PESA Gazette

The Australian Government will not activate the Australian Domestic Gas Security Mechanism (ADGSM) for the October to December 2024 quarter.

The minister’s decision was revealed in the Australian Competition and Consumer Commission’s (ACCC) June 2024 interim gas inquiry report, which said there was sufficient gas across the east coast to meet domestic demand from October to December 2024.

The Government is optimistic that even if LNG producers exported all of their uncontracted gas, there would be enough gas to meet demand in the east coast in the final quarter of 2014.

In the event of a local gas supply emergency, the Australian Energy Market Operator’s (AEMO) has powers allowing it to step in and intervene by redirecting gas flows.

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Six companies have been awarded exploration licences by the Norwegian Energy Ministry to store CO₂  in four areas in the North Sea.

This comes after applications were reviewed from eight companies after the acreage was opened in March 2024.

The successful bidders are Aker BP, Equinor, Lime Petroleum, OMV (Norge), PGNiG Upstream Norway and Vår Energi.

It is the sixth time the Norwegian government has awarded acreage for CO₂ storage

Equinor was given operatorships of two licenses, Albondigas and Kinno, which is expected to have  unconfirmed capacity to store about 5 MMt/year of CO₂.

Grete Tveit, senior...

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Eni has announced a new discovery on the Yopaat-1 EXP exploration well in Block 9, located approximately 63 kilometers offshore Mexico in the mid-deep water of the Cuenca Salina in the Sureste Basin.

 The preliminary estimates indicate a discovered potential of 300-400 million barrels equivalents (Mboe) of oil and associated gas in place.

The well was drilled in a water depth of 525 meters, reached a total depth of 2,931 meters and intersected about 200meter net pay of hydrocarbon bearing sands in the Pliocene and Miocene sequences, subject to an intense subsurface data acquisition campaign.

Eni has a 50% interest and is the Operator of Block 9 in a Joint venture with Repsol holding the remaining 50%.

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A research effort to flip carbon dioxide from a climate change problem to a solution has been launched at The University of Queensland.Dubbed GETCO2, the ARC Centre of Excellence for Green Electrochemical Transformation of Carbon Dioxide is focussing on turning CO₂ into products such as fuels and chemicals.

GETCO2 is a $45 million, 7-year collaboration involving 7 Australian universities, industry and government being led by Professor Xiwang Zhang in UQ’s School of Chemical Engineering.“With electrochemical conversion, CO2 is transformed from being the biggest problem of our time to a valuable resource,” Professor Zhang said.

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POSCO INTERNATIONAL has completed construction of the Gwangyang LNG Terminal 1. Launched in 2002, this extensive infrastructure construction project received investments amounting to KRW 1.45 trillion over approximately 20 years.

More than 100 personnels from the government and client companies attended the completion ceremony, including Choi Nam-Ho, the Second Vice Minister of the Ministry of Trade; Park Chang-Hwan, the Vice Governor of South Jeolla Province; Jung In-Hwa, the Mayor of Gwangyang; Kwon Hyang-Yeop, the National Assemblyman; Choo Hyung-Wook, the President of SK E&S; Lee Sang-Kyun, the President of Hyundai Heavy Industries; Kim Hwan-Yong, the Vice President of Korea Gas Corporation; and POSCO Group executives including Lee Kye-In, POSCO INTERNATIONAL CEO.

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Global oil demand has been on the rise after the COVID-19 pandemic. Moreover, the Russia-Ukraine conflict caused major alterations in energy supply routes, which went in favour of the US shale drillers, including those in the Permian Basin. Spanning Texas and New Mexico, Permian Basin remains the largest oil-producing shale play in the US. Strong global demand and geopolitical shifts continue to support growth and competitiveness of this critical energy region, says data and analytics company GlobalData.

GlobalData’s latest report, “Permian Basin in the US, 2024,” reveals that benefiting from a dense pipeline network and Gulf Coast infrastructure, Permian Basin’s crude oil production averaged 5.6 million barrels per day (mmbd) during the first quarter (Q1) of 2024.

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