NAPE: 35th Annual International Conference & Exhibition 2017

NAPE: 35th Annual International Conference & Exhibition 2017

 

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SEG: Honorary lecturer in Houston

 

 

 

SEG: Honorary lecturer in Houston

There has been significant public and scientific interest in the observation of changed seismicity rates in North America since 2008, possibly due to human activities. We find that the seismicity rate in Oklahoma between 2008 and 2016 is strongly correlated to increased hydrocarbon production. The possibility of systematic correlations between increased hydrocarbon production and seismicity rates is a pertinent question since the United States became the world’s largest hydrocarbon producer in 2013, surpassing both Saudi Arabia’s oil production and Russia’s dry gas production. In most areas, increased production is due to systematic hydraulic fracturing which involves high-pressure, underground fluid injection. Increased hydrocarbon production also leads to increased salt-water production which is often disposed of underground. Increased underground fluid injection in general may cause increased seismicity rates due to facilitated slip on pre-existing faults.

Contrary to Oklahoma, analysis of oil and gas production versus seismicity rates in six other states in the United States and three provinces in Canada finds no state- or province-wide correlation between increased seismicity and hydrocarbon production, despite 8- to 16-fold increases in production in some states. However, in various areas, seismicity rates have increased locally. A comparison with seismic hazard maps shows that human-induced seismicity is less likely in areas that have historically felt fewer earthquakes. The opposite is not necessarily true.

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Oil India : Experts to Brainstorm Tech Innovations to Improve Oil and Gas Exploration

 

 

 

Oil India : Experts to Brainstorm Tech Innovations to Improve Oil and Gas Exploration

Starting yesterday, for three days, delegates mostly petroleum geophysicist will brainstorm over new technologies available across the world which can be used to improve oil and gas exploration in the country. The conclave themed Energy Through Synergy and organised by the Society of Petroleum Geophysicists (SPG)will be held in Jaipur and petroleum minister Dharmendra Pradhan will be the chief guest on the inaugural day. Around 200 technical papers, either through oral or poster sessions, will be presented over the period of three days. Representatives apart from petroleum geophysicists from exploring firms such as ONGC, Cairn India and Oil India, and service providers such as Schlumberger will take part in the conclave. A total of 450 technical papers were received by SPG to be presented which was pruned down to 200 eventually.

The conclave gains importance given the Centre plans to reduce its hydrocarbon import dependency which can be done by either through development of new fields and increasing production from existing fields through technological innovations. This is the 25th year of the biennial event organised by SPG, which started in 1992 with 30 geophysicists as its members. Today, it has 2,600 member geophysicists and has a chapter in North America as well.

Solitary Oil Rig in the Arabian Sea

In the past, technologies relating to various aspects of exploration and production of oil and gas presented during conclaves have been evaluated and absorbed by the Indian oil and gas industry. For instance, a technology on micro-seismic study which was showcased during the conclave in 2015 has been successfully applied. SPG will also conduct 24 continuing education pre- and post-courses which targets employees of the exploration companies. The sessions will also be attended by students, and two of them will be selected for award of scholarships to pursue doctoral studies.

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Paradigm: Workshop – Machine Learning for Automated Facies Classification

 

 

 

Paradigm: Workshop – Machine Learning for Automated Facies Classification

Join  Paradigm for a technical workshop presented by  SMEs Bob Wytsma and Akshay Gulati, on November 22, 9:00 am – 12:00 pm.  This workshop will illustrate advances in Paradigm’s Neural Network Technology (NNT)-based seismic facies classification system, with a focus on Waveform Classification and Rock Type Classification.

The Rock Type Classification workflow employs a new algorithm which generates rock type volumes calibrated to facies logs using a probabilistic approach, to assess uncertainty in rock type quality and distribution. This probabilistic approach results in less guesswork when quantifying uncertainty in rock type distribution. Results are interactively generated in a 2D and 3D environment (Integrated Canvas) for in-depth analysis. Waveform Classification uses the proven Stratimagic® NNT method, known as the most effective machine-aided pattern recognition for automatic identification of seismic facies, based on classifying seismic waveforms.

Students will gain hands-on experience with Paradigm software using both of the above classification techniques. Using Western Canadian data, participants will run several seismic facies classification methods from Stratimagic and SeisFacies® tools.

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CGG: Monthly information relating to the number of voting rights and shares issued

 

 

 

CGG: Monthly information relating to the number of voting rights and shares issued

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SovComFlot: 2017 – Nine Months Results

 

 

 

SovComFlot: 2017 – Nine Months Results

Consistent strategy helps offset volatility in conventional tanker markets

PAO Sovcomflot (SCF Group), a world leader in energy shipping and servicing offshore upstream oil and gas projects, today reported its results for the nine-month (9M) period ended 30 September 2017.

As represented by a 70 per cent decline in the Clarksea Index, spot market freight rates in the conventional tanker sectors have reached their lowest levels of late, comparable to those experienced in 2011. Whilst this has impacted adversely upon the earnings of the Group’s conventional tanker fleet over 2017, it has been offset by the continued growth and resilience in the Group’s Offshore and Gas fleets.

