Polarcus goes on a seismic safari in South America

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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. The two companies had signed the initial multi-client collaboration and vessel…

 BP brings North Sea field trio back online

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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. Serica said that following completion of repair…

TIME TO REGISTER – URGENT ACTION REQUIRED NOW

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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. You get to go to 3 days of the most Technically Advanced Exploration Conference in Australasia ever run and you also get 12 months…

Blue Energy courts top international investor in capital raising

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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. Blue Energy said IFM will add further strength to the Blue Energy share register from a capital raising that will bolster the working position of…

Explorers will turn the corner in 2018: Wood Mackenzie

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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. With exploration spend in upstream investment eroding to below…

Polarcus and TGS extend agreement by another year

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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. Duncan Eley, Polarcus CEO, said: “This agreement will continue to leverage the core strengths and…

Trump opens US offshore up for big exploration

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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. By contrast, the current program puts 94 per cent of the OCS off limits from…

AEGC 2018 is shaping as the don’t miss event of the new year

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Writing as a passionate Sydney-sider with over 60 years of living in this international city I am very sincere when I say we have been able to arrange some really great social events to support your AEGC 2018 in Sydney during February 2018. The Committee has been very upfront in focusing on networking and giving members, friends and students the opportunities to catch up, mingle, exchange ideas and concept plays over the 4 days of the Conference program. One major part has been the social program, where there will be something there for every registrant and exhibitor to attend and…

Santos and GLNG partners deliver another 15PJ into domgas market

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Santos and its GLNG partners have signd an agreement to deliver 15 petajoules of gas from its export portfolio into the Australian east coast domestic market in 2018. Santos holds a 30 per cent interest in GLNG. The Adelaide-based producer said 15 PJ of gas represented approximately 2 per cent of expected 2018 domestic demand and was enough to cover half of any shortfall that might arise under the ACCC’s high demand case for next year. Origin has agreed to purchase this gas from GLNG for supply to its Australian household, industrial and power generation customers. The agreement covers a…

Flow testing imminent at Po Valley’s new Italian gas well

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A new Italian gas production well for Australia’s Po Valley Energy Limited is to be flow tested this month after being successfully cased for production. Po Valley announced that it had successfully cased, perforated and completed the Podere Maiar 1dir exploration well on the Selva gas field within the Podere Gallina Exploration licence in Northern Italy. Perforations of a total of 11m were executed successfully on two identified gas reservoirs C1 and C2 in the Medium Upper Pliocene sands of the Porto Garibaldi Fm. The well is now completed (single selective) for production and is “on gas”. Rig demobilisation is…

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