CNOOC aims to double exploration projects | Analysis: AI helps Shell usher in new era for oil and gas | Offshore Norwegian oilfield may start production within decade
January 18, 2019
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CNOOC aims to double exploration projects
China National Offshore Oil Corp. says it will invest at a record level to double oil and natural gas exploration projects and proven reserves by the middle of the next decade. The state-owned offshore explorer, likely to release details Wednesday, will probably boost its gas reserves, but it may have a difficult time reaching its oil target, consultancy Wood Mackenzie says.
Reuters (1/18) 
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Geophysical Technology News
Analysis: AI helps Shell usher in new era for oil and gas
Artificial intelligence has become an integral part of Royal Dutch Shell's business strategy, helping it streamline operations, improve safety and efficiency, and transition to a greener future, writes Bernard Marr. Shell is implementing AI tech such as reinforcement learning at each step of the oil and gas supply chain, seeking reduced gas extraction costs, better response to shifting power demand and fewer service station hazards.
Forbes (1/18) 
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Industry Update
Offshore Norwegian oilfield may start production within decade
Oil production at the Arctic Wisting discovery off the Norwegian coast may start within 10 years, an OMV senior executive says. The Austrian company and its partners plan to initially invest between $4.7 billion and $5.9 billion to develop the Barents Sea field, which is farther north than any other Norwegian discovery.
Reuters (1/16) 
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Pertamina aims to sign Indonesian oil block production deal
Indonesian-owned Pertamina, which intends to operate the country's Rokan oil block on Sumatra after Chevron's contract ends in 2021, says that it expects to sign a production-sharing agreement this month. The 6,000-square-kilometer block, which includes 96 fields, produced 209,400 oil barrels per day in 2018, down 6% from the previous year.
Reuters (1/17) 
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Bureau Veritas to conduct inspections at Norwegian Sea oil, gas field
Bureau Veritas says it will provide inspection services for Neptune Energy's $1.2 billion Fenja oil and natural gas project off Norway's coast in the Norwegian Sea over the course of a four-year contract. Neptune, which operates Fenja and has a 30% stake in it, estimates the field contains 100 million oil equivalent barrels and expects to start producing oil there in 2021.
Rigzone (1/17) 
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EIA lowers natural gas price forecasts amid growing output
US benchmark Henry Hub natural gas spot prices may average $2.89 per million British thermal units in 2019 and $2.92/MMBtu in 2020, down from $3.15/MMBtu in 2018, the Energy Information Administration projects. The Appalachian Basin, Permian Basin and Haynesville Shale will continue to fuel record dry gas production, the EIA added, with expected output levels of 90.2 billion cubic feet per day in 2019 and 92.2 bcfd in 2020, up from 83.3 bcfd in 2018.
U.S. Energy Information Administration (1/17) 
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Institutes and Academia
Microbes found hidden in deep-sea dolomite crystals near Japan
Microbes have been found living under extreme conditions inside crystals deep in the ocean off the western coast of Japan, according to findings presented at the American Geophysical Union conference last month. The crystals contained grains of dolomite, within which the microbes were detected.
LiveScience (1/17) 
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SEG News
Start 2019 off with a free webinar on voodoo geophysics
Join Gregory Hodges, senior geophysicist at Sander Geophysics, for "Voodoo geophysics" Jan. 23 at 8:30 a.m. CST. Geophysics thrives on innovation. New science should be actively encouraged. But many millions of exploration dollars are wasted and much damage is done to the business of exploration and the reputation of geophysics by ineffective or bogus techniques. Geophysicists need to be the gatekeepers for their organizations: to recognize voodoo geophysics and to be able to warn colleagues and advise their superiors with logical explanations of often-illogical, but inviting, sales pitches. This webinar will give attendees awareness and key factors to look for when assessing innovative new technologies and/or contractors for sound geophysics. Register now.
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Now accepting abstracts for GEO Expo 2020
Plan ahead and present your ideas at GEO Expo 2020, March 16-19 in Bahrain. Abstracts for the 2020 show are due almost a year in advance -- the submission deadline is March 28. The GEO Exhibition and Conference has been at the forefront of petroleum geoscience for 26 years, hosting major NOCs, IOCs, manufacturers, technology providers, and service companies who all play an active role in global energy. Join the conversation and learn more about GEO 2020!
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I liked being half-educated; you were so much more surprised at everything when you were ignorant.
Gerald Durrell,
naturalist and television presenter
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