Exploration and Oil & Gas News
Neuberger Berman Group LLC raised its position in Ion Geophysical Corporation (NYSE:IO) by 4.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 186,140 shares of the oil and gas company’s stock after buying an additional 7,090 shares during the period. Neuberger Berman Group LLC owned about 1.58% of Ion Geophysical Corporation worth $903,000 as of its most recent filing with the SEC.
‘Ecological transition’ minister says law will be passed later this year.
France is to stop granting licences for oil and gas exploration as part of a transition towards environmentally-friendly energy being driven by Emmanuel Macron’s government.
Nicolas Hulot, the “ecological transition” minister said a law would be passed in the autumn.
“There will be no new exploration licences for hydrocarbons,” he told BFMTV.
The minister, previously famed in France for his environmental activism and nature documentaries, also outlined proposals to increase the taxation on diesel and to “make decisions faster” tocurtail pollution.
Mr Macron said he was opposed to exploration for gas and favoured a ban on fracking during his election campaign, particularly in the overseas territory of French Guiana.
The INPEX-operated Ichthys LNG Project’s Central Processing Facility (CPF) has been safely moored in the Ichthys Field, some 220 kilometres off the north coast of Western Australia, where she will be located for 40 years.
The massive CPF (named the Ichthys Explorer) is the world’s largest semi-submersible platform, weighing 120,000 tonnes and with a topsides footprint measuring 130 metres by 120 metres.
“The safe and efficient mooring of the Ichthys Explorer in the 250-metre deep waters of the Ichthys Field, marks another significant milestone for the INPEX-operated Ichthys LNG Project,” Mr Louis Bon, Managing Director, Ichthys LNG Project stated.
JSC KazMunayGas (KMG) Chief Executive Officer, Sauat Mynbayev and Eni’s CEO, Claudio Descalzi signed an agreement today at the Foreign Investors’ Council in Astana. The agreement renews the conditions for the transfer to Eni of 50% of the subsoil use rights in the Isatay block, located in the Caspian Sea, for exploration and production of hydrocarbons.
The block, which is estimated to have significant potential for hydrocarbon resources, will be operated by a Joint Operating Company (JOC) formed by Eni and KMG. The JOC will benefit from the proprietary technologies of Eni, a global leader in terms of exploration and with extensive experience in challenging technical and environmental areas such as the Caspian Basin.
The JOC will begin working as soon as the transfer of 50% interest in the License is completed, subject to the approval of the transaction by the Republic of Kazakhstan.
A condensate leak occurred at 20:01 Wednesday at the Gjøa platform. The situation quickly came under control, and no injuries occurred.
The direct cause of the leak is now identified to be a fracture in a weld on a 3/4″ pipe associated with a condensate pump.
The leakage generated gas detection with following shutdown, depressurisation of the facility and release of deluge. The condensate leak was stopped and the situation on board the Gjøa platform is under normalisation. No leakages to sea took place. Production remains shut down.
Gjøa had 49 people on board when the incident occurred. 19 people were demobilised by helicopter and brought to a support center in Florø. Some of these employees are now returning to Gjøa to take part in the normalisation process.
The company’s emergency response organisation was mobilised to coordinate all support required. The company is now in dialogue with the relevant authorities.
An internal investigation group is being established.
BHP today released its latest Reconciliation Action Plan (RAP) committing the world’s largest miner to a range of outcomes for Aboriginal and Torres Strait Islander people in the four key priority areas of economic empowerment; social and cultural support; public engagement and governance.
BHP was one of the first companies to commit to a RAP in 2007. This fifth and latest RAP, developed with Reconciliation Australia and reflective of the Company’s global approach to working with Indigenous peoples, builds on the achievements of the past and hardwires new commitments into the way the business operates.
The RAP introduced today will span from 2017 to 2022. It has been accredited as ‘Elevate’, the highest attainable level, which BHP President Minerals Australia Mike Henry said demonstrated the Company’s determination to be a partner of choice for Aboriginal and Torres Strait Islander people.
Electromagnetic Geoservices ASA (EMGS) said it has entered prefunding agreements related to 3-D CSEM data surveys in the Barents Sea and Norwegian Sea in Norway using conventional technology and the new Deep Blue source.
The agreements represent revenues of about $3 million. Data will be acquired this summer.
In addition, EMGS said the Deep Blue source is now available to the industry after the original joint industry project (JIP) agreement was amended.
“After the successful JIP test surveys during the summer of 2016, we are very pleased to see the first commercial uptake of the new equipment,” EMGS CEO Christiaan Vermeijden said. “Providing the industry with a much stronger source output is a breakthrough for EMGS and our EM technology as we will be more sensitive to deeper targets and smaller targets close to infrastructure.”
Perestroika AS, primary insider of Electromagnetic Geoservices ASA (EMGS), has used their allocated subscription rights to subscribe for 12,504,736 new shares in the ongoing Rights Issue in EMGS. The price per share is NOK 2.45.
Prior to the transaction, Perestroika AS held 6,993,857 of the issued shares in EMGS.
An updated overview of the total holding of shares will be published following the issuance and allocation of the new shares.
APPEA will hold its Health, Safety and Environment Conference in October 2017 at the Perth Convention and Exhibition Centre.
Innovation in HSE in the age of increasing transparency
With sustained low oil prices, the petroleum industry must continuously improve its strong safety and environmental performance while also controlling costs and seeking savings.
More distrust, more demands
The industry also faces unprecedented levels of political uncertainty and community distrust. Activists and NGOs are using highly-accessible and broad-reaching social media platforms to call for greater transparency in resources industry operations.
Shareholders, financiers and communities are becoming increasingly more significant stakeholders. They are not only demanding more information on industry operations, but also wanting a direct say in how these operations are conducted.
Governments are also often seeking further regulation to mandate greater transparency, consultation and stakeholder inclusion.
Innovation is essential
The industry must use new technologies and approaches to address cost pressures; make workplaces safer; reduce environmental impacts; communicate with stakeholders; and enhance community benefits.
Geometrics recently visited England and Germany to demonstrate the new MetalMapper 2×2 instrument to contractors and officials working on unexploded ordnance (UXO) detection and removal. The MetalMapper 2×2 is an Advanced Geophysical Classification (AGC) instrument, which means it can differentiate buried UXO targets from scrap metal. By only removing the UXO targets and leaving behind the scrap metal, customers achieve large cost savings on their UXO cleanup projects. This technology has been developed and proven in the US over the past decade.
The instrument has both dynamic and static measurement modes. This allows for rapid classification of a site in dynamic mode initially, followed by careful follow up static measurements at selected targets of interest. The data is processed using Geosoft Oasis Montaj UX-Analyze Advanced. A list of UXO targets for removal is provided to the customer, resulting in up to 90% fewer items removed compared to traditional mag or EM methods. This reduction in the number of items removed results in a large cost savings for the customer.
Geometrics was able to showcase this new technology and instrument to European customers who were impressed with its design, ease of use, and simplified data processing workflow. This included an instrument demonstration and software presentation at the Near Surface Geophysics Group of the Geological Society of London’s biannual field expo held on May 11 in Leicester. The European demos were also supported by Geosoft, Geomatrix (in the UK), and Allied Associates (in Germany). For more information about the MetalMapper 2×2, please contact Geometrics at sales@geometrics.com.