Nine months 2017 financial highlights:

USD millions 9M 2017 9M 2016 %
Gross revenue (Freight and hire) 1,060.7 1,039.4 2.1
EBITDA[1] 408.3 554.5 -26.4
Net profit/(loss) (6.8) 218.1

A copy of the full nine-month and Q3 period accounts is available in the Investor section of the Group’s website: www.scf-group.com

Nine months 2017 highlights:

  • A strong performance from the Group’s Offshore business division saw 9M 2017 time charter equivalent (TCE) revenue grow by 55.9 per cent to USD 274.6 million (9M 2016: USD 176.1 million), with operating profit over the period rising by 50.5 per cent to USD 131.2 million (9M 2016: USD 87.1 million)
  • Ice-breaking platform supply / standby vessels Gennadiy Nevelskoy and Stepan Makarovwere delivered into long-term time-charters with Sakhalin Energy Investment Co Ltd. (SEIC) to serve the Sakhalin-2 project
  • In August, the ice-class shuttle tanker Vasily Dinkov’s (LU6, 71, 254 tonnes dwt) long-term time-charter with Lukoil Group, serving the Varandey project, was extended for a further five years
  • The world’s first ice-breaking LNG carrier, Christophe de Margerie (Arc7 class, 172,600m3 cargo capacity), was delivered into long-term time-charter with Yamal LNG. In August, she successfully completed her first commercial voyage, transporting LNG through the Northern Sea Route (NSR) from Norway to South Korea, becoming the world’s first merchant vessel to travel the full length of the NSR without icebreaker escort

  • Completion of series of refinancing deals totalling USD 324.0 million, including an additional USD 150 million tap of the 2016 USD 750 million Eurobond issue and a new USD 174.0 million long-term Sberbank facility for the Prirazlomnoye Project vessels, Kirill Lavrov and Mikhail Ulyanov
  • The Group has received a number of industry awards and notations including Seatrade’s ‘Deal of the Year’ award for its USD 750 million 7-year Eurobond bond offering and subsequent tap in 2017, and Lloyd’s List’s ‘Tanker Operator of the Year’ award at its annual Global Awards, as well as short listings in September for four separate Platts Global Energy Awards.

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Polarcus: Secures fully pre-funded MC project in Australia

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Polarcus: Secures fully pre-funded MC project in Australia

Polarcus Limited (“Polarcus” or the “Company”) (OSE: PLCS) is pleased to announce that the Company has secured high industry prefunding for the ‘Zenaide’ multi-client broadband 3D marine seismic project in the Bonaparte Basin, offshore Australia.

The project is scheduled to commence in Q4 2017 and will run for approximately six weeks.

NOPSEMA

The Zénaïde 3D MSS is a three-dimensional multi-client marine seismic survey proposed by Polarcus Seismic Limited (Polarcus) to be undertaken in Commonwealth waters located approximately 50 km off the Kimberley coast of northern Western Australia (WA). The Acquisition Area covers an area of approximately 3,300 km2 within the western Joseph Bonaparte Gulf of the Bonaparte Basin (title block WA-522-P) and is 60 km from the mainland coast in water depths of approximately 59 m – 97 m.

The planned seismic source has a total capacity of 3,090 cubic inches (cui) and will be towed at approximately 4.5 knots a short distance behind the seismic vessel at depths of 5 – 10 m. Ten solid hydrophone streamers, each measuring approximately 8,100 m in length and spaced 150 m apart, will be towed at a depth of approximately 15 m below the surface. The seismic source will be discharged every 12.5 m (approximately 5 seconds) along a series of parallel east-west lines spaced approximately 750 m apart. The surrounding Operational Area incorporates the necessary space for vessel manoeuvring such as line run-ins, run-outs, line-turns source testing, soft starts and turns, refuelling and resupply, use of support and supply vessels as required, and crew changes.

The Zénaïde 3D MSS is anticipated to commence as early as October 2017 following the acceptance of the Environmental Plan (EP) for the proposed activities by NOPSEMA. The acquisition time is expected to be up to approximately 50-60 days and to be completed before 31st December 2018.

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Norway: Sovereign Wealth Fund is planning to get out of oil

 

 

 

Norway: Sovereign Wealth Fund is planning to get out of oil

Norges Bank Investment Management, which runs Norway’s $1tn oil fund, has recommended that the sovereign wealth fund ditches its investments in oil and gas stocks.

The finance ministry said it would present its conclusions in the autumn of 2018.

For nearly three decades, Norway has been putting surplus revenues from its oil and gas production into a sovereign wealth fund.

The advice constitutes the next major step in scrubbing the world’s biggest wealth fund of climate risk after it largely sold out of coal stocks. Norway depends on the oil and gas industry for about 20% of its economic output.

At the end of 2016, the fund held stakes of 2.3 percent in Royal Dutch Shell, 1.7 percent of BP, 0.9 percent of Chevron and 0.8 percent of Exxon Mobil. It also has shares worth more than $1bn in oil services firm Schlumberger and Italy’s Eni, whose share price slumped 0.86%.

The fund was built on the back of Norway’s hydrocarbon wealth, and around 300bn krone (£27.73bn), or 6%, is invested in oil and gas companies. At the end of the third quarter, Royal Dutch Shell was the fund’s third-biggest equity investment at more than $5bn. However, it made clear that its recommendation involved divesting from existing oil and gas shares as well as ruling out future investments.

“It clearly stands out, perhaps not surprisingly, but not obviously, that indeed there is a substantial difference.in return between the oil and gas sector and the broad stock market in periods when the oil price changes substantially”, Matsen said. Green campaigners welcomed the news.

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