The urgent need for new gas supply has been laid bare in an independent report warning of a “material risk” to Australia’s power supplies because of future gas shortfalls and a lack of investment in gas generation.
Industry
US Shale Reinvestment Rates Hit three-year High Amid Inflation and Muted Oil Prices
The reinvestment rate of US shale oil producers hit its highest level in three years in the second quarter of 2023, but the recent trajectory will not last, according to Rystad Energy research.
New Report Accelerates Australia’s Hydrogen Powered Transport Future
A new report by CSIRO, Australia’s national science agency, and GHD Advisory calls for Australia to focus on hydrogen-powered transport – alongside electric vehicles – or risk being left behind our international counterparts.
North America to Dominate Global LNG Additions Through 2027, says GlobalData
North America will continue to dominate global LNG growth, contributing about 60% of total capacity additions between 2023 and 2027, according to data and analytics company GlobalData.
GlobalData’s latest report, ‘LNG Liquefaction Terminals Capacity and Capital Expenditure (CapEx) Forecast by Region, Key Countries, Companies and Projects (New Build, Expansion, Planned and Announced), 2023-2027’, reveals that North America is expected to witness the highest capacity additions globally, by gaining a total capacity of 284.1 mtpa (million tonnes per annum) from new build and expansion projects during the outlook period.
Himani Pant Pandey, Oil & Gas Analyst at GlobalData, comments: “The US will primarily drive the LNG liquefaction additions in North America through 2027, accounting for nearly 76% of the region’s total capacity additions by 2027. S
TTF rises 30% on LNG Strike Risks in Australia
The TTF gas price has risen 30% on Australian LNG strike risks.
Victorian Home Gas Ban “Ignores Importance of Gas in Net Zero Energy Mix” – APPEA
The Victorian Government’s gas ban for new homes ignores the fundamentals of the energy system transformation to net zero including the importance of gas as a partner to renewables in reliable electricity generation.
Conventional Oil and Gas Exploration Grows, but Discoveries Remain Elusive says Rystad Energy
Spending on conventional oil and gas exploration is rebounding and expected to top $50 billion this year, the highest since 2019, but operators are still waiting for the results they had hoped for.
APPEA: ‘Victorian Home Gas Ban Ignores Importance of Gas in Net Zero Energy Mix’
The Victorian Government’s gas ban for new homes ignores the fundamentals of the energy system transformation to net zero including the importance of gas as a partner to renewables in reliable electricity generation.
The Australian Petroleum Production & Exploration Association (APPEA) today said the Government’s policy shifts the burden on to consumers, pushing households on to an already strained coal-based electricity grid and ignoring the urgent need for new local gas supply to reduce emissions and put downward pressure on prices.
APPEA Chief Executive Samantha McCulloch said: “With more than 60% of Victoria’s electricity coming from coal, the focus should be on reducing emissions from the power sector, through renewable energy and firming gas power deployment, before adding to power demand.
Shale Oil Market Likely to be Valued at US$ 6.68 Billion by 2032
The shale oil market is likely to be valued at US$ 6.68 Bn by 2032, according to a new report on the Shale Oil Market released by Future Market Insights.
China’s Shanxi Province Achieves Record Unconventional Gas Production
China’s state-owned news agency, Xinhua, says the production of gas in north China’s Shanxi Province increased 5.7% to 6.82 billion cubic metres in the first half of 2023, setting a new record for the major coal region.