SeaBird Exlporation has posted a boost in revenue despite sustained low oil prices and weak market sentiment for exploration. The company said revenue was boosted by 19% compared with the second quarter of the year. Four vessels are currently active in operation on the Mexico Gigante survey and the Aquila Explorer is scheduled to join during the first quarter.
The Oil and Gas Authority (OGA) has completed the first stage of the UK Government’s £20million seismic campaign. The industry regulator said 20,000km of high-quality data had been acquired in under explored areas of the UKCS. The programme was completed by Schlumberger company, WesternGeco,on October 11th with almost 20,000km of new 2D seismic lines acquired over an area of 200,000km.
Metgasco has signed a contract with Terrex to acquire new seismic in its Northern Rivers petroleum exploration licence in Australia. The program is expected to take about four days to complete and has already been given the approval of the New South Wales government. The purpose of the seismic program is to provide more definition of the northern extent of the Greater Mackellar conventional / tight gas exploration prospect.
Electromagnetic Geoservices (EMGS) has signed a multi-client acquisition agreement with the Directorate General of Hydrocarbons (DGH) in India. The agreement grants EMGS a two year permit to acquire 3D EM data within a 325,000 square km area off the west coast of India. It will cross eight different tectonic provinces from Kutch-Saurashtra in the North to Ratnagiri in the South.
Weak global seismic market demand and a downturn in the sector caused survey specialist Seabird Exploration's revenue to drop by more than half in the second quarter of this year, leading to a $6.5million loss.
Schlumberger has expanded its Gulf of Mexico seismic data portfolio by launching a new survey in the Campeche basin. The survey offshore will cover an area of 80,000sq km and will be carried out using two fleets of WesterGeco vessels. Maurice Nessim, president at WesternGeco, said: “Building on our experience in the US Gulf of Mexico, we are focused on collaborating with customers to understand and prioritize the hydrocarbon potential in the Mexican waters of the Gulf.
Polarcus has seen revenues drop by a third since the second quarter last year to $91.7million. The seismic player said gross cost of sales was $61.6million, which was a decrease of 27% from the same time in 2014. Polarcus said the seismic market has remained “highly competitive” and the “outlook uncertain” but it had moved quickly earlier in the year to focus on its business fundamentals.
PGS (Petroleum Geo-Services) has commenced operation of a multi-client 2D seismic program in Mexico. The company said the two 2D vessels, Atlantic Explorer and Sanco Spirit, will acquire multiple projects which have been approved by the Mexican government.
Lukoil has finished its 2D seismic survey at Block 10 in southern Iraq. The seismic survey began in April 2014 and covered 2,000 kilometres and the data will now be processed and interpreted to identify promising sites for exploration drilling. The mandatory geologic exploration program at Block 10 has a five-year time frame with a potential two year extension and includes drilling one exploration well in addition to the 2D sesimic survey.
CAMAC Energy has completed its onshore seismic acquisition on blocks L-1B and L-16 in Kenya. The 2D seismic programme was conducted by BGP Kenya and covers 700 kilometres on L-1B and 325km on L-16. The objective of the acquisition is to identify potential exploration targets in the Paleozoic, Jurassic, Cretaceous, and Middle to Lower Tertiary sections, which are known to be oil-bearing in the East Africa region.
Camac Energy Inc has been awarded a contract for the acquisition of a 3D seismic survey to Polarcus Limited. The survey will cover approximately 1,504 km2 in the Company’s A2 and A5 blocks offshore Gambia. The objectives of the seismic survey are to enhance the definition and maturation of potential prospects in the blocks and provide high-quality sub-surface images that allow high-resolution characterization of reservoirs.