Oil & Gas Australia

02/03/2022

Thailand’s CK Power to double in size in three years

Mr. Thanawat Trivisvavet, Managing Director, CK Power PLC, said, “We will increase our installed capacity to 4,800 megawatts by 2024 through six new electricity generating facilities in Thailand and the region. All of our new installed capacity will be based on renewables, including solar power, hydro power and wind power.”

“As a part of our rapid growth plan, we aim to enter into three new ventures in two countries outside of Thailand, and these, too, will be based on renewables,” he said.

Read more at: https://www.oilandgasaustralia.com.au/thailands-ck-power-to-double-in-size-in-three-years/

23/02/2022

SEA Electric Backs Government Support of Future Fuel Fleets

Australian electric truck manufacturer SEA Electric supports the Federal Government’s latest funding program for future fuel technologies for businesses.

Announced today at SEA Electric’s Melbourne manufacturing facility by the Hon Angus Taylor MP, Minister for Industry, Energy and Emissions Reductions, the program will see the additional funding of up to $127.9 million made available to support the integration of electric vehicle technologies into both light and heavy vehicle fleets.

Read more at: https://www.oilandgasaustralia.com.au/sea-electric-backs-government-support-of-future-fuel-fleets/

16/02/2022

Askari Metals Commences Phase II Drilling Program on the Burracoppin Gold Project, WA

Askari Metals Limited, an Australia based exploration company with a portfolio of battery metals (Li + Cu) and gold projects across Western Australia, Northern Territory and New South Wales, is pleased to announce that the Company has commenced the second phase of RC drilling on its 100% owned Burracoppin Gold Project, located in the eastern wheatbelt along strike of Ramelius Resources Edna May Gold Mine in Western Australia.

The Company’s Phase I drilling program intersected multiple mineralised structures at Christmas Gift, Benbur and Easter Gift, and identified geological characteristics such as the potential for steeply plunging high-grade shoots, in addition to identifying potentially untested mineralised zones at Lone Tree. The Company has also completed a High Definition magnetic survey, which identified several potentially mineralised structures.

Read more at : https://www.oilandgasaustralia.com.au/askari-metals-commences-phase-ii-drilling-program-on-the-burracoppin-gold-project-wa/

09/02/2022

Santos announces booking of CO2 storage capacity

Santos announced a booking of 100 million tonnes of CO2 storage resource in the Cooper Basin in South Australia.

This represents a subset of the total prospective storage resource in the Cooper Basin and follows the final investment decision on the 1.7 million tonne per annum Moomba carbon capture and storage (CCS) project in November 2021.

Santos believes this is the first booking in the world in accordance with the CO2 Storage Resource Management System (SRMS) sponsored by the Society of Petroleum Engineers.

Read more at: https://www.oilandgasaustralia.com.au/santos-announces-booking-of-co2-storage-capacity/

02/02/2022

Bowens invests $1.2M for a sustainable future

Bowens, a fourth-generation, family-owned Australian business and market leader in supplying the largest variety of quality timber and building supplies in Australia, leads construction industry sustainability as they commit to reducing their carbon footprint with newly installed Power Factor Correction Units (PFCs) and Solar Modules.

As Australia experiences a surge of new home builds and renovations up 33% since 2019, Bowens demonstrates an ongoing commitment to reduced carbon emissions as a first step to tackling the output of Australian construction, as the sector makes up 18.1% of Australia’s carbon footprint.

Read more at: https://www.oilandgasaustralia.com.au/bowens-invests-1-2m-for-a-sustainable-future/

26/01/2022

First gas from Geographe wells

Beach Energy is pleased to announce the first two wells of its offshore Otway Basin campaign – Geographe 4 and 5 – have been connected to the Otway Gas Plant and are now delivering gas into the East Coast market following the completion of the commissioning phase.

The new wells effectively double the Otway Gas Plant production capacity which now has the well capacity to deliver ~180 TJ/d. Actual production rates will depend on customer nominations which vary on a seasonal and daily basis.

Connecting the remainder of the wells from the offshore campaign and connecting the nearshore Enterprise discovery is required to attain plant nameplate production capacity of 205 TJ/d.

Read more at: https://www.oilandgasaustralia.com.au/first-gas-from-geographe-wells/

19/01/2022

BE partners with Petrofac to bring Australian Green Hydrogen to WA

GREEN Hydrogen specialist Infinite Blue Energy Group (IBE) has entered into an agreement with leading international energy services company Petrofac to progress its landmark green hydrogen project, Arrowsmith.

