Industry News

By Rick Wilkinson

The North Asian trio of Japan, Korea, and Taiwan play a major role in global LNG markets. According to the International Group of Liquefied Natural Gas Importers, they were the second, third, and fifth largest LNG importers, respectively, in 2024, collectively accounting for one third of global LNG imports.

However, they have been following different trajectories. Japanese LNG demand has been falling while demand has been growing in the other two countries. Japan and Korea are aiming to cut their LNG imports by 2030 as part of their emission reduction strategies.

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YOU Could almost hear the palpable sigh of relief at AEP’s offices in Canberra, albeit with a healthy dose of cynicism as Victoria signalled a refreshed new attitude to resolving the state’s looming gas supply shortage. 

“The Victorian Government’s commitment to fast-track approvals for new gas supply is welcome and long overdue,” AEP Chief Executive Samantha McCulloch said in a media release “but will need to be backed by immediate action if the state is to avoid looming gas shortages”.

“Victorian Premier Jacinta Allan’s Economic Growth Statement promises to fast-track new gas extraction, storage and transmission projects alongside renewable projects to “ensure reliable access to gas for Victorian businesses”.

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Guyana and Suriname are looming as potential and competitive liquefied natural gas (LNG) exporters to their Caribbean neighbours, South America and Southeast Asia, according to research by Wood Mackenzie (WoodMac).

With an estimated 13 trillion cubic feet of discovered non-associated gas in aggregate, the Haimara cluster in Guyana’s Stabroek block and the Sloanea discovery in Suriname’s Block 52 could supply up to 12 million metric tons per annum (MMtpa) of LNG by the next decade, according to WoodMac.

“These sources could deliver this potential LNG supply at a breakeven, excluding shipping and regasification costs, of about US$6/mmbtu (FOB NPV10 breakeven)”, WoodMac said on its website.

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Argentina’s Vaca Muerta shale play reached a new oil production record of 400,000 barrels per day (bpd) in the third quarter and is on track to hit 1 million bpd by 2030, according to Rystad Energy’s latest analysis.

The 35% year-on-year surge in third-quarter production was driven by improved productivity and expanded takeaway capacity, led by flagship operator Yacimientos Petrolíferos Fiscales (YPF) and bolstered by local independent producers.

YPF, which accounted for nearly 55% of Vaca Muerta’s oil production last quarter, saw its revenue rise 7% quarter-on-quarter and 18% year-on-year to exceed $5.3 billion.

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The Environmental Defender’s Office (EDO) will have to pay Santos $9 Million in legal fees after its failed court bid to stop the Barossa Project in the Northern Territory.

Santos, nevertheless, wants the EDO to reveal who funded its legal fees after the taxpayer-funded organisation brought the case against Santos on behalf of the Timor Islanders alleging that the pipeline would upset or anger two revered creatures the Rainbow Serpent and Crocodile Man.

Federal Court Judge Natalie Chrlesworth rejected this in January saying some of the claims were so lacking in evidence they could “not be taken seriously”

The court ruled that the EDO should reveal its funder, but Santos should not make this information public.

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The global oil and gas contract activity saw a 35% quarter-on-quarter decrease in total disclosed value from $55.3 billion in Q2 2024 to $35.7 billion in Q3 2024. Despite this, steady contract volumes, particularly in the Middle East, were driven by substantial projects such as Saipem’s $4 billion contract with QatarEnergy and multi-billion-dollar agreements from Saudi Aramco, providing some stability, reveals GlobalData, a leading data and analytics company. 

GlobalData’s latest report, “Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q3 2024,” reveals that the overall contract volume remained relatively stable, with 1,519 contracts in Q3 2024 compared to 1,546 in Q2 2024.

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The extent of the Environmental Defenders Office’s (EDO) inappropriate conduct has been laid bare in Federal Court documents, reinforcing the need for an immediate halt to taxpayer funds to the activist lawfare group.

This was the assertion of Australian Energy Producers Chief Executive Samantha McCulloch,who said the documents revealed in The Australian show the depths of what Justice Natalie Charlesworth described in her judgment as the EDO’s “distorted and manipulated” evidence that it used in its failed legal bid to stop Santos’ Barossa project earlier this year.

“It is now beyond any doubt the EDO is more interested in engaging in legal activism than genuinely representing the interests of Traditional Owners,” Ms McCulloch said. 

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First gas is set to flow from Senex Energy’s $1 billion Atlas natural gas field expansion following the official opening on Sunday 24 November 2024 of the Surat Basin processing facility in Queensland.

Senex Energy shareholders, represented by POSCO International Corporation CEO Kyein Lee and Hancock Prospecting Executive Chairman Mrs Gina Rinehart AO were there to mark the significant milestone alongside representatives from all levels of Government and the Wandoan community.

The opening marks a significant milestone in delivering critical gas to the east coast market at a time when the Australian Energy Market Operator (AEMO) is predicting shortfalls in coming years.

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Shearwater Geoservices has received a LOA from ONGC for a large 3D seismic survey off the east coast of India.

The high-capacityOceanic Sirius will carry out the survey, covering an area of approximately 2,200 square kilometers, which is expected to take approximately 4 months, commencing early 2025. 

Irene Waage Basili, CEO of Shearwater, said: “Our expertise in 3D seismic acquisition, combined with our track-record of 8 consecutive seasons of India operations, ensures that we are well positioned to deliver data in line with our clients exploration needs, while maintaining sustainable margins.”

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Western Australia has reaffirmed its commitment to net zero with a plan for carbon capture, utilisation and storage (CCUS) announced late November.

“The WA Government’s CCUS Action Plan and funding support is evidence of how states can seize the economic opportunities of net zero while reducing emissions,” Australian Energy Producers WA Director Caroline Cherry said.

“The Action Plan is an important step to attracting investment in CCUS, creating new jobs, and building a major new industry for Australia to support emissions reductions across the economy and the region.”

“CCUS enables WA to grow its economy, underpinning local manufacturing and critical minerals processing.

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