Exploration news
Seismic industry faces revenue collapse, says Rystad Energy
Rystad is estimating that the industry's revenues will fall this year by 51% in a US$30 Brent scenario and by 77% if the Brent falls to US$20, compared to levels seen in 2019.
SeaBird Exploration receives letter of award for contract in South America
The contract is expected to start in 3Q20, with a duration of about 30 – 45 days.
TGS completes reprocessing of new 2D survey in Russian Sea of Okhotsk
First data from the 21 631 km2 regional 2D seismic survey offshore Sakhalin Island has been sent out to pre-funding customers and is now available to all industry customers.
Covid-19 and low oil prices could cancel over half of 2020’s licensing rounds globally, predicts Rystad Energy
New licensed offshore acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, according to Rystad Energy.
TGS begins 3D seismic survey offshore The Gambia
The 4770 km2 Gambito 2020 3D survey will cover open acreage in deep and ultra-deep waters.
Shearwater receives termination notices for two contracts
The contracts were with Woodside in Australia and Reliance in India.
IHS Markit predicts 36% spending cut for North American E&P Companies in 2020
The predicted spending reductions translate to a US$24.4 billion cut in 2020 compared to last year.
CGG provides 1Q20 financial update
The company has also suspended its full year 2020 financial guidance.
Upland Resources and Baron Oil relinquish interests in UK offshore licence
The work commitment on Licence P2470 consisted of a small volume of 3D seismic reprocessing.
10 exploration wells in Norwegian Continental Shelf expected to be postponed by Covid-19 and low oil price
In January 2020 there were plans for approximately 50 exploration wells, but this has been reduced to 40 by the effects of the Covid-19 pandemic and low oil prices.