This will be advanced through Front End Engineering Design (FEED) to support the Final Investment Decision (FID) of the AUD $350 million project in mid Q1 2021.

Located north of Perth, the Arrowsmith Plant will be in an area with abundant renewable energy resources. Green hydrogen for the Plant will be produced using renewable energy from solar and wind, with zero carbon debt.

Read more at: https://www.oilandgasaustralia.com.au/be-partners-with-petrofac-to-bring-australian-green-hydrogen-to-wa/

12/01/2022

Perth CFA builds on mining and petroleum relationship with launch of Natural Resources Vision

THE CFA Society Perth has launched its bold Natural Resources Vision, with the ambition to position Perth a global centre of excellence for natural resources finance. As the finance industry’s premier professional body, CFA Society Perth is leveraging its pivotal role to engage with and seek input from industry leaders and finance professionals in the natural resources sector.

Two hundred practitioners convened yesterday evening at the Frasers Function Centre to listen to the Bill Johnston, Western Australia’s Minister for Mines and Petroleum, Energy and Industrial Relations and Sherry Duhe, Executive Vice President and Chief Financial Officer of Woodside talk about the importance of excellence in commercial evaluation.

Read more at: https://www.oilandgasaustralia.com.au/perth-cfa-builds-on-mining-and-petroleum-relationship-with-launch-of-natural-resources-vision/

05/01/2022

Australian Hydrogen Council welcomes $150m funding boost

Planning framework is needed to underpin hubs and get industry to scale

The Australian Hydrogen Council (AHC) has welcomed today’s announcement by the Morrison Government of extra grants funding and expansion of its short list for a national network of clean hydrogen hubs.

AHC Chief Executive Officer, Dr Fiona Simon, said the announcement of an extra $150 million in grants
funding underlines that the Government is serious about investing in Australia’s hydrogen future.

“Committing grant funding of $464m to support feasibility studies and construction is another important step forward,” Dr Simon said.
“It’s certainly a vote of confidence in the industry and we hope there’s more to come.

Read more at: https://www.oilandgasaustralia.com.au/australian-hydrogen-council-welcomes-150m-funding-boost/

29/12/2021

Australian government confident “hot” Beetaloo’s potential will be a boost to the economy

OVERNMENT plans to accelerate gas exploration and development in the Northern Territory’s Beetaloo sub-basin to create thousands of jobs, provide significant economic benefits to the region and ensure Australia remains a world leader in the production of natural gas.

Federal Minister for Resources, Water and Northern Australia Keith Pitt said the Government’s approach would speed up exploration and production in the Beetaloo by around two years.

“The Government will provide up to $50 million for exploration that occurs before June 30, 2022, allowing the benefits of this important asset to be realised sooner,” Minister Pitt said.

Read more at: https://www.oilandgasaustralia.com.au/australian-government-confident-hot-beetaloos-potential-will-be-a-boost-to-the-economy

22/12/2021

Santos announces new Chief Financial Officer

Santos today announced Anthea McKinnell will become Chief Financial Officer from
1 January 2022, replacing Anthony Neilson who has held the role since December 2016.

Mr Neilson will stay with the company as Chief Commercial Officer initially based in Sydney, where he will play a key role in overseeing the transition of the Oil Search business.

Ms McKinnell has been with Santos as Deputy Chief Financial Officer since 2019. She has extensive experience in the industry, having previously spent 13 years at Woodside where she held several senior executive roles, including SVP Finance and Treasury, VP Global Operations Planning and Performance, and Acting CFO. Ms McKinnell is a Fellow of Chartered Accountants Australia and New Zealand, holds a Master of International Tax from the University of Melbourne and a Bachelor of Commerce from Curtin University.

Read more at: https://www.oilandgasaustralia.com.au/santos-announces-new-chief-financial-officer/

15/12/2021

Australia’s Blueprint as $100B Oil and Gas Decommissioning Bill Looms

Could Asian Countries Follow Suit

Australia has passed legislation that could set a precedent for who pays to clean up the fossil fuel industry in Asia, making former owners of oil and gas fields responsible for the costs of dismantling facilities if later owners fail.

The new law provides a blueprint for governments tussling with the oil and gas industry over the removal of hundreds of obsolete energy facilities, particularly as the world moves to a lower-carbon economy.

The cost of decommissioning offshore facilities in Australia is expected to run to $40 billion, with half of that in the next 10 years. For Asia-Pacific as a whole the clean-up bill is estimated at $100 billion out to 2050, say consultants Wood Mackenzie.

