Archives for June 2020

June 2020

Senex completes $400 million Surat Basin gas development project

15/06/2020 Posted by Dale

Senex Energy has completed its 100% owned Surat Basin natural gas development project, establishing the Brisbane-based independent exploration and production company as an important supplier of gas to the domestic market.

Senex also revealed in a market update that it has completed its 80 well Surat Basin drilling campaign, down from approximately 110 wells originally planned due to continued production outperformance.

In conjunction with infrastructure partner Jemena, Senex has also successfully built and commissioned natural gas facilities at Roma North and Atlas, which is set to deliver greenfield gas processing infrastructure capacity of more than 20 petajoules (PJ) a year.

IPC referral a ‘step closer’ for domestic gas supply in NSW

15/06/2020 Posted by Dale

APPEA has welcomed confirmation that the NSW Independent Planning Commission (IPC) has received a referral for the Narrabri Gas Project.

APPEA Chief Executive Andrew McConville said the referral was a critical step in assessing the project for NSW and providing new gas supply for the state.

“This is an important project for the NSW economy and will play an important role in its economic recovery”, Mr McConville said.

“NSW relies on interstate gas for 96 per cent of its needs and the Narrabri Gas Project could supply up to half of NSW’s gas needs.

“More than one...

US oil production shows signs of recovery

09/06/2020 Posted by Dale

United States crude oil production is showing signs of coming back to life, according to data and analytics company, GlobalData.

This follows the release of data by the Energy Information Administration (EIA) tracking weekly petroleum activity supplemented with information on refined products supplied and weekly crude oil stocks.

“Production cuts in US shale over the last two months have started to have an impact on the US oil market. Refinery utilization is still lower than normal but it seems stable, seeing a small increase over last month.

Rystad Energy predicts imminent crude oil deficit

09/06/2020 Posted by Dale

The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June 2020 and continuing uninterrupted until at least the end of next year, a Rystad Energy analysis says.

The energy research and business intelligent company said the oversupply, which sent WTI oil prices into the negative earlier this year, is a thing of the past “as long as OPEC+ compliance stays strong and the oil demand recovery trajectory isn’t radically altered.

PGS tightens the reins to ride out COVID-19 storm

09/06/2020 Posted by Dale

PGS says it will implement further cost reductions to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures.

The Norway-based marine geophysics company said the Covid-19 pandemic and related disruption in the oil market had caused unprecedented challenges for the seismic industry and would temporarily cause a significant reduction of activity levels. PGS is responding to this challenge by further adjusting its cost base to the lower activity level while retaining its core global capabilities and ability to scale up when demand resumes.

Earlier PGS had announced the stacking of three out of the eight 3D vessels operated at the start of the year, and several other cost measures.

NSW Labor ‘plays politics with state economic recovery’: APPEA

08/06/2020 Posted by Dale

The decision by the NSW Labor Party to vote with the Greens and a slew of independents in support of a gas moratorium was a vote against NSW jobs and for higher gas and electricity prices for NSW customers, APPEA has said in reaction to the latest political development.

APPEA Chief Executive, Andrew McConville said that the Bill moved by MLC Justin Field would, if it ever were implemented, condemn NSW to higher gas prices and a slower economic recovery, particularly in regions like Narrabri that are already struggling after years of drought and the challenges posed by the COVID-19 pandemic.

PESA Webinars prove popular in a world of COVID isolation

02/06/2020 Posted by Dale

COVID-19, and the subsequent lockdown that quarantined the popular PESA lunches, has had a creative spin-off that has proven to be spectacularly well-subscribed with dozens of Australian and overseas members gravitating to the recently introduced PESA webinars.

The initiative, inspired by WA President Helen Debenham, has attracted regular weekly participants numbering 100-160 members and has proven to be so popular that the initiative has been flagged as a regular activity in the post-COVID era.

Helen said the idea behind the webinars came about as motivation to give paid up members meaningful interaction after the world went into lockdown and regular events were frozen.

Senex and GLNG to supply Roma North natural gas to the domestic market

02/06/2020 Posted by Dale

Senex and GLNG have agreed a short-term re-direction of around 1 PJ of natural gas from Roma North to the domestic market.

This follows GLNG’s currently lower LNG offtake requirements and material production outperformance at Roma North, Senex said in a market update.

The company said Surat Basin production continues to perform strongly, currently above 34 TJ/day, and upgraded its FY20 guidance from 1.8 – 2.0mmboe to 2.0 – 2.1 mmboe with EBITDA increasing to $45 – 55 million (previously $40 – 50 million).

Part of Roma North gas production will be re-directed to the domestic market and Senex will reduce natural gas supply to GLNG by around 1 PJ over the period June to August 2020 at GLNG’s request, following currently lower LNG offtake requirements at GLNG.

Upstream PS appoints Matthew Campbell as National HSSEQ Manager

02/06/2020 Posted by Dale

Upstream Production Solutions has announced the appointment of Matthew Campbell to the role of National HSSEQ Manager.

Prior to joining Upstream PS, Matthew worked for CNOOC in Houston managing HSE across deep water projects in the Americas. Prior to this, he has worked for Shell in various locations around the world including the Netherlands, United Kingdom, Norway, Africa and Middle East.

In Australia and New Zealand, he was the Safety Manager for Shell Australia supporting Prelude, Queensland Gas Company (QGC), non-operated ventures (Gorgon, Browse, Arrow and North West Shelf) and Shell NZ projects).

Matthew will oversee Upstream PS national Health, Safety, Security, Environment and Quality (HSSEQ) people, systems and processes, as well as our regulatory relationships.

Beach Energy seeks green light for offshore drilling in New Zealand

02/06/2020 Posted by Dale

Beach Energy has applied for a ‘consent to discharge trace amounts of harmful substances’ from the deck drains of a mobile offshore drilling unit as part of an exploration drilling campaign in the Canterbury Basin, off New Zealand.

This was revealed by the Environmental Protection Authority of New Zealand, which said residual amounts of harmful substances were sometimes found in deck drainage after the clean-up of minor spills.

Public submissions on the application will be open until Friday, 6 July 2020. Thereafter, if any parties request to be heard, a public hearing will be held within 40 working days.

Beach Energy has applied for the period of the consent to last up until 7 November 2029.