Industry

AEMO outlines vital role for natural gas says APPEA

04/08/2020 Posted by Dale

APPEA has welcomed the Australian Energy Market Operator’s Integrated System Plan (ISP) for identifying the critical role of gas-fired power generators, while highlighting that the total amount of gas-fired power generation will increase as coal capacity retires from 2030.

“Gas-fired power generation is incredibly important for the National Electricity Market and Australia’s future electricity supply,” APGA CEO Steve Davies said.

“As we saw during the recent record-breaking summer, gas-fired power generation can be relied on to dispatch electricity when and where it is needed, each and every day.”

Mr Davies said on 40-degree days, gas-fired power generation frequently provided more than 70 per cent of South Australia’s electricity supply and up to 25 per cent of total supply in the NEM.

Noble Energy acquisition puts Chevron on pole for revitalised gas demand

28/07/2020 Posted by Dale

Chevron’s $13 billion acquisition of Noble Energy has been interpreted as a long-term punt for a natural gas future.

Adrian Lara, senior 0il & gas analyst at data and analytics company GlobalData, said of the transaction: “Since the crash of oil price and demand in March 2020, there has been an increasing expectation for mergers and acquisition (M&A) activity to show existing opportunities despite the depressed economic cycle.

“Chevron’s US$13bn acquisition of Noble Energy, including debt, is indeed the largest in 2020 and has an international diversification component, in both resource type and geography, which confirms that, besides healthy balance sheets, the most resilient companies during the pandemic have shown flexibility thanks to diversified portfolios.

Eni confirms gas and condensate discovery offshore Vietnam

28/07/2020 Posted by Dale

Eni has announced a significant hydrocarbon discovery on the Ken Bau discovery in Block 114, Song Hong Basin, offshore Vietnam.

The Italian oil and gas company said the exploration well Ken Bau-2X was drilled two km apart from the discovery well in 95m of water depth to a total depth of 3658m and encountered pay in excess of 110m in several intervals of Miocene sandstones interbedded with shale.

Eni said two mini drill stem tests (DST) were conducted, coupled with an extensive data acquisition campaign comprising fluid sampling.

Venezuela’s oil and gas sector experiences worst crisis during 2020

20/07/2020 Posted by Dale

Venezuela’s oil and gas sector was already caught in a vicious cycle well before the COVID-19 outbreak created a world economic crisis.

Even though there are several international companies still remaining in the country, they are not investing in any relevant manner and have minimum personnel.

GlobalData Oil & Gas Analyst Adrian Lara says it is fair to assume that, for most of these operators, the best scenario would be to wait for a change in government that could kick-start the sector under renewed rules or laws and improve their partnership terms with PDVSA.

EPBC recommendations a ‘step in the right direction’ says APPEA

20/07/2020 Posted by Dale

Australia’s oil and gas sector has welcomed the interim report into the review of the Environment Protection and Biodiversity Conservation Act 1999, as it provides an important pathway to more efficient environmental approvals processes while ensuring protection of the environment and delivering greater certainty for future investment.

APPEA Chief Executive Andrew McConville said the recommendation for consistent national environmental standards focused on outcomes rather than process that will help improve environmental protection while supporting businesses’ needs.

“While we still need time to consider the Interim Report in detail, the headline recommendations are a welcome outcome for both improved environmental protection while reducing the costly regulatory burden to business.

Leigh Creek lights up with two licence award in SA

13/07/2020 Posted by Dale

Oil and gas junior Leigh Creek Energy has been awarded two exploration blocks in South Australia.

The Adelaide-based explorer told share holders that it had successfully won PEL 675 and PEL 676 by the Department of Energy and Mining. Both licences were released in last year’s Cooper Basin Acreage Release.

Leigh Creek said it still has to secure Native Title agreements, before which planned work programs over the next five years could commence. These include 2D and 3D seismic surveying and the drilling of exploration wells at PEL 676.

Both permits are located in close proximity to previous hydrocarbon discoveries, Leigh Creek said, and the company will pursue farm-in endeavours to optimise its acreage in the Cooper and Eromanga basins.

Delfin floating LNG project stalls with no buyers

13/07/2020 Posted by Dale

Delfin LNG, the company driving a 13 MTPA floating LNG development in the Gulf of Mexico, is treading water in its quest to secure offtake deals for the project.

This comes after Delfin was given last year given a one-year extension from US FERC to build the facilities and its financial investment decision for the project was also deferred to 2020.

Now the company is pushing for an additional one-year extension to construct the proposed terminal with moorings for four FLNG vessels, located 80km offshore of Cameron Parish, Louisiana.

However, FERC says Delfin is struggling to woo LNG buyers as a consequence of the COVID-19 virus, ongoing United States trade war conflict with China and the fall of global crude oil prices.

CGG and Alibaba Cloud Collaborate with Cloud Geoscience Technologies

06/07/2020 Posted by Dale

CGG GeoSoftware has collaborated with Alibaba Cloud to successfully deploy its suite of proprietary geoscience software solutions on the Alibaba Cloud platform.

All applications across the entire GeoSoftware portfolio also run on the Azure and AWS cloud platforms, offering “advanced capabilities in machine learning and artificial intelligence, as well as connections to Python ecosystem notebooks,” CGG said.

Alibaba Cloud, the data intelligence backbone of Alibaba Group, is the third largest cloud service provider in the world, and holds the number one market share position in Asia Pacific, according to Gartner, a leading research and advisory company.

CGG...

SA announces successful applicants for acreage in Cooper and Otway Basins

06/07/2020 Posted by Dale

The State Government of South Australia has announced the successful bids for five new Petroleum Exploration Licences (PELs) with a guaranteed work program valued at $58.85 million over the next five years.

The Department for Energy and Mining said the successful applicants for new PELs in the Cooper Basin are Leigh Creek Energy, Cordillo Energy, Gidgee Energy and Vintage Energy.

Minister for Energy and Mining, Dan van Holst Pellekaan said there were great opportunities to ramp up exploration activities as South Australia’s restrictions due to COVID-19 begin to ease.

“South Australia aims to rebound quickly from the pandemic-led slowdown and petroleum exploration will be a significant contributor to a sharp recovery,” said Minister van Holst Pellekaan.

LNG industry facing ‘strong headwinds’ from all sides

30/06/2020 Posted by Dale

The Resources and Energy Quarterly June 2020 release has confirmed the critical role resources and energy exports play in supporting the Australian economy but points to challenges ahead.

According to the Department of Industry, Science, Energy and Resources, the value of Australia’s resources and energy exports set a record $293 billion in 2019-20, up from $281 billion in 2018-19. The resources sector, including oil and gas, accounted for more than a quarter (28 per cent) of Australia’s GDP growth in 2019.

Liquefied natural gas (LNG) exports have more than doubled over the last few years and are contributing significantly to this growth.