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 by Daniel J. Graeber Washington (UPI) Jun 13, 2018
A geophysical survey company said Wednesday it was supporting data collection to help Woodside Petroleum develop its Scarborough field offshore Australia. Ocean Energy said it was awarded a contract by Woodside to provide data on the deepwater field off the Burrup Peninsula in Western Australia. The company said it would use autonomous underwater vehicles to scan areas in support of Woodside's field development plans. "We have worked closely with Woodside in developing a robust solution which meets their demand for high quality data delivered in a time critical, innovative and cost-effective way," Ocean Infinity CEO Oliver Plunkett said in a statement emailed to UPI. Terms of the contract weren't disclosed. Woodside had no comment on the agreement. Woodside was cleared to take on Exxon Mobil's 50 percent interest in the Scarborough gas field in March after rival BHP Billiton cleared the way after waiving its right to pre-emption on the deal. As a result, Woodside increased its stake in Scarborough to 75 percent. The Australian energy giant is now the operator of the gas field. In return, BHP has the option to buy into the Scarborough development on terms similar to those reached with Exxon. Net reserves in the Scarborough area, which consists of three natural gas fields, are more than 9 trillion cubic feet of dry gas. Upon completion of the acquisition, Woodside estimated its net share of resources more than doubled. Woodside reported a net profit after tax of nearly $80 million, an 18 percent improvement over 2017. Ocean Infinity said its surveys would begin later this month.
Equinor sees break-evens slashed for Johan Castberg Washington (UPI) Jun 12, 2018 Norwegian energy company Equinor said Tuesday its Johan Castberg field could be profitable so long as the price of oil is about $35 per barrel. The Norwegian Parliament approved the company's plans for development of the Barents Sea field on Monday and it awaits formal approval from the Norwegian Ministry of Petroleum and Energy. Oil was first discovered at Johan Castberg in 2011. Its future was in doubt when the price of crude oil collapsed and Equinor was envisioning a break-even cost ... read more
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