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Avalon Sciences Ltd (ASL) designs and manufactures advanced borehole seismic recording systems. Our innovative Geochain[tm] system has been widely used by major players in the North Sea, North Africa, Gulf of Mexico, Canada and most recently China with outstanding success. Geochain[tm] has proved the complete VSP digital seismic system, now operating with up to 48 satellites for maximum logging and recording efficiency, whilst minimising rig time.

Besides large systems, our `industry standard' VSProwess© software, recording panels and a wide range of varying diameter seismic tools and peripheral equipment are also used independently by our many customers around the globe.



OIL INDUSTRY HEADLINES



3rd January 2008 OIL HITS $100 A BARREL. Oil prices today broke through the $100 a barrel threshold driven up by the falling value of the dollar, geopolitical instability in Iran, Iraq and Pakistan and concerns over demand for winter fuel supplies to the US and Europe.

23rd October 2007 OIL OUPUT SET TO HALVE BY 2030. World oil production peaked in 2006 and will fall by half by 2030 according to a report from the Energy Watch Group. As oil prices fell back slightly from a $90 a barrel high the EWG predicts that output will continue to fall by 7% per annum whilst global demand continues to rise driven by the growing Chinese and Indian economies. The EWG also predicts falls in gas, coal and uranium production all leading to an unsettled future as the world competes for diminishing natural resources.

12th September 2007 Crude oil prices reached a record high of $80.18 a barrel. The price surge revealed a sceptical view of OPEC's move to increase output by 500,000 barrels a day from 1st November as markets fear tight supplies due to diminishing production capacity, low stocks, tropical storms and demand uncertainty.

19th April 2007 Iraqi oil reserves could be third largest in the world. A new Iraq Atlas produced by IHS Inc estimates that Iraqi oil production could double from 2 to 4 million barrels per day toin the near term if repairs are made to the pipeline infrastructure and given the right politial climate. Looking further ahead the Western Desert of Iraq is largely unexplored but the latest IHS predictions conclude that there is another 100 billion barrels of oil in this desert.

19th March 2007 Oil prices rebounded to almost $61 a barrel on the London markets and a jump in crude prices is forecast in the next few months due to strong demand for gasoline in the USA.

5th February 2007 World oil prices reached their highest point in a month as more icy weather was forecast to hit the United States. In London Brent crude reached $59.02 a barrel. In New York's main oil futures light sweet crude peaked at $59.95. Crude futures raced ahead after an OPEC cartel oil production cut combined with colder weather in the northeast US which is the world's biggest consumer of heating oil.

4th January 2007 The Chinese oil company Sinopec Corp is to step up its search and development of resources in 2007. Sinopec plans to become far more active in bidding for oil and gas exploration overseas including Russia and Angola.

27 October 2006 WASHINGTON - The price of oil sank by more than $2 a barrel Thursday, settling at its lowest level in a year as traders focused on the bearish aspects of conflicting market trends. OPEC is cutting output, but the U.S. economy is slowing; winter is near, but the country has an abundance of home heating fuels.

05 July 06 S American International Pipeline to Start Operating May 2007

Venezuela will start receiving imports of Colombian gas through its new international pipeline in May 2007, Venezuela's state news agency ABN reported.

Venezuela's President Hugo Chavez and his Colombian counterpart Alvaro Uribe are due to inaugurate the pipeline's construction works on July 8.

The 230km pipeline is designed to connect US oil major Chevron's gas fields in Colombia's La Guajira department with Venezuelan state oil company PDVSA's facilities in Zulia state.