Australian energy companyWHL Energy Ltd. and VIC/P67 JV partners, AWE Ltd. and Tap Oil Ltd. are assessing the final seismic volume report for the La Bella 3D seismic survey. The fully processed seismic volume report has been compiled by CGG Services SA following acquisition of 928 sq km (358 sq mi) in the Otway basin, offshore Victoria, in late 2013.
Under the terms of a farm-out agreement reached between WHL Energy and AWE the latter can earn up to 60% equity in VIC/P67 by funding 75% of the cost of the "La Bella" 3D seismic survey up to a cost cap of $9 million. Following review of the seismic data, AWE can surrender its interest in the permit or to commit to drilling two exploration wells at either 30% or 60% working interest, and has until Oct. 24 to decide.
Elsewhere off Australia,Dolphin Group ASA has a contract from TGS for Nerites Season 2 in the Bight's deepwater Ceduna sub-basin in Australia covering 13,000 sq km (5,019 sq mi). Season 1 was carried out by Polar Duchess and she will return together with a second Dolphin high-capacity vessel in 4Q 2014 or 1Q 2015 to complete this program.
Landmark acquires Neftex
Landmark Software and Services has acquired Neftex Petroleum Consultants Ltd., a UK-based company that specializes in sequence stratigraphy-based products and consulting for subsurface risk reduction.
The Neftex Earth Model integrates millions of data points to deliver a global overview of the geological history and resource development of the Earth.
Neftex's 4D "digital model" of the subsurface is driven by this proprietary global sequence stratigraphy framework that allows geoscientists to use a single global platform to search, discover, analyze, and integrate geoscience data and interpretations.
The Neftex Earth Model Base Module provides tectonic and stratigraphic data and framework interpretations to underpin regional exploration. Additional Neftex Earth Model Modules deliver supplementary licensed datasets for each region across the globe. This gives the ability to compare stratigraphic sequences for a particular basin with other basins around the world during the same time period for an improved ability to predict outcomes based on the performance of proven basins. Operators will be able to identify potential exploration prospects based not just in the basin of interest, but also within the context of a global framework reference.
"We believe the next step change will be achieved by integrating high-quality and trusted expert data interpretations with the exploration science embedded in application software," said Nagaraj Srinivasan, vice president of Landmark Software and Services. "The integration of the Landmark and Neftex technology suites will result in a digital subsurface representation that is uniquely tied to one stratigraphic model and delivered instantly for any region in the world. Customers should increase the reliability of their modeling efforts and accelerate the search for new reserves, a critical capability in driving upstream business performance."
By integrating data and interpretations from the Neftex Earth Model with the DecisionSpace application platform, Landmark says it expects to improve its customers' ability to explore more prospects faster, and obtain subsurface insight to better predict drilling results.
MicroSeismic advances real-time analysis
MicroSeismic Inc. has released new technologies to allow for advanced real-time analysis.
Automatic Moment Tensor Inversion (Auto MTI) allows for the provision of source mechanisms on every event in real-time to help understand how the rock is breaking, leading to improved understanding of the reservoir.
Event Editing features machine learning software with an advanced algorithm to analyze a dozen or more event attributes simultaneously.
Anisotropic Calibration uses advanced seismic anisotropy techniques to increase the speed and accuracy of results and the ability to interpret data in real time.