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.
Industry
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.
US LNG liquefaction over capacity, set to reach 8.9 bcfd by 2020
The US will have a total of 8.9 billion cubic feet per day (bcfd) equating to 66.7 million tons per annum (mtpa) of liquefied natural gas (LNG) liquefaction capacity from currently planned and sanctioned projects by 2020, according to data and analytics company GlobalData. Presently about 77% of the US LNG volume exported is contracted under a long-term scheme. Through these contracts, US LNG production competes whenever an arbitrage window is created to export cargoes, based on shipping costs and natural gas landed prices in the destination markets. By the end of 2017 the total LNG trade accounted for 9.
Professor Kurt Lambeck receives Prime Minister’s prize
Emeritus Professor and geophysicist, Kurt Lambeck (ANU), received the Prime Minister’s Prizes for Science for his work on the ‘breathing Earth’, detecting sea level change, and developing precise navigation, using geophysical techniques. This award is an important step in the recognition of the importance of geosciences for Australia’s future. Kurt’s original work in the 1960s enabled accurate planning of space missions. It led him to use the deformation of continents during the ice ages to study changes deep in the mantle of the planet.