Exploration and Oil & Gas News
Shares of Polarcus Ltd last traded at 1.27, representing a move of 11.4%, or 0.13 per share, on volume of 10,000 shares. After opening the trading day at 1.27, shares of Polarcus Ltd traded in a close range. Polarcus Ltd currently has a total float of 153.44 million shares and on average sees 811,593 shares exchange hands each day. The stock now has a 52-week low of 1.08 and high of 5.6.
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Shares of Ion Geophysical Corporation remained flat at $9.25 during midday trading on Tuesday. 51,363 shares of the company’s stock traded hands. The stock’s market capitalization is $109.92 million. Ion Geophysical Corporation has a 52 week low of $3.20 and a 52 week high of $9.85. The firm has a 50 day moving average price of $6.61 and a 200 day moving average price of $4.88.
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Enters into first amended and restated credit and security agreement
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PGS Supports Brazil Pre-salt with Regional Santos Vision Product
The rejuvenated Santos Vision regional dataset is ideal for pre-salt exploration in Brazil. This new product covers an area of 35 000 sq. km and has been reprocessed with our most advanced imaging solutions, including least-squares, RTM and Q-Kirchhoff.
Deeper and detailed regional geological understanding forms the prerequisite for more successful exploration for oil and gas, and this is especially true for world-class producing basins such as the Santos Basin, offshore Brazil. To support our customers in their continued interest in one of the world’s most prolific petroleum systems, PGS is pleased to introduce the Santos Vision product.
Reprocessing Using Advanced Imaging Solutions
By applying the latest broadband imaging technology from data conditioning, noise and multiple suppression, to new model building and high-end imaging to this large regional dataset, Santos Vision represents the ideal platform to assess local hydrocarbon potential and to identify new leads and prospects.
Reprocessing efforts have been specifically aimed at optimizing the potential pre-salt targets. These have included the use of advanced broadband anisotropic velocity model building and imaging technologies such as PGS Full Waveform Inversion (FWI) and Reverse Time Migration (RTM). Systematic use of True Amplitude and Angle Domain Gathers has facilitated iterative model updates and salt scenario testing and resulted in very detailed and accurate velocity models. The final image volumes were generated using both RTM and PGS WEI (least-squares imaging).
GeoSoftware celebrates 30 years of software innovation in reservoir characterization
CGG GeoSoftware is marking the 30th anniversary of its flagship reservoir characterization software products, Jason and HampsonRussell, at the SEG Annual Meeting in Houston. The occasion reflects a commitment to continued innovation and development to help geoscientists better understand the Earth’s subsurface and maximize the potential of reserves.
In an ever evolving industry, GeoSoftware seeks to improve and modernize the two products to meet today’s toughest challenges. Integration between the two is a key objective in order to help E&P companies even further reduce the risks and uncertainty associated with hydrocarbon exploration, development and production.
Growing from a three-person startup in 1987, HampsonRussell became part of Veritas DGC in 2002, and subsequently CGG in 2006. Initially running on mainframe computers and small PCs, the software now runs on powerful personal workstations. Applications have evolved to include all aspects of AVO, post and pre-stack inversion, and multi-attribute, time lapse, multi-component and azimuthal analysis. Customized workflows allow HampsonRussell users to integrate all aspects of reservoir geophysics. A strong research and development team works to ensure continued innovation to meet the needs of future geoscientists. “Companies of all sizes depend on HampsonRussell software for key E&P decisions. This popularity is a result of our ability to consistently deliver sophisticated geoscience techniques in an interactive and intuitive environment that provides reliable results,” said Brian Russell, Vice President, CGG GeoSoftware.
Jason was the brainchild of four young entrepreneurs from the Delft University of Technology in the Netherlands, and joined CGG in 2013. The initial single 1D inversion product has expanded to become the complete Jason Geoscience Workbench of today. One of its creators, Jason Product Development Manager, Peter Mesdag, said: “Our high-end, cross-product workflows enable clients to reveal reservoir properties through integrated seismic-to-simulation workflows. They can identify anisotropy, locate thin beds, evaluate stress forces and obtain a better understanding of reservoir dynamics.” John Pendrel, CGG GeoSoftware Product Manager for Deterministic Reservoir Characterization, adds: “Throughout Jason’s history, the focus has always been on delivering value to our clients, and progress can be attributed to an exceptional multi-national staff with research laboratories in The Hague, Houston and Dallas.”
Sovcomflot to operate new Rosneft large-capacity oil tankers built at Zvezda shipyard
PAO Sovcomflot (“SCF Group”), Rosneft, the State Transport Leasing Company (STLC), and Zvezda Shipbuilding Complex have signed a set of agreements that entail the construction of five Aframax tankers to enable export shipments of crude oil and oil products.
The 114,000 dwt vessels will be built by Zvezda jointly with Hyundai Heavy Industries (Republic of Korea), the world’s leader in Aframax construction and the technology partner of Zvezda. The new vessels are due to enter service beginning from 2021. The tankers will have an ice class of 1A/1B, sufficient to ensure safe year-round operations in regions with challenging ice conditions, including the Baltic Sea and subarctic seas.
SCF will operate all the tankers, first supervising their construction and then providing a range of services to ensure the effective and safe management of these vessels, including the recruitment of high-skilled crews and their management.
This series of tankers heralds a new generation of merchant vessels with higher environmental safety standards. They are purpose-designed to use LNG (liquefied natural gas) as their primary fuel, which significantly reduces their environmental impact. The vessels were designed to comply with most stringent international Sulphur Oxide (SOx), Nitrogen Oxide (NOx), and Carbon Dioxide (CO2) emission standards, governed by new IMO regulations that are scheduled to come into effect from 2020 and will apply, amongst other areas, to the Baltic and North Seas.
About World Maritime Day 2017
”Connecting Ships, Ports and People” has been selected as the World Maritime Day theme for 2017. The theme was chosen to provide an opportunity to focus on the many diverse actors involved in the shipping and logistics areas.
The maritime sector, which includes shipping, ports and the people that operate them, can and should play a significant role helping Member States to create conditions for increased employment, prosperity and stability ashore through promoting trade by sea; enhancing the port and maritime sector as wealth creators both on land and, through developing a sustainable blue economy, at sea.
World Maritime Day 2017 is formally celebrated at IMO on 28 September 2017. Member States and other entities are invited to celebrate with activities in the same week, and throughout the year.
ExxonMobil announced an enhanced program to reduce methane emissions from its production and midstream facilities across the United States.
The program, which builds on the company’s longstanding commitment to emissions reduction, prioritizes actions at sites operated by subsidiary XTO Energy and includes efforts to develop and deploy new, more efficient technologies to detect and reduce facility emissions.
“We are implementing an enhanced leak detection and repair program across our production and midstream sites to continually reduce methane emissions, and are also evaluating opportunities to upgrade facilities and improve efficiency at both current and future sites,” said XTO president Sara Ortwein. “Our comprehensive initiative is underscored by a technology research and testing effort, and includes personnel training, equipment phase out and facility design improvements.”
The program includes a commitment to phase out high-bleed pneumatic devices over three years, extensive personnel training, research, and facility design improvements for new operations.
XTO recently completed a pilot project in the Midland Basin that tested new low-emission designs that use compressed air instead of natural gas to operate pneumatic equipment that helps regulate conditions such as level, flow, pressure and temperature. The results successfully demonstrated the feasibility of using similar designs for new and existing central tank batteries and satellites, to reduce the potential for methane emissions.