PESA Gazette

OIL Macro update from Rystad Chief Economist Claudio Galimberti

06/10/2024 Posted by Dale

“Fast escalating geopolitical risk is driving oil prices higher.

The intensifying conflict in the Middle East is generating significant supply concern in the global crude market, with prices up more than 4% (in the first week of October).

The potential for supply disruptions – particularly, but not exclusively from Iran – increases as the fighting intensifies.

But OPEC+ still sits on unusually ample spare capacity, which is the result of successive production cuts over the past two years.

This spare capacity is for now preventing runaway prices amid one of the deepest and most pervasive crises in...

Chevron-Hess Courtship is Getting Serious

05/10/2024 Posted by Dale

Chevron is closing in on a$53 billion merger with Hesss ...subject to Arbitration

U.S energy giant Chevron and Hess Corporation, have sidelined the Federal Trade Commission (FTC) antitrust review in spite of moves for˙Hess’s Chief Executive Officer (CEO) to join the oil major’s board on the basis of his previous connection with global competitors such as OPEC.

An ongoing arbitration process initiated by Hess’ Stabroek block partners have overlapped issue with the assets off the coast of Guyana which has complicated the propose merger.

The Chevron-Hess merger has passed the FTC antitrust review --satisfying one of the closing conditions for the transaction, the Federal Trade Commission’s action to resolving key antitrust concerns related to the acquisition ended up approving a proposed consent order that would prohibit Chevron from appointing John B. He

OPEC is Betting Big on Oil to hit 120 MMBBL to 2050 and Beyond

05/10/2024 Posted by Dale

For OPEC, it is a great honour to launch the World Oil Outlook (WOO) 2024 in Brazil. The country’s comprehensive and inclusive approach to energy issues has been on display through its G20 presidency in 2024, and will no doubt be central to its hosting of COP30 in 2025. This stance is fully in line with OPEC’s development of its WOO, as well as the Charter of Cooperation between OPEC and participating non-OPEC countries, a voluntary framework for dialogue and a platform for multilateralism.

This year’s WOO provides governments, policymakers and people around the world with realistic and sustainable future energy pathways.

NFE’s FLNG1 Delivers First Cargo to Europe

05/10/2024 Posted by Dale

New Fortress Energy,s’s first Fast LNG (FLNG) asset, FLNG 1 – comprising three repurposed jack-up rigs off the coast of Altamira – has had its first full LNG cargo fully loaded onto the Energos Princess, which setsail for Europe. This comes less than two months after completing the first cargo load and sail operation.

“This is a significant milestone for our Fast LNG installation.

Santos and TIMOR GAP Execute Sale and Purchase Deed for the Bayu-Undan Upstream Project

01/10/2024 Posted by Dale

The Bayu-Undan Joint Venture (BUJV) participants and TIMOR GAP have executed a Sale and Purchase Deed (SPD) to transfer a 16 per cent interest in the Bayu-Undan upstream project to TIMOR GAP, with an economic date of 1 July 2024. Completion of the SPD is subject to customary closing conditions.

Under the terms of the SPD, TIMOR GAP participates in the BUJV for the remainder of the economic life of production. As previously announced, the Production Sharing Contract (PSC) for Bayu-Undan will terminate at the earlier of 30 June 2026 or upon cessation of production.

The Bayu-Undan upstream project comprises the offshore petroleum field, and offshore production and processing facilities located in Timor-Leste.

AREEA Welcomes new BOARD Director Simon Younger

30/09/2024 Posted by Dale

The Australian Resources & Energy Employer Association (AREEA) was pleased to announcethat ExxonMobil Australia President Simon Younger has joined its Board of Directors.Mr Younger is vastly experienced in the oil and gas sector.After graduating as an engineer and starting his career with Esso Australia in 1997, he has held a variety of roles with ExxonMobil affiliates in Australia, the United States, Qatar and Nigeria.In 2020, Mr Younger became Senior Vice President Upstream for Canada’s Imperial Oil Limited,majority-owned by ExxonMobil.AREEA Chief Executive Steve Knott AM said Mr Younger would be an outstanding addition to the national employer group’s Board of Directors.

Dr John Kaldi wins rare International Award

30/09/2024 Posted by Dale

The SA/NT PESA Branch President, Dr John Kaldi was recently awarded the SidneyPowers Award by the American Association of Petroleum Geologists (AAPG) at the2024 IMAGE meeting in Houston.

PESA is an affiliate of AAPG. The SidneyPowers Memorial Award is given "…in recognition of distinguished and outstanding contributions to, or achievements in, petroleum geology".

It is AAPG’s most distinguished award and the award's previous recipients reads likea "who's who" of geo-legends, amazing scientists and inspirational leaders.Congratulations John being worthy to be in this rarified atmosphere.

Victoria’s gas appliance bans rob consumers of choice and competition

11/09/2024 Posted by Dale

Victoria’s proposal to phase out some gas appliances in existing connected homes and businesses ignores the fundamentals of the energy transition and robs consumers of choice and competition.

Australia’s oil and gas industry today welcomed news that homes and businesses would not have to replace popular gas stovetops with electrical appliances under the state’s net zero road map.

However, the sector has called for the State Government to reverse a new edict forcing residents and businesses to switch gas heating and gas hot water appliances to electric at significant cost.

Australian Energy Producers Victorian Director Peter Kos said gas had been a critical, popular and reliable fuel for millions of Victorian homes and businesses for decades.

New Zealand Sanctions Gas Import Terminal and Commits to Rescinding Exploration Ban ASAP

11/09/2024 Posted by Dale

The New Zealand Parliament passing a law facilitating construction of a LNG terminal to provide a flexible fuel supply for shortages in dry years has been accompanied by a pledge to rescind the Labour Party’s 2018 ban on new fossil fuel exploration.

In spite of the new National-led Government’s determination to revitalise the New Zealand gas sector, it will take years for any new supply to come online which has complicated the issue of where the yet to be constructed regasification terminal will be located.

The crisis came to a head after soaring electricity prices due to a shortage of local gas and low water levels in hydro dams forced some businesses to close, sending costs to an all-time record high of $55/gigajoule in early September.

OMV Makes new Gas Discovery Offshore Norway

11/09/2024 Posted by Dale

OMV Norge, a Norwegian subsidiary of Austrian OMV, has made a new gas discovery in a wildcat well off the coast of Norway with the Transocean semi-submersible rig Norge.

OMV, is the operator of PL 1194, and drilled the wildcat well 6605/6-1 S in the Norwegian Sea targeting the Haydn/Monn exploration prospects, which led to a discovery with estimated recoverable volumes between 30 and 140 million boe.

Located 300 km west of Norway in water depths of 1,064 meters, the gas discovery is located approximately 65km from the Polarled pipeline and the Aasta Hansteen field.