Dale

Australia appears to be caught between a rock and a hard place facing an ever-encroaching gas cum energy crisis. Rick Wilkinson, CEO of EnergyQuest, and a man well oiled with a wealth of data deliverables, says the Lucky Country has four options, none of which are easy, to keep the wolves off the door.

In the EnergyQuest Monthly Report for May, Wilkinson said it was well known that the east coast domestic gas market is heading towards annual supply shortfalls in 2028, with peak supply potentially running short sooner.

He then posed the question:

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The Brazilian Institute of Environment and Renewable Natural Resources (IBAMA) has issued the final permit for PGS to conduct a large 4D survey over the Barracuda Caratinga fields offshore Brazil.

PGS announced the 4D contract award in December 2022 and the original project start-up was scheduled for June/July last year. To optimize vessel resources during the 2023 summer season, the Ramform Victory was reactivated and earmarked for this project. While permitting was pending she undertook a series of MultiClient programs.

At press time The Ramform Victory had completed final preparations and was on her way from another data acquisition program for Petrobras.

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Technology group Wärtsilä has launched the world’s first large-scale, 100% hydrogen-ready engine power plant, to enable the "net-zero" power systems of tomorrow.

In a media release Wartsilis said the IEA World Energy Outlook 2023 had shown shown that hydrogen "is an essential component of our future power systems". According to the report, the pathway to reach net zero emissions by 2050 would require 17 Mt of hydrogen to be consumed by power generation in 2030, reaching 51 Mt by 2050. 

Wartsilia said the deployment of renewables worldwide is set to double by the end of this decade, creating the right conditions for excess clean electricity to be used for production of hydrogen-based, carbon neutral fuels, and for enabling 100% renewable power systems.

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A report from the Australian Competition and Consumer Commission (ACCC) has intensified warnings of looming gas shortfalls and urged governments at all levels to “focus on removing unnecessary impediments to developing new gas resources”.

Australian Energy Producers Chief Executive Samantha McCulloch reacted to the latest edition of the Gas Inquiry report and warned that governments must act urgently to fast-track new gas supply projects, with shortfalls forecast to hit in 2027, a year earlier than previously estimated. 

“Governments cannot continue to ignore the warnings.

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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).

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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.

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