Buyuma Weekly Energy Roundup(Wk #24)

Hello There,

Welcome to this week's global Buyuma?oil and gas weekly update covering the latest energy news that made waves around the world.

China’s state-run China National Offshore Oil Corporation (CNOOC) has made a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea.

Lingshui 36-1 gas field is located in western South China Sea, with an average water depth of approximately 1,500 meters.

Below are?updates that made the headlines in the Oil and Gas industry

Petrobras and Shearwater Join Forces for Seismic Tech R&D

Brazilian state-owned energy company Petrobras and seismic acquisition company Shearwater GeoServices have signed a memorandum of understanding (MoU) for joint development and execution of scientific research and technology innovation within seismic processing and acquisition focused on data quality, value and efficiency.

The five-year agreement comes in addition to previously announced cooperations between the two companies regarding Marine Vibroseis and for Reveal software licensing.

The MoU establishes a governance platform supporting Petrobras' and Shearwaters' joint effort to innovate technologies that improve insights to the subsurface and enhance data value, while also reducing the time, cost and environmental impact of seismic acquisition projects.?

"This cooperation seeks to bolster our ongoing engagement in geophysical R&D and innovation, thereby accelerating the exploration and development of energy resources.

“By leveraging advanced technologies together, we aim to significantly enhance geophysical technologies and achieve superior operation efficiency, ultimately driving innovation and sustainability within the industry," said Roberta Mendes, General Manager of R&D&I at Petrobras.

CNOOC Makes Major Gas Discovery in South China Sea Waters

China’s state-run China National Offshore Oil Corp. (CNOOC) has made a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea.

Lingshui 36-1 gas field is located in western South China Sea, with an average water depth of approximately 1,500 meters.

The main gas-bearing play is the Ledong Formation of Quaternary, with an average burial depth of 210 meters. The field has been tested to produce over 10 million cubic meters per day of open flow natural gas.

“The exploration in ultra-deep water ultra-shallow gas plays in the South China Sea is faced with world-class engineering and technical challenges. The successful testing of Lingshui 36-1 is a breakthrough for the exploration in such plays.

“The company will continue to tackle the challenges on the exploration and development of the resources in such plays, to expedite the utilization of natural gas in deep waters,” said Xu Changgui, Deputy Chief Exploration Officer of CNOOC.

Viridien Delivers OBN Solution for North Sea Survey

Viridien , formerly CGG, has sold and delivered a GPR300 ocean bottom nodal solution for a total value of approximately $20 million, which will be deployed on an upcoming seismic survey project in the North Sea.

Viriden secured the contract through its Sensing & Monitoring business line, marketed under the Sercel brand, from a major customer, whose name was not disclosed.

Sercel GPR nodes feature the QuietSeis MEMS technology, which provides broadband signal sensing capability, fidelity, and ultra-quiet performance, to deliver subsurface imaging.

The GPR300 excels in shallow water depths down to 300 meters and has a compact, lightweight design for easy manual handling and simplified deployment and retrieval.

Viridien is totally committed to its Sercel solutions delivering the highest quality of seismic data for optimum imaging results. The GPR300, which has been adopted by leading OBN players worldwide, has demonstrated outstanding operational and technological performance in major surveys in the Middle East and Asia.

“This new sale expands our GPR nodal solution’s presence to the North Sea OBN seismic market where we are confident it will deliver excellent results,” said Jerome Denigot , Executive Vice President, Sensing & Monitoring.

Baker Hughes Gets Multi-Year P&A Contract from Petrobras for Fields Off Brazil

U.S. oilfield services giant 贝克休斯 has secured a contract from Brazil state-owned oil and gas major Petrobras for workover and plug and abandonment (P&A) services in pre-salt and post-salt fields offshore Brazil.

The multi-year project, set to start in the first half of 2025, will be managed with Baker Hughes’ integrated solutions portfolio to optimize performance for Petrobras.

Baker Hughes’ integrated approach will deploy wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences services in all of Petrobras’ offshore fields.

The agreement also includes Baker Hughes remedial tools, completion fluids and production chemicals.

“Baker Hughes brings to this important project a comprehensive technology portfolio, a deep understanding of localization, and a rich history of working in Brazil. Flawlessly integrating these capabilities will be essential to the success of the project. Our expertise in integrated solutions is the foundation for efficiently taking energy forward in Brazil,” said Maria Claudia Borras , executive vice president, Oilfield Services & Equipment at Baker Hughes.

To support the project and help advance Latin America's energy landscape, Baker Hughes will expand its Macaé, Rio de Janeiro, facilities to include coiled tubing and tubular running services, contributing to the further growth of Brazilian industry and its workforce, the company said.

Oilfield Equipment Market to Reach USD 173.86 Billion by 2031 Driven by Resurgent Demand for Crude Oil

The Oilfield Equipment Market Size at USD 125.97 Billion in 2023.

The market is expected to reach USD 173.86 Billion by 2031, reflecting a CAGR of 4.11% over the forecast period 2024-2031.

The global oilfield equipment market is having a period of significant growth, driven by a rise in demand for crude oil painting. This demand is fueled by rising global energy requirements and a recent increase in oil prices.

The added demand for crude oil is leading to a rise in crude-yielding conditioning, which in turn necessitates the use of high-performance, effective, and dependable oilfield equipment.

The discovery of vast, uncharted hydrocarbon reserves in both onshore and offshore basins is creating immense eventuality for the oilfield equipment market.?

Read more here

That's it for this week. Until next time, Cheers!