Senex accelerates Cooper Basin gas with PACE funding

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Senex Energy said it will accelerate delivery of gas from its Vanessa field in the Cooper Basin with the approval of $5.82 million in funding through the South Australian Government’s PACE Gas Grant Program. Senex Managing Director and CEO Ian Davies said that the funding would contribute to the cost of infrastructure to connect the Vanessa gas field with South Australian customers. South Australia’s Plan for Accelerating Exploration (PACE) Gas Grant Program was launched in late 2016 to help secure new and significant gas supplies for the state. “This gas project will deliver new gas primarily from the Senex-operated Vanessa…

CGG completes processing of Carabao regional multi-client study.

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CGG announced on March 15 that the final geoscience data for its Carabao multi-client study, acquired offshore the Philippines was ready for delivery. The study integrates over 8,500 km of new broadband prestack time-migrated 2D BroadSeis™ data and complementary marine gravity and magnetic data acquired with the seismic. CGG said the BroadSeis data were acquired from May to August 2016 and processed in CGG’s Singapore imaging center, using the latest broadband imaging technology. The survey connects diverse sedimentary basins across the Philippines from West Palawan (the only currently-producing basin in the country), across the Sulu Sea, to the Philippines Mobile…

Geoscientist employment recovery stalls

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The improvement in employment prospects for Australia’s geoscientists evident during 2016 came to an end in the final quarter of 2016. This was revealed in a report released by an AIG Australian Geoscientist Employment Survey from data collected during February 2017 which elicited 485 responses with an estimated one in 10-15 geoscientists contributing to the survey. At 31st December 2016, the unemployment rate amongst Australian geoscientists was 14.4% and the under-employment rate was 19.5%, up slightly from 13.9% and 18.8% respectively at the end of September 2016. More than half of Australia’s self-employed geoscientists were unable to secure more than…

Australian Duncan Eley takes CEO reins at Polarcus

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Marine seismic player Polarcus has appointed Monash University graduate Duncan Eley as Chief Executive Officer, replacing Rod Starr who resigned following a two-year period of restructuring, refinancing and reorganisation. This was announced by the Dubai-headquartered company on March 17, with Peter Rigg, Chairman of the Board for Polarcus, commenting: “Rod has made a significant and transforming contribution to the company. He has created an executive team exceptionally well-qualified to continue the company’s development. “Duncan has been responsible for many areas of strength within the company and is a natural successor. The Board is grateful to Rod for his contribution and…

Gas supply warning a result of flawed state policies

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The Australian Energy Market Operator’s warning of severe gas shortages in eastern Australia as early as next summer is the consequence of many years of policy failure by successive state governments in Victoria and New South Wales. APPEA Chief Executive Dr Malcolm Roberts said the Gas Statement of Opportunities released last week was the latest in a long list of credible warnings that eastern Australia was racing towards a gas supply cliff. “For years now, politicians in Victoria and New South Wales have wilfully ignored these warnings,” Dr Roberts said. “AEMO, the ACCC, APPEA, gas producers and their customers have…

Alarm sirens ringing on east coast gas estimates

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A highly forensic review of Australia’s east coast gas sector has found that estimates of commercial gas reserves to service Queensland’s new Gladstone-based LNG industry and local domestic gas consumption, carry substantial risks that are not widely appreciated. The review’s author says this puts at risk the longer-term security of east coast gas with current investment in new supply for that market being “nowhere near sufficient”. The findings include a warning that in the absence of any Federal Government action to solve the gas supply challenges, affected states may take matters into their own hands, leading to the “unravelling” of…

‘Window of opportunity to invest in exploration’

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THE current downturn may be the perfect window of opportunity to invest in exploration. This was the verdict from a session entitled The Future of Exploration at the CERAWeek by IHS Market in Houston last week While IHS has predicted modest growth in global exploration spend for the next three years in an industry already underinvesting, speakers at the event reportedly said a barrel half-full attitude could reap rewards in the short to mid-term future. Gerald Kepes, IHS Markit Head of strategy and competition of upstream, said some companies had abandoned offshore and conventional exploration to focus on unconventionals in…

Cairn clarifies timeline for SNE Oilfield development

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SNE Oilfield Operator Cairn Energy has announced a timetable for the development of the offshore oilfield that encompasses development concept selection this year and first oil between 2021 and 2023. Cairn, with a 40% working interest in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore, Rufisque Offshore) counts Australian independent Woodside (35%), Melbourne-based exploration junior Far Ltd (15%) and the Senegal National Oil Company, Petrosen (10%) as its JV partners. In 2015 the JV, which then included ConocoPhillips prior to the sale of its interest to Woodside, submitted a three-year evaluation work plan to the Senegal government. This plan envisaged…

Exxon inks $2.8 billion Mozambique deal with Eni

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SUPERMAOR ExxonMobil has signed a sale and purchase agreement with Eni to acquire a 25% indirect interest in the natural gas rich Area 4 block, offshore Mozambique. In a joint statement the two companies said terms included a cash price of approximately US$2.8 billion and that the acquisition would be completed on a number of condition precedents being met, notably clearance from Mozambican and other regulatory authorities. Eni holds a 50% indirect share in the block via a 71.4% stake in Eni East Africa, which owns 70% of the Area 4 concession which has been estimated to contain 85 trillion…

Polarcus pens seismic project offshore Australia

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Polarcus has finalized a contract for a 3D marine seismic acquisition in Australia while extending a deal for a seismic acquisition project in West Africa, but is keeping coy over details of which companies have commissioned its service in either continent. The Dubai-based marine geophysical company said seismic work on the Australian project would deliver high quality broadband data-set utilizing one of the company’s X-bow vessels; of which it has seven: The Polarcus Amani, Polarcus Adira, Polarcus Asima, Polarcus Alima, Polarcus Nadia, Polarcus Naila, and the SCF-bound Vyacheslav Tikhonov. The company emphasised that the vessel deployed for the project is…

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