Mexico releases terms for oil auctions in Sept., Oct. | Occidental Petroleum, White Energy team up on carbon capture project | Platform supply vessel gets hybrid power system
June 20, 2018
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Mexico releases terms for oil auctions in Sept., Oct.
Mexico has released the bidding terms for the auction of 37 onshore blocks in September and the awarding of seven joint ventures with Pemex in October. Minimum additional royalty payments will range from 2.5% to 5% in the Sept. 27 auction, and six of the seven ventures to be offered in October will require an additional 15% royalty payment, while the seventh will require a 6% payment.
Reuters (6/19) 
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Geophysical Technology News
Occidental Petroleum, White Energy team up on carbon capture project
Occidental Petroleum is assessing the feasibility of a carbon capture project that would involve capturing carbon dioxide from White Energy's ethanol plants in Plainview and Hereford, Texas, and using it to boost oil production. The project could become operational in 2021 if the two companies decide it can be done.
Houston Chronicle (tiered subscription model) (6/19) 
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Platform supply vessel gets hybrid power system
A hybrid power system that uses battery technology to improve electrical power use has been installed on Seacor Marine's Seacor Maya platform supply vessel in the Gulf of Mexico. "We have long believed that cutting-edge hybrid power technology has the potential to improve vessel efficiency, while reducing fuel consumption and emissions by as much as 20%," said John Gellert, CEO of Seacor Marine.
Upstream (subscription required) (6/19) 
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Oil companies expand use of hydraulic fracturing beyond US
Major oil companies that have succeeded with hydraulic fracturing in the US are using the technology in other countries such as Oman, Argentina and Russia. Companies are moving ahead with projects they can start and stop quickly depending on market conditions.
The Wall Street Journal (tiered subscription model) (6/19) 
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Industry Update
Lack of financing deters small shale producers in Argentina
High costs and the lack of financing and infrastructure are discouraging small companies from developing shale deposits in Argentina, sources say. Retama Argentina and Vista Oil & Gas are the only small producers in western Argentina's Vaca Muerta, considered the second-largest shale gas development in the world.
Reuters (6/19) 
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Oil output in Norway declines in May
Norway's oil production dropped to approximately 1.3 million barrels per day in May, the lowest level since September 2012. The Norwegian Petroleum Directorate attributed the decline to technical problems and maintenance requirements at oilfields.
Reuters (6/19) 
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N.M. oil, gas lease sale posts strong results
New Mexico's latest oil and natural gas lease sale has generated nearly $5 million, pushing earnings for the fiscal year to date to almost $107 million, higher than the record $102 million in fiscal year 2012, according to the New Mexico State Land Office.
The Associated Press (6/20) 
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Institutes and Academia
Ancient volcanic activity created formation on Mars, study says
Explosive volcanic activity on Mars more than 3 billion years ago formed the Medusae Fossae Formation near the planet's equator, a study says. Researchers used data collected by spacecraft to measure the porous formation's density.
CNET (6/18) 
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SEG News
Deep discounts of 50% are offered through June 30
Take advantage of special pricing now through the end of the month. Books on sale are "AVO" on USB by John Castagna; "Hydrocarbon Seepage: From Source to Surface" by Fred Aminzadeh, Timothy Berge and David Connolly; and "Multicomponent Seismic Technology" by Bob Hardage, Michael DeAngelo, Paul Murray and Diana Sava. What are you waiting for? Start shopping.
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Achieve success in the development of unconventionals
Get answers to questions related to Maximizing the Value of Geophysics in Unconventional Resource Plays, Oct. 2 to 4 in Dubai, UAE. Cost-efficient practices, along with technological advancements in drilling and completion, are key enablers for obtaining economies of scale and achieving success in the development of unconventional resources. Learn more.
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