New Zealand's ruling Labour Party has banned all new oil and gas exploration permits in the country. This was announced by New Zealand Prime Minister, Jacinda Ardern, who said that the changes would be phased in and that all existing permits would be honoured. The decision was welcomed by environmental activist group Greenpeace, which has campaigned for seven years to end offshore oil and gas exploration in the country – most recently with campaigns against the Amazon Warrior seismic vessel in its exploration program for Statoil, Chevron and OMV off the Wairarapa Coast.
Industry
Australia’s pipe dream would be the third longest
Former Western Australian premier Colin Barnett’s “pipe dream” of constructing a 2400km gas artery traversing from west to east Australia would, if realised, produce one of the longest pipelines on the planet.
But not the longest, according to GlobalData, which said recently that analysis of planned and announced trunk/transmission oil and gas pipelines in Europe, the Middle East and Africa, had revealed the Trans Saharan Gas project pipeline to be the biggest of them all with a length of 4,400km.
GlobalData did not consider the Keystone Pipeline from Canada to the Gulf of Mexico, which would span 3,450km if it is constructed.
Abu Dhabi is open for bidding with six oil and gas blocks
The Abu Dhabi National Oil Company (ADNOC) has released six oil and gas blocks for bidding as part of Abu Dhabi's first ever block competitive exploration and production bid round. In a media release ADNOC said the licensing strategy represents a major advance in how Abu Dhabi unlocks new opportunities and maximizes value from its hydrocarbon resources. “It is also consistent with ADNOC's approach to expanding its strategic partnerships across all areas of its business.
Shearwater GeoServices returns to Atlantic Margin for TGS
Shearwater GeoServices has been awarded a new contract by the Multi-Client geophysical company TGS for the second consecutive year. The contract is for a seismic survey on the Atlantic Margin in the Norwegian Sea which is expected to take approximately three months and is scheduled to be completed by the end of September, 2018. The 2018 survey will cover 5,135 km2 and will be performed by one of Shearwater's vessels which will utilize FlexiSource and a wide tow spread. In 2017 Shearwater acquired 29,500 km2 of FlexiSource data for TGS, including 17,700 km2 for the TGS Atlantic Margin project.
Bass Oil lifts daily oil output by 20% in South Sumatra
In a market update Melbourne-based Bass Oil said it had made significant improvements to its oil producing Tangai-Sukananti KSO, in Indonesia’s prolific South Sumatra Basin. This had lifted the company’s 2018 daily field output from 550 barrels of oil per day (bopd) earlier this year, to a current 650 bopd, “with further gains of between 150 to 250 bopd expected over coming weeks”. “The significant production uplift is a direct result of the successful completion of field optimisation work pursued by Bass over the past six months.
LNG powering economic growth, boosting trade balance
APPEA has welcomed the Resources and Energy Quarterly, prepared by the Department of Industry, Innovation and Science, as further confirmation that surging liquefied natural gas exports are playing a major role in driving Australia’s economic growth. In 2017-18, the value of Australia’s resource and energy exports is expected to reach its highest level on record, $230 billion, on the back of rapidly growing LNG export volumes. Australia’s LNG export earnings totalled $22.8 billion in 2016-17 before growing to $30.4 billion in 2017‑18 and are expected to reach $38.8 billion by 2022-23.
Bank of China & Goldman Sachs selected to drive Alaska LNG project
The Alaska Gasline Development Corporation (AGDC) has engaged the Bank of China and Goldman Sachs to serve as global capital coordinators to AGDC’s Alaska LNG project. This follows the Bank of China along with Sinopec and CIC Capital signing a joint development agreement with AGDC in November to collaborate on the advancement of Alaska LNG. The signing of the agreement was witnessed by U.S. President Donald J. Trump and China President Xi Jinping. Bank of China and Goldman Sachs will assist AGDC with raising equity and debt financing for the continued development of Alaska LNG.
Trelleborg Announces New Rotary Seal for High Pressure Oil & Gas Applications
Trelleborg Sealing Solutions has announced the launch of the new polytetrafluoroethylene (PTFE) based O-Ring energized single-acting rotary seal, Turcon® Roto Glyd Ring® DXL, specifically designed to meet the demands of high pressure rotary applications within the oil and gas industry. The Fort Wayny, Indiana-based company said the “innovative design” of the Turcon® Roto Glyd Ring® DXL “provides improved dynamic sealing efficiency and reduced friction by balancing the contact force on the dynamic lip under all service conditions, allowing for superior extrusion resistance and low torque.
Over $811bn will be spent on 615 oil and gas fields by 2025, says GlobalData
Over $811bn will be spent on 615 upcoming oil and gas fields between 2018 and 2025. Globally, capital expenditure (capex) into conventional oil, heavy oil, oil sands and unconventional oil projects would add up to $352bn, $44bn, $43.4bn and $30bn respectively over the eight-year period, according to GlobalData, a leading data and analytics company. Conventional gas projects will require $363.2bn, while the investments into coal bed methane (CBM) and unconventional gas projects will total $3.7bn and $1.6bn in upstream capital expenditure by 2025. Brazil accounts for $76.7bn or over 9.
APPEA calls for decisive decisions on hydraulic stimulation in the NT
The Australian Petroleum Production & Exploration Association has noted the release of the final report of the Scientific Inquiry into Hydraulic Fracturing in the Northern Territory, and commented as follows: This document confirms the conclusion of the draft report that any risks associated with onshore gas development and hydraulic fracturing can be managed by effective regulation, the peak body said.