Industry News

NT gas supply deal with NT government puts Empire Energy’s Carpentaria on the front row of the grid

14/08/2024 Posted by Dale

Empire Energy has signed a 10-year Gas Sales Agreement with the Northern Territory Government to supply 25 TJ per day from the Carpentaria Pilot Project.

Empire Energy Group has signed a binding long-term Gas Sales Agreement to supply the Northern Territory Government up to 25 Terajoules (TJ) of gas per day for 10-years (~75 Petajoules in total, from Empire’s Beetaloo Basin properties commencing in 2025 (“Initial Supply”).

The agreement makes provision for the NT Government to increase the supply by up to 10TJ per day subject to certain production milestones:

Empire Energy said the volume under the Option Supply is limited to 10% of production from the Carpentaria Project if production reaches 100 TJ / day.

Beach sales climb off Waitsia cargoes and high oil prices

14/08/2024 Posted by Dale

Beach Energy Limited (ASX: BPT, Beach) has announced its FY24 full year results which revealed a robust revenue delivery, albeit off lower production rates, putting the company in a strong financial position in a a year characterised by major project delivery.

Managing Director and Chief Executive Officer Brett Woods said "Production of 18.2 MMboe was 7% below the prior year from lower customer nominations in the Otway Basin, weather events in the Cooper Basin and natural field decline. Despite lower production, sales volumes were up 3% to 21.3 MMboe and revenue up 9% to $1.

East coast gas supplies forecasts ample supply for fourth quarter

14/08/2024 Posted by Dale

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.

Norway issues capture and conceal licences to six CO2 bounty hunters

14/08/2024 Posted by Dale

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...

Ole as Eni Serenades More Success in the Sureste Basin

12/08/2024 Posted by Dale

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%.

Carbon wanted by 7 Aussie Unis for fuel and chemicals research solutions

12/08/2024 Posted by Dale

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.

Korea Expands LNG Security with Completion of Gwangyang Terminal 1 Facility

12/08/2024 Posted by Dale

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.

Strong oil and gas demand to support production growth of Permian Basin, says GlobalData

12/08/2024 Posted by Dale

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.

Triangle Energy strikes a chord with Canberra for CCS project to go ahead in the Perth Basin

11/07/2024 Posted by Dale

Triangle Energy has been given the green light to develop a carbon sequestration (CCS) project at the company’s WA 31-L icence area in the Perth Basin.

The company announced that the joint venture’s application for a greenhouse gas storage formation over the WA 31-L licence area had been approved by the Commonwealth Minister for Resources, Madeleine King.

The approval has triggered the sale of Triangle’s 78.75% interest in the Cliff Head project to Pilot Energy, but. until approval has been granted by the regulator, Triangle will continue to operate the field.

Triangle said that its employees would continue work at the Cliff Head field as it transitions from oil production to the CCS project and Triangle would support ongoing operations of the Cliff Head oil field until the transaction was completed.

The Australian Government ‘might not be done’ with market intervention

10/07/2024 Posted by Dale

Australia appears to be caught between a rock and a hard place facing an ever-encroaching gas cum energy crisis. Rick Wilkinson, CEO of EnergyQuest, and a man well oiled with a wealth of data deliverables, says the Lucky Country has four options, none of which are easy, to keep the wolves off the door.

In the EnergyQuest Monthly Report for May, Wilkinson said it was well known that the east coast domestic gas market is heading towards annual supply shortfalls in 2028, with peak supply potentially running short sooner.

He then posed the question: