Magseis: Seismic Survey Market to Surpass $1.2 Bln in 2018
Norway's Magseis, which maps out the seabed for oil and gas deposits, expects the global seismic market to grow in 2018, its CEO, Per Christian Grytnes, said on Wednesday. "We are fairly confident that we will see firm growth in 2018," Grytnes said during an oil conference. "We are on tender for an extension contract with Saudi Aramco in the Red Sea. I think we are well-positioned ... We are optimistic," he later told Reuters. "We expect the total market in 2018 to be above $1.2 billion." "With obvious technology driving down the cost... we see an uptake
Statoil Looks to the Arctic to Increase Exploration off Norway
year would be permanent, Jez Averty, Statoil's head of exploration for Britain and Norway said: "We believe that it is lower (this year) than in the years to come." "We're looking to the 23rd round to trigger an uptick in activity for us," he said on the sidelines of an oil conference. The so-called 23rd round is an Arctic-focused oil licensing round, set to open unexplored acreage in the Barents Sea in the Arctic, closer to the country's border with Russia. The awards are expected to be announced before July. "This gives us the opportunity to chase
Angola: Tender for 12 Offshore Oil Blocks
, a Sonangol spokesman told Reuters. Angola is Africa's biggest oil producer after Nigeria, with international majors such as France's Total, Italy's ENI, Britain's BP, and U.S. firms Chevron and Exxon Mobil among the main operators in the country. Angop cited Vasconcelos, who was speaking at an oil conference in Moscow, as reiterating Angola's goal of ramping up production to 2 million barrels per day (mbpd) by 2015, from an average of 1.73 mbpd last year. Angola depends on oil production for around 45 percent of its economic output and wants to increase crude production and offset declines at
Total Moves Ahead Offshore Angola
could recover 90 percent as much oil at a fraction of the cost. Cutting Costs to Survive "If we are not able to do something about costs as an industry, not only oil companies but all of the supply chain, we may have to suspend or maybe cancel projects," Total's Breuillac told an oil conference last week. "If we start postponing projects, this means this oil will be missing 10 years from now," he added. "You'd get into what we've had so often in our industry: an increase in oil prices that could be detrimental to the world economy." Total is already the
February 2024
