Australia’s Po Valley Energy is to retain full ownership of two onshore oil fields in northern Italy after their sale to a private London-based resources company, Delta Energy Limited, was blocked by one of Delta’s large shareholders. After a year of substantial expenditure, due diligence and rising oil prices, Delta’s management is understood to have fully endorsed the acquisition of the large Cadelbosco di Sopra (Po Valley 85%) oil exploration licence and adjoining smaller Grattasasso (100%) oil exploration licence in northern Italy.
Dale
The value Geoscience brings to Australia
IN an opening address in Adelaide at the first session of the four day Australian Geoscience Council Convention, Geoscience Australia Chief Executive, Dr James Johnson, said geoscience was providing immense value to society, from the economic benefits of resource development through to GPS positioning, underpinned by the science of geodesy. “It is important that we, as geoscientists, act as ambassadors for our science, to raise awareness of the general public on how geoscience benefits society. Even Earth observations from space are becoming increasingly important in monitoring environmental change and in natural resource management,” Dr Johnson said.
Significant UK shale gas development “still a long way off”
Following the announcement that Cuadrilla Resources will start fracking operations at its shale gas exploration wells in Lancashire, leading industry commentators still view hydraulic stimulation at an embryonic phase in Britain. Will Scargill, Senior Oil & Gas Analyst at data and analytics company GlobalData, said of the development: ‘‘Although beginning fracking is an important step for Cuadrilla, we’re still a long way from shale gas playing a significant role in the UK energy sector.
Global rocks stars all set for AGCC 2018
Dr Cornel de Ronde will be one of the five Plenary speakers at AGCC 2018 to be held in Adelaide, 14-18 October. He will be speaking on Wednesday 17th October during the Plenary Session at 8.30am in Hall C of the Adelaide Convention Centre. His talk will focus on the prospectivity of modern seafloor hydrothermal systems associated with submarine arcs for Cu-Au mineralisation. This presentation should not be missed. Dr de Ronde delivered the AusIMM Distinguished Lecturer series in Queensland and NT in 2015, but did not speak in NSW, Victoria, Tasmania, SA or WA.
Woodside confirms successful Shwee Yee Htun-2 appraisal well offshore Myanmar
Woodside has announced that the Shwe Yee Htun-2 appraisal well in Block A-6, located offshore Myanmar, has successfully appraised the 2016 Shwe Yee Htun-1 discovery. The Shwe Yee Htun-2 appraisal well was drilled down-dip from the Shwe Yee Htun-1 well and intersected a gross gas column of 168 m (measured depth rotary table (MDRT)) (143 m true vertical thickness). A total of 41 m of net pay (true vertical thickness) has been interpreted within a high quality-reservoir.
USA soars to top of the oil producing pops
The United States surpassed Russia in crude oil production for the first time in two decades, both in June and August 2018, new figures show. The United States already exceeded Saudi Arabia in oil production back in February 2018, a first in more than 20 years, according to estimates from the U.S. Energy Information Administration. The agency expects that U.S. crude oil production will continue to outdo Russian and Saudi Arabian production for the remaining months of 2018 and through 2019. According to the US Department of State, increased U.S.
Jadestone satisfies conditions for Montara acquisition from PTTEP
Jadestone Energy has satisfied all conditions precedent to its proposed acquisition of the Montara oil project, offshore Australia, from Thailand’s PTTEP. The independent oil and gas producer announced on Friday that the transaction was expected to complete within 10 days. PTTEP announced its decision to divest its 100% stake in the Montara field to align with the company’s business strategy aimed to focus on the operations and projects in strategic locations back in mid-July.
China and Russia deals come at a high cost for Venezuela
Venuezela is paying a high price for loan agreements, according to global data and analytics company GlobalData following the recent visit of Venezuela President Nicolas Maduro to China to sign cooperation agreements to seek more financial support for his country’s crippled economy. Adrian Lara, Senior Oil and Gas Analyst at GlobalData, said: “Financial support to keep the Maduro regime alive will certainly come at an increasingly high cost for Venezuela in the form of loss of autonomy from Petróleos de Venezuela, S.A (PDVSA) to develop, operate and export oil and gas production from its own fields.
IMPROVING NORTHERN AUSTRALIA’s “INFRASTRUCTURE TRIFECTA”IS KEY TO JOBS AND ECONOMIC PROSPERITY
No growth is possible within Australia’s largest undeveloped footprint - Northern Australia - without fundamental gains in its “infrastructure trifecta”, according to one of the region’s most experienced industry lobbyists. Mayor of Mount Isa, Madam Mayor Joyce McCulloch, said the costs and handling of the region’s three main infrastructure essentials - energy, transport and water supply - are the main issues constricting much needed new domestic and international investment across northern Australia.
Cairn evaluating FPSO tender bids for SNE
Cairn Energy is assessing tender responses for the FPSO facility and subsea infrastructure for its SNE field development, offshore Senegal, ahead of the front end engineering and design (FEED) phase planned for the fourth quarter of this year. Cairn, as operator, has a 40% working interest in three blocks offshore Senegal (Sangomar Deep, Sangomar Offshore and Rufisque Offshore) alongside partners, Woodside 35% WI, FAR 15% WI, and the Senegal National Oil Company, Petrosen 10% WI, which has the right to increase its equity to 18% on development.