Month: October 2017

Halliburton profit spikes in 3Q | Offshore Energy Today

Halliburton profit spikes in 3QDriven by North American market, oilfield services provider Halliburton recorded a significant increase in its profit and revenues for the third quarter of the year compared to the prior-year period. In its financial report on Monday, Halliburton posted a $365 million net profit attributable to Halliburton for the third quarter of this year, a significant increase from the profit of $6 million made in the corresponding period of 2016.Further according to the report, Halliburton’s revenues during the third quarter 2017 rose to $5.4 billion from $3.8 billion in the same period of 2016.“We had a strong quarter and I am very pleased with our results. Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment,” remarked Jeff Miller, President and CEO.“Total company revenue was $5.4 billion, representing a 10% increase compared to the second quarter of this year. Total operating income was over $630 million, primarily driven by continued strengthening of market conditions in North America and improved profitability in our Drilling and Evaluations product lines.”Namely, Halliburton’s North America revenue in the third quarter of 2017 was $3.2 billion, a 14% increase sequentially, relative to a 6% increase in average U.S. rig count.International revenue in the third quarter of 2017 was $2.3 billion, a 4% increase sequentially, resulting primarily from increased activity across multiple product services lines in Latin America, and increased pressure pumping services and drilling activity in the Eastern Hemisphere.Offshore Energy Today Staff

Source: Halliburton profit spikes in 3Q | Offshore Energy Today

ION shoots Panama’s first seismic in 30 years | Offshore Energy Today

ION shoots Panama’s first seismic in 30 yearsSeismic survey company ION Geophysical has informed that a new 2D multi-client program offshore Panama is in progress.Supported by industry funding, this is the first seismic survey acquired there in approximately 30 years.The survey is designed to provide the framework to evaluate the hydrocarbon potential of this unexplored area ahead of the anticipated inaugural license round.According to ION, following a 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 company said.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. Today, through the use of new and more sophisticated techniques, it is possible to identify prospective areas that previously were not considered economically viable, such as deep water deposits and/or those that are geologically more difficult to locate.“The initiation of this seismic survey will provide high-value information to help assess Panama’s oil and natural gas prospectivity. We value the geological and geophysical expertise ION is providing to this process and are confident they will deliver the products and understanding required for proper evaluation. We look forward to working with them throughout this process.”“The unique survey design will provide a better understanding of the hydrocarbon potential offshore Panama,” commented Joe Gagliardi, SVP of ION’s Ventures group. “We will deliver the highest quality products and geologic insight to properly evaluate the exploration potential offshore Panama that our clients have come to expect from BasinSPAN programs.”

Source: ION shoots Panama’s first seismic in 30 years | Offshore Energy Today

Creditors accept CGG’s restructuring plan | Offshore Energy Today

Creditors accept CGG’s restructuring planU.S. creditors of the French geophysical player CGG have accepted the company’s proposed restructuring plan under Chapter 11 of the U.S. bankruptcy law as the company is working to reduce its massive debt. The French company informed on Monday that all creditors entitled to vote on the Chapter 11 plan proposed in the Chapter 11 cases started on June 14, 2017, in the US Bankruptcy Court for the Southern District of New York by CGG SA’s 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group’s funded financial indebtedness, had accepted the plan overwhelmingly.Specifically, CGG said, all holders who have cast ballots in respect of the secured loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the senior notes, voted in favor of the plan.Prior to the approval by the U.S. creditors, CGG in late July received an approval of the creditors involved in the French safeguard.At the end of the second quarter of 2017, CGG’s gross debt was $2.812 billion. Available cash was $315 million and group net debt was $2.497 billion. The company’s restructuring plan entails full conversion of unsecured debt into equity and raising up to $500 million of new money through a $125 million rights issue and the issuance of $375 million of new secured second lien senior notes with a six-year maturity.CGG CEO, Jean-Georges Malcor, explained in July that the plan would result in a $2 billion net debt reduction and would provide the necessary liquidity to support the company’s turnaround.Following this latest approval, the next step will be the approval of the financial restructuring plan at the shareholders’ Extraordinary General Meeting at the end of October.Offshore Energy Today Staff

