Seis News

BP (BP -1.2%) says it will move ahead with the $500M development of its Angelin gas project offshore Trinidad and Tobago, as it seeks to offset declining production in the area.

The project includes four wells and will have a production capacity of ~600M cf/day of gas that will be tied into the Serrette platform through a new pipeline, and the gas then will be sold into the domestic market or exported via the Atlantic LNG terminal; first gas from the facility is expected in Q1 2019.

BP also announces two significant gas discoveries offshore Trinidad with the Savannah and Macadamia exploration wells, which unlocked ~2T cf of gas.

BP’s Trinidad production has been in steady decline in recent years, sliding to 309K boe/day in 2016 from 461K boe/day in 2010; Trinidad accounts for nearly 10% of BP’s global production.

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General Meetings of convertible bondholder 2019 & 2020 to be held on June 19, 2017

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ENGIE E&P Norge has awarded WesternGeco two contracts for acquisition and processing of towed 4D seismic data in the production license 153, the Gjøa license, in the northern part of the Norwegian North Sea.

The acquisition will be performed with the vessel “WesternGeco Magellan”, and is planned to be completed by the beginning of August. The planned seismic survey is a repetition of a 3D survey acquired over the Engie E&P operated Gjøa field ten years ago.

License partners in PL153 Gjøa are: Engie E&P Norge AS (operator, 30 pct stake), Petoro AS (30 pct), Wintershall Norge AS (20 pct), Det Norske Shell (12 pct) and DEA Norge (8 pct)

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CGG announces that it has reached an agreement in principle on a financial restructuring plan (the “Agreement in Principle”) which meets the Company’s objectives of (i) full equitization of the existing unsecured debt, (ii) extension of the maturity of the secured debt and (iii) financial flexibility to confront various business scenarios through, inter alia, additional new money (the “New Money”) and has garnered the support of the majority of its secured lenders, the majority of the holders of its Senior Notes and DNCA (in its capacity as a long-standing institutional shareholder, bondholder and convertible bondholder of the Company).

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TGS-NOPEC Geophysical Company ASA, an oil and gas service provider, completed the issuance of 105,375 shares, at a price of NOK174.4 (US$20.66) per share, for gross proceeds of NOK 18.38 million (MM) (US$2.18 MM), through exercise of options.

TGS-NOPEC provides geo science data to oil and gas exploration and production companies.

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Polarcus, in collaboration with Spectrum and DownUnder GeoSolutions, is acquiring a 7,200 km²RightBAND™ multi-client 3D seismic survey over the Vulcan Sub-basin, offshore north-west Australia. Historically, sub-optimal acquisition and processing strategies of the legacy data across the basin have not been able to address the geological and geophysical challenges, limiting understanding of existing proven plays and the evaluation of future upside. The broadband survey is being acquired by the Polarcus Naila using an XArray™ configuration of 10 x 112.5m x 8.1 km with a triple source and continuous recording.

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The Canadian Society of Exploration Geophysicists Recorder Magazine recently announced their annual awards. “Beyond the Microseismic Clouds: A Comprehensive Approach to Unconventional Gas Development” was awarded the prize for Best Technical Paper of 2016. The paper was written by ESG Co-Founder and CTO Dr. Ted Urbancic, ESG’s Manager of Advanced Analytics Dr. Adam Baig, Nexen Energy’s geophysicist Jason Hendrick, and consultant Eric Von Lunen.

The paper highlights unique geophysical approaches applied to shale resource development, details long-term investment strategy in microseismic technology, and new approaches to analyse and understand the observations allowing users to extract additional information from microseismic signals beyond event locations in relation to hydraulic fracturing.

A link to the full article can be found here

Landmark, a Halliburton business line, today announced a multi-million-dollar educational software grant to King Fahd University for Petroleum and Minerals (KFUPM), a leading public university in Saudi Arabia. The software grant is delivered through Landmark’s University Grants Program which contributes renewable software licenses to qualified academic institutions, worldwide. The King Fahd University grant term runs from December 2016 through December 2019. KFUPM students will have access to Landmark’s DecisionSpace enterprise platform, the industry’s only integrated E&P software suite, in addition to other programs across drilling and reservoir disciplines.

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The Annual General Meeting of Magseis ASA will be held on Thursday 22th June 2017 at 15:00 (CET), at the offices of Magseis at Dicks Vei 10b, 1366 Lysaker, Norway.

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The Geometrics P-Cable system was used to map the Rose Canyon/Newport-Inglewood fault in Southern California.

“A fault system that runs from San Diego to Los Angeles is capable of producing up to magnitude 7.3 earthquakes if the offshore segments rupture and a 7.4 if the southern onshore segment also ruptures, according to a new study led by Scripps Institution of Oceanography at the University of California San Diego.

The Newport-Inglewood and Rose Canyon faults had been considered separate systems but the study shows that they are actually one continuous fault system running from San Diego Bay to Seal Beach in Orange County, then on land through the Los Angeles basin.”

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