Seis News

The Oil and Gas Authority (OGA) will be hosting a number of seminars at the Aberdeen Exhibition and Conference Centre (AECC) during the SPE Offshore Europe Exhibition and Conference 2017.

The sessions will be as follows:

Tuesday 5th September, 14.15-15.45

Revitalising Exploration through the 30th Licensing Round and Supporting Data, hosted by Nick Richardson – Head of Exploration and New Ventures, Room 1, Main Conference Building (Red Area), AECC

Wednesday 6th September, 11.30-13.00

Overview of Decommissioning, led by Gunther Newcombe – Operations Director and Bill Cattanach – Head of Supply Chain, Room 1, Main Conference Building (Red Area), AECC

Thursday 7th September, 10.30-12.00

An OGA Perspective on Collaboration, led by Scott Robertson – Area Manager (CNS) and Simon Churchfield – Commercial Manager, Room 1, Main Conference Building (Red Area), AECC

Individuals who are interested in attending can register their interest online.

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Spectrum ASA has in accordance with the company’s option program, approved in the general meeting May 23rd 2014, granted 100.000 options to the primary insider Mike Mellen. Following this grant Mike Mellen holds 100.000 options and 0 shares in the company.
The exercise price of each option is equal to the VWAP (Volume Weighted Average Price) 20 (twenty) trading days immediately prior to grant date.

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ION Geophysical Corporation (NYSE: IO) today announced acquisition is in progress on a new 2D multi-client program offshore Panama.  Supported by industry funding, this is the first seismic survey acquired there in approximately 30 years.  PanamaSPAN™ is designed to provide the framework to evaluate the hydrocarbon potential of this unexplored area ahead of the anticipated inaugural license round.

Building on recent exploration success offshore Colombia immediately adjacent to Panama’s Caribbean coast, E&P companies are becoming increasingly interested in high-quality seismic data in this area to understand the potential hydrocarbon prospectivity.  Initial deliverables will be available in Q4 2017 and complete interpretation of the data will be available by mid-2018 to guide investment strategies.

The National Energy Secretary of Panama, Víctor Urrutia, said, “Hydrocarbon exploration in Panama has identified various sedimentary basins, proving the existence of geological structures that may contain oil and gas, although there hasn’t been a commercially exploitable discovery.

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The FIN13 BroadSeis™ survey is located in the southeastern part of the Finnmark Platform. The survey was acquired during 2013 with CGG’s BroadSeis technology, providing true broadband data. The survey covers 2,301 km² over a highly prospective area with play models at several stratigraphic levels.

Potentially good reservoir sands are also observed further down in the Triassic stratigraphy. In the Palaeozoic strata, the Karstification of carbonates and the presence of rotated fault blocks form potential prospects.

Data from nearby wells prove this to be a multisource area and it is also considered to be a combined oil and gas province. Both the Nordkapp Basin and the Tiddlybank Basin are expected to be possible source rock areas for FIN13, in addition to local migration.

The Fin13 BroadSeis 3D survey was acquired with long offset Sercel Sentinel cables of 7950 meter and 75 meter separation. Processing applied a comprehensive PSTM sequence to remove noise and multiples in various domains and with different algorithms.

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Baker Hughes (NYSE:BHGE) has won a major contract to provide a wide range of services to develop Papua New Guinea’s first offshore gas field.

The contract, worth several hundred million dollars, is seen as a new model to help producers adapt to a world of low oil prices and contrasts with the traditional model where a company awards various parts of field development to different providers.

BHGE rose 1.3% in AH trading.

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The marine fuel, lubricant trading and broking firm, Glander International Bunkering, will receive 3.25 million shares – equivalent to a 5.67% stake – in exchange for debt and interest owed by the marine seismic data provider.

In a financial release, it was revealed that SeaBird Exploration had owed Glander International Bunkering (Glander) some $1,911,896 plus accrued interest as of 3 June 2017. Following the agreement, a remaining claim of Glander under the Glander Credit Facility of $440,591 will be amended with the maturity date being extended until 30 June 2020.

The agreement is one of a number executed by SeaBird Exploration as part of a refinancing exercise. In addition to Glander’s shareholding, parent company Ordinat Shipping and North Energy Capital have acquired 30% and 7.8% stakes in the company respectively.

‘As stated in the Company’s Q1 2017 financial report, the Company requires additional funding for working capital purposes,’ SeaBird Exploration stated. ‘The Company continues its efforts to obtain new equity financing and is in active dialogue with potential capital sources in such respect.’

It also advised that any issue of further equity capital was likely to result in substantial dilution to existing shareholders.

‘There can be no guarantee that sufficient additional financing is available in a timely manner, and the absence of additional financing would have the effect that the Company will be unable to continue operations,’ SeaBird Exploration said.

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Shares of OYO Corporation last traded at 1610JPY, representing a move of -0.43%, or -7JPY per share, on volume of 23,300 shares.

After opening the trading day at 1620JPY, shares of OYO Corporation traded in a close range. OYO Corporation currently has a total float of 27.08 million shares and on average sees shares exchange hands each day.

The stock now has a 52-week low of 1005JPY and high of 1629JPY.

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Effectively Matching Seismic to Wells in the Depth Domain

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With the global sulfur cap on marine fuel set to fall to 0.50 percent in 2020, PAO Sovcomflot (SCF Group) says the most effective global solution for future vessels to comply with the new rules is to switch to using liquefied natural gas (LNG) bunkers, the Russian tanker owner has told Ship & Bunker.

“As of 2017, all the vessels owned and operated by SCF Group already comply with international sulfur emissions regulations (revised MARPOL Annex VI) that will come into force in 2020,” said SCF Group, adding that this is achieved via the fact that its fleet is capable of using compliant fuel once the new regulations come into effect.

“When it comes to future vessels, SCF Group believes the most effective global solution is switching to LNG as an alternate fuel, which allows a reduction of all the necessary kinds of emissions at once.”

As Ship & Bunker reported in April, SCF Group, under its joint “Green Funnel” project with Shell Gas & Power (Shell), has placed an order for four 114,000 DWT LNG-powered newbuildings from South Korea’s Hyundai Heavy Industries (HHI), which are slated for operation beginning in Q3 of 2018.

“As the world’s leader in the Aframax tankers, SCF Group is pioneering the conversion of this class of vessel, commonly regarded as the workhorse of the global tanker industry, to LNG as the principal fuel,”

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Petronas subsidiary PC Vietnam will relinquish blocks 01 and 02 in the Cuu Long basin offshore southern Vietnam on Sept. 9.

At that point, the 26-year-old production-sharing contract (PSC) for the blocks will have expired, with the Vietnamese subsidiary also ceasing operations in accordance with the contract terms.

This was Petronas’ first international venture.

“We have come a long way since our entry into Vietnam in 1991, which was an important first step at the beginning of our globalization journey,” said the company’s President and Group CEO Datuk Wan Zulkiflee Wan Ariffin.

The company continues its upstream production activities for blocks 102 and 106 in the Song Hong basin, north Vietnam, via Petronas Carigali Overseas.

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