Read more at: https://www.oilandgasaustralia.com.au/australias-blueprint-as-100b-oil-and-gas-decommissioning-bill-looms/

08/12/2021

Asia Pacific upstream transactions plunge to lowest this century

WOOD Mackenzie’s latest analysis shows 2020 is on track to be the quietest year for upstream transactions in the Asia Pacific region since the beginning of the 21st century.

As of mid-November, only US$426 million of assets have changed hands this year, down over 90% from the US$5.1 billion transacted in 2019. Globally, upstream M&A has felt the pandemic’s impact acutely, as commodity prices fall, and operators shelve growth plans in favour of resilience and long-term strategic planning.

But with strategic repositioning underway in the face of energy transition, the situation is expected to change.
Wood Mackenzie principal analyst Alay Patel said: “Never before has the upstream industry been challenged to this extent. The combination of the oil price crash, Covid-19 and rising pressure to comply with ESG standards have created the perfect storm in the upstream industry.

Read more at: https://www.oilandgasaustralia.com.au/asia-pacific-upstream-transactions-plunge-to-lowest-this-century/

01/12/2021

Neptune Energy’s Adorf gas field in Germany comes on stream

NEPTUNE Energy has announced first gas production from the Adorf Carboniferous development in north-western Germany.

Initial results were positive following successful drilling of the Adorf Z15 appraisal well, in the municipality of Emlichheim.

Subsequent production tests indicated flow rates of up to 1,700 barrels of oil equivalent (boe) per day (gross).

Read more at: https://www.oilandgasaustralia.com.au/neptune-energys-adorf-gas-field-in-germany-comes-on-stream/

24/11/2021

Schlumberger introduces High-Definition NMR Logging-While-Drilling Service

SCHLUMBERGER has announced the introduction of MagniSphere high-definition NMR logging-while-drilling service.

This new service delivers accurate, real-time producibility analysis for optimum well placement, resulting in improved production and recovery in complex reservoirs.

“MagniSphere service provides operators with a full understanding of reservoir producibility while concurrently enabling enhanced drilling performance,” said Jesus Lamas, president, Well Construction, Schlumberger.

“The service provides operators with automated, high-definition NMR data while drilling, which is used to maximize reservoir exposure and ultimately optimize production.”

Read more at: https://www.oilandgasaustralia.com.au/schlumberger-introduces-high-definition-nmr-logging-while-drilling-service/

17/11/2021

Oil and gas companies at a crossroads- sector needs bold ideas and bolder actions in 2021

CHANGE is not a new phenomenon in the oil and gas industry. Neither are cyclical price swings. Yet, what’s happening now is very different.

Climate concerns have created a global push to decarbonise energy production and use. Investors are taking note and are not as willing to fund large capital projects without assurances that the environmental, social and corporate governance (ESG) impacts will be appropriately managed.

On top of this pressure to lower emissions, the industry is now grappling with the effects of a global pandemic. Consumption patterns have been turned on their head. Both upstream and downstream activities have slowed considerably.

Read more at: https://www.oilandgasaustralia.com.au/oil-and-gas-companies-at-a-crossroads-sector-needs-bold-ideas-and-bolder-actions-in-2021/

10/11/2021

Ashurst anticipates LNG market maturity with ‘Masters and Maestros’ to dominate the energy transition

LNG price variability is set to continue but as the market of gas become more fungible markets are expected to become efficient, a study by global law firm Ashurst reveals.

The study, which sourced the views of general counsel and executives across exploration, production and offtake customers in Asia Pacific, found that the industry is predicting that LNG trading will continue to mature, with the growth of short term contracts and an increasingly deeper spot market.

The LNG market was, until recently, regarded as relatively stable. LNG was traditionally sold by producers and purchased by end users or utilities on a point to point basis under long term contracts, with pricing linked to oil and sometimes subject to price market review. The market is evolving substantially as more countries develop their infrastructure and more players become involved. The firm predicts gas market maturity and depth which will bring efficient and a further commoditised market.

Read more at: https://www.oilandgasaustralia.com.au/ashurst-anticipates-lng-market-maturity-with-masters-and-maestros-to-dominate-the-energy-transition/

03/11/2021

Woodside Petroleum unveils plans for $1 billion hydrogen and ammonia plant in Kwinana

Woodside’s H2Perth hydrogen and ammonia plant would produce up to 1500 tonnes of hydrogen every day at full capacity. (Supplied: Woodside)

Oil and gas giant Woodside has announced plans to build a hydrogen and ammonia production hub on government land south of Perth, sparking debate over the project’s green credentials.

