A Seismic Shift
to jointly work on the identification and classification of CO2 storage reservoirs and develop new Carbon Capture and Storage (CCS) technologies.A few days later, TGS announced a collaboration with oilfield services giant Halliburton to bring advanced seismic imaging to fiber optic sensing to help oil firms boost output rates, but also explore carbon storage options, such as carbon storage monitoring, in another proof that the whole oil industry has taken note of the blowing energy transition winds.Talking about winds, TGS in August announced its involvement in the growing U.S. offshore wind market
As Big Oil Pushes into Offshore Wind, Seabed Lease Prices Will Rise
The world's largest offshore wind developer Orsted is concerned that Big Oil's eagerness to harness wind at sea could push up prices for seabed leases, making the technology less competitive, its chief executive told Reuters.European oil firms including Total, BP, Equinor and Shell have all outlined plans to speed up investments in renewables, including offshore wind, as they look to reduce their reliance on oil and gas to satisfy investors and governments which are demanding reductions in emissions."Short term we have seen it already, and it's a real and genuine concern," Orsted
Norway Eyes Sea Change in Deep Dive for Metals Instead of Oil
off Japan in 2017."It sounds fantastic to go deep for minerals, but remember what the oil and gas industry has achieved over the last 50 years, and you can stand on the shoulders of it," said Walter Sognnes, chief executive of start-up LOKE Marine Minerals and a former co-founder of several oil firms.(Additional reporting by Yuka Obayashi; editing by Gwladys Fouche and Jason Neely
Exxon Taps Ocean Infinity to Survey the Stabroek Block
block by 2025, ExxonMobil has said.In late January, the supermajor announced its 16th discovery at the Stabroek Block as it continues to search for, appraise and develop resources within the closely watched region, which is seen as a new frontier for offshore oil exploration and production.Global oil firms are preparing to spend more than $53 billion in the Stabroek Block during the coming decade, according to Rystad Energy
Norway Plans North Sea Power Grid
venture Serene Onshore will notify Norway's energy regulator about its plans this week. However, BKK officials said it could take more than a year to make a formal application, with construction potentially starting in 2023."We are in a very early stage, but we've started a dialogue with oil firms to let them know about such an option," a BKK official, who did not wish to be named, said.The company was considering several options for a potential offshore power supply hub, including at Equinor's Oseberg and Wintershall Dea's Brage fields.About 80% of emissions by Norway's
TGS Remains Upbeat as Shares Drop
Oslo-listed seismic surveyor TGS fell more than 10 percent after reporting disappointing third-quarter results on Thursday, as oil firms were still too cautious to spend despite a raft of upbeat earnings.TGS, which maps the seabed in search of hydrocarbon deposits for oil firms, reported quarterly operating profit of $24 million, down from $26 million a year ago and missing a forecast of $37 million returned by a Reuters poll.While oil companies like Shell, BP and Total are reporting bumper profits in the third quarter, they are keen to control costs, so their suppliers are yet to reap the benefits
PGS Below Q2 Expectations but Outlook Improves
and a half years the seismic firm is reporting positive operating profit."We are on track to be cash flow positive after debt servicing this year," PGS said in the statement.PGS raised its 2018 MultiClient cash investments, which means collecting seismic data which later on could be bought by oil firms in upcoming licence rounds, to approximately $300 million from $275 million previously.Approximately 65 percent of active 3D vessel time is expected to be allocated to MultiClient data acquisition and the rest in contract seismic.PGS has an active fleet of eight vessels while six are in lay up
Oil Exploration Is Ramping Up Off Norway
Oil firms are expected to drill 40-50 exploration wells off Norway this year compared to 36 wells drilled the previous year, the Norwegian Petroleum Directorate said on Thursday.The Norwegian continental shelf still held an estimated 4 billion cubic meters (25.2 billion barrels) of oil equivalents in undiscovered petroleum resources, with two-thirds located in the Arctic Barents Sea, it added.Half of estimated undiscovered resources in the Barents Sea, however, are located north of the areas opened for petroleum activities, and it's unclear when oil firms can get access to them.(Reporting by
Unmanned Vehicles May Soon Take Up Residency Subsea
living subsea, in “garages” or docking stations, could also reduce wait-on-weather time, operations costs in harsh conditions, and health, safety and environmental issues. It could also mean the ability to collect more data and mean faster response time. Another driver is the move by oil firms into ever deeper waters.What’s Been Done?It’s not a new concept. French subsea robotics firm Cybernetix, now part of TechnipFMC, developed the Swimmer concept – a shuttle to deliver a work class ROV to a docking station subsea – and then the ALIVE (autonomous light intervention
February 2024
