Latest News

PGS turns down TGS-NOPEC bid to buy its multi-client library

17/08/2020 Posted by Dale

PGS has reviewed, assessed and rejected an offer from TGS-NOPEC to acquire its MultiClient data library.

PGS said the board “is of the view that the value of the company’s multiclient data library is significantly greater to PGS than that represented by the TGS proposal, and that the timing of the proposal is opportunistic given the current market backdrop and macro-economic environment”

In a statement PGS added that having consulted with its financial and legal advisers, “the board has concluded that the proposal is not in the best interests of the company and its stakeholders.”

Kristian Johansen,...

ACCC confirms lower gas prices and more supply for domestic market

17/08/2020 Posted by Dale

The latest Australian Competition and Consumer Commission’s (ACCC) Gas Market Inquiry 2017-2025 report has confirmed for the eighth consecutive time that there is no shortfall in the domestic gas market.

The ACCC report again highlighted actions taken by the oil and gas industry to bring more natural gas into the local market will continue natural gas supply, ensuring domestic gas supply with a surplus of gas available to the domestic gas market.

APPEA Chief Executive Andrew McConville said despite facing strong headwinds including COVID-19 and the most challenging market conditions in a generation, the industry has increased the flow of gas to the east coast domestic market and this will continue.

CGG updates LCT software with innovations for imaging potential field data

11/08/2020 Posted by Dale

CGG Multi-Physics has released an important update to its industry-renowned LCT potential field software suite. Oil and gas exploration geoscientists use LCT to model, process and interpret their gravity and magnetic data for guiding integrated subsurface imaging.

The improved capabilities available in the new LCT R2017.06 release are based on existing user feedback. In particular, enhancements to the software’s intuitive and powerful workflows improve ease-of-use, bring overall risk reduction benefits and increase productivity to levels unavailable in previous versions.

CGG said critical techniques required for comprehensive geological forward modelling, inversion, and management of potential field data have also been extended and enhanced to rapidly deliver an accurate model of the subsurface.

TGS Offers to Acquire PGS MultiClient Library

11/08/2020 Posted by Dale

The Board of PGS confirms that it has received a conditional and non-binding offer from TGS to acquire the MultiClient data library of PGS for a cash consideration of $600 million.

The offer also includes proposals for the provision of acquisition services by PGS to TGS and the opportunity for TGS to participate in future MultiClient projects undertaken by PGS.

PGS Management and the Board of Directors will address the offer. PGS said it will make an announcement before the offer expires on August 16, 2020.

Quantum goes deeper

11/08/2020 Posted by Dale

Experts in quantum cold-atom sensors are delving deep underground in a new project aimed at harnessing quantum gravity sensing technology in harsh underground borehole environments.

The Gravity Delve project, funded by Innovate UK, brings together academics from the UK Quantum Technology Hub Sensors and Timing, which is led by the University of Birmingham and Nemein Ltd, with the aim of investigating the benefits and challenges associated with using quantum gravity sensors down boreholes.

Quantum gravity sensors based on atom interferometry are already being developed for use in the oil and gas sector.

International report confirms the role of gas in a cleaner energy future

11/08/2020 Posted by Dale

The International Gas Union’s (IGU) Global Gas Report 2020 release has found that after a year of strong growth in 2019 and a year of COVID-19 related challenges in 2020, the global gas industry is set to play a vital role in economic recovery and in a cleaner energy future.

The report finds technology and innovation can play key roles as countries, including Australia, look to significantly reduce their greenhouse gas emissions. Technologies such as biomethane, hydrogen and gas with carbon capture and storage can all play a key role in emissions reduction.

APPEA Chief Executive Andrew McConville said:

NERA and CO2CRC partner in emissions reduction and energy stimulation project

04/08/2020 Posted by Dale

National Energy Resources Australia (NERA) and CO2CRC have announced an industry-led project to reduce emissions and unlock Australia’s energy potential through long-term carbon capture, utilisation and storage solution.

NERA and CO2CRC described the initiative as “a new landmark study into carbon capture, utilisation and storage (CCUS) to assist the nation’s energy resources sector reduce CO₂ emissions while securing Australia’s energy future”.

The study is being undertaken in two phases.

Chevron targets Gorgon Train 2 restart for September

04/08/2020 Posted by Dale

Chevron is aiming to bring the second train at its Gorgon LNG plant back online in September after it found “weld quality issues” within the propane heat exchangers and shut down the facility on May 23 as part of a planned maintenance schedule.

The global supermajor said repairs were being carried out at the plant on Barrow Island and the company had targeted the early part of September for a restart.

This comes after the Australian Manufacturing Workers Union had called for the 15.6 mtpa plant to be shut down, citing safety concerns.

The union claimed that cracks up to a metre long had been found on eight exchangers.

AEMO outlines vital role for natural gas says APPEA

04/08/2020 Posted by Dale

APPEA has welcomed the Australian Energy Market Operator’s Integrated System Plan (ISP) for identifying the critical role of gas-fired power generators, while highlighting that the total amount of gas-fired power generation will increase as coal capacity retires from 2030.

“Gas-fired power generation is incredibly important for the National Electricity Market and Australia’s future electricity supply,” APGA CEO Steve Davies said.

“As we saw during the recent record-breaking summer, gas-fired power generation can be relied on to dispatch electricity when and where it is needed, each and every day.”

Mr Davies said on 40-degree days, gas-fired power generation frequently provided more than 70 per cent of South Australia’s electricity supply and up to 25 per cent of total supply in the NEM.

Noble Energy acquisition puts Chevron on pole for revitalised gas demand

28/07/2020 Posted by Dale

Chevron’s $13 billion acquisition of Noble Energy has been interpreted as a long-term punt for a natural gas future.

Adrian Lara, senior 0il & gas analyst at data and analytics company GlobalData, said of the transaction: “Since the crash of oil price and demand in March 2020, there has been an increasing expectation for mergers and acquisition (M&A) activity to show existing opportunities despite the depressed economic cycle.

“Chevron’s US$13bn acquisition of Noble Energy, including debt, is indeed the largest in 2020 and has an international diversification component, in both resource type and geography, which confirms that, besides healthy balance sheets, the most resilient companies during the pandemic have shown flexibility thanks to diversified portfolios.