The former Leigh Creek coal field site will be transformed into an agriculture energy hub, with Leigh Creek Energy (LCK) confirming it will pursue a fertiliser production commercial pathway for its Leigh Creek Energy Project (LCEP). The company has concluded its commercial options analysis for downstream Syngas production, and has determined the most financially attractive choice for the company’s 2,964 petajoules of 2C syngas at the former Leigh Creek coal field site is to make fertiliser products.
Industry
Eni given green light to drill appraisal well in the Barents Sea
Eni Norge has been granted a permit to drill an appraisal well in the Barents Sea offshore Norway. The Norwegian Petroleum Directorate (NPD) said the Italian oil and gas giant had received permission for the 7122/7-7 S well to be drilled from the West Hercules rig after it had wrapped up drilling of wildcat well 7324/3-4 for Equinor in production license 615. This follows a gas discovery by Equinor in production license 615, which is located near to the Atlantis gas discovery in the Barents Sea, from the West Hercules rig.
APPEA says Labor’s energy policy recognises role of gas in a cleaner energy future
The Australian Petroleum Production & Exploration Association has welcomed the release of the Labor Party’s energy policy platform. APPEA Chief Executive Dr Malcolm Roberts said implementing the National Energy Guarantee (NEG) would help attract the new, long-term investments needed to build a reliable, affordable and cleaner electricity sector. “Australia needs an energy policy framework which cuts emissions without jeopardising reliable electricity supply or inflating energy prices,” Dr Roberts said. “APPEA believes these goals are best achieved by allowing the market to innovate and invest in a stable policy environment.
APPEA’s Brighter community
An initiative by APPEA, the Brighter program is a new way of talking to Australians about the role natural gas plays in their everyday life. ‘From gas-powered ships and the best public BBQs to the role industry plays in STEM education and supporting small businesses, the Brighter program exists to draw out and champion the positive stories surrounding Australian natural gas. APPEA will be telling these stories through stakeholders and local communities, through an array of digital channels, at local forums, through creative media and at live events.
Ichthys LNG is officially opened
Japan’s INPEX has officially opened the onshore LNG processing facilities of the Ichthys LNG project. Japanese, Australian and Northern Territory government representatives unveiled a plaque to commemorate four decades of future natural gas benefits that will flow from Ichthys LNG to the Northern Territory, Japan and the Asia Pacific region. First gas was produce in July this year and the first LNG cargo ship set sail in October. Hiroshige Sekō, Japanese Minister of Economy, Trade and Industry, Senator the Hon. Simon Birmingham, Australian Minister for Trade, Tourism and Investment, Senator the Hon.
ADNOC unveils $132 billion capex program targeting gas exports and increased oil production
The Abu Dhabi National Oil Company’s (ADNOC) announced, has announced plans to launch a new integrated gas strategy and increase its oil production capacity to 4 million barrels per day (mmbpd) by the end of 2020 and 5mmbpd by 2030 following approval from the Supreme Petroleum Council. The company also announced capital investment growth of $132.33 billion between 2019-2023 and new discoveries of 1 billion barrels of oil. ADNOC’s gas strategy will add potential resources that will enable the UAE to achieve gas self-sufficiency, with the aim of potentially transitioning to a net gas exporter.
Gazprom and Sinopec capex to top US$259 bn by 2025
Gazprom and China Petrochemical Corp (Sinopec) are likely to be the top spenders among global oil and gas companies with new build capital expenditure (capex) on planned and announced projects across the oil and gas value chain during 2018–2025. According to a report by data and analytics company GlobalData, Gazprom and Sinopec’s spend across the oil and gas value chain' are likely to lead with an estimated capex of US$170.2bn expected on 93 oil and gas projects globally. Sinopec and Royal Dutch Shell Plc (Shell) follow with capex of US$88.9bn (69 projects) and US$84.5bn (107 projects), respectively.
Bass Oil achieves record oil production at Indonesia field
Bass Oil (ASX: BAS) has announced that it produced a record monthly oil production of 27,795 barrels of oil JV share, or 15,287 barrels Bass share, from its Indonesian Tangai-Sukananti KSO during the month of October. This represents an average daily rate of 896 barrels of oil per day, a 7% increase over the previous Joint Venture production record of 26,077 bbls set in October 2015 and a 63% increase over September 2018 production levels of 17,081 barrels of oil Joint Venture share.
TGS announces Q3 results earnings per share up 78%
Oslo-listed marine seismic data providers TGS has posted a net income of $16,8 million for the third quarter of 2018, compared to 9 million in the third quarter of 2017, with net operating revenues of $140.7 million showing a decrease of 1% compared to $141.7 million in Q3 2017.
Seven Australian exploration permit awards target $530 million
The Australian Government has awarded seven offshore exploration permits which it believes could yield an investment of more than $530 million over the next six years. Minister for Resources and Northern Australia Matt Canavan said the granting of seven permits finalised the Government’s 2017 Offshore Petroleum Exploration Acreage Release. According to the minister, strong bidding for round one of the 2018 Offshore Petroleum Exploration Acreage Release had been “encouraging” and new permits could see more than $530 million invested over the next six years.