Source: Creditors accept CGG’s restructuring plan | Offshore Energy Today

Chevron, Woodside acquire blocks offshore Australia | Offshore Energy Today

Chevron, Woodside acquire blocks offshore AustraliaAustralian entity of oil major Chevron has acquired exploration interests in three offshore blocks located in the Northern Carnarvon Basin off Western Australia.Chevron Australia said on Thursday that it acquired an interest in blocks WA-528-P, WA-529-P, and WA-530-P which cover 23,170 square kilometers. The three blocks are located some 220 km northwest of Dampier off the coast of Western Australia.The company added that, through its affiliate, Chevron would be the operator with a 50 percent interest while Woodside Energy would hold the remaining 50 percent.Chevron Australia managing director Nigel Hearne said this new acreage strengthened Chevron’s position in Australia’s premier hydrocarbon basin where there is an established network of production infrastructure, including the Chevron-operated Gorgon and Wheatstone projects.Hearne added: “Offshore Western Australia is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner.“Chevron Australia has discovered around 50 trillion cubic feet of gas resources, and through collaboration, we hope to commercialize this gas through the timely and efficient use of existing equity or third-party infrastructure. This supports our position as a leading operator and long-term supplier of clean and reliable natural gas to customers in Western Australia and the region.”“Partnership is going to be crucial for ongoing investment in Western Australia’s resource sector and to maximize the value of the available resources and infrastructure for the benefits of local jobs, companies and energy security,” Hearne said.Chevron has been present in Australia for more than 60 years through its Australian subsidiaries. Apart from Gorgon, Wheatstone, and domestic gas projects, Chevron manages its equal one-sixth interest in the North West Shelf Venture along with BHP, BP, Shell, MIMI, and Woodside.

Source: Chevron, Woodside acquire blocks offshore Australia | Offshore Energy Today

U.S. weekly rig count stays flat. Down from 2016 | Offshore Energy Today

U.S. weekly rig count stays flat. Down from 2016The number of offshore rigs operating in the U.S. is down by four units last week, according to a report by Baker Hughes, a GE company.Baker Hughes Rig Count: U.S. -4 to 936 rigsU.S. Rig Count is down 4 rigs from last week to 936, with oil rigs down by two to 748, gas rigs also down by two to 187, with miscellaneous rigs unchanged at 1.U.S. Rig Count is up 412 rigs from last year’s count of 524, with oil rigs up 320, gas rigs up 93, and miscellaneous rigs down 1 to 2.The U.S. Offshore Rig Count is unchanged from last week at 22 and down 1 year-over-year. Baker Hughes Rig Count: Canada -4 to 209 rigsCanada Rig Count is down 4 rigs from last week to 209, with oil rigs down 1 to 112 and gas rigs down 3 to 97.Canada Rig Count is up 44 rigs from last year’s count of 165, with oil rigs up 25 and gas rigs up 19.

Source: U.S. weekly rig count stays flat. Down from 2016 | Offshore Energy Today

Oil and Gas: OPEC oil production grows again beyond its limit

OPEC oil production grows again beyond its limitOctober 11, 2017By The Associated PressOil production by the OPEC cartel increased again September to a level that’s beyond the limit the group had agreed on in order to push up prices. VIENNA (AP) — Oil production by the OPEC cartel increased again September to a level that’s beyond the limit the group had agreed on in order to push up prices.The Vienna-based organization said its daily output rose by 88,000 barrels during the month to 32.75 million barrels overall. Since November last year, the cartel has been trying to keep production within 32.5 million barrels.The increase was mainly due to a ramp-up in production in Libya, Nigeria and Iraq, whose output had been stymied by conflicts in earlier months. Venezuela’s production fell sharply amid its financial crisis.In its monthly report published Wednesday, OPEC also increased its forecasts for global oil demand this year and next year, mainly due to stronger growth in major economies like the U.S., Europe and China.

