Industry News

Analysis shows US$78 trillion needed to achieve net zero and 1.5 C warming scenario

A string of global shocks has likely put 2030 emissions reduction targets out of reach. But with decisive action, there is still time to reach net zero emissions by 2050, according to Wood Mackenzie’s ‘Energy Transition Outlook’ report, a milestone assessment of the global journey towards a lower carbon future.

The new report analyses four different pathways for the energy and natural resources sector – Wood Mackenzie’s base case (2.5-degrees), country pledges scenario (2-degrees), net zero 2050 scenario (1.5-degrees) and delayed transition scenario (3-degrees).*

KEY FINDINGS: 

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TotalEnergies has announced that the Harald East Middle Jurassic nearby exploration well (HEMJ-1X) has discovered additional gas condensate resources in the Harald field, in the Danish North Sea.

Located in shallow waters, 25km off the west coast of Denmark, the HEMJ-1X well was drilled in the Eastern part of Harald field and encountered 48meters of net gas condensate pay in a good quality reservoir.

The HEMJ-1X well will be immediately connected to the Harald platform and is expected to start producing before the end of the year through the existing Harald and Tyra facilities.

"The success of the Harald East Middle Jurassic well, nearby our Harald facilities in Denmark, demonstrates the strength of our Exploration strategy.

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Queensland’s oil and gas industry congratulates Premier David Crisafulli and looks forward to working with the incoming LNP Government on the sector’s strategic plan for economic and energy security.

The gas sector is a major contributor to the Queensland economy, delivering around $1.4 billion in government revenue each year and supporting 67,600 Queensland jobs. In 2023-24, the industry spent $3.9 billion with 3,477 Queensland businesses, predominantly in regional parts of the state.

Australian Energy Producers today committed to work with the new Premier and his government to realise the full potential of the state’s gas sector.

The industry’s strategic plan Queensland natural gas: A plan for economic and energy securityunderscored the importance of natural gas to the state’s economic prosperity, energy security and net zero emissions future.

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EnergyQuest has released released a detailed, independent review of Australia’s carbon capture, utilisation and storage industry.The report, Unlocking the Potential of Carbon Capture, examines why CCUS is necessary, the key factors for successful project execution, and the current status and outlook of CCUS (including CCS) projects for Australia."Australia is falling behind and could lose a golden opportunity in carbon captureAustralia is already home to two world class carbon capture and storage (CCS) projects - one at the Chevron operated Gorgon project, WA, and the other operated by Santos at Moomba, SA," said Rick Wilkinson, EnerygyQuest CEO. 

The report highlights CCUS as a critically important part of achieving the 2050 net-zero greenhouse gas emissions target.

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Using a combination of water testing and machine learning, a U.S. Geological Survey-led study estimated between 5 and 19 million tons of lithium reserves are located beneath southwestern Arkansas, in the USA. If commercially recoverable, the amount of lithium present would meet projected 2030 world demand for lithium in car batteries nine times over. 

The study’s novel methodology, carried out collaboratively by the USGS and the Arkansas Department of Energy and Environment’s Office of the State Geologist, made it possible to quantify the amount of lithium present in brines located in a geological unit known as the Smackover Formation.

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Contrary to information that has been incorrectly published recently in PESA News, reporting the new acquisition of seismic data in offshore Papua New Guinea (PNG) by Shearwater, the Nanamarope Non-Exclusive 3D Marine Seismic Survey was actually acquired by Searcher, utilising PXGEO's Seismic Research Vessel (SRV) PXGEO 2. The survey was acquired between May and June 2023, with final processing deliverables released in March 2024. 

The acquisition of the Nanamarope survey adds to Searcher's vast multi-disciplinary geotechnical database in PNG, which includes over 80,000 km of 2D new acquisition and reprocessing, 3,500 sqkm of 3D new acquisition and reprocessing, as well as 60,000 sqkm of Airborne Gravity Gradiometry & Magnetics data and a Geochemical survey covering offshore PNG (Figure 1).

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Viridien has been awarded a comprehensive remote sensing program by Minerals Development Oman (MDO),in the Sultanate of Oman, to identify, map and rank mineralization prospectivity potential across seven concessions, covering a total area of 16,000 km².

Following a series of remote sensing programs conducted to support mineral exploration initiatives, Viridien said it was now pleased to aid the strategic development of Oman's mineral resources led by MDO.

Viridien's multi-disciplinary team of experts will use machine learning, high-performance computing, advanced processing algorithms and archives of multi- and hyperspectral satellite imagery to create their innovative Bare Earth Plus models.

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Tamboran has reflected on four key milestones as it charts its course towards future gas supplies to the eastern states, Asia and the Northern Territory.

The ASX and NYSE-listed explorer revealed: 

That the year to June 2024 was one in which Tamboran kicked key goals by:

Via the company’s successful IPO on the NYSE Tamboran had also:

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Key markets in the electric vehicle (EV) transition are falling behind in their stated goals for public charging infrastructure, according to latest figures on World EV Day™.

The data reveals that the US, Europe and the UK are more than six times behind the number of plugs needed to meet growing EV demand by 2030. The US, the world’s second-largest EV market, has under 200,000 publicly available charging ports*, with over one million more needed by 2030, according to McKinsey**, representing a 550% increase. Europe needs a 5.

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