{"id":2108,"date":"2014-12-03T10:03:39","date_gmt":"2014-12-03T09:03:39","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=2108"},"modified":"2015-09-07T11:35:37","modified_gmt":"2015-09-07T11:35:37","slug":"schlumberger-reduces-seismic-fleet-as-deepwater-exploration-spending-falls","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/schlumberger-reduces-seismic-fleet-as-deepwater-exploration-spending-falls\/","title":{"rendered":"Schlumberger reduces seismic fleet as deepwater exploration spending falls"},"content":{"rendered":"

The world’s largest oilfield services company Schlumberger has announced it will be reducing its WesternGeco fleet as lower commodity prices lead to short-term cost cutting measures by exploration companies.<\/p>\n

According to the company\u2019s President of operations and integration Patrick Schorn Schlumberger will be restructuring WesternGeco marine seismic fleet by retiring older vessels with low towing capacity and high operating costs.<\/p>\n

At the same time WesternGeco says it will be converting the remaining lower-end vessels to source boats while at the same time canceling most of the third party charters.<\/p>\n

Through the restructuring Schlumberger will reduce its fleet size to 9 survey and 6 source vessels by the end of 2014 from the previously held 15 survey and 8 source vessels by the December 2013.<\/p>\n

This is as the company expects exploration success to drop in the coming months with only 3 billion barrels of recoverable and condensate oil having been recovered in 2014 the lowest in 25 years.<\/p>\n

\u201cThese results are clearly not sustainable from a long term reserve replacement standpoint but we do expect lower exploration activity levels to carry forward into 2015,\u201d Schorn said at the Cowen Energy conference yesterday.
\n\"schlumberger<\/a><\/p>\n

Schorn is however quick to point out that its deepwater exploration activities for Sub-Sahara Africa especially in Western Africa remains strong.<\/p>\n

The restructuring Schlumberger says will cost it approximately $800 million in the fourth quarter of 2014 which will mainly affect the explorer-class vessels.<\/p>\n

Other than the reduction in the fleet Schlumberger will also be reducing the head count that will cost the company approximately $200 million but result to a more efficient workforce.<\/p>\n","protected":false},"excerpt":{"rendered":"

The world’s largest oilfield services company Schlumberger has announced it will be reducing its WesternGeco fleet as lower commodity prices lead to short-term cost cutting measures by exploration companies. According … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":2110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[541,837,1507,1976,2252,2419,2725,2729],"class_list":["post-2108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-crude-oil-prices","tag-exploration","tag-marine-seismic-fleet","tag-patrick-schorn","tag-schlumberger","tag-sub-saharan-africa","tag-western-africa","tag-westerngeco","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/westerngeco.jpg?fit=500%2C375&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-y0","jetpack-related-posts":[{"id":2148,"url":"https:\/\/www.oilnewskenya.com\/index.php\/dolphin-announces-new-3d-streamer-acquisition-technology-purchase-from-westerngeco\/","url_meta":{"origin":2108,"position":0},"title":"Dolphin announces new 3D streamer acquisition technology purchase from WesternGeco","author":"Samuel Kamau Mbote","date":"December 10, 2014","format":false,"excerpt":"Dolphin has purchased the proven WesternGeco Q-Marine* point-receiver marine seismic system for the Polar Empress following the previous announcement that a selection of next generation streamer technology would be made in 2014. This purchase of the Q-Marine system is a first step towards a potential opportunity for purchase of a\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/3d-streamer-tech.png?fit=618%2C390&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/3d-streamer-tech.png?fit=618%2C390&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/12\/3d-streamer-tech.png?fit=618%2C390&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":2321,"url":"https:\/\/www.oilnewskenya.com\/index.php\/thousands-of-oil-industry-jobs-at-stake-as-companies-reduce-costs\/","url_meta":{"origin":2108,"position":1},"title":"Thousands of oil industry jobs at stake as companies reduce costs","author":"Samuel Kamau Mbote","date":"January 16, 2015","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Keeping a job in the upstream sector of the global oil and gas industry is seemingly becoming harder by the day as companies streamline operations to reduce costs as they take a beating from the current low oil prices. 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The 2D seismic program whose contract was signed in September last year was conducted by BGP Kenya Limited and covers approximately 700 line kilometers on L-1B\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/camac.png?fit=626%2C489&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/camac.png?fit=626%2C489&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/camac.png?fit=626%2C489&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5416,"url":"https:\/\/www.oilnewskenya.com\/index.php\/erin-energy-intensifies-efforts-to-find-farm-in-partner-for-kenya-offshore-blocks-l-27-l-28\/","url_meta":{"origin":2108,"position":3},"title":"Erin Energy Intensifies efforts to find farm-in partner for Kenya offshore Blocks L-27, L-28","author":"","date":"November 21, 2016","format":false,"excerpt":"American explorer has said it has intensified efforts to identify and farm in partners in order to share exploration costs and risks in the ultra-deep water offshore blocks, L-27 and L-28 set to expire in\u00a0February 2017. 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