Fitch forecasts bumpy ride for oil prices

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Ratings agency Fitch has cast doubt on OPEC’s ability to swing oil prices for a significant period of time, saying any meaningful effect will be prescribed by the size of cuts and the willingness of members to stick to agreements. All eyes are on Vienna, where OPEC gathers on Wednesday to decide whether to cut oil production to stabilize a market which has been battered for the past two years as prices plunged from US$100 per barrel peaks to troughs of US$28 bbl. Fitch said high inventories and the flexibility of US shale producers to respond to any market tightening…

Substantial reserves awaiting development – DW

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MOST E&P companies have seen reserve replacement ratios declining as a consequence of a drop off in exploration and appraisal activity, energy intelligence group, Douglas-Westwood, said in a report. The country that has bucked the trend is Myanmar, which has shaken off political and economic trade embargoes as a result of reform that saw the lifting of international sanctions in 2012. Shell, Eni and Chevron and a number of independents, notably Reliance Industries and Oil India, have been attracted to the country’s gas prospects, specifically in the Rakhine basin. Woodside, after the discovery of the Thalin-1 well in February, has…

PO Valley awarded production concession in Italy

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Po Valley Energy Ltd (ASX: PVE) – the Australian oil & gas exploration, development and production company with expanding interests in Northern Italy – has announced a “further significant development in its drive towards new gas production in 2017 and 2018”. The Italian Ministry of Economic Development has formally awarded Po Valley a preliminary Production Concession for the Company’s 47 billion cubic feet (bcf) offshore Teodorico gas field in the northern Adriatic Sea – the primary source of domestic gas production for much of Italy. The Teodorico gas field, within the AR94PY licence area, is a former ENI gas discovery…

Key to Unlocking 50 years of UK exploration data

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THE results of the first Unstructured Data Challenge 2016 are set for review with Common Data Access (CDA) announcing that it will host an industry workshop for this purpose at the end of November. CDA, a subsidiary of Oil & Gas UK and a provider of data management services for seismic and well information, launched the Unstructured Data Challenge 2016 in March as a means of expediting additional value from UK North Sea exploration data. The idea behind the concept was for companies to unveil how modern data and analytical techniques can prove insightful in maximizing economic recovery from the…

Senex completes pilot development in Western Surat Gas Project

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SENEX Energy has announced completion of the first pilot development in the Western Surat Gas Project on budget and ahead of schedule. The Glenora pilot marks the commencement of the development of Senex’s Western Surat Gas Project, which involves the extraction of gas from coal seams across approximately 915 km2 of acreage located adjacent to gas fields and infrastructure operated by Australian majors Santos and Origin Energy. Senex is 100% owner and operator of the project and has signed a flexible 20-year gas sales agreement with key LNG counterparty Santos GLNG. Senex said appraisal testing from the Glenora pilot would…

Carnarvon strikes a chord with its Roc Stars

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CARNARVON Petroleum Limited has updated resource estimates for the Roc, Phoenix and Phoenix South prospects in WA-435-P and WA-437-P permits offshore north Western Australia. The West Perth-based company, which has a 20% stake in the two permits with Quadrant Energy holding the remainder, said the area holds a 2C resource of 332 Bscf of gas, 20 million barrels of condensate and 31 million barrels of light oil, equivalent to 109 MMboe. The prospective resources in Caley and Barret reservoirs is 1.5 Tcf of gas, 86 million barrels of condensate and 121 million barrels of light oil in gross mean. Carnarvon…

AUSTRALIAN LNG EXPORTS HITS RECORD, 22-MONTH HIGH

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THE value of Australia’s monthly Liquefied Natural Gas (LNG) exports climbed to a record $1.75 billion last month – the best performance in 22 months. The milestone included a third Queensland consignment to Mexico, a market normally serviced by neighbouring American-supplied gas. The strong October performance surpassed the previous monthly record of $1.72 billion in Australian LNG export values, set in January last year. The updated export estimates are contained in the just released October Monthly LNG Report by independent energy analyst, EnergyQuest. EnergyQuest CEO, Dr Graeme Bethune, said today the latest robust LNG outcomes were underpinned by many Australian…

PESA students explore the Core

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PESA WA organised the first student core workshop on the 21st of October 2016 at the DMP Core library, with the aim of providing the opportunity to PESA student members to view, learn, discuss and familiarise themselves with sequence stratigraphy and core logging, writes Marlene Woligroski. This event was planned and coordinated by students from Curtin University (Victoria Seesaha and Jordan McGlew) and University of Western Australia (Matus Kovac and David Hu), through the American Association of Petroleum Geologists (AAPG) Curtin Student Chapter and the PESA UWA Student Chapter. With 17 PESA student members in attendance, from undergraduate to PhD…

ONGC innovation wins major international award

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INDIA’s Oil & Natural Gas Corporation (ONGC) has surfaced as the star oil and gas performer at the Bentley Be Inspired Awards Ceremony in London, scooping the Innovation in Offshore award for enterprising software and performance modelling that enabled the production and exploration company to extend the lifecycle of its critically ageing assets. With the oil and gas industry firmly focused on trimming the fat during 2016 by lightening operating and capital expenditure loads buckling under the weight of falling oil prices, ONGC’s innovation saw it emerge a winner from over 300 international submissions from 80 countries to a final…

Geo job prospects begin to brighten

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Employment prospects for Australian geoscientists continue to improve, albeit slowly Employment prospects for Australia’s professional geoscientists continued to improve gradually in the three months between 30th June and 30th September 2016. The picture emerged in results of the latest quarterly survey by the Australian Institute of Geoscientists (AIG) in which respondents provided information about their employment prospects during the September quarter of 2016. At 30th September 2016, the unemployment rate amongst Australian geoscientists was 13.9% and the under-employment rate was 18.9%. The unemployment rate fell 2%, from 15.9% at the end of June and the underemployed rate fell by only…

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