The Australian Petroleum Production & Exploration Association (APPEA) says the Federal Budget has reaffirmed the vital and significant contribution liquefied natural gas (LNG) exports play in sustaining Australia’s economic growth. “The government has recognised the critical role Australia’s oil and gas industry plays in supporting our economy through providing energy security and exports,” said APPEA Chief Executive Andrew McConville. This follows the recent release of the March Resources and Energy Quarterly, which found in 2018-19, Australia’s LNG export earnings are forecast to reach $50 billion, an $18 billion increase over the previous year -- the largest increase of any commodity.
Archives for April 2019
April 2019
Otto Energy farms into Gulf of Mexico license
West Perth, North America-focussed Otto Energy has farmed into Talos Energy’s Green Canyon 21 (GC 21) lease in the Gulf of Mexico. Otto said it would earn a 16.67% working interest in GC 21 through paying 22.22% of the cost of drilling of the Bulleit appraisal well in the lease. Otto Energy said the well would be drilled by Talos using the Noble Don Taylor drillship, commencing in the mid-second quarter of 2019. First production is expected to be within 12-18 months from spud.
Certification confirms Leigh Creek Energy gas reserve ‘largest in South Australia’
Leigh Creek Energy’s (LCK) said its syngas resource at Leigh Creek has received reserve certification, unlocking South Australia’s largest gas reserve for commercial use. LCK announced that it had received a PRMS certificate of 1,153PJ (petajoule) 2P syngas reserves, making Leigh Creek’s commercial deposit in the far north of SA ‘larger than reserves currently located within the Cooper Basin’.
North America expected to add 265 mtpa of LNG liquefaction capacity in 2023
North America will be the major contributor to the growth of global liquefied natural gas (LNG) liquefaction capacity between 2019 and 2023, accounting for around 72% of the total global capacity from planned and announced projects, according to data and analytics company, GlobalData. The company’s report: ‘H1 2019 Global Capacity and Capital Expenditure Outlook for LNG Liquefaction Terminals -- US Continues to Dominate Global Liquefaction Market with Staggering Capacity Additions' reveals that around 366 million tonnes per annum (mtpa) of LNG liquefaction capacity is expected to be added during the outlook period (2019–2023), from planned and announced projects globally.
CGG GeoSoftware supports geoscience training with renewal of HampsonRussell software donation to Portugal’s CERENA/IST University
GeoSoftware, part of CGG’s Geoscience Division, has renewed the donation of its HampsonRussell seismic reservoir characterization software to CERENA/Instituto Superior Técnico (IST) University in Lisbon, Portugal. CERENA, a research center of IST, supports IST’s MSc course in Petroleum Engineering with teaching and research in areas relating to oil and gas exploration and production, including the characterization of petroleum reservoirs. CGG’s software technology is already an integral part of the Petroleum Engineering MSc course and related research programs.