Archives for July 2024

July 2024

Beach delivers on Victoria’s first gas production licence granted in 10-years

10/07/2024 Posted by Dale

Despite Victoria’s s reputation as the “basket case” of gas supply conundrums in Australia, Beach Energy has driven first gas from the Enterprise gas field to the Otway Gas plant over the line to deliver on the company's commitment to the State’s first production licence granted in 10-years.

A successful connection of the Enterprise gas field to the Otway Gas Plant was completed on 12 June after Beach had signed a Gas Sales Agreement (GSA) to supply Origin Energy with gas from the Enterprise field until the end of 2026.

The Enterprise field was discovered in 2021 and resulted in a 2P gas and associated liquids reserves booking of 34 MMboe gross (20 MMboe net to Beach), including 2P gas reserves of 161 PJ (gross).

Decarbonising the Pilbara-to-Asia Iron Ore Trade Route Study Demonstrates ‘Pathway to Net-Zero Emissions’

10/07/2024 Posted by Dale

In November 2023 PCF, Oceania and RINA signed an MoU to collaborate on studies to define the commercial and emissions reduction benefits their combined concepts could deliver to ship owners and charterers for the Pilbara to Asia dry-bulk minerals export trade route. The Joint Study has now been completed.

The findings demonstrate an accessible and achievable pathway to Net-Zero Emissions for LNG, on a Well-to-Wake basis, for international shipping on this trade. The study presents a flexible and commercially attractive IMO compliant marine fuel strategy to ship owners, operators and charterers amidst competing alternative fuel.

Oil and gas industry embraces Queensland Exploration Acreage Awards rollout

10/07/2024 Posted by Dale

Australia’s oil and gas industry has welcomed the Queensland Government’s “continued recognition of energy security at a time of heightened gas demand” keeping Australian households warm and businesses running.

This comes after the Sunshine State had wrapped up six new exploration tenders for petroleum and gas across the Bowen and Surat basins, which AEP QLD Director Keld Knudsen said had come at an important time following the Australian Energy Market Operator’s warning of east coast gas supply shortages.

The six new tenders were awarded to; Comet Ridge (2), Senex Energy (2), State Gas and Denison Gas, completing a tender package that had opened in May 2020 as part of the Queensland Exploration initiative and covered an area of 6,746 km².

Are critical minerals and hydrogen in the fast lane to production?

09/07/2024 Posted by Dale

Max Williamson FCA, FFin, FCPA, FGov

Max has practiced as a Chartered Accountant and Tax Adviser to the Resources Industries for over 50 years. He has been Federal President and Federal Treasurer of PESA, as well as NSW Branch President and on the NSW Committee for over 30 years.

The 14 May 2024 Federal Budget among others introduced to the Australian community two new financial incentives encouraging Australian investors/producers to progress Critical Minerals ($7 billion) and Hydrogen ($6.7 billion) projects through production phases.

The current Labor Federal Government is being supported intellectually by the States on their incentive policy proposals, so we will see in due course exactly what can be generated into actual legislation at the Federal level.

APAC advances cross border CCS, fostering value chain growth

09/07/2024 Posted by Dale

The Asia Pacific (APAC) region is rapidly emerging as a key player in the carbon capture and storage (CCS) sector. Asian countries are intensifying their decarbonization efforts, despite challenges for a number of countries in the region, such as unsuitable geological conditions for carbon capture, utilization and storage (CCUS).

This is according to Rystad Energy research, which has highlighted Australia, Malaysia and Indonesia as emerging hubs in the APAC region, driven by the carbon dioxide (CO2) storage potential in their depleted oil and gas reservoirs and stricter environmental regulations, despite recent improvements and updates in policy.

The...

PESA WA lunch gets lots to chew on over safe GCS solutions for Barrow Dampier

09/07/2024 Posted by Dale

PESA WA June Technical Lunch: Demystifying Safe GCS Solutions for the Barrow-Dampier

PESA hosted a successful June Technical Lunch at the Parmelia Hilton in Perth on Thursday, June 27th.

The event attracted over 60 attendees from West Australian oil and gas companies, universities and government bodies.

SLB Exploration Lead Mr. David Barlass took centre stage, introducing a captivating presentation on safe geological carbon dioxide storage (GCS) techniques applicable to the Barrow-Dampier sub-basins.

PESA WA, fostering collaboration within the energy sector, provided a valuable platform for this critical conversation.

It's that time of the year again when we...

Beetaloo or Bust

08/07/2024 Posted by Dale

Beetaloo or Bust, the route to commercial success for an Australian shale play, was presented by Dr Anne Forbes of Wood Mackenzie at the AEP 24 Conference in Perth in May where the paper won Best oral presentation.

Dr Anne Forbes, Angus Rodger, John Gibb

The big question we wanted to ask, and hopefully answer, is: What does it take to make this play commercial?

Flow rates from exploration and appraisal well tests have historically been low, but that’s changing and increasingly looking more positive. As well location and stimulation designs are optimised, we’ve seen increasingly positive results.

2023 Exploration and Appraisal Year in Review

08/07/2024 Posted by Dale

Author: Adam CraigA*

A RISC Advisory Pty Ltd, Perth, Western Australia

* Correspondence to. Email: adam.craig@riscadvisory.com

Petroleum exploration expenditure in 2023 increased modestly over that of 2022. But remains well below expenditure highs of a decade ago, which was dominated by offshore activity. Exploration expenditure, and activity, is now dominant in onshore state jurisdictions. This has been the case since 2019 and will continue with no Federal offshore petroleum exploration acreage release rounds or exploration permit awards in 2023.