Energy-related carbon dioxide emissions continue to decline in the United States thanks to increasing use of cleaner-burning natural gas. A new report by the US Energy Information Administration (EIA) confirms the growing switch from coal to gas-fired electricity was the biggest contributor to a 1.7 per cent fall in US energy-related emissions last year. The report found that while electricity generation grew by about one percent between 2005 and 2016, related carbon emissions fell by 24 percent. More than 63 per cent of that reduction is due to the shift to natural gas.
Industry
Po Valley in proposed major re-organisation
Australian gas producer Po Valley Energy has announced a major re-organisation and asset ownership structure for all of its Italian oil and gas exploration and production interests. Po Valley said the initiative would give PVE shareholders a stake in a much enlarged and more liquid operator to be chaired by renowned UK energy executive, Mr James Parsons.
Chevron acquires exploration acreage offshore WA
Chevron Australia has announced its affiliate has successfully acquired exploration interests in three offshore blocks located in the Northern Carnarvon Basin off the Western Australia coast. Chevron Australia Managing Director Nigel Hearne said this new acreage strengthens Chevron’s position in Australia’s premier hydrocarbon basin where there is an established network of production infrastructure, including the Chevron-operated Gorgon and Wheatstone Projects. “Offshore Western Australia is a global focus area for Chevron and these new exploration blocks add to our already significant gas position as the largest resource holder and liquefaction owner.
Record earnings forecast for resources and energy exports
Australia’s resource and energy export earnings in 2016–17 increased to $204 billion, and are forecast to reach a record $211 billion in 2017–18, before declining to $201 billion in 2018–19. The Resources and Energy Quarterly – September Quarter 2017, released by the Department of Industry, Innovation and Science, shows a 27 per cent increase in earnings in 2016–17. The report shows this increase was largely driven by price increases in iron ore and metallurgical coal, which are Australia’s top two resources and energy commodity exports.
Geoscience Australia to sponsor AGCC 2018
The Australian Geoscience Council Convention, AGCC 2018, has announced that Geoscience Australia will be the patron sponsor of the event, which will be held in Adelaide from Sunday 14th to Thursday 18th of October next year. The Convention, which is expected to attract more than 2,000 delegates from Australia and overseas, will cover all aspects of geoscience, with technical themes on theoretical and applied geoscience, mineral and energy resources, environmental and societal science, geoscience education and communication, and emerging technologies.
Norway has one trillion reasons to smile
Norway’s sovereign wealth fund has surpassed one trillion US dollars in value for the first time. That’s some achievement for the world’s biggest sovereign wealth fund, universally known as the ‘oil fund’ that only received its first capital injection in 1996 from the Norwegian government as a means of securing wealth for the country’s future generations. As said on the fund’s website: “The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.
Po Valley sells ‘pizza’ two Italian licences
AUSTRALIA’S Po Valley has announced the sale of its interest in two onshore Italian oil exploration licences for $1.69 million. The company said it is selling its 85% share in the fully awarded large oil exploration licence, Cadelbosco di Sopra, and 100% of the immediately adjoining small oil exploration licence, Grattasasso, to a private oil and gas company backed by a private equity fund based in London. Both licences are located northwest of Modena in the Emilia Romagna Region.
Polarcus announces broadband 3D project in Asia Pacific
Polarcus has received a letter of award for a broadband 3D marine seismic project in Asia Pacific. The project is due to commence in the fourth quarter and will run for approximately one month. Polarcus did not reveal which country the operation will be conducted in or for which client. It is also not certain which vessel the company will deploy. The vessel which is believed to be in the region, however, is the Polarcus Naila, which previously operated in Malaysia.
CGG starts CWAZ survey in Gulf Of Mexico
CGG has announced the start of acquisition of its first Complementary Wide-Azimuth survey, known as AC CWAz, a BroadSeis™ 3D multi-client program in southern Alaminos Canyon, Gulf of Mexico. Extending over 130 OCS Blocks and covering Great White and the recent Whale discovery, CGG said AC CWAz is supported by industry funding and complements its existing surveys in the area by adding azimuth and offset coverage to the historic wide-azimuth data. “All the data will be combined and reprocessed using the latest 3D deghosting, Full-Waveform Inversion (FWI), especially Reflection-based FWI (RFWI), and Tilted Transverse Isotropy (TTI) imaging technology.
Senex secures Surat Basin lease
The Palaszczuk Government in Queensland has announced that it is “moving rapidly to boost gas supplies for industry” with confirmation that a Queensland company is the preferred tenderer for a Petroleum Lease on land in the Surat Basin released to supply the domestic market. Minister for Natural Resources and Mines Dr Anthony Lynham said he was very pleased to see emerging gas producer Senex secure the rights to supply such a critical resource for our market. “The Palaszczuk Government is leading the nation with practical measures to increase domestic gas supplies and support local jobs,” the Minister said.