Provincial Energy Corporation News

The Hebron oil project off the coast of eastern Canada has produced its first oil, operator Exxon Mobil said on Tuesday, in a boost to Atlantic Canada's output after years of weak crude prices. At its peak Hebron will produce up to 150,000 barrels per day (bpd), Exxon said. It will help Atlantic Canada offshore production climb 44 percent to 307,000 bpd by 2024, according to estimates from the Canadian Association of Petroleum Producers. The platform is located 200 miles (350 kilometres) off the coast of Newfoundland and Labrador in depths of 300 feet (92 metres) and the oil field…

Electromagnetic Geoservices ASA (EMGS) releases information on vessel activity and utilisation 4-5 working days after the close of each quarter. The Company defines "vessel utilisation" as the percentage of the vessel charter period spent on contracted or multi-client data acquisition. Vessel utilisation for the second quarter 2014 came in at 75% compared with 78% for the second quarter 2013. In the second quarter this year, the Company's vessels were allocated 38% to contract and 37% tomulti-client programmes, whereas the allocation was 32% and 46% respectively in the corresponding quarter last year. EMGS recorded 12.0 vessel months this quarter, compared with 11.5 in the second quarter of 2013.

EMGS has signed a multi-client license agreement with Nalcor Energy, the Provincial Energy Corporation of Newfoundland and Labrador, for the acquisition of up to 13,500 square kilometers, in a multi-season campaign. The CSEM survey is expected to begin in June of this year and will target the Flemish Pass Basin, where recent major oil discoveries have been made. The survey will collect 4,000 km2 of 3D EM data calibrated to these discoveries and will image key prospects in nearby areas. Integrated data delivery will be available in early 2015. This survey is supported by industry pre-funding. "We are very pleased to have Nalcor Energy invest in this important project for Newfoundland and Labrador.