Month: October 2017

 

 

 

Independent O&G: Vulcan Satellites FDP Submission

Independent Oil and Gas plc (“IOG” or the “Company”), the development and production focused Oil and Gas Company, is pleased to announce that it has submitted the Field Development Plan (“FDP”) for the Vulcan Satellites hub development to the UK Oil and Gas Authority (“OGA”).

Highlights:

·     Three-field hub development with first gas targeted by the end of Q2 2019 alongside first gas from IOG’s Blythe hub

·      2P reserves of 248 BCF (44 MMBOE) to be developed at the Vulcan Satellites, alongside the Blythe Hub (Blythe and Elgood 2P reserves of 55 BCF), and subject to a successful appraisal well, the Harvey field

·      Peak 2P production from the Vulcan Satellites hub targeted in excess of 150 MMcfd from a total of eight development wells

·      Life-of-hub gross revenues expected to exceed £1bn based on forward gas prices

·      Final Investment Decision targeted at the end of Q1 2018

The Vulcan Satellites FDP covers the three 100%-owned and operated Southern North Sea gas fields recently officially renamed as Southwark, Nailsworth and Elland.  The three Vulcan Satellites fields are to be jointly developed with IOG’s Blythe hub, for which the FDP was submitted in July 2017.  Gas from both hubs is planned to be exported via the recommissioned Thames Pipeline which IOG will also own 100%.

IOG has so far announced several contractors for the delivery of the Vulcan Satellites FDP, including Schlumberger, Heerema and ODE, subject to contract.  The contractor deferral model continues to be employed by IOG to align all parties to the successful development of the project and to reduce upfront funding requirements.  Discussions with rig owners, subsea & pipeline contractors and gas off-takers for the Vulcan Satellites are at an advanced stage.

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Ireland: Atlantic Ireland Conference starts today

Atlantic Ireland Conference starts today and provides opportunities to review projects that have been undertaken this year and to plan for the future.

Some of the projects undertaken include:

• Sander Geophysical: Continuation of the Tellus Ireland Survey

• DownUnder GeoSolutions: Assessing the drilling potential West of Ireland for Woodside
• Sercel: Successful deployment of Sentinel MS
• CGG: Delivery of the Cairenn MC PSDM data and Completion of FEL3/04 3D survey for Providence Resources

• Providence Resources: Exceptionally busy throughout H1-17
• Fugro: 2D survey in Southern Porcupine Basin and Fugro Venturer offshore campaign

• TGS: Crean 3D survey utilising Shearwater vessels
• Petrel Resources: Focus on the Porcupine Basin

 

 

 

Geometrics: We’re hiring! – Be a Part of Something Special

We are a diverse and dynamic group of scientists, engineers, geophysicists and technologists working to design real-life solutions to earth and subsurface physics problems. All of our departments, including engineering, sales, accounting, marketing, support, and manufacturing work as a team, with an average employee tenure of 12 years. Geometrics is a great place to work and if what we do interests you, we would like to talk to you about joining our team.

At this time we have the following positions available:

Senior Embedded Software Engineer – This is a new position within our Software Group and will participate in the design, implementation, and testing of our embedded data acquisition systems.

Senior Accounting Manager – This is a new position within our Finance Group and requires a strong background in financial analysis and experience in a manufacturing environment.

Application Geophysicist This position is in our
Sales Group and focuses on seismic equipment applications and sales.

Firmware Engineer. This position is in our
Software Group and focuses on design, implementation, and testing of our embedded data acquisition systems.

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Boskalis: Share Buy Back update

In the period from 23 October up to and including 27 October, Royal Boskalis Westminster N.V. (Boskalis) repurchased own shares. The repurchases took place within the framework of the share buyback program announced on 3 July 2017.

Click here for a complete overview of all individual transactions.

Boskalis will publish a press release every Monday for the duration of the buyback program, provided shares were repurchased in the preceding week. Interested parties can subscribe to these press releases at ir@boskalis.com.  An overview of the progress of the program can be found on www.boskalis.com/sharebuyback2017.

