Industry

U.S. relies on “innovation to reduce emissions”

19/11/2019 Posted by Dale

The United States has initiated formal withdrawal from the Paris Agreement on climate change, U.S. Secretary of State Michael R. Pompeo announced on November 4, vowing that the country would continue to reduce emissions without compromising economic growth.

This was followed by a US Department of State statement defending the Trump Administration’s position and the The United States as a “world leader in reducing emissions”.

The US Department of State said: “Between 2005 and 2017, US net greenhouse gas emissions dropped 13 percent even as the US economy grew by more than 19 percent, US figures show.

New $8 million cross-river Brisbane gas pipeline commissioned

19/11/2019 Posted by Dale

A new $8 million pipeline — providing surety of long-term natural gas supply to more than 80,000 North Brisbane customers — was commissioned recently.

The 1.84km gas pipeline includes approximately 930 metres running under the Brisbane River to duplicate the river crossing from Murarrie to Pinkenba.

The “delicate and complex project” has been completed by Australian Gas Networks (AGN), part of the Australian Gas Infrastructure Group (AGIG).

AGIG’s Chief Customer Officer, Mr Andrew Staniford, said final overall commissioning of the gas pipeline went well after weeks of testing.

“We are pleased to have completed this project which has been a most successful outcome by a dedicated and professional team at the APA Group,” Mr Staniford said.

Global gas demand ‘delivers opportunities for Australia’

19/11/2019 Posted by Dale

Global demand for natural gas will increase over the next 20 years, providing a major economic opportunity for Australia, according to the International Energy Agency (IEA).

APPEA Chief Executive Andrew McConville said the IEA’s World Energy Outlook highlighted the reality that the growing natural gas industry was essential for a cleaner energy future.

“Demand for natural gas is expected to increase 36 per cent by 2040, with gas providing a quarter of global energy demand, the IEA’s Stated Policies Scenario* shows,” Mr McConville said. “Gas will become the second largest source of global energy after oil.”

Liquefied natural gas (LNG) exports will overtake pipeline gas as the main form of long-distance trading, accounting for more than 57 per cent of inter-regional trade by 2040, the IEA report said.

Saudi Aramco IPO should be ‘judged on its impact not its valuation’

12/11/2019 Posted by Dale

Following the recent news that Saudi Arabia’s national oil company Saudi Aramco will issue its prospectus to potential investors in its initial public offering (IPO); Colin Foreman, Deputy Editor at data and analytics company, GlobalData, provided his view:

“The public sale of shares in the world’s biggest oil exporter will be the first time since the 1970s that private and foreign investors will have been able to own a stake in the Gulf’s upstream oil and gas assets.

“The IPO is a cornerstone play in Riyadh’s Vision 2030 economic reform programme, launched in April 2016, which seeks to diversify Saudi Arabia’s oil-dominated economy and increase the role of the private sector by driving growth and job creation.

Iran’s giant oil discovery brings “little material benefit” under sanctions

11/11/2019 Posted by Dale

The discovery of a massive oil field in Iran will deliver little in the way of tangible spin-offs for the second largest country in the Middle East, according to international analysis of the discovery.

The discovery made world headlines recently, but according to data and analytics company, GlobalData, the country is facing challenges reaping the full-benefits of the yield.

Will Scargill, Managing Analyst, Oil and Gas at GlobalData, commented: “Limits on investment and exports due to sanctions mean that the exploration successes at the Namavaran field can’t translate into material benefit.

“Iran already has a large number of projects holding billions of barrels of resources that it cannot fully-realize, and this just adds to that list.

Natural gas is powering Queensland’s economy

28/10/2019 Posted by Dale

The natural gas industry contributed around $55 billion to Queensland’s economy over a seven-year period, according to a new report released recently by Lawrence Consulting.

In reaction to the findings, APPEA said the report underlines the importance of the sector for jobs and economic wealth creation for the state, particularly in regional areas such as Gladstone, Toowoomba, Roma, Chinchilla and Dalby and highlights that Brisbane is the state’s biggest gas town and relies on the industry for jobs and spending.

Almost $5 billion was spent on wages state-wide during the period with the industry employing around 4600 full-time employees, according to the Economic Impact of Queensland’s Petroleum and Gas sector 2011-18 report.

Chevron, Total win blocks offshore Brazil

15/10/2019 Posted by Dale

Chevron and Total have been awarded blocks offshore Brazil in the country’s 16th bidding round.

The US supermajor and its partners, Wintershall Dea and Repsol, picked up acreage in the Santos and Campos basins comprising blocks S-M-766 and C-M-845, which contain pre-salt targets and a work program intended to conduct 3D seismic acquisition and prospect maturation.

French Total and co-venturers Qatar Petroleum and Petronas won the C-M-541 deep offshore block in the Campos Basin, which sits in water depths of 3000m. Total is the operator and 40% interest holder with Qatar weighing in with a 40% stake and Petronas 20%.

New domestic gas supplies in the pipeline for North Queensland

14/10/2019 Posted by Dale

Blue Energy has signed a non-binding MOU with North Queensland Gas Pipeline No.1 Pty Ltd and North Queensland Gas Pipeline No. 2 Pty Ltd (together referred to as NQGP) to facilitate bringing new domestic gas supplies into the strong Townsville market.

NQGP is North Queensland’s only source of natural gas. The 391km onshore natural gas pipeline system transports gas from the existing Moranbah Gas Project in the Bowen Basin to power and industrial users in Townsville, Queensland.

Blue Energy said that as part of the MOU, NQGP will facilitate introductions to potential customers in Townsville for Blue Energy’s Northern Bowen Basin gas reserves in the Sapphire Block of ATP814P, which is located in close proximity to the NQGP.

Project Atlas natural gas pipeline completed

07/10/2019 Posted by Dale

Senex Energy Ltd has celebrated notification from Jemena that it has completed the Project Atlas natural gas pipeline. In June 2018 Senex partnered with energy infrastructure provider Jemena to build, own and operate a 15 petajoule per annum (40 TJ/day) gas processing facility and 60km buried pipeline to the Wallumbilla Hub. Senex said Jemena has now reached mechanical completion of the pipeline, less than three months since construction began in July. Construction of the Project Atlas gas processing facility is ongoing, with commissioning of the facility and pipeline to begin soon.

Life-of-project enterprise agreements ‘a critical IR reform’

24/09/2019 Posted by Dale

Allowing enterprise agreements to run the full length of major project construction is a sensible and long overdue reform, critical to securing the next wave of resources and energy project investment, says the Australian Resources and Energy Group. Life-of-project agreements are the subject of a policy discussion paper released last week by Attorney General and Minister for Industrial Relations, Christian Porter. CEO of Australian Resources and Energy Group AMMA Steve Knott said this would be a critical reform providing certainty around cost and timing of world-class resources and energy projects which take up to seven years to complete.