Feature Articles

Oil Search completes successful well tests at Nanushuk in Alaska

07/04/2020 Posted by Dale

The Mitquq 1 ST1 and the Stirrup 1 wells were both digged, logged, cored and flow tested, which included a clean-up and flow period and a pressure build-up before the final flow test to assess deliverabilities.

At Mitquq 1 ST1, located nine-kilometres east of the proposed central processing facility of the Pikka Unit Development, Oil Search encountered a net pay zone of 52.5m with a gas cap of nine metres. The well flowed at a rate of 1730 barrels of oil per day (bopd) from a single stimulated zone.

Stirrup 1, located 12km west of the Horseshoe...

NOPSEMA accepts proposal to develop Scarborough gas fields

07/04/2020 Posted by Dale

NOPSEMA has announced approval of the Scarborough project, which it says has satisfied environmental hurdles and the management of greenhouse gas emissions.

This follows a year’s assessment, including an eight-week public comment process.

Woodside CEO, Peter Coleman, said NOPSEMA’s acceptance of the offshore project proposal was a significant step forward for the proposed development of the gas resource, which is now being progressed on a revised schedule due to the current global investment environment.

Coleman said:

Energy bill relief essential for small business and households to survive virus impacts

07/04/2020 Posted by Dale

A move to provide immediate bill relief across three states to small businesses and households struggling to pay electricity and gas bills as a result of the COVID-19 pandemic, has been welcomed by one of the country's largest energy infrastructure businesses.

Multinet Gas Networks (MGN) and Australian Gas Networks (AGN), part of the Australian Gas Infrastructure Group (AGIG), which supplies over two million customers across Australia, said the measures would help soften the blow for customers being stressed by indefinite business uncertainty and loss of household income related to COVID-19.

MGN and AGN, as part of AGIG, have been working closely with the energy bodies and stakeholders in implementing this relief package.

Argentina Super-Tie Reprocessing Project

Searcher completes Argentina 2D Reprocessing Expansion Project

07/04/2020 Posted by Dale

INTERNAL STOCK BRIEF

Projects hit as Woodside halves spending

31/03/2020 Posted by Dale

Woodside has decided to reduce its total expenditure for 2020 by 50% in response to global uncertainty, which is almost certain to impact final investment decisions for several projects.

This follows the worldwide financial consequences of the COVID-19 crisis and the oversupply of crude oil and LNG, which has crashed prices.

Woodside said it is taking a prudent approach to cash flow management, given the considerable uncertainty in the near-term investment environment and the magnitude of forward capital investment decisions.

“We will take appropriate actions to ensure our credit rating remains robust, and that we are well...

Permian production ‘already a victim of oil price war’

31/03/2020 Posted by Dale

Following the announcement that several key operators in the Permian Basin were significantly reducing capex or production in their positions as a result of the severe oil price fall; Adrian Lara, Oil and Gas Analyst at GlobalData, a data and analytics company, said of the fallout:

“Of all the unconventional plays, the Permian Basin reduction in forecast production growth will be the largest in absolute terms and exemplifies quite well the collateral effect sought by the oil price war initiated by Russia and Saudi Arabia a few weeks ago,” Lara said.

“The capex reduction of 36 key...

Carnarvon Petroleum to continue Dorado Project development

31/03/2020 Posted by Dale

Carnarvon Petroleum said it was continuing with Dorado Project development as planned, with engineering and pre-FEED work streams being advanced in spite of corona virus upheavals.

The Perth-based explorer said current market conditions associated with the COVID-19 virus and lower oil price environment had created challenging business conditions, with many planned seismic acquisition programs in the 2020 calendar year expected to be deferred until market conditions improve and vessel logistics were not constrained by health issues.

However, the company was striving to keep its plans on track.

Carnarvon managing director and CEO Adrian Cook said: “The Dorado field is a high-quality asset that is expected to have a low cost of production.

Searcher announces Offshore Timor-Leste Data and Study Package

31/03/2020 Posted by Dale

Searcher has announced that it has reached a marketing and sales agreement with Timor-Leste’s Petroleum Authority, Autoridade Nacional Do Petroleo E Minerals (ANPM) for its Offshore Timor-Leste Data and Study Package.

Searcher, in collaboration with Discover Geoscience, said it was offering the industry rapid access to a comprehensive open-file seismic package “which will significantly expedite our clients ability to access a collection of organized seismic and well data to assist in the evaluation of the country’s second petroleum licensing round, announced on 3 October 2019.

“To further complement and leverage on the value of the subsurface database,...

Russian oil and gas operators “on top” despite the plummeting oil prices

24/03/2020 Posted by Dale

Following oil prices plummeting to an 18-year low on March 18 as a result of the coronavirus-fuelled crisis and oversupply led by Saudi Arabia and Russia cutting oil prices and boosting exports, the Soviets remain in a strong position to weather out the storm.

Anna Belova, Senior Oil & Gas Analyst at data and analytics company GlobalData, said Russian oil and gas operators showed no signs of slowing down as both Russia and the Saudis continued to slash spending.

“Shielded by devaluing currency and progressive taxes that automatically adjust to oil price, producers in Russia remain above...

Gas supply critical amid COVID-19 challenges

24/03/2020 Posted by Dale

The Australian natural gas industry is responding to the personnel and operational challenges posed by the COVID-19 pandemic to ensure vital energy supplies are maintained.

The Australian Petroleum Production & Exploration Association (APPEA) and Australian Pipelines and Gas Association (APGA) are working with members, governments and energy users to ensure the delivery of essential gas supply to local customers.

APPEA Chief Executive Andrew McConville and AGPA Chief Executive Officer Steve Davies confirmed members were taking all steps necessary to ensure the production and delivery of gas supplies continued.

“Our industry provides vital energy resources to millions of...