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Iran: Fire at Iran oil well, three dead

A fire at an Iranian oil well near the Iraq border killed three people on Saturday and injured 12, Iranian media reported.

“The fire broke out on Saturday morning in an oil well at the Naft Shahr border region,” Bahram Teimouri, governor of Qasr-e Shirin in Kermanshah province, told IRNA. Kermanshah borders Iraq.

There was no risk of the fire spreading to other wells due to their location, the official said.

The state-owned Central Oilfields Company said the fire, which broke out at 6:37 a.m. (0207 GMT), was caused by a gas leak in one of the rigs. A crisis committee had been set up to manage efforts to extinguish the blaze, state radio reported.

“Rescue workers are now providing relief to the affected. Assistance has been sought from the surrounding cities as well as Tehran,” Teimouri said.

A recent Nigerian O&G related fire.

The reports did not specify the size of the oil well.

OPEC member Iran is the world’s fifth largest oil exporter.

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Bangladesh: PM cancels purchase of Energy Divisions Survey vessel

Prime Minister Sheikh Hasina has cancelled the purchase of an expensive research vessel for use in the Bay of Bengal to do seismic exploration and geological and oceanographic studies.

The prime minister is also the minister in-charge of the Ministry of Power, Energy and Mineral Resources.

On October 15, Director SM Tarikul Islam of the Prime Minister’s Office (PMO) sent a letter to the Energy and Mineral Resources Division (EMRD) secretary stating that the prime minister has ordered the cancellation of the purchase of a multi-role offshore survey and research vessel.

If needed, surveys can be carried out by renting survey vessels, the letter said.

Following this letter, the EMRD sent a letter on October 23 ordering the chairman of state-owned Bangladesh Oil, Gas and Mineral Corporation, known as Petrobangla, to abstain from buying the vessel.

The government has already lost about Tk40 crore on this project.

Early this year, under orders from EMRD, Petrobangla began the process of acquiring a multi-role offshore survey and research vessel that is under construction or has been newly constructed but not used, or used for not more than five years, within a budget of approximately Tk1,200 crore.

The “highly advanced” ship would have been acquired under the Speedy Supply of Power and Energy (Special Provision) Act 2010, which is generally applied to purchases that are of immediate need and enjoys various immunities, including avoiding government tenders.

The Dhaka Tribune inquired about the justifications of making such a costly purchase, and found that while a research vessel might be useful in the hands of Geological Survey of Bangladesh or the National Maritime Institute, for Petrobangla it would be a burden.

Currency conversions

1 crore (or 100 lakhs) is equivalent to 10 million. Hence, 100 crores is the same as 1,000 million or 1 billion.

• 400,000,000 INR is equal to 6,151,102 USD @ 65.03 Indian rupees to 1 US dollar.
• 400,000,000 INR is equal to 5,300,456 EUR @ 75.47 Indian rupees to 1 Euro.
• 400,000,000 INR is equal to 4,686,618 GBP @ 85.35 Indian rupees to 1 British pound.
• 400,000,000 INR is equal to 7,874,636 CAD @ 50.8 Indian rupees to 1 Canadian dollar.
• 400,000,000 INR is equal to 8,003,682 AUD @ 49.98 Indian rupees to 1 Australian dollar.

Rumour: WG Colombus could be sold to Bangladesh in the near future. Keep an eye out in Farsund, Norway.

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Turkey: Hits natural gas field in scans off Cyprus coast, Greek Cypriot daily claims

Turkey’s seismic research in the Mediterranean Sea has resulted in the discovery of a natural gas field located between southern Turkey and the northern coast of Cyprus, a Greek Cypriot daily claimed Monday.

According to the report of Phileleftheros, the natural gas field was discovered under the seabed between Turkey’s southern Gulf of İskenderun and the Karpaz peninsula of the Turkish Republic of Northern Cyprus (TRNC), the northeastern-most part of the island.

