Reuters: PGS says market stays strong after Q4 profit jump.
"PGS, which conducts seismic surveys for the oil and gas industry, reported operating profit of $117.5 million for October-December, up from $16.9 million in the same quarter a year earlier." ...
"PGS's report followed forecast-beating fourth-quarter results on Feb. 8 from smaller Norwegian rival TGS-Nopec and last month from the world's biggest oilfield services group, Schlumberger, whose Western Geco unit is a competitor."
Press Release: RXT to invest USD 29 mill. in I/O seismic equipment.
"The multi component seismic company Reservoir Exploration Technology ASA (RXT) announced today a purchase order valued at approximately USD 29 million for its fourth VectorSeis Ocean seismic system from the seismic solutions provider Input/Output Inc. (I/O)."
Press Release: Contract with BP in the Caspian Sea.
"The multi component seismic company Reservoir Exploration Technology ASA (RXT) has received a contract award from BP for a survey in the Caspian Sea."
Press Release: New Seismic Contract in the Middle East Awarded to Fugro.
"Al-Khafji Joint Operations is a joint venture between the Aramco Gulf Operations Company Limited and Kuwait Gulf Oil Company (K.S.C.), at Al-Khafji, Saudi Arabia, for oil and gas exploration, development and production in the KJO Offshore area."
AP: TGC Industries 4Q Profit Falls.
"Shares of TGC Industries Inc. plummeted Monday morning after the provider of seismic data services to the oil industry reported a 22.8 percent dip in fourth-quarter earnings that were hampered by a large tax expense." ...
"Looking ahead, TGC President and CEO Wayne Whitener noted that five crews ‘were significantly impacted by inclement weather during the second half of December ... (which) continued into the first quarter of 2007 and will adversely affect our results.’"
An offshore oil and gas production platform in the Niger delta, Nigeria --
From yesterday's paper --
WSJ (subscription): Soaring Energy Use Puts Oil Squeeze on Iran.
"Iran sits on one-tenth of the world's known oil supplies but is using so much energy these days it may start rationing gasoline as soon as next month."
AP: Polar bear, walrus protection sought.
"Two conservation groups sued the federal government Tuesday, claiming regulators are not doing enough to protect polar bears and walruses against the combined threat of energy exploration and global warming."
PR Newswire: Initial FireFly Seismic Survey Completed for BP.
"This was the first project involving the FireFly field station units (FSUs) and VectorSeis digital, full-wave sensors included in the previously announced, multi-year program involving Apache, BP, and Seismic Equipment Solutions."
Houston Business Journal: OYO Geospace shares climb on higher earnings.
"The Houston-based seismic data equipment manufacturer announced net income of $7.8 million, or $1.30 a share, on revenue of $44.8 million for the first quarter, ended Dec. 31, compared with net income of $1.3 million, or 22 cents a share, on revenue of $21.9 million a year earlier."
Press Release: Two Seismic Vessels Begin Survey Work Offshore New Zealand.
"Two seismic vessels are collecting approximately 10,000 km of seismic data in New Zealand waters over the summer season in a multi-permit program. Both ships Pacific Titan and Duke are working for newly-merged CGGVeritas, now the world's largest seismic provider."
Press Release: CGG Veritas Extends Charter for Seismic Research Vessel.
Houston Chronicle: Oil explorers and producers confront 53% increase over the past two years.
"That means companies are getting less and less bang for the bucks they put into exploration and production, despite high commodity prices. And with oil well below last year's $76.70 record -- closing at $57.81 on Monday -- companies may consider delaying, if not canceling, some projects."
Dow Jones Newswires: IEA Ramps Up 2007 Global Oil Demand Forecast on China.
"The IEA said Chinese oil demand this year is now expected to grow by 6.1% ... compared from a previous forecast of 5.4% growth. The agency also warned that barring a global economic slowdown, oil demand growth will again outpace the growth in new oil supplies in three years as in 2003-04. "
International Herald Tribune: Chevron may bid for Yukos assets.
"If confirmed, Chevron's participation could put a patina of legitimacy on an auction that critics said amounted to little more than fencing stolen Yukos assets."
AP: New Khodorkvosky Charges Detailed.
"Prosecutors on Monday filed new money laundering charges against Khodorkovsky and Lebedev in what their defense lawyers said was a new effort to keep the tycoon behind bars beyond next year's presidential elections."
WSJ (subscription): Is It Time for a New Tax on Energy?
"Forty of 47 economists who answered the question said the government should help champion alternative fuels.... A majority of the economists said a tax on fossil fuels would be the most economically sound way to encourage alternatives."
Upstream: Pemex boosts January output.
"Mexican state oil monopoly Pemex said today its crude oil production rose to 3.153 million barrels per day in January, up 6% from December, as it fixed technical problems at its Cantarell oilfield."
New Technology Magazine: Rock Solid Images Kicks Off Phase Two Of Lithology And Fluid Prediction Project.
"Rock Solid Images has announced a successful start to the Lithology and Fluid Prediction Project, Phase 2 (LFP2). With commitments from over a dozen major exploration and production companies for this three-year project, the LFP2 project was initiated with open enrollment concluding in April."
CNN: Militant leader warns -- 'We will destroy lives'.
"‘We are telling all expatriates to leave Nigeria, not only the Niger Delta, but to leave Nigeria. We will take lives, we will destroy lives, we will crumble the economy,’ he said."
Bloomberg: Kidnapped Chinese Workers Freed in Nigeria, in Good Health.
"Nine employees of the China National Petroleum Corp. were freed this morning by Nigerian kidnappers and have been taken to the company's office in the southern city of Port Harcourt, a Bayelsa state government official said."
Petroleum News: Shooting seismic from floating ice. Technical and logistical difficulties offset the potential benefits of acquiring arctic offshore seismic in the winter.
"The potential advantages of conducting seismic operations from winter sea ice are motivating Shell to research the feasibility of shooting seismic from floating sea ice in relatively shallow water in the Beaufort Sea." ...
"Overall, shooting seismic from floating sea ice offers some appealing benefits but seems considerably more difficult than it might at first appear."
Houston Chronicle: Chavez puts squeeze on big oil.
"To quickly carry out his plans, which include the nationalization of electricity and energy companies, legislators last week voted to give him special powers over the next 18 months to decree laws on everything from national defense to oil."
UTIG: New Research Reveals Limitations of Seismic Data for Surveying Oceanic Crust.
"Seismologists ... divide oceanic crust (beneath any sedimentary material) into two basic layers: layer 2 and layer 3; layer 2 is typically subdivided further into layers 2A and 2B." ...
"‘Many researchers interpret seismic reflector 2A as the geologic boundary between the upper layer of lavas and the underlying sheeted dykes,’ said Gail Christeson, a research scientist at the Institute for Geophysics in the Jackson School of Geosciences at The University of Texas at Austin. ‘Our work shows that we can't reliably use seismic methods to map the boundary between lavas and dykes in young oceanic crust.’"
WSJ (subscription): Exxon Mobil Posts Big Profit For Year Despite 4th-Quarter Slip.
"For the year, Exxon's net income was a record $39.5 billion, up 9.3% from 2005, while revenue increased 1.9% to $377.64 billion."
AP: Lebanon assures Turkey it wants good relations despite oil, gas deal with Cyprus.
"The 200 kilometer-wide (120 mile-wide) seabed separating Lebanon and Cyprus is believed to hold significant crude oil and natural gas deposits. The Norwegian energy consulting firm PGS recently began a 3-D seismic survey to determine the volume of exploitable hydrocarbon reserves off the Lebanese coast."
