Archives for December 2024

December 2024

AEP Applauds Victoria’s New Gas Supply Attitude but says ‘Words Must be Backed by Action’

11/12/2024 Posted by Dale

YOU Could almost hear the palpable sigh of relief at AEP’s offices in Canberra, albeit with a healthy dose of cynicism as Victoria signalled a refreshed new attitude to resolving the state’s looming gas supply shortage.

“The Victorian Government’s commitment to fast-track approvals for new gas supply is welcome and long overdue,” AEP Chief Executive Samantha McCulloch said in a media release “but will need to be backed by immediate action if the state is to avoid looming gas shortages”.

“Victorian Premier Jacinta Allan’s Economic Growth Statement promises to fast-track new gas extraction, storage and transmission projects alongside renewable projects to “ensure reliable access to gas for Victorian businesses”.

WoodMac Flags Guyana and Suriname for Formidable Future LNG Superpower Potential

10/12/2024 Posted by Dale

Guyana and Suriname are looming as potential and competitive liquefied natural gas (LNG) exporters to their Caribbean neighbours, South America and Southeast Asia, according to research by Wood Mackenzie (WoodMac).

With an estimated 13 trillion cubic feet of discovered non-associated gas in aggregate, the Haimara cluster in Guyana’s Stabroek block and the Sloanea discovery in Suriname’s Block 52 could supply up to 12 million metric tons per annum (MMtpa) of LNG by the next decade, according to WoodMac.

“These sources could deliver this potential LNG supply at a breakeven, excluding shipping and regasification costs, of about US$6/mmbtu (FOB NPV10 breakeven)”, WoodMac said on its website.

Trump’s new Energy Czar is closely Connected to Australian ‘Top End’ Fraccing Companies

10/12/2024 Posted by Dale

By Dale Granger

US President-elect Donald Trump continues to ruffle feathers in Washington by tapping fraccing company executive Chris Wright to be secretary of energy, a key position in his new White House administration and a man with close ties to Australia.

Wright, in his capacity as chief executive of Liberty Energy, is closely linked to Australia as an investor in both Empire Energy and Tamboran Energy’s hydraulic stimulation initiatives in the Betaloo Basin in the Northern Territory.

Trump said in a statement he had picked oil executive and climate change sceptic Wright to be the secretary of energy, a role in which he is expected to promote fossil fuel development and reverse many Biden-era initiatives.

2024 Membership Survey

10/12/2024 Posted by Dale

By Janny Spilsbury-Schakel

Firstly, a big thank you to those of you who completed the survey and helped us to shape how PESA is going to serve its members best. Our response rate was 24%. We got a good spread of responses across all the branches, however, demographically, the 25 to 39 age bracket is underrepresented in the survey when compared to our membership profile, so do bear that in mind when looking at the results!

Our main focus areas for the 2024 survey were:

So, the average PESA member, if there is such a thing, is unsurprisingly still a male geoscientist, with 30+ years of experience.

WA PESA-ASEG Golf day 15th November

03/12/2024 Posted by Helen

The annual ASEG-PESA golf classic event was held on 15th November in glorious weather at Meadow springs where nearly 100 golfers turned out to compete for glory and prizes.

A new game was played with the Charity hole this year. As in previous years each player paid a donation to the charity to be able to compete to get nearer to the pin than the "pro". But as an added twist this year it was possible to pay an additional sum to the charity in order to "compromise" the pro.

Vaca Muerca Smashes Crude Output Record on track for 1 Million BOPD by 2030

03/12/2024 Posted by Dale

Argentina’s Vaca Muerta shale play reached a new oil production record of 400,000 barrels per day (bpd) in the third quarter and is on track to hit 1 million bpd by 2030, according to Rystad Energy’s latest analysis.

The 35% year-on-year surge in third-quarter production was driven by improved productivity and expanded takeaway capacity, led by flagship operator Yacimientos Petrolíferos Fiscales (YPF) and bolstered by local independent producers.

YPF, which accounted for nearly 55% of Vaca Muerta’s oil production last quarter, saw its revenue rise 7% quarter-on-quarter and 18% year-on-year to exceed $5.3 billion.