Seis News

 

 

 

 

• Carnarvon’s technical work provides strong evidence of additional economically recoverable oil
• New technology has been instrumental in unlocking the opportunity to redevelop the oil field
• An independently assessed volumetric estimate will be reported in August 2017

Carnarvon Petroleum Limited (“Carnarvon”) (ASX:CVN) is pleased to provide the following update (also refer to earlier updates on 15 May 2017 and 23 June 2017) on its 100% held Buffalo project in WA-523-P.

Carnarvon has now completed an extensive body of technical work around the Buffalo oil field. There is strong evidence the original field development did not produce all of the economically recoverable oil. This was due to imperfect seismic imaging and mapping, which led to suboptimal well placement and significant areas of unswept oil. Of note, in 2004 those wells were still producing approximately 4,000 barrels of oil per day when production ceased.

The application of Full Waveform Inversion technology (“FWI”) has produced greater clarity around the Buffalo oil field reservoir. Carnarvon contracted DownUnder GeoSolutions to utilize their 5.5 petaflop “Bruce” computer (currently the most powerful computer in the Southern Hemisphere, equivalent in raw computer power to approximately 55,000 Intel i7 PCs) to perform this work. This technology and computing power was not available at the time the field was last in production.

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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has threatened to embark on a nationwide strike if some industrial issues, especially anti-labour practices by some employers in oil and gas industry, were not addressed within 21 days.

The senior staff trade union issued the ultima-tum after its Central Working Committee (CWC) meeting in Abuja. According to a statement signed by the National Public Relations Officer, PENGASSAN, Fortune Obi, the 21-day ultimatum to stakeholders in the oil and gas industry became necessary due to persistent anti-labour practices by management of some companies in the sector.

The association, therefore, called on relevant stakeholders to address issues of concern affect ing its members within the stipulated days to avert the consequences of its next line of action. “PENGASSAN, in the last three years, has not only been excessively stretched, but equally unnecessarily over-burdened and is fast running out of patience over the loss of will by various managements to attend to industrial/ welfare issues.

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Three disruptions that are redefining the role of HR in oil and gas

During the last decade, the oil and gas industry experienced a sense of resource scarcity, leading to high oil prices for most of the period. Combined with globalization, this led to a global “war for talent” and the creation of centralized technical functions that could deploy scarce talent around the globe. The move toward centralization accelerated with the increased focus on risk and compliance prompted by the Texas City and Macondo incidents. In a system of centralized decision making, change requires clear mandates from the top, typically through leadership-driven change programs.

However, three fundamental changes are disrupting the oil and gas industry, with significant implications for industry players:

• Resource abundance and the need to be prepared for a sustained period of lower oil prices and a focus on cost, efficiency, and speed. Traditional talent is no longer scarce, exploration capability is less of a differentiator, megaprojects are not the only way to grow, and market opportunities may only be economical for the earliest movers in a basin. Meanwhile, conventional, deepwater, unconventional, and renewable assets each require a distinct operating model that cannot be delivered optimally from a single corporate center.
• Profound technological advances are disrupting the old ways of working and enabling step changes in productivity. Automation is replacing workers (including knowledge workers) on a large scale, and the jobs that remain require increased human-machine interaction. As more devices connect to the cloud, data generation continues to grow exponentially. This explosion of data—combined with advanced analytics and machine-learning tools—lets companies fundamentally reimagine how and where work gets done.
• Demographic shifts mean that employees are demanding changes in the working environment and expressing concerns about the role of oil and gas companies in society. Millennials will soon constitute the majority of the workforce in developed markets, and have already started their climb into management and executive roles. These digital natives bring their own expectations regarding technology, collaboration, pace, and accountability. At the same time, a well-educated, globally competitive talent base has grown rapidly in emerging markets.

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Focus on Brazil: Spectrum’s geoscientists discuss how the evaluation of 16,000 km of modern, high quality, long-offset 2D seismic data, acquired by Spectrum in 2014 over the Sergipe Alagoas Basin, has confirmed the extension of a turbidite channel system into open acreage offered in the ongoing licensing Round 14. First published in Geo ExPro, May 2017.

This channel system has been proven to contain several billion barrels of reserves from recent exploration programmes, including the Barra, Muriu and Farfan discoveries. Integration of derived seismic attributes and potential field data has resulted in a better understanding of the main elements of the petroleum system, allowing for the identification of multiple untested play types. This evaluation demonstrates that the undrilled potential offshore Sergipe may surpass the discovered resources to date.

The long-offset 2D seismic data was processed through pre-stack time migration using conventional techniques, and through pre-stack depth migration using both conventional and broadband processing techniques. The application of these two technologies resulted in seismic data with a vertical resolution as fine as 5–10 m, allowing identification of additional levels of interest which are mostly beyond seismic resolution in the conventionally processed seismic data.

 

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SeaBird Exploration is pleased to announce that it has entered into an option agreement with TGS Nopec to provide up to 600 vessel days of seismic services. The agreement offers TGS access to one or more SeaBird vessels to perform seismic services on a global basis. Call-off under this option agreement may be made by TGS at its option throughout 2017 and the agreement will be extended through 2018 under certain conditions.

 

 

 

 

 

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SBGF Brazil

FairfieldNodal will participate in the 15^th International Congress of the Brazilian Geophysical Society & EXPOGEf, 31 July – 3 August, 2017.  Experts in the acquisition of deepwater data around dense infrastructure, we will have representatives onsite to present and discuss our suite of ocean bottom node acquisition technology, including our proprietary ZXPLR, Z3000 and ZLoF systems, as well as our experience with the unique imaging techniques required to meet the challenges of the pre-salt imaging conditions common in this region.

See all the action from #URTeC2017, URTeC photo album.

Can you identify yourself in any photo’s?

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Venezuela is sliding closer and closer toward the brink, and things look as if they’ll get worse, unfortunately, before they improve.

A country that boasts the largest proven oilfield in the world should not be facing such dire food and medicine shortages, not to mention rampant protests and violence in the streets. But that’s what happens when far-left, authoritarian socialist regimes threaten to dissolve economic freedom, the rule of law and democracy itself.

As you might have heard, Venezuelans will be participating in an election this Sunday that could permanently amend the country’s constitution for the worse. Depending on the outcome, President Nicolas Maduro is poised to become the world’s next absolute dictator.

On Wednesday, the U.S. Treasury Department issued economic sanctions on 13 current and former Venezuela government officials in an effort to encourage Maduro to drop the election, which—let’s be honest—is likely rigged in his favor. According to Transparency International, Venezuela is among the most corrupt countries on the planet,ranking 166 out of 176 in 2016.

So why am I telling you this? Again, Venezuela sits atop the world’s largest proven oil patch. Crude accounts for roughly 95 percent of its export earnings. If Maduro does not relent, the U.S. could very possibly target the country’s oil industry next.

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SBGf and EXPOGEf	31 Jul – 3 Aug 17	Rio de Janeiro	Link
	3 Aug 17	Q2-17 Financials	Link
	4 Aug 17	Q2-17 Financials	Link

 

French energy firm Total SA is reportedly in talks with Myanmar to supply liquified natural gas to Yangon.

An article in the Bangkok Post quoted general manager of Total E&P Myanmar Mr Xavier Preel as saying the company is also con-sidering building a power plant in the country.

“We are quite confident that Myanmar will develop in a big way,” said Preel. “Access to electricity is the most important economic factor to Myanmar,” he said, adding that there can be no economic development without investment in energy.

Total has operated in Myanmar since 1992 and already produces gas from the Yadana field off the country’s west coast.

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