IEA Oil Market Report says industry is heeding the warnings

IN the IEA’s Octoer month’s Report, it noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia and the United States more than compensating for falls in production in Iran, Venezuela and elsewhere. New data show that the pace has accelerated, and this higher output, in combination with Iranian sanctions waivers issued by the US and steady demand growth, implies

$2 million boost for east coast Gas Acceleration Program

A PROJECT to restart gas processing facilities in South West Queensland will get a $2 million boost from the Australian Government’s $26 million Gas Acceleration Program, increasing gas supply to the East Coast market. Federal Minister for Resources and Northern Australia Matt Canavan said the funding would allow Australian Gasfields Limited to bring forward by a year the refurbishment and restarting of the Eromanga and Gilmore Gas Plants, adding a

WoodMac tips 30% rise in east coast gas prices

In a recent study, Wood Mackenzie forecasts Australia’s East Coast gas prices to rise up to 30 percent to between A$10 and A$13 /per gigajoule by the mid 2020s. The industry analysts says it is no surprise gas prices in the East Coast have jumped up over the last three years, a situation driven primarily by declining cheap gas supply from the Cooper Basin and offshore Victoria. New gas supply

Woodside turns to space and robotics for winning edge

WOODSIDE Energy is looking to the aerospace industry to help give it an edge. The company has announced a new collaboration programme with NASA under which Woodside will work to develop applications for NASA’s Robonaut in its own operations. Under the partnership NASA will loan Woodside an Anthropomorphic Robonaut System for a 60-month deployment in Perth. Together the two organisations will explore how the robotic technology could be used to

Changes to its Executive Committee

NEWCREST has announced a number of changes to its Executive Committee structure to enable a dedicated focus on the strategic priority of profitable growth. The company said the changes, effective January 1, 2017, are designed to consolidate the leadership of its operational assets under two executive general managers and increase the capacity of the other executive general managers accountable for leading Newcrest’s medium to long-term growth prospects. The changes are:

GE and SKF to investigate active magnetic bearings

GE Oil & Gas and SKF have signed a non-exclusive licence-based collaboration agreement aimed at further developing the use of active magnetic bearing technologies within the oil and gas sector. As part of the agreement, GE Oil & Gas will make use of SKF’s magnetic bearing technologies from front-end engineering design to installation, testing and service to customers. The partnership also provides the basis for future collaboration, to widen the

CGG introduces new reservoir characterisation software

CGG GeoSoftware has announced a series of innovative software releases across its reservoir characterisation product portfolio. The compnaysays its InsightEarth 3.1, Jason 9.6, PowerLog 9.6, EarthModel FT 9.6 and VelPro 9.6 products offer more productive workflow solutions to address the challenges associated with more complex reservoirs. Anisotropic inversion, depth inversion and broadband wavelet estimation are some of the key technologies in Jason 9.6 to benefit from significant updates. Coming out

Roc-2 drilling success may be a game changer in WA

AS we suggested in our September 2016 issue, the Roc-2 well off the north-west coast of Western Australia has become a significant well for the immediate future of the Australian oil and gas industry. Located just 165 km north of the large Pilbara industrial town of Port Hedland in around 100 metres of water, Roc-2 became the first well to be successfully flow tested in the Bedout Sub-basin and has

ACE Winches announces new 500te Linear Winch

ACE Winches has announced a new 500 te Linear Winch to its range of specialised deck equipment. The new 500te Linear Winch has been designed, engineered and manufactured at ACE Winches facilities in Aberdeenshire, UK.  The company said the new product is now in its final stages of FAT testing, with mobilisation scheduled for mid-December 2016 for its first contract.  The contract will conclude in early 2017 when the unit

Baker Hughes says new bits drill faster and further

BAKER Hughes has announced the commercial release of its line of Kymera XTreme (XT) hybrid drill bits, designed to help oil and gas operators lower their well construction costs through faster and more durable drilling performance. The company said the bits -which combine the strengths of PDC and tricone bit technology – offer the smooth, consistent performance of previous generations of hybrid bits, while dramatically improving penetration rates and run