Woodside says the project will position WA as a clean energy powerhouse
But the Conservation Council of WA has raised questions about the project’s green credentials
An expert says there is nothing wrong with Woodside’s staged approach to green hydrogen
While the company and WA Premier Mark McGowan said the $1 billion project, dubbed H2Perth, would position WA as a global clean energy powerhouse, the facility was not going to be entirely ‘green’.

Mr McGowan said the facility would be built on about 130 hectares of vacant industrial land, commercially leased from the state government.

Read more at: https://www.oilandgasaustralia.com.au/woodside-petroleum-unveils-plans-for-1-billion-hydrogen-and-ammonia-plant-in-kwinana/

Woodside CEO Meg O’Neill said the phased development would, at full potential, produce up to 1500 tonnes of hydrogen per day for export in the form of ammonia and liquid hydrogen.

27/10/2021

What will the COVID-19 pandemic mean for the oil industry?

MANY economies and industries have experienced severe disruption due to the current global health crisis ⁠⁠— and the oil industry, which has a direct impact on the global market, has suffered far-reaching and long-lasting damage. This is in part due to the lockdowns enforced by many countries in the name of safety, putting a halt on non-essential travel and crippling the supply chain.

In fact, the Paris-based IEA predicts that oil and gas exploration companies are set to lose $1.5 trillion in revenues this year, with many national oil companies now short of money.

To paint a better picture of what the future of the oil industry might look like, it’s crucial to first have an understanding of where it was at the advent of COVID-19. Before the world went into lockdown, OPEC+ countries were negotiating a price cut, despite being aware that COVID-19 could impact demand. Russia, the third largest producer of oil, had walked out on these negotiations and this had prompted Saudi Arabia to undercut oil prices by at least $11 per barrel.

Read more at: https://www.oilandgasaustralia.com.au/what-will-the-covid-19-pandemic-mean-for-the-oil-industry/

20/10/2021

Orica Announces Ambition for Net Zero Emissions by 2050

Melbourne: Orica (ASX: ORI) today announced its ambition to achieve net zero emissions by 2050, covering scope 1 and 2 greenhouse gas (GHG) emissions and its most material scope 3 GHG emission sources (1,2).

The ambition builds on Orica’s previously announced medium-term target to reduce scope 1 and 2 operational emissions by at least 40% by 2030 (3).

To advance its net zero emissions ambition, Orica will:

- Continue to reduce its operational footprint: prioritising scope 1 and 2 operational emissions reductions by deploying tertiary catalyst abatement technology, sourcing renewable energy and optimising energy efficiency and industrial processes;
- Collaborate with its suppliers: as new and emerging technologies scale and become commercial, partner with suppliers to source lower emissions intensity ammonium nitrate (AN) and ammonia to reduce Orica’s scope 3 emissions, which account for approximately 70 per cent of Orica’s total scope 3 emission

Read more at: https://www.oilandgasaustralia.com.au/orica-announces-ambition-for-net-zero-emissions-by-2050/

14/10/2021

Blue Energy’s Karen Johnson steps down

BLUE Energy Limited has advised that Non-Executive Director Karen Johnson has retired as a Director of the Company due to other work commitments.

Ms Johnson was appointed as a Director of the Company on September 30, 2011 and has served as the Chair of the Risk and Audit Committee since that time.

Blue Energy’s Chairman John Ellice-Flint acknowledged Karen’s many and wide-ranging contributions to the Company.

“Karen has contributed enormously to the Blue Energy Board, bringing her extensive accounting and audit expertise and rigor plus her business acumen to assist in navigating the Company through many at times, challenging issues,” Mr Ellice-Flint said.

Read more at: https://www.oilandgasaustralia.com.au/blue-energys-karen-johnson-steps-down/

07/10/2021

BE partners with Petrofac to bring Australian Green Hydrogen to WA

GREEN Hydrogen specialist Infinite Blue Energy Group (IBE) has entered into an agreement with leading international energy services company Petrofac to progress its landmark green hydrogen project, Arrowsmith.

This will be advanced through Front End Engineering Design (FEED) to support the Final Investment Decision (FID) of the AUD $350 million project in mid Q1 2021.

Located north of Perth, the Arrowsmith Plant will be in an area with abundant renewable energy resources. Green hydrogen for the Plant will be produced using renewable energy from solar and wind, with zero carbon debt.

Read more at: https://www.oilandgasaustralia.com.au/be-partners-with-petrofac-to-bring-australian-green-hydrogen-to-wa/

Australasia’s Leading Oil & Gas Journal. Providing all the latest news, updates and developments in the oil & gas industry, sourced locally and from around the world.

