Feature Articles

Oil feels the squeeze

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Oil discoveries declined to 2.4 billion barrels in 2016, compared with an average of nine billion barrels per year over the past 15 years, the International Energy Association (IEA) has reported. The IEA added that the volume of conventional resources sanctioned for development last year fell to 4.7 billion barrels, 30% lower than the previous year as the number of projects that received final investment decisions dropped to the lowest level since the 1940s. The slowdown was the result of...

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McKINSEY sees upside in oil prices

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McKinsey Energy Insights has released its latest Global Oil Supply and Demand Outlook predicting that oil prices will range within $60–70/bbl over the next three years. That is if the market trades ad MEI expects, in which case oil prices would increase to $65-75 by 2030. In the shorter term, MEI said that subject to OPEC continuing to fulfil its share of production cuts, having achieved 90% of its target in January, then the rebalancing process was likely to proceed relatively smoothly...

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APPEA warns against sovereign risk threat to Australia

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The gas industry is disappointed to see the Australian Industry Group advocate half-baked policies that would definitely shred the incentive for investing in new gas projects, and that even AiGroup concedes these policies may not be feasible. “Calling for retrospective policy changes is a huge step for any business group,” APPEA Chief Executive Dr Malcolm Roberts said. “Suggesting government intervention to overturn contracts is almost unprecedented in Australia. “There is...

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Energy crisis SOS is in the pipeline

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The oil and gas industry has welcomed the “constructive approach” proposed by the Queensland Minister for Natural Resources and Mines Dr Anthony Lynham which would see the state and commonwealth governments working with gas producers to boost supply. APPEA Queensland Director Rhys Turner said Dr Lynham's willingness to engage with the Commonwealth, including to develop new pipeline infrastructure, echoes what the industry has been saying for some time. "Developing new fields to bring...

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Po Valley gets Bezzecca first gas go-ahead

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Australian gas producer, Po Valley Energy, (ASX: “PVE”) is pleased to announce its 65% owned AIM-listed subsidiary, Saffron Energy (AIM:SRON) has received final approval from the Italian Ministry of Economic Development (UNMIG) for gas production at the Bezzecca gas field. Commissioning and gas production is scheduled to commence on the coming days. Bezzecca is located east of Milan within the established prolific, gas producing Po Valley region in northern Italy. Gas from Bezzecca1...

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APPEA applauds Queensland effort to boost gas supply

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The announcement by QGC, a Shell Australia joint venture, that it has signed two new gas sales agreements with domestic customers is a clear demonstration that the Queensland gas industry is doing its bit to address concerns about domestic supply. This was said by APPEA Queensland Director Rhys Turner, who added that QGC’s announcement that it would be supplying gas for power generation in South Australia and manufacturing in Queensland should be a wakeup call to other state governments...

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Polarcus announces Asia Pacific 3D contract.

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Marine seismic acquisition company Polarcus has received a contract award for a broadband 3D marine seismic project in the Asia Pacific region. The marine seismic acquisition company announced the deal on April 7, but declined to reveal who the client was or any financial terms of the contract. Polarcus said the project was scheduled for the current quarter and would run for approximately two months. The latest contract follows a deal secured last year in which Polarcus penned a 3D...

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CGG launches Sentinel for shallow target applications

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CGG has announced that Sercel has launched Sentinel® HR, a high-resolution solid streamer designed to meet specific imaging needs of shallow-target applications, such as oceanology, civil engineering and reservoir characterization, as well as high-resolution 3D (HR3D) seismic surveys for detailed mapping of geological features. CGG said the latest member of the Sentinel streamer family has been developed with a close channel separation of 3.125 m to achieve reliable and cost-effective...

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Icon takes the shale baton solo

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ICON Energy has inherited a 100% interest and operatorship of ATP 855 in the Cooper Basin and will now be seeking commercial partners to pursue its ambitions for the Nappamerri Trough gas play. This development emerged after protracted negotiations between Beach Energy, which had drilled seven wells in ATP 885P, just over a year after supermajor Chevron had lost its appetite for the shale gas prospect in southwest Queensland. Beach has quit leaving Icon Energy no costs apart from well...

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Statoil strikes oil and gas with wildcat

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Norway’s Statoil has struck oil and gas at a wildcat well in the Norwegian sector of the North Sea. This comes after the Norwegian oil and gas E&P, as operator of Gimle Unit and production licence 193, had completed drilling the 34/10-55 S well. The Norwegian Petroleum Directorate said Statoil had encountered a total oil and gas column of about 170 meters, of which 60 meters are in sandstone with good to very good reservoir properties in the Statfjord group and 10 meters in sandstone...

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