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First Break September 2014

First Break September starts off with EAGE News, Industry News and our monthly column Crosstalk, by Andrew McBarnet. There is one Technical Article from Nick Barton on Non-linear behaviour for naturally fractured carbonates and frac-stimulated gas-shales.

This month’s Special Topic is on Data Processing.

Look out for classic examples of unlocking the potential at Borehole Geophysics

Rapid technological advances are leading to the expansion of bore­hole seismic explorations and ways of unlocking this potential will be discussed at the Association’s third Borehole Geophysics Workshop on 19-22 April 2015 in the historic city of Athens.

Following the success of the first two workshops (Istanbul, 2011 and Malta, 2013), which defined the vision for the industry, the third workshop will be on Unlocking the Potential, in recognition of the fact that borehole seismic, and 3DVSP in particular, can offer significant benefits in improving understanding of the reservoir, if only the technological challenges can be overcome.

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Crosstalk - Marine mammals sound the alarm

By Andrew McBarnet

The Obama administration’s decision in July to begin the process of reopening the US Atlantic Outer Continental Shelf (OCS) to geophysical activities ahead of offshore leasing in 2017 could actually portend a serious setback for the marine seismic business.This is of course not how the final Programmatic Environmental Impact Statement (PEIS) Record of Decision (ROD) issued by the Bureau of Ocean Energy Management (BOEM) to cover the intended new seismic operations was reported in the media.

The gist of virtually every story focused on the US government’s apparent overruling of environmentalist objections to marine seismic surveys in an area where air gun shooting could potentially jeopardise, if not do irreparable harm, to the habitat and survival of the local and transitory population of whales, dolphins and sea turtles. The whole episode highlights the vul­nerability of the oil industry, especially in the US, in the face of well-funded lobbyists focused on marine environmental issues. It is also a disappointing reflection on today’s media which allows unchallenged sources to control the news agenda.

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Service companies warn of hard road ahead after posting Q2 results

Big seismic service companies have post­ed disappointing third-quarter results in the face of continuing challenging mar­ket conditions.PGS and CGG posted reduced rev­enues and profits and ION Geophysical and TGS posted reduced profits as a result of difficult market conditions.

Schlumberger and Polarcus posted more positive results, but warned of soft market conditions leading to relatively flat income for 2014.PGS’ Q2 2014 revenues have fallen year on year to $337 million from $381 million in Q2 2013. Earnings Before Tax (EBIT), excluding impair­ments, of $55.3 million, compared to $110.6 million in Q2 2013. Group EBIT margin, excluding impairments, of 16%, compared to 29% in Q2 2013. 

PGS was particularly hit by a lack of prefunding on its Triton survey $50 million investment, said Jon Erik Reinhardsen, president and chief execu­tive officer. ‘Our second quarter was impacted by lower multi-client revenues than expected, due to a lack of pre-funding from the Triton multi-client survey in the Gulf of Mexico.’ 

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New EAGE members

New Members

Abdelgawwad, A.M.F. - Suez University - Egypt       
Addotei, F. - Tullow Oil  Ghana - United Kingdom       
Amiruddin, A.Z. - Ikon Science - Indonesia       
Andreolli, C. - Intel Corporation  - France       
Anisimov, R.G. - Seismotech LLC - Russia       
Arslan, V. - CGG - France       
Astapovich, A. - Gazprom Geologorazvedka - Russia       
Atekwana, E. - Oklahoma State University - United States       
Babalola, A. - University of Houston - United States       
Bacchus, E. - Inpex Corporation - Japan       
Banerjee, S. - WesternGeco - India       
Barlow, J. - University of Sussex - United Kingdom       
Baunack, C. - VNG Norge AS - Norway       
Bautista-Anguiao, J.C. - The University of Texas at Austin - United States       
Bharatula, K.N. - Jawaharlal Nehru Technological University - India       

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