Stale Thoughts and Broken Links

Old entries from my weblog on geophysics and the energy industry.


Bloomberg: CGG Veritas to Withdraw Vessels on Profit Drop.

"CGGVeritas, the world's largest seismic surveyor, said it will pull vessels from service and delay new deliveries after a slowdown in oil exploration projects led to a 26 percent decline in first-quarter profit."

Upstream Online: PGS eyes sales as it slashes capex.

"Norwegian seismic player Petroleum Geo-Services (PGS) today cut its capital expenditure for the year from $400 million to $350 million, adding it was looking into oppportunities to sell assets and adjust its capacity."

Trading Markets: Seitel Announces First Quarter 2009 Results.

"Revenue for the first quarter was $34.7 million as compared to $47.4 million during the first quarter of 2008. The 27% reduction in revenue was primarily driven by a $12.0 million or 44% decrease in total resales revenue from our library."

Trading Markets: Kelman Announces Q1 2009 Operating Results.

"Kelman Technologies Inc today announced a loss of $1.0 million...."

O&GJ: Migration method improves subsalt imaging.

"Spectrum ASA, Oslo, reported good results from the use of wave-equation migration in a 2D seismic dataset...."

> Riding the tail end of the curve, guys?


AP: Oil demand seen dropping at fastest pace since '81.

"In its closely watched monthly survey, the Paris-based agency said it now expects global oil demand to fall 3 percent to 83.2 million barrels a day this year, or 2.6 million barrels a day less than in 2008."

PR Newswire: ION Reports First Quarter 2009 Results.

"In response to the recent downturn in the market for ION's products and services, the Company has taken measures to reduce its cost structure. From the fourth quarter of 2008 through the end of the first quarter of 2009, the Company has reduced its headcount by 319 positions, or approximately 21% of its total employee headcount. Including all contractors and employees, the Company has reduced its total headcount by 424 positions, or 23%. In April 2009, the Company also initiated a salary reduction program that reduced employee base salaries by 12% for the Company's chief executive officer, chief operating officer and chief financial officer, 10% for all other executives and senior management, and 5% for most other employees. Additionally, the Company's Board of Directors elected to implement a 15% reduction in director fees. The Company also elected to suspend its matching contributions to its employee 401(k) plan contributions."

PR Newswire: ION Deploying FireFly to Mexico.

"ION Geophysical Corporation today announced that it had signed an agreement for the deployment of an 8,000 station FireFly system with Compania Mexicana de Exploraciones (Comesa), an oil field services company majority owned by Petroleos Mexicanos (PEMEX), the national oil company of Mexico. The FireFly system will be deployed on three projects in which ION personnel will be involved across the entire seismic workflow, including survey design, data processing and reservoir interpretation."

Reuters: PGS faces strike as union demands 11 pct pay rise.

"The strike will affect the members of Parat involved in the rigging of the vessels Sterling and Apollo from May 5, and will gradually be stepped up to include Parat members on other vessels until June 10, said PGS, which has implemented a zero percent salary increase for its top management this year."

Press Release: PGS Rides 3D GeoStreamer Wave to the North Sea.

"... PGS has brought a 3D dual-sensor seismic spread to the North Sea this spring.... The GeoStreamer completely removes the receiver ghost. The related seismic data is easier to interpret, contains greater frequency bandwidth and has better signal-to-noise ratio than conventional streamer technology."

WSJ: TGS-Nopec Upbeat About Oil Gas Sector Sales Activity.

"Geophysical company TGS-Nopec Thursday said oil and gas sector sales activity has increased since the start of the year, and anticipates further opportunities."

PR Newswire: Geokinetics Reports Record First Quarter 2009 Results.

"Richard F. Miles, President and Chief Executive Officer, said: Although oil and natural gas prices have declined from their highs in 2008, our backlog and demand remain strong in our international data acquisition segment where most of our crews are busy. As mentioned previously, a significant amount of our backlog was added after last fall's collapse in the credit markets and subsequent decline in commodity prices. Our customers include national oil companies and international oil companies with long-term planning horizons and strategic investment considerations."

Upstream Online: SeaBird has its wings clipped.

"Norwegian seismic player Seabird Exploration reported a 23.6% fall in revenues from $60.8 million in the fourth quarter 2008 to $46.5 million for the first quarter 2009."

BBC: Industry noise probe into whales.

"Dr Miller said: Interestingly, the sperm whales observed did not avoid the airguns, continuing on their previous course of travel. Most animals continued with deep-dive foraging throughout the exposure, though one resting sperm whale seemed to delay deep diving while it was near the airguns, possibly to avoid the high levels focused directly underneath an airgun array."


WSJ: U.S. Gas Fields Go From Bust to Boom.

"After an era of declining production, the U.S. is now swimming in natural gas. Even conservative estimates suggest the Louisiana discovery -- known as the Haynesville Shale, for the dense rock formation that contains the gas -- could hold some 200 trillion cubic feet of natural gas. That's the equivalent of 33 billion barrels of oil, or 18 years' worth of current U.S. oil production. Some industry executives think the field could be several times that size."

Rigzone: Venezuela's Oil Minister Threatens to Seize Oil Service Cos.

"Dow Jones notes that based on industry analysts' estimates, PDVSA owes a lump sum of nearly $1.2 billion to oilfield service giants Halliburton and Schlumberger in unpaid bills."

Walter Kessinger

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