Thai oil and gas company PTTEP has celebrated a gas and condensate discovery at Orchid-1, the first exploration well in Permit AC/P54 located in the Timor Sea, offshore Australia. This was revealed by Phongsthorn Thavisin, President and CEO of PTTEP, who said in a statement that PTTEP Australasia had made the discovery after the well had been spudded in January and drilled to a depth of 2,925m. The well encountered gas and condensate with the net pay thickness around 34 meters.
Archives for March 2019
March 2019
Industry confidence ‘returning to oil and gas sector’ according to AOG report
Over 90 per cent of oil and gas professional believe that the industry will improve or remain the same in the mid-to-long term, according to the second annual Industry Confidence Report commissioned by the Australasian Oil & Gas Conference & Exhibition (AOG). The report surveyed 700 oil and gas representatives from senior and operational management, engineers, consultants, contractors and business development managers found that the current health of the Australasian oil and gas industry was either stable or improving.
Bipartisan support for hydrogen
Energy Networks Australia has welcomed progress towards a National Hydrogen Strategy, with the recent release of a discussion paper for public comment. CEO Andrew Dillon said support from both sides of federal politics for hydrogen and its potential as a low or zero-emission energy source to back up renewable power was important to support the transition to a clean energy future. “Hydrogen can be produced carbon free from excess renewable energy, storing this energy in a clean way for when the sun doesn’t shine and the wind isn’t blowing,” he said.
Forties Pipeline System investment is ‘vote of confidence’ in North Sea future
The leading representative body for the UK’s offshore oil and gas industry has welcomed news INEOS is to invest £500m (AU$920 million) in the Forties Pipeline System as a vote of confidence in the future potential of the industry. INEOS said that the investment will transform the asset and extend the life of the pipeline by at least 20 years. Commenting, Oil & Gas UK upstream policy director Mike Tholen said: “Investment of this scale in the Forties pipeline system is a vote of confidence in the future potential of the UK North Sea.
National gas can power hydrogen future, says APPEA
APPEA has welcomed the announcement that the Australian Government will advance the development of a national hydrogen strategy as the first step to developing a valuable new industry for the nation. “There is tremendous interest globally in hydrogen as a new, cleaner fuel. Australia is well placed to capitalise on our already abundant natural advantage,” said APPEA Chief Executive Dr Malcolm Roberts.
‘LNG import terminals critical to combatting Sydney-Melbourne gas shortage’
LNG import projects are urgently needed in both Melbourne and Sydney to counter the risks of a growing shortage of gas in the southern states, according to a major energy report released today. Based on new modelling by independent energy consultancy, EnergyQuest, gas production in the southern states (NSW, Victoria, South Australia and Tasmania) starts to shortfall demand by 2022. By 2025, the report forecasts that annual gas production offshore Victoria will more than halve from current levels, dropping to 146 petajoules (PJ) from 336 PJ in 2018.
Searcher announces acquisition of Triok 2D Seismic Survey in PNG
Searcher Seismic, in cooperation with BGP, was pleased to announce the expansion of its modern offshore data library with the completion in acquisition of the Triok Broadband Non-Exclusive 2D Seismic Survey in the Northern Basins of Papua New Guinea. Following the successful acquisition of the Solomon Sea Non-Exclusive 2D in the Northern Basins of Papua New Guinea, the Triok Broadband Non-Exclusive 2D Seismic Survey comprises of 3,845 kilometres of 2D long-offset, high-resolution, broadband seismic and offers an extensive regional coverage of the Cape Vogel Basin and Huon Gulf.
Gas resource upgrade adds impetus to “idle” Queensland gas province
The potential for Queensland’s Bowen Basin to be a major contributor to Australia’s diminishing east coast gas supplies has received a further timely boost with a significant resource upgrade announced by Brisbane-based Blue Energy Limited (ASX: “BUL”). The upgrade – from the Company’s Northern Bowen Basin gas fields - comes amid continued analysis of the parlous state of gas supply to east coast consumers and now the forecast potential for reduction in LNG export volumes from Gladstone from 2025, due to lower than expected field gas supply to the six LNG export trains.