Industry

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:

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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.

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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.

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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.

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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.

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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.

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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.

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Global economic slowdown has led to reduced demand for LNG produced in the United States. As a result, LNG exports from the country are likely to remain low in the near future, says data and analytics company, GlobalData.

Haseeb Ahmed, Oil and Gas Analyst at GlobalData, comments: “Significantly low prices of gas along with an LNG supply glut has pushed companies to revisit their capex spends on upcoming multi-billion-dollar gas projects.

In March 2020, Royal Dutch Shell exited the proposed Lake Charles LNG export project in Louisiana.

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APPEA says the recently released Resources and Energy Quarterly September 2020 confirms the ongoing critical role resources exports will play in supporting the recovery of the Australian economy as it emerges from the COVID-19 global pandemic.

According to the Department of Industry, Science, Energy and Resources, the value of Australia’s resources and energy exports set a record of $290 billion in 2019-20. Liquefied natural gas (LNG) exports have more than doubled over the last few years and are contributing significantly to Australia’s economic resilience. LNG is now Australia’s second largest export after iron ore, with export value estimated at $47.

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The Australian Government has outlined key steps to help grow Australia’s oil and gas industry, APPEA has said in response to support to develop strategic gas basins in the eastern states.

“The announcement is a good first step to reinvigorate Australia’s oil and gas industry, which will be important to help power Australia’s economic recovery,” said APPEA Chief Executive Andrew McConville.

“Reliable and competitively priced energy is crucial to the health of our nation’s economy.

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