PESA Gazette

Oil and gas industry embraces Queensland Exploration Acreage Awards rollout

10/07/2024 Posted by Dale

Australia’s oil and gas industry has welcomed the Queensland Government’s “continued recognition of energy security at a time of heightened gas demand” keeping Australian households warm and businesses running.

This comes after the Sunshine State had wrapped up six new exploration tenders for petroleum and gas across the Bowen and Surat basins, which AEP QLD Director Keld Knudsen said had come at an important time following the Australian Energy Market Operator’s warning of east coast gas supply shortages.

The six new tenders were awarded to; Comet Ridge (2), Senex Energy (2), State Gas and Denison Gas, completing a tender package that had opened in May 2020 as part of the Queensland Exploration initiative and covered an area of 6,746 km².

Are critical minerals and hydrogen in the fast lane to production?

09/07/2024 Posted by Dale

Max Williamson FCA, FFin, FCPA, FGov

Max has practiced as a Chartered Accountant and Tax Adviser to the Resources Industries for over 50 years. He has been Federal President and Federal Treasurer of PESA, as well as NSW Branch President and on the NSW Committee for over 30 years.

The 14 May 2024 Federal Budget among others introduced to the Australian community two new financial incentives encouraging Australian investors/producers to progress Critical Minerals ($7 billion) and Hydrogen ($6.7 billion) projects through production phases.

The current Labor Federal Government is being supported intellectually by the States on their incentive policy proposals, so we will see in due course exactly what can be generated into actual legislation at the Federal level.

APAC advances cross border CCS, fostering value chain growth

09/07/2024 Posted by Dale

The Asia Pacific (APAC) region is rapidly emerging as a key player in the carbon capture and storage (CCS) sector. Asian countries are intensifying their decarbonization efforts, despite challenges for a number of countries in the region, such as unsuitable geological conditions for carbon capture, utilization and storage (CCUS).

This is according to Rystad Energy research, which has highlighted Australia, Malaysia and Indonesia as emerging hubs in the APAC region, driven by the carbon dioxide (CO2) storage potential in their depleted oil and gas reservoirs and stricter environmental regulations, despite recent improvements and updates in policy.

The...

PESA WA lunch gets lots to chew on over safe GCS solutions for Barrow Dampier

09/07/2024 Posted by Dale

PESA WA June Technical Lunch: Demystifying Safe GCS Solutions for the Barrow-Dampier

PESA hosted a successful June Technical Lunch at the Parmelia Hilton in Perth on Thursday, June 27th.

The event attracted over 60 attendees from West Australian oil and gas companies, universities and government bodies.

SLB Exploration Lead Mr. David Barlass took centre stage, introducing a captivating presentation on safe geological carbon dioxide storage (GCS) techniques applicable to the Barrow-Dampier sub-basins.

PESA WA, fostering collaboration within the energy sector, provided a valuable platform for this critical conversation.

It's that time of the year again when we...

Beetaloo or Bust

08/07/2024 Posted by Dale

Beetaloo or Bust, the route to commercial success for an Australian shale play, was presented by Dr Anne Forbes of Wood Mackenzie at the AEP 24 Conference in Perth in May where the paper won Best oral presentation.

Dr Anne Forbes, Angus Rodger, John Gibb

The big question we wanted to ask, and hopefully answer, is: What does it take to make this play commercial?

Flow rates from exploration and appraisal well tests have historically been low, but that’s changing and increasingly looking more positive. As well location and stimulation designs are optimised, we’ve seen increasingly positive results.

2023 Exploration and Appraisal Year in Review

08/07/2024 Posted by Dale

Author: Adam CraigA*

A RISC Advisory Pty Ltd, Perth, Western Australia

* Correspondence to. Email: adam.craig@riscadvisory.com

Petroleum exploration expenditure in 2023 increased modestly over that of 2022. But remains well below expenditure highs of a decade ago, which was dominated by offshore activity. Exploration expenditure, and activity, is now dominant in onshore state jurisdictions. This has been the case since 2019 and will continue with no Federal offshore petroleum exploration acreage release rounds or exploration permit awards in 2023.

Australian carbon storage hub a $600 billion opportunity: Wood Mackenzie

25/05/2024 Posted by Dale

Australia could unlock up to $600 billion in revenue by creating a carbon capture and storage (CCS) industry and becoming a storage hub for the Asia-Pacific region, according to a leading global energy research firm, Wood Mackenzie.

In an article published in the 2024 Australian Energy Producers Journal, Wood Mackenzie emphasised that Australia’s CCS opportunity is rooted in facilitating other countries’ net zero ambitions.

According to the article, Australia has far higher geological CO2 storage potential than it needs to store emissions from its power generation and industrial sectors from 2030 to 2050.

Meanwhile, Australia’s key trading partners such as Japan and South Korea have limited opportunities to store all their emissions domestically and are looking for regional storage sites to support their net zero goals.