Industry indicator
May 9 (LNGJ) - TGS, the Norwegian-based global supplier of geoscience data for the natural gas and oil exploration and production industry, said it took advantage of improved first-quarter market conditions to report net revenues of $135 million, up 56 percent on the same period last year. “TGS's performance in the past two quarters, driven by strong late sales across all regions, indicates that there has been an improvement in the underlying fundamentals of the global market for seismic data,” said Chief Executive Kristian Johansen. The net book value of the TGS multi-client library was $749.7M as of the end of March, it said. Recent surveys have included offshore Brazil and the Egyptian Red Sea, the US onshore Permian Basin and the Canadian Montney shale-gas formation.
India to give results in June of open-acreage bidding round as LNG and pipeline needs grow
India attracted 110 bids for its first open-acreage round for oil and natural gas exploration and production licences for 55 blocks onshore and offshore as the nation also continued to build its LNG import volumes to meet rising demand and to expand energy infrastructure.
Upstream energy spending to double amid rise in investment for exploration and production
Upstream energy projects are expected to double in 2017 while exploration and production spending will increase for the first time since 2014, according to a report from Wood Mackenzie, the global energy consulting firm.
