Archives for October 2017
October 2017
APPEA embraces National Energy Guarantee
APPEA has welcomed the National Energy Guarantee announced last week as a new approach to the perennial policy challenge of cutting emissions from electricity generation without crudely picking winners or jeopardising reliability. “APPEA supports market-based policies which deliver least cost abatement, without putting at risk Australia’s trade-exposed industries. Our principles-based approach means that we are open to supporting different models, provided they deliver similar results,” said APPEA Chief Executive Dr Malcolm Roberts. “We have supported an emissions-intensity scheme and a clean energy target.
China scoops Bentley Systems Award in Singapore
CHINA’s Offshore Oil Engineering Company, a subsidiary of CNOOC, was the star oil and gas performer at the Bentley Be Inspired Awards Ceremony in Singapore where the company won the BIM Advancements in Mining and Offshore Engineering for innovation driving efficiencies. Bentley Systems Vice President Analytical Product Modelling Director Katherine Flesh said the award recognised excellence in the planning, design, structural engineering, construction, operations and commissioning of mines, mining facilities, marine and both offshore and onshore infrastructure.
Chevron cans Great Australian Bight exploration program.
Oil and gas supermajor Chevron described the Great Australian Bight as one of Australia’s most prospective frontier hydrocarbon regions, but said the suspension of its exploration endeavours in the area was because it could not compete in the current low oil price scenario. Chevron Australia managing director Nigel Hearne commented: “We appreciate the strong support from governments, regulators and the local community for our plans to explore for hydrocarbons offshore South Australia. We are confident the Great Australian Bight can be developed safely and responsibly, and we will work closely with the interested stakeholders to help realize its potential.
Natural gas driving down US CO2 emissions
Energy-related carbon dioxide emissions continue to decline in the United States thanks to increasing use of cleaner-burning natural gas. A new report by the US Energy Information Administration (EIA) confirms the growing switch from coal to gas-fired electricity was the biggest contributor to a 1.7 per cent fall in US energy-related emissions last year. The report found that while electricity generation grew by about one percent between 2005 and 2016, related carbon emissions fell by 24 percent. More than 63 per cent of that reduction is due to the shift to natural gas.
Po Valley in proposed major re-organisation
Australian gas producer Po Valley Energy has announced a major re-organisation and asset ownership structure for all of its Italian oil and gas exploration and production interests. Po Valley said the initiative would give PVE shareholders a stake in a much enlarged and more liquid operator to be chaired by renowned UK energy executive, Mr James Parsons.
Chevron acquires exploration acreage offshore WA
Chevron Australia has announced its affiliate has successfully acquired exploration interests in three offshore blocks located in the Northern Carnarvon Basin off the Western Australia coast. Chevron Australia Managing Director Nigel Hearne said this new acreage strengthens Chevron’s position in Australia’s premier hydrocarbon basin where there is an established network of production infrastructure, including the Chevron-operated Gorgon and Wheatstone Projects. “Offshore Western Australia is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner.
Record earnings forecast for resources and energy exports
Australia’s resource and energy export earnings in 2016–17 increased to $204 billion, and are forecast to reach a record $211 billion in 2017–18, before declining to $201 billion in 2018–19. The Resources and Energy Quarterly – September Quarter 2017, released by the Department of Industry, Innovation and Science, shows a 27 per cent increase in earnings in 2016–17. The report shows this increase was largely driven by price increases in iron ore and metallurgical coal, which are Australia’s top two resources and energy commodity exports.
Geoscience Australia to sponsor AGCC 2018
The Australian Geoscience Council Convention, AGCC 2018, has announced that Geoscience Australia will be the patron sponsor of the event, which will be held in Adelaide from Sunday 14th to Thursday 18th of October next year. The Convention, which is expected to attract more than 2,000 delegates from Australia and overseas, will cover all aspects of geoscience, with technical themes on theoretical and applied geoscience, mineral and energy resources, environmental and societal science, geoscience education and communication, and emerging technologies.
Norway has one trillion reasons to smile
Norway’s sovereign wealth fund has surpassed one trillion US dollars in value for the first time. That’s some achievement for the world’s biggest sovereign wealth fund, universally known as the ‘oil fund’ that only received its first capital injection in 1996 from the Norwegian government as a means of securing wealth for the country’s future generations. As said on the fund’s website: “The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.