Industry

Geoscientist Employment improves in Australia despite Coronavirus Pandemic

18/08/2020 Posted by Dale

Geoscientist employment in Australia improved in the second quarter of 2020. Nationally, unemployment decreased to 8.6% from 10% in the March quarter, while underemployment also fell to 17.4% from 18.1% for the period.

AIG President, Andrew Waltho, described the improvement as most welcome. “The level of improvement observed in the survey results was small but defied the increase in unemployment observed in the Australian community as a whole, and the sharp downturn in economic activity affecting Australia’s economy” Mr Waltho said.

“Some caution is needed with the improvement recorded only representing half of the increase observed during the first quarter of this year, but any improvement under the economic conditions prevailing in Australia at the moment is both welcome and encouraging” Mr Waltho said.

ACCC confirms lower gas prices and more supply for domestic market

17/08/2020 Posted by Dale

The latest Australian Competition and Consumer Commission’s (ACCC) Gas Market Inquiry 2017-2025 report has confirmed for the eighth consecutive time that there is no shortfall in the domestic gas market.

The ACCC report again highlighted actions taken by the oil and gas industry to bring more natural gas into the local market will continue natural gas supply, ensuring domestic gas supply with a surplus of gas available to the domestic gas market.

APPEA Chief Executive Andrew McConville said despite facing strong headwinds including COVID-19 and the most challenging market conditions in a generation, the industry has increased the flow of gas to the east coast domestic market and this will continue.

Quantum goes deeper

11/08/2020 Posted by Dale

Experts in quantum cold-atom sensors are delving deep underground in a new project aimed at harnessing quantum gravity sensing technology in harsh underground borehole environments.

The Gravity Delve project, funded by Innovate UK, brings together academics from the UK Quantum Technology Hub Sensors and Timing, which is led by the University of Birmingham and Nemein Ltd, with the aim of investigating the benefits and challenges associated with using quantum gravity sensors down boreholes.

Quantum gravity sensors based on atom interferometry are already being developed for use in the oil and gas sector.

International report confirms the role of gas in a cleaner energy future

11/08/2020 Posted by Dale

The International Gas Union’s (IGU) Global Gas Report 2020 release has found that after a year of strong growth in 2019 and a year of COVID-19 related challenges in 2020, the global gas industry is set to play a vital role in economic recovery and in a cleaner energy future.

The report finds technology and innovation can play key roles as countries, including Australia, look to significantly reduce their greenhouse gas emissions. Technologies such as biomethane, hydrogen and gas with carbon capture and storage can all play a key role in emissions reduction.

APPEA Chief Executive Andrew McConville said:

Chevron targets Gorgon Train 2 restart for September

04/08/2020 Posted by Dale

Chevron is aiming to bring the second train at its Gorgon LNG plant back online in September after it found “weld quality issues” within the propane heat exchangers and shut down the facility on May 23 as part of a planned maintenance schedule.

The global supermajor said repairs were being carried out at the plant on Barrow Island and the company had targeted the early part of September for a restart.

This comes after the Australian Manufacturing Workers Union had called for the 15.6 mtpa plant to be shut down, citing safety concerns.

The union claimed that cracks up to a metre long had been found on eight exchangers.

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.