Source: Oil and Gas: OPEC oil production grows again beyond its limit

Chevron gives up on Great Australian Bight exploration | Offshore Energy Today

Chevron gives up on Great Australian Bight explorationChevron Australia has made a decision to discontinue the company’s Great Australian Bight exploration program.The company said on Thursday that, while the Great Australian Bight is one of Australia’s most prospective frontier hydrocarbon regions, it was not able to compete in the current low oil price environment.Chevron Australia managing director Nigel Hearne said: “We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia. We are confident the Great Australian Bight can be developed safely and responsibly, and we will work closely with the interested stakeholders to help realize its potential.”The company pointed out that this was a commercial decision and was not due to government policy, regulatory, community or environmental concerns.It is worth mentioning that the oil major was accused by the Green Party back in February of donating “tens of thousands of dollars” to the Liberal and Labor parties in Australia to “buy influence” and get support for its drilling plans offshore Australia.“We have invested billions of dollars in Western Australia to commercialize our large gas resource base through the Chevron-operated Gorgon and Wheatstone LNG and domestic gas facilities and expect to be here for decades to come,” added Hearne on Thursday.Chevron is the second oil major to give up on the Great Australian Bight after BP withdrew its environment plan submissions in December 2016 for an exploration drilling program that proposed drilling of the Stromlo-1 and Whinham-1 wells.

Source: Chevron gives up on Great Australian Bight exploration | Offshore Energy Today

Spectrum starts 2D seismic shoot off Brazil | Offshore Energy Today

Spectrum starts 2D seismic shoot off BrazilMulti-client seismic data specialist Spectrum has announced the beginning of a 6,000 km multi-client 2D seismic survey covering the Ceara Basin within the Equatorial Margins of Northern Brazil. The Ceara Basin contains sectors of the 15th licensing round. The survey is being carried out in partnership with BGP Marine.Data is being acquired with a 12,000 m streamer with continuous recording to enable extended recording lengths and high fold data to enable full interpretation from Moho to water bottom, Spectrum informed on Monday.The company also added that the data will be processed with PSTM, PSDM and Broadband products with first deliveries in 1Q 2018.Richie Miller, EVP Multi-Client Americas, comments, “We have commenced our next 2D acquisition campaign in Brazil with the BGP Challenger, starting in the prospective Ceara Basin to cover an open sector that is available in Round 15, expected to close in Q2 2018. When the survey is completed it will provide a continuous modern long-offset ten kilometer grid from the border with French Guiana to the eastern extent of the Potiguar Basin.”

Source: Spectrum starts 2D seismic shoot off Brazil | Offshore Energy Today

Fairfield Nodal dives into Trinidad survey work | Offshore Energy Today

Fairfield Nodal dives into Trinidad survey workFairfield Nodal has been hired by an unnamed client to carry out a marine seismic data program offshore Trinidad.The company on Monday said it would deploy its Z700 Ocean Bottom Node for the “large” acquisition in late October 2017.According to Fairfield Nodal, the acquisition is expected to take four months. The company did no reveal the name of the client nor the value of the contract.“FairfieldNodal’s Z700 data acquisition system is ideally suited to meet the tough environmental conditions in this region that make OBC [Ocean Bottom Cable] or streamer surveys risky. The Z700’s simplified deployment and retrieval process make navigating the difficult currents less difficult,” Fairfield said about its Z700 system.

Source: Fairfield Nodal dives into Trinidad survey work | Offshore Energy Today

Fairfield Nodal heads off Brazil for Libra survey | Offshore Energy Today

Fairfield Nodal has set off for deeper waters to acquire and process high-resolution 3D marine seismic data for the Libra consortium off Brazil.The company said on Tuesday that the Libra project was Fairfield Nodal’s first such project offshore Brazil and that it would utilize the proprietary Z3000 ocean bottom node system.The Libra consortium is led by Petrobras and includes Total, Royal Dutch Shell, China National Petroleum Corporation, and CNOOC.“The Z3000 deepwater data acquisition system is ideally suited for acquisition around the dense infrastructure and challenging pre-salt imaging conditions that make this region unique. This survey will provide the high quality 3D seismic data the operator needs to make critical decisions on the development of this field,” the company added.Offshore Energy Today reported earlier this week that Fairfield Nodal was hired by an unnamed client to carry out a marine seismic data program offshore Trinidad using the Z700 Ocean Bottom Node for a “large” acquisition.

Source: Fairfield Nodal heads off Brazil for Libra survey | Offshore Energy Today