The Barbaros Hayrettin Paşa (formerly Polarcus) seismic survey vessel produced detailed maps of the area. A newly-acquired drilling vessel of the Turkish Petroleum Corporation (TPAO), Deep Sea Metro II, will arrive in the area in the first months of 2018, the report said.

Following the end of the purchasing process, the ship, which has an advanced drilling bit able to operate in high seas, will be brought to Turkey and renamed, it added.

In June, Turkey’s Energy and Natural Resources Minister Berat Albayrak announced that Turkey will drill its first well in the Mediterranean by the end of the third or fourth quarter of this year.

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Fugro: Announces offer of €100M subordinated convertible bonds

Fugro NV (“Fugro”), the world’s leading, independent provider of geo-intelligence and asset integrity solutions for large buildings, industrial facilities, infrastructure and natural resources, announces today an offer (the “Offering”) of EUR 100 million subordinated unsecured convertible bonds due 2024 (the “Bonds”).

The proceeds will be offered to the United States Private Placement (USPP) noteholders for early repayment, resulting in additional headroom under the financial covenants, reduced interest expense, increased financial flexibility and extension of the debt maturity profile. Fugro will use any remaining proceeds to repay senior debt.

The Bonds will be convertible into certificates (certificaten van aandelen) representing ordinary shares in the capital of Fugro (the “Certificates”). In case of an insolvency event, any claims of holders of the Bonds against Fugro will be subordinated to claims of certain of Fugro’s senior creditors. In addition, there will be restrictions on certain payments under the Bonds if there is a default in respect of claims of certain senior creditors.

The Bonds are expected to carry a coupon in the range of 4.0% to 4.5% per annum, payable semi-annually in arrear in equal instalments on 2 May and 2 November in each year, and a conversion premium of 40% to 50% over the volume weighted average price of the Certificates quoted on Euronext Amsterdam on 30 October 2017.

The Bonds will be issued at 100% of their principal amount. Holders of the Bonds will be entitled to require an early redemption of their Bonds on the fifth anniversary of their issue, at the principal amount. Unless previously redeemed, converted or purchased and cancelled, the Bonds will be redeemed at their principal amount on or around 2 November 2024.

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Fugro: Trading Update Q3-17

Low single digit EBIT margin in a stabilising oil and gas market. Stock price lowers steeply.

Highlights

• Year-on-year revenue decline of 19.5% on a currency comparable basis, to a large extent driven by lack of activity at Seabed Geosolutions.
• EBIT margin was low single digit, compared to mid-single digit in the same period last year. Results were below expectations due to lower revenue, mainly caused by technical downtime of some vessels, mainly in Europe, and hurricanes in the Americas, negatively impacting EBIT by around EUR 10 million.
• Agreement reached to divest the non-core trenching and cable-laying business.
• Net debt/EBITDA of 2.9 within covenant requirement to not exceed 3.0; expected to improve in the fourth quarter.
• As a matter of financial prudency, today Fugro launches a subordinated convertible bond of EUR 100 million. Proceeds will be offered to the USPP noteholders for early repayment. Pro forma net debt/EBITDA per the end of September is 1.8 including assumed proceeds of EUR 100 million from this bond.
• Backlog for the next 12 months, excluding the non-core marine construction and installation business, decreased by 5.6% on a currency comparable basis. Backlog in the early cycle Marine Site Characterisation business line increased 11.1%.
• Outlook 2017: For the full year Fugro anticipates a double-digit decrease in revenue, with only a single digit decrease in the fourth quarter. The EBIT margin (excluding exceptional items) is expected to improve during the second half of the year compared to the first, resulting in a negative low-single digit margin for the full year. Cash flow from operating activities after investments will be negative for the full year mainly as a result of the later than anticipated start of a Seabed Geosolutions project, pushing the related cash collection into early 2018.

Stock Chart

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