Norway's PGS sees high summer N.Atlantic oil exploration interest

Joseph Keefe
Thursday, April 10, 2014

Norwegian seismic surveyor Petroleum Geo-Services expects a busy summer season in the North Atlantic region driven by high exploration and production interest among oil companies, it said in its annual report on Thursday.

Seismic surveyors, which seek oil and gas deposits under the sea floor, have been hit hard as oil companies have reduced spending to focus on costs and improve cash flow.

Recent market updates from competitors Dolphin Group however, suggest activity is picking up again from low levels in the fourth quarter.

"The North Atlantic region will once again be busy, driven by high exploration and production interest. We expect very healthy market conditions for the upcoming summer season," Chief Executive Jon Erik Reinhardsen said in a letter to shareholders.

The firm also said basins offshore Brazil would be important drivers for the seismic market this year, in addition to further exploration activity in Central America and Gulf of Mexico.

"That said, activity levels in Nigeria, Asia Pacific, and offshore Libya and Egypt remain relatively low, although these regions offer good future growth potential."

PGS said earlier this year it expected a weak first quarter due to challenging market conditions, while French competitor CGG said it would cut its seismic fleet due to a drop in exploration spending by oil industry customers.


Reporting by Henrik Stolen

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Det Norske to Restore Production at Alvheim after Leak

Norwegian oil firm Det norske said it expected to reach full production at its Alvheim FPSO (floating storage, offloading and producing unit) overnight after a leak,

Energy

China Refineries Enters Global Oil Trade

During the last year, China’s “teapot” refiners are helping to boost China’s crude import demand and their influence is expanding, says Clarkson Research Services.

First US LNG Shipment Goes to China

The first liquefied natural gas vessel from the lower 48 U.S. states is on its way to China, according to a Reuters interactive map on Friday, the latest sign that

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Logistics

Boxship Capacity Crosses 20 million TEU Mark

This week, containership fleet capacity has passed the 20 million TEU mark, another milestone in the rapid rise to prominence of the sector, according to Clarksons Research.

MED AMERICAS will Replace MGE Service

CMA CGM is revamping it MGE service becoming the MED AMERICAS, stand-alone CMA CGM service with dedicated fleet of 11 vessels of 2,500 TEU, in a continuous effort to improve service coverage,

China Refineries Enters Global Oil Trade

During the last year, China’s “teapot” refiners are helping to boost China’s crude import demand and their influence is expanding, says Clarkson Research Services.

Surveyors

Friend of the Sea Turns to BMT for Reefer Vessels Certification

BMT Surveys (BMT), a subsidiary of BMT Group, the international maritime design, engineering and risk management consultancy, has been engaged by Friend of the

Drones: Is the Maritime Industry Ready?

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction,

Canada Embarks on Arctic Survey Mission

Canada has launched its 2016 Arctic expedition to collect important scientific information to support the nation’s submission on the extended continental shelf in the Arctic Ocean.

Offshore Energy

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

US Oil Drillers Add Rigs for 5th Week in a Row

U.S. drillers this week added oil rigs for a fifth consecutive week, Baker Hughes Inc said on Friday, but the oilfield services provider and some analysts cast

Damen PSV for Wilson Sons Ultratug Offshore

Wilson Sons Ultratug Offshore, a joint venture between Wilson Sons and the Chilean maritime services provider Ultramar, has taken delivery of a Damen PSV 5000.

Unmanned Vehicles

Drones: Is the Maritime Industry Ready?

Unmanned aerial systems (UAS), or “drones” in common parlance, are not a part of the historical maritime vocabulary. At least not yet. While the term “drones” may conjure images from science fiction,

Underwater Engineering

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

Technip Bags Woodside's Subsea Contract

Technip has been awarded a large(1) subsea contract by Woodside to support the development of the Greater Enfield Project offshore Western Australia, at a water

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1020 sec (10 req/sec)