2009.08.26

AP: Schlumberger 2Q tumbles 57 pct as drilling slows.

"Schlumberger Ltd. said Friday its second-quarter earnings tumbled 57 percent as oil and natural gas companies cut back on exploration and drilling, particularly in North America. Still, the results topped Wall Street expectations."

Upstream Online: PGS net profit beats forecast.

"The company posted net profit of $41 million, down sharply from the $98 million it booked in the same quarter last year, but ahead of an expected $22 million."

Engineer Live: Seismic survey commences in eastern Gulf of Mexico.

"Phase 2 of Spectrum's Big Wave multi client programme is a total of 14,000km long offset, high quality seismic data and includes a 2,000km well tie survey to the east of the main study area. This new survey compliments the previously acquired data sets and will expand Spectrum's coverage in the eastern Gulf of Mexico to over 52,000km."

Press Release: Geotrace opens new offices.

"Geotrace ... has opened new offices in Tripoli, Libya and Kuala Lumpur, Malaysia."

Business News Americas: Colombia energy sector investments to reach US$40bn through 2015.

"Seismic data acquisition had averaged 1,200km/y during the 1990s but rose to nearly 26,000km/y in recent years, said Mart’nez, adding that 14,000km of new seismic data would be acquired in 2009."

Upstream Online: Demand drop clips SeaBird's wings.

"Seismic services provider SeaBird posted a first half loss of $20.2 million amid reduced seismic demand."

2009.08.20

WSJ: BP Heralds Gulf of Mexico Prospects.

"British oil major BP PLC, already the largest producer of oil and gas in the U.S. Gulf of Mexico, said it had drilled a successful appraisal well in its Mad Dog development in the Gulf that could lead to a significant increase in production from the field. The results put Mad Dog in the same league as BP's two giant fields in the Gulf, Thunder Horse and Atlantis, the company said in a statement."

Bloomberg: Occidental Find Is California's Biggest in 35 Years.

"Occidental Petroleum Corp., the biggest oil producer in Texas, said its discovery of a natural- gas and oil field in California holding the equivalent of as much as 250 million barrels of crude may be the state's biggest in 35 years. The field in Kern County is 80 percent-owned by Occidental, the Los Angeles-based company said today in a statement. The find has the potential to boost Occidental's California reserves by 28 percent. Chevron Corp., the second-biggest U.S. oil company, owns the rest...."

UPI: Exxon Mobil achieves milestone in Libya.

"[July 17th] Exxon Mobil announced its affiliate in Libya began drilling its first deepwater exploration well in the Libyan territorial waters of the Mediterranean Sea."

Engineer Live: Seismic fleet targets 3D and 4D high-end surveys.

"In In less than two months time, Polarcus Nadia, the first vessel in Polarcus' distinctive, ultra-modern six-vessel fleet, will be operational.... The Polarcus fleet incorporates the increasingly recognisable lines of the ULSTEIN X-BOW hull.... There are three vessel classes in the Polarcus fleet, each with the distinctive hull form that delivers a smoother and more fuel efficient passage but also incorporating other important design characteristics. One such example is the ICE-1A notation that is specifically granted to ships capable of operating in ice conditions of 0.8m level ice thickness. Four of the company's vessels will carry this notation."

The Canadian Press: VGS Seismic announces plan for Plainfield to buy up company's public stock.

"VGS Seismic Canada Inc. has announced a going-private proposal that would see it acquired by an affiliate of Plainfield Special Situations Master Fund Limited, which is already a major creditor and shareholder."