Neptune Energy announced the successful acquisition of the 3D broadband seismic survey of the extensive Petrel field located in the Bonaparte basin of Australia.

The 2,900 km2 survey significantly expanded the area of seismic data Neptune holds and increased the quality and breadth of data.

Initial findings from the survey have been received with the remaining processed data due to be delivered later this year.

Internal analysis and interpretation of the acquired data will allow Neptune and its partners to plan for the future.

“The seismic survey was the first significant investment in this part of the Bonaparte basin in more than five years and it continues to present exciting future growth opportunities for Neptune offshore Australia. Our deeper understanding of the area also positions us well for the upcoming offshore petroleum exploration release later this year.”

The Polarcus Asima carried out the survey which began towards the end of 2019.

Neptune, on behalf of the Petrel JV, entered into an exclusive data licensing agreement with Polarcus Asia Pacific Pte Ltd, which acquired the Petrelex 3D seismic survey.

Neptune holds 54 per centof the project and, alongside its partners Santos (40.25 per cent) and Beach Energy (5.75 per ceny), invested in new broadband technology over an expanded area to enhance understanding of the potential resources Petrel holds.

China's Sinopec has started building storage tanks in the second phase of its Tianjin terminal project to receive liquefied natural gas (LNG), the company announced.

The plan for the second phase is to have five LNG tanks, with storage capacity of 220,000 cubic metres each, and a new berth for LNG vessels.

After the project is completed in end-2021, the LNG receiving capacity at the terminal will expand to 10.8 million tonnes per annum from the current 6 million tonnes.

So far, the terminal has received 11.21 million tonnes of LNG since the first phase of the project was launched in March 2018.