22/09/2021

Australian Hydrogen Council welcomes $150m funding boost

Planning framework is needed to underpin hubs and get industry to scale

The Australian Hydrogen Council (AHC) has welcomed today’s announcement by the Morrison Government of extra grants funding and expansion of its short list for a national network of clean hydrogen hubs.

AHC Chief Executive Officer, Dr Fiona Simon, said the announcement of an extra $150 million in grants

funding underlines that the Government is serious about investing in Australia’s hydrogen future.

“Committing grant funding of $464m to support feasibility studies and construction is another important step forward,” Dr Simon said.

“It’s certainly a vote of confidence in the industry and we hope there’s more to come.

Read more at: https://www.oilandgasaustralia.com.au/australian-hydrogen-council-welcomes-150m-funding-boost/

09/09/2021

Australian government confident “hot” Beetaloo’s potential will be a boost to the economy
OVERNMENT plans to accelerate gas exploration and development in the Northern Territory’s Beetaloo sub-basin to create thousands of jobs, provide significant economic benefits to the region and ensure Australia remains a world leader in the production of natural gas.
Federal Minister for Resources, Water and Northern Australia Keith Pitt said the Government’s approach would speed up exploration and production in the Beetaloo by around two years.
“The Government will provide up to $50 million for exploration that occurs before June 30, 2022, allowing the benefits of this important asset to be realised sooner,” Minister Pitt said.
Read more at: https://www.oilandgasaustralia.com.au/australian-government-confident-hot-beetaloos-potential-will-be-a-boost-to-the-economy/

Australasia’s Leading Oil & Gas Journal. Providing all the latest news, updates and developments in the oil & gas industry, sourced locally and from around the world.

02/09/2021

Esso Australia on target to deliver West Barracouta gas to the domestic market in 2021

ESSO Australia Pty Ltd has revealed it is nearing completion of its West Barracouta project, which will bring much-needed new gas supply to the Australian domestic market this year, as it gets ready to construct the project’s final subsea infrastructure.
The domestic gas development is part of the company’s continued investment in the Gippsland Basin and will be tied back to existing Barracouta infrastructure in the Bass Strait.
The arrival of the Subsea 7 Seven Eagle Diving Support Vessel in Victoria this month means the company is on- track to have West Barracouta gas flowing to the Australian domestic gas market this year.

Read more at: https://www.oilandgasaustralia.com.au/esso-australia-on-target-to-deliver-west-barracouta-gas-to-the-domestic-market-in-2021/

Australasia’s Leading Oil & Gas Journal. Providing all the latest news, updates and developments in the oil & gas industry, sourced locally and from around the world.

25/08/2021

WoodMac tips go-ahead for over US$11 billion in Aussie gas projects in 2021

LEADING global energy industry research firm Wood Mackenzie’s Australasian upstream 2021 outlook report shows at least US$11 billion of gas projects poised for FID in 2021.

Wood Mackenzie senior analyst, Daniel Toleman, said that with LNG backfill as the focus, these projects include three upstream FIDs – Mitsui’s Waitsia, Santos’ Barossa and Woodside’s Scarborough – and the AIE Port Kembla LNG import terminal which will supply the East Coast market.
“After doing everything possible to tighten belts this year, Australian operators will open their wallets and start spending,” Mr Toleman said.

Read more at: https://www.oilandgasaustralia.com.au/woodmac-tips-go-ahead-for-over-us11-billion-in-aussie-gas-projects-in-2021/

18/08/2021

Looking in to the Australian Oil and Gas Industry Now and in the Future

How do you see Australia’s Oil & Gas industry at the moment? Is it flourishing or facing problems?

If we remove the historic commodity cycles and events, Oil & Gas (O&G) companies have generally been able to achieve profitability, capture investors’ interest and maintain a level of public trust. However, the industry has now been fundamentally disrupted, exacerbated recently by an abundance of supply, the growing decarbonisation momentum, and structural shifts in consumer behaviours. Many companies’ relevance – and even their social license to operate – are therefore being called into question.

Looking ahead, the Australian O&G industry will need to make two fundamental shifts: i) in how they balance capital allocation to deliver against investors’ expectations on returns as well as decarbonisation, and ii) how, in upstream, they are able to shift from a ‘supply mindset’ to a ‘customer mindset’, and grow returns in ‘low carbon’ business through distinctive customer propositions.

Read more at: https://www.oilandgasaustralia.com.au/looking-in-to-the-australian-oil-and-gas-industry-now-and-in-the-future/

Australasia’s Leading Oil & Gas Journal. Providing all the latest news, updates and developments in the oil & gas industry, sourced locally and from around the world.