Dale

LNG import facilities “imperative” for Victoria

17/10/2020 Posted by Dale

LNG import terminals have once again been flagged as a critical component of Australia’s imminent gas supply needs, especially for the State of Victoria.

In its latest report, New EnergyQuest has predicted that gas production offshore Victoria will start to decline ~2023, with Cooper Basin gas following suite around 2026. At this juncture, the southern states could be staring down an energy crisis barrel, with New South Wales’ Narrabri Project insufficient to meet demand should Santos proceed with the now sanctioned gas facility.

EnergyQuest CEO Dr Graeme Bethune said:

Senex’s $30 million Roma North expansion set to create 50 construction jobs

15/10/2020 Posted by Dale

Senex has taken a Final Investment Decision to increase its gas production near Roma, in south-west Queensland, by 50 per cent.

About 50 construction jobs are set to be created and more than $30 million will be invested in expansion of the natural gas processing facility at the Roma North development, drilling of wells and construction of supporting infrastructure. The expansion is expected to be finished within the next year.

The announcement comes after Senex said last month it was set to create 100 construction jobs and support hundreds of manufacturing roles after winning a competitive tender for gas acreage that will expand its successful Atlas domestic gas project 50 per cent.

CGG’S Smart Data Solutions business wins data management contracts

15/10/2020 Posted by Dale

CGG Geoscience has announced that its Smart Data Solutions (SDS) business group has recently been awarded data management contracts representing a total backlog of about $10 million. Given the current industry context, these awards reflect the continued high priority that clients have on digitalizing and thus enhancing the value of their legacy data.

The most significant contract is for a global framework agreement signed with a major international energy company that provides for the digitization and multi-year storage of its legacy data and procurement of services related to understanding and extracting the maximum value from this asset.

Top UWA mathematician elected to prestigious professional society

10/10/2020 Posted by Dale

A professor of applied mathematics at The University of Western Australia has been elected a Fellow of the American Physical Society, one of the world's largest organisations for scientists.

Professor Snezhana Abarzhi from UWA’s School of Mathematical Sciences is a leading mathematician and physicist whose research focuses on the theoretical analysis of complex systems in relation to plasmas, fluids and materials.

The appointment recognises Professor Abarzhi’s ongoing leadership in the scientific community and her work on the Rayleigh-Taylor instabilities – a mathematical theory that describes the dynamics of the interface separating two materials of different densities.

Fellowship of the American Physical Society (APS) is a distinct honour, signifying recognition from professional peers around the world.

Chevron personnel on Barrow Island at the carbon injection facility

WA Budget reinforces vital contribution of oil and gas

10/10/2020 Posted by Dale

Western Australia’s 2020-21 State Budget reinforces the critical role oil and gas plays in supporting local jobs and the economy, highlighted by the recent challenging months of the COVID-19 pandemic as well as the need for natural gas to generate low emissions baseload power as the economy recovers.

APPEA WA Director Claire Wilkinson said the 2020-21 Budget demonstrated the important contribution the industry makes to the State’s bottom line, with Treasurer Ben Wyatt acknowledging that ongoing operations of the resources industry through the pandemic cushioned the negative economic impacts of COVID-19.

With the Budget also funding a number of new energy technologies, including renewable energy, natural gas will also be crucial to supporting development of these industries through its supply of baseload energy.

Saudi Aramco profits sunk 50% in H1 2020

10/10/2020 Posted by Dale

According to the research data analyzed and published by StockApps.com, Saudi Aramco’s profits dropped by 50% to $23.2 billion in H1 2020. During H1 2019, net income was $46.9 billion. Q2 2020 saw an even bigger decline at 73%, from $24.7 billion to $6.6 billion.

The company’s performance reflected the devastating condition in oil markets. According to the Organization of the Petroleum Exporting Countries (OPEC), Brent crude was priced at $68.44 at the start of 2020. It had dropped to a low of $20.46 by the end of April 2020.

Saudi Aramco Pays $37.5 Billion Dividends in H1 2020

Aramco’s free cash flow during H1 2020 was $20.6 billion, compared to $38 billion in H1 2019.

PGS cautiously upbeat about post COVID-19 “trough”

10/10/2020 Posted by Dale

PGS expects to report Segment* revenues for Q3 2020 of approximately $115 million. Contract revenues ended at approximately $9 million. MultiClient pre-funding revenues were approximately $52 million, from a capitalized MultiClient cash investment of approximately $57 million. MultiClient late sales were approximately $26 million.

Q3 2020 revenues include approximately $23 million of government grants related to the Covid-19 pandemic. The government grants are recorded as Other revenues.

“A majority of our active vessel capacity was allocated to MultiClient in Q3. The market remains challenging, but we believe this quarter represents the trough of this Covid-19 driven downturn.

Narrabri approval will ‘deliver energy and jobs for NSW’

03/10/2020 Posted by Dale

APPEA has welcomed approval of the Santos Narrabri Gas Project by the Independent Planning Commission as an “important step towards supporting jobs and economic recovery in NSW”.

APPEA Chief Executive Andrew McConville said the project will unlock natural gas reserves to supply NSW homes, small businesses, major industries and electricity generators with up to half the state’s natural gas needs, bringing substantial economic benefits to Narrabri and the region.

“The Narrabri community and surrounding region will directly benefit with up to 1,300 jobs created during construction and 200 local ongoing jobs.

Industry urges campaign groups to meaningfully engage with sector

03/10/2020 Posted by Dale

The leading representative body for the UK’s offshore oil and gas industry has repeated calls to campaign groups to meaningfully engage with the sector to ensure a fair and positive transition for energy communities.

The call comes after a report published by Friends of the Earth Scotland, Greenpeace and Platform failed to note the progress that is being made to support workers to move between renewables, oil and gas, and nuclear.

OGUK today said it intends to respond to the report and offered its full support in helping reach the heart of energy communities across the UK.

G20 energy ministers aim for ‘sustainable development and market stability’

02/10/2020 Posted by Dale

HE Yury Sentyurin, Secretary General of the Gas Exporting Countries Forum (GECF) participated in the G20 Energy Ministerial Meeting and reaffirmed its commitment to greater international cooperation in ensuring the resilience of energy systems and affordable and secure energy for all.

In a media release, the GECF said the two-day deliberations had acknowledged the impact of the Covid-19 pandemic on energy markets and paved the ways for the sector’s recovery efforts. The meeting assumed vital importance against the backdrop of a global pandemic and was devoted to energy market stability amidst low oil and gas prices and lacklustre demand.

The final communiqué crystallised the resolve of the G20 countries to utilise the widest variety of technologies and fuels to ensure a stable and uninterrupted supply of energy for economic growth.