Industry

Australian carbon storage hub a $600 billion opportunity: Wood Mackenzie

25/05/2024 Posted by Dale

Australia could unlock up to $600 billion in revenue by creating a carbon capture and storage (CCS) industry and becoming a storage hub for the Asia-Pacific region, according to a leading global energy research firm, Wood Mackenzie.

In an article published in the 2024 Australian Energy Producers Journal, Wood Mackenzie emphasised that Australia’s CCS opportunity is rooted in facilitating other countries’ net zero ambitions.

According to the article, Australia has far higher geological CO2 storage potential than it needs to store emissions from its power generation and industrial sectors from 2030 to 2050.

Meanwhile, Australia’s key trading partners such as Japan and South Korea have limited opportunities to store all their emissions domestically and are looking for regional storage sites to support their net zero goals.

Australian Energy Producers Chief Executive Samantha McCulloch closing address to the 2024 Conference & Exhibition

25/05/2024 Posted by Dale

What a fantastic week it has been.

Full of compelling, informative and thought-provoking presentations and conversations.

Congratulations to all our award recipient, too. There is some outstanding work being done across our industry, and it’s great to acknowledge and celebrate it.

As our 2024 conference comes to close, we have much to reflect on, and much to be proud of.

I have been encouraged to see this week, throughout the conference – in the plenary sessions, the technical presentations, the conversations on the exhibition floor – that the optimism I have for the future of our industry is shared by so many of you.

Australian Natural Hydrogen Conference – the call for Papers Goes Out

12/05/2024 Posted by Dale

The Australian Natural Hydrogen Conference will take place at the Adelaide Hills Convention Centre from October 29-31 and organisers are calling for papers to enrich the narrative about this fast emerging and fascinating energy source.

Natural hydrogen is emerging as potentially one of the most abundant and cost-effective forms of hydrogen and has a key role in the world’s drive to carbon zero.

Australia has been one of the early movers and recent discoveries here have led to important understanding by innovative thinkers – and the Australian Natural Hydrogen Association (NH2A) wants to ensure that knowledge is widely shared.

CGG Launches AI Cloud Solution Powered by NVIDIA for Optimized AI and HPC Workloads

12/05/2024 Posted by Dale

CGG has announced the launch of its AI Cloud solution designed to meet the needs of data-intensive industries - including life sciences, digital media, manufacturing and geoscience - that seek to optimize and accelerate their demanding and resource-heavy AI workloads.

CGG’s new AI Cloud solution combines the latest high-performance architecture, including cutting-edge NVIDIA H100 Tensor Core GPUs fully configured and optimized for AI fine-tuning and inference, with a pre-installed software environment that can be tailored for each client.

Future Gas Strategy ‘confirms critical role of gas in Australia’s energy security’

12/05/2024 Posted by Dale

The Australian Government’s Future Gas Strategy recognises the critical role of natural gas for Australia’s energy security in a net zero economy to 2050 and beyond, and that continued investment in new gas supply is needed.

This was the joyous reaction of Australian Energy Producers Chief Executive Samantha McCulloch who said the Strategy, announced last week, should now provide clear direction on national energy policy that supports the central role of gas in the economy and Australia’s energy transformation.

“The Future Gas Strategy sends a clear message that gas has a critical long-term role in Australia’s energy mix to provide reliable and affordable energy to homes and businesses and drive domestic manufacturing to 2050 and beyond,” Ms McCulloch said.

Rystad Energy predicts the ‘Future of Russian LNG on the rocks’ as sanctions impacts take hold

30/04/2024 Posted by Dale

Russian oil production has remained strong despite sanctions imposed by Western countries in the wake of Russia’s invasion of Ukraine. The country’s gas and liquefied natural gas (LNG) industries, on the other hand, have suffered due to limited pipeline infrastructure and reliance on Western companies. Rystad Energy expects Russian piped gas to China to increase due to new infrastructure, but the outlook for Russian LNG is less rosy.

The Kremlin has set an ambitious plan to commission 100 million tonnes of LNG capacity by 2030 but our forecasts show the country will miss that target by as much as 60 million tonnes.

His Excellency Faisal Alibrahim, Saudi Minister of Economy and Planning, has welcomed global leaders to Riyadh for the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development. (Photo: AETOSWire)

Saudia Arabia opens doors to first World Economic Open Forum outside of Davos

30/04/2024 Posted by Dale

Riyadh convened global leaders this week at the World Economic Forum Special Meeting on Global Collaboration, Growth and Energy for Development to host candid dialogues and outline bold steps to tackle the most pressing geopolitical, social and economic challenges facing humanity.

This comes after the United Arab Emirates hosted the COP28 Summit in Dubai in December.

Speaking at the Special Meeting, His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy for Saudi Arabia, said a just and equitable energy transition will only be achieved by using a range of energy sources to diversify the global energy market.

Sercel Announces First Commercial Sale of its New 528 Land Acquisition System

15/04/2024 Posted by Dale

CGG has announced the first major sale - by Sercel - of the Sensing & Monitoring business line of its next-generation 528™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC).

CGG said the client would deploy the system, representing a total of 8,000 channels, on a 3D seismic survey in Turkey, across challenging, semi-arid terrain.

Delivery of the system commenced at the end of March, with the survey expected to start in Q3 2024.

The sale follows the recent launch of Sercel’s new 528 and VE564 land seismic solutions, designed to maximize client return on investment by reducing downtime and boosting productivity even in the harshest of terrains.

Geopolitical tensions come to the boil with oil prices in sharp focus

15/04/2024 Posted by Dale

Iran's launch of over 300 drones and missiles on Israel in the first ever direct attack on the Israeli soil from Iranian territory has increased geopoliticsl risk in the oil market, according to Rystad Energy's oil market update in reaction to the accelerating conflict.

Rystad Energy Senior Vice President Jorge Leon said that although the vast majority of drones and missiles were intercepted, no Israeli fatalities were reported and only minor damage at an Israeli military base was inflicted, the hostilities markedd an unprecedented and dangerous development in an already volatile region.

"As mentioned in our recent commentary, the likely Iranian retaliation increased the geopolitical risk in the oil market.Rystad Energy’s Geopolitical Risk Index increased to 1.22 during the first week of April," Leon said.

ACCC again warns southern states on gas supply

06/04/2024 Posted by Dale

The Australian Competition and Consumer Commission (ACCC) has confirmed that Australia’s gas industry continues to deliver on its commitment to the domestic market.

However, in a new report the ACCC has again highlighted concerns that southern states are relying on gas from the north to keep the lights on.

Australian Energy Producers today said the ACCC Gas Inquiry March 2024 Interim Report reaffirmed the industry’s role in providing reliable and affordable energy to Australian homes and businesses.

The report, examining the third quarter of 2024, estimated east coast supplies would be 6PJ in surplus.

However, New South Wales and Victoria – which have stifled investment with bans and regulatory uncertainty – would rely on other states for gas supply, despite having their own untapped gas resources.