Polarcus Alima and Polarcus Naila.

Buru Energy all set for extensive Canning Basin exploration program

31/01/2021 Posted by Dale

A farm-out deal with Origin Energy has put Buru Energy in the starting blocks for an expanded exploration program in the Canning Basin during 2021.

With a solid balance sheet, no debt and a committed new partner, Buru Energy said it would be targeting two conventional oil exploration wells at Kurrajong 1 and Rafael 1,

Buru Executive Chairman, Eric Streitberg, said: “The last quarter of 2020 was a seminal period for the company with the execution of a transaction with Origin Energy that will underpin a major exploration program on the company’s Canning Basin exploration permits during 2021.

“The exploration program will include a major regional seismic acquisition program and the drilling of potentially company changing, conventional oil exploration wells.

Oil and gas sector welcomes EPBC final review

31/01/2021 Posted by Dale

The release of the Graeme Samuel review of the Environment Protection and Biodiversity Conservation Act 1999 (EPBC) assessing Australia’s environmental regulatory framework has been welcomed by the oil and gas industry.

The review makes several recommendations to the Australian Government around the reform and modernisation of Australia’s environmental legislative framework.

The focus on improving environmental, heritage and biodiversity conservation outcomes, while delivering greater regulatory efficiency to business and the community, is particularly supported by APPEA and its members.

APPEA Chief Executive Andrew McConville said the sector welcomed the EPBC Act review’s final recommendations that focus on reducing the existing regulatory burden for approvals and recommends ways of streamlining environmental approval processes without lowering environmental protections.

Geoscience employment ends 2020 on an upbeat note

31/01/2021 Posted by Dale

Australia’s geoscientists benefitted from a sharp increase in employment opportunities in the final quarter of 2020 according to the latest AIG Australian geoscientist employment survey.

Unemployment amongst professional geoscientists (geologists, geophysicists and allied Earth scientists) recommenced a downward trend after improvement in employment prospects stalled throughout the previous three quarters of the year.

AIG President, Mr Andrew Waltho, welcomed the results. “It’s great to see job prospects for Australian geoscientists ending what had been a tentative 2020, on such a positive note,” he said.

Nationally, between the beginning of October and end of December 2020, geoscientist unemployment fell sharply from 10.6% to 4.5%, the fourth-lowest rate recorded since the survey series commenced in June 2009 and the lowest rate recorded since June 2012, at the height of the resources boom.

Total withdraws from American Petroleum Institute

22/01/2021 Posted by Dale

Total has withdrawn from the American Petroleum Institute (API), citing differences over API’s position on climate change.

The French energy giant said this followed a detailed analysis of API’s climate change position, whereafter it decided not to renew its membership for 2021.

Total said it assesses all industry associations it is a member of each year to ensure they are aligned with the group’s climate change position.

The six key points it uses to test this alignment are:

Total said that following the 2019 and 2020 reviews, API's positions were assessed as "partially aligned" with those of the Group.

Chevron personnel on Barrow Island at the carbon injection facility

Chevron invests in carbon capture start-up Blue Planet

22/01/2021 Posted by Dale

Chevron has announced a Series C investment in San Jose-based Blue Planet Systems Corporation, a start-up that manufactures and develops carbonate aggregates and carbon capture technology intended to reduce the carbon intensity of industrial operations.

The San Ramon headquartered company said: “Chevron Technology Ventures’ ongoing investment in carbon capture and utilization technologies supports Chevron’s focus on a diverse portfolio of lower-carbon solutions."

In connection with its investment, Chevron and Blue Planet also executed a letter of intent to collaborate on potential pilot projects and commercial development in key geographies, with the goal of jointly advancing lower-carbon opportunities.

Blue Planet creates carbonate-based building aggregate made from flue gas-captured CO2.

Norwest Energy raises $2 million for Perth Basin exploration well

22/01/2021 Posted by Dale

Norwest has completed a successful bookbuild to raise $2 million (before costs) through a placement of shares to a range of sophisticated and institutional investors, including major shareholders, to fund drilling costs of the Lockyer Deep-1 exploration well in the Perth Basin.

Norwest's has a 20% interest in Lockyer Deep-1 , located on EP368 on trend with three significant recent discoveries, for which drilling is targeted during the first half of 2021.

Norwest said funds will also be allocated towards planning and preparation for a 3D seismic survey across EP368 and EP426 (post drilling of Lockyer Deep-1), desktop studies on exploration permit TP/15, and general working capital.

CGG joins mine tailings monitoring research project led by Amira

22/01/2021 Posted by Dale

CGG has become a member of Amira, an independent global not-for-profit organization representing members from the mineral resources industry seeking to enhance, sustain and deliver transformational R&D, innovation and implementation to the benefit of society.

CGG said that as part of its membership, CGG’s Minerals & Mining group is sponsoring an independent industry research program developed in response to several recent and well-documented accidents and catastrophic failures at mine tailings storage facilities (TSF).

The program will evaluate the suitability of a range of monitoring technologies for giving advance warning of dam instability based on the analysis and modelling of data collected at TSFs provided by key mining company sponsors.