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Author Topic: Fossil Fuels: Degraded Democracy and Profit Over Planet Pollution  (Read 11286 times)

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AGelbert

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    • Agelbert Truth AND Consequences


Ghost Ships No More: Seismic Vessels Resume Oil and Gas Search as Prices Perk Up 🤬

July 4, 2018 by Reuters

seismic survey vessel Photo: CutePloy / Shutterstock
reuters

SNIPPET:

By Florence Tan and Gavin Maguire SINGAPORE, July 5 (Reuters) – A growing fleet of ships is scanning oceans in search of new oil and gas fields as energy companies, now with more cash thanks to stronger crude prices, gradually resume spending on seismic services after a four-year downturn.

A doubling in the area contracted for seismic work in the first quarter this year from the last three months of 2017 has injected optimism into surveillance firms, with a global fleet of about 24 vessels, most of whom struggled to survive in the past years.

But they say the road to recovery remains bumpy with producers big and small not keen on drilling for new reserves unless oil prices, which have more than doubled from 2016 lows, stay high for at least a year.

Still, with crude prices stabilising well above $60 a barrel in the past six months, companies including mid- and small-sized independents such as Woodside Petroleum Ltd, Kosmos Energy Ltd and Tullow Oil PLC have helped boost demand for surveillance.

The total area tendered by upstream companies 🦖 for seismic work doubled to 40,000 square kilometres in the first quarter this year from October-December last year, said Duncan Eley, chief executive officer at Polarcus which owns a seismic fleet.

“That’s positive in isolation,” said Eley, keeping his optimism in check even as he pointed to a busy fourth quarter for geophysical work in Asia Pacific, particularly for gas with demand forecast to soar in coming decades.

Gas projects 🦖 in Myanmar could take two to three vessels from the global fleet, while there are also potential activities in Malaysia, Australia, India and Papua New Guinea, where Exxon Mobil and Total plan to feed more gas into their existing liquefied natural gas infrastructure, Eley said.

That marks a stark change from the dark days of 2015 and 2016 when orders for geophysical survey work came to a grinding halt as oil prices plummeted from over $100 a barrel to less than $50.

Petroleum Geo Services (PGS)🦖, the world’s largest seismic operator, was also seeing better opportunities now than last year.

“The recent increases we’ve seen are primarily driven by Africa and Brazil when it comes to bidding for contract work,” said Bård Stenberg, PGS’ senior vice president for investor relations and communication.

Demand for geophysical data at producing oil and gas fields, also known as 4D seismic survey, has also increased as explorers sought to maximise output from these assets ☠️, the two executives 😈 👹 said.

PGS expects to secure between 20 and 25 4D seismic jobs this year, up from 16-17 in 2017, Stenberg said, with most of it located in the North Sea, West Africa and Brazil.

OIL PRICE IS KEY 

The increased work should help improve the company’s earnings which remain well below pre-crisis levels.

Full FARTICLE:

http://gcaptain.com/ghost-ships-no-more-seismic-vessels-resume-oil-and-gas-search-as-prices-perk-up/

Agelbert NOTE: Corruptio Optimi Pessima (evidenced in the video below).

In the year 2050, most humans alive today..., WON'T BE ☠️.

The Age of Stupid

Dr. Brown is the guy in the video. His credentials are World Class.

Patrick T. Brown, PhD

Curriculum vitae

CURRENT POSITION

Carnegie Institution for Science, Stanford University
Postdoctoral Research Scientist (under Ken Caldeira)

EDUCATION

Duke University, Durham, North Carolina
Doctor of Philosophy, Earth and Ocean Science, 2016
San Jose State University, San Jose, California
Master of Science, Meteorology and Climate Science, 2012
University of Wisconsin – Madison, Madison, Wisconsin
Bachelor of Science, Atmospheric and Oceanic Sciences, 2008

https://patricktbrown.org/


Leges         Sine    Moribus     Vanae   
Faith,
if it has not works, is dead, being alone.

 

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