Industry News

OPEC is Betting Big on Oil to hit 120 MMBBL to 2050 and Beyond

05/10/2024 Posted by Dale

For OPEC, it is a great honour to launch the World Oil Outlook (WOO) 2024 in Brazil. The country’s comprehensive and inclusive approach to energy issues has been on display through its G20 presidency in 2024, and will no doubt be central to its hosting of COP30 in 2025. This stance is fully in line with OPEC’s development of its WOO, as well as the Charter of Cooperation between OPEC and participating non-OPEC countries, a voluntary framework for dialogue and a platform for multilateralism.

This year’s WOO provides governments, policymakers and people around the world with realistic and sustainable future energy pathways.

NFE’s FLNG1 Delivers First Cargo to Europe

05/10/2024 Posted by Dale

New Fortress Energy,s’s first Fast LNG (FLNG) asset, FLNG 1 – comprising three repurposed jack-up rigs off the coast of Altamira – has had its first full LNG cargo fully loaded onto the Energos Princess, which setsail for Europe. This comes less than two months after completing the first cargo load and sail operation.

“This is a significant milestone for our Fast LNG installation.

Victoria’s gas appliance bans rob consumers of choice and competition

11/09/2024 Posted by Dale

Victoria’s proposal to phase out some gas appliances in existing connected homes and businesses ignores the fundamentals of the energy transition and robs consumers of choice and competition.

Australia’s oil and gas industry today welcomed news that homes and businesses would not have to replace popular gas stovetops with electrical appliances under the state’s net zero road map.

However, the sector has called for the State Government to reverse a new edict forcing residents and businesses to switch gas heating and gas hot water appliances to electric at significant cost.

Australian Energy Producers Victorian Director Peter Kos said gas had been a critical, popular and reliable fuel for millions of Victorian homes and businesses for decades.

New Zealand Sanctions Gas Import Terminal and Commits to Rescinding Exploration Ban ASAP

11/09/2024 Posted by Dale

The New Zealand Parliament passing a law facilitating construction of a LNG terminal to provide a flexible fuel supply for shortages in dry years has been accompanied by a pledge to rescind the Labour Party’s 2018 ban on new fossil fuel exploration.

In spite of the new National-led Government’s determination to revitalise the New Zealand gas sector, it will take years for any new supply to come online which has complicated the issue of where the yet to be constructed regasification terminal will be located.

The crisis came to a head after soaring electricity prices due to a shortage of local gas and low water levels in hydro dams forced some businesses to close, sending costs to an all-time record high of $55/gigajoule in early September.

Public EV Charge Point Installations over Six Times Behind Levels Required by 2030 to Meet Growing Demand and Government Regulations

10/09/2024 Posted by Dale

This is according to Konect, an innovator in electric vehicle charging, which offers fuel retailers a "rapidly deployable solution" to help plug gaps and offer “convenient” charging locations.

Konnect said key markets in the electric vehicle (EV) transition were falling behind in their stated goals for public charging infrastructure, according to the latest figures from 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.

Tamboran Spuds Shenandoah South 2-H Well – the Largest Single Drilling Campaign in the Beetaloo

03/09/2024 Posted by Dale

Tamboran has spudded the Shenandoah South 2 (SS-2H) well in EP 98, which is being drilled off a new pad located approximately 3 miles north of the Shenandoah South 1H (SS-1H) well and within the Tamboran-operated SS Pilot Project area (47.5% working interest).

Tamboran said that following the drilling of the SS-2H well, the JV will immediately drill the Shenandoah South 3H (SS-3H) well off the same pad ahead of the stimulation program.

The SS-2H and SS-3H wells will be drilled with the Helmerich & Payne super-spec FlexRig® Flex 3 rig and will target the Middle Velkerri B Shale at a depth of approximately 3,020 metres.

Gas industry commits to boosting economy with Finocchiaro Government

29/08/2024 Posted by Dale

Northern Territory’s oil and gas industry looks forward to working with the incoming Finocchiaro Government on the sector’s strategic plan to power the economy.

After an election campaign in which both major parties supported gas development, Australian Energy Producers has committed to work with Chief Minister-elect Lia Finocchiaro to deliver the economic benefits of the industry’s five-point strategic plan, Powering the Territory.

Australian Energy Producers’ NT Director David Slama said: “The oil and gas industry congratulates Lia Finocchiaro on her election victory and looks forward to working with her government.

“A new term of parliament offers the...

DUG officially launches elastic MP-FWI imaging solution

29/08/2024 Posted by Dale

DUG Technology (DUG) has officially launched its latest seismic data processing, imaging and interpretation solution — DUG Elastic Multi-parameter Full Waveform Inversion (MP-FWI) Imaging. The announcement was made at The International Meeting for Applied Geoscience and Energy (IMAGE ‘24) in Houston, Texas, where DUG will be showcasing results from all of its latest geoscience technology.

DUG’s new elastic solution builds on its already successful acoustic MP- FWI imaging technology, which has now been applied to over 40 projects across the globe, delivering real-world impact to clients.

DUG Elastic MP-FWI Imaging utilises superior physics to remove the assumptions and approximations of both traditional processing and imaging, and traditional quantitative interpretation workflows.

Denison Gas Granted Two New Exploration Permits in Southern Bowen Basin

29/08/2024 Posted by Dale

Denison Gas has been granted two new exploration permits in Queensland’s southern Bowen Basin, giving Denison greater exposure to Australia’s east coast gas market.

The new permits follow the appointment of Denison as preferred developer for three new exploration areas by the Queensland Government in June this year.

Denison now has satisfied all pre-conditions for the formal granting of permits for two of the three exploration areas, resulting in the permits for Authority to Prospect (ATP) 2073 and ATP 2075 on 16 June 2024.

Notably, the location of both the new areas enables seamless integration into Denison’s existing operational activities.

Perth’s Pivotree Unveils Subsea Production Tree Designed to Unlock Stranded and Marginal Oil and Gas Field Profits

28/08/2024 Posted by Dale

Oil and gas technology company Pivotree has built and tested a full-scale prototype of its groundbreaking integrated subsea production tree and vessel mooring system.

Inventor and Pivotree Managing Director Chris Merrick said the Pivotree TM technology has the potential to revolutionise offshore energy development, making previously marginal and stranded oil and gas fields both profitable and sustainable.

Designed and built in Perth, Western Australia, the 44-tonne full-scale prototype combines traditional subsea tree technology with several new elements that allow it to swivel, providing 360-degree mooring capability for offtake vessels.

“In combination, the Pivotree and FPSO represent a fully functional and self-sustaining field development concept that requires no additional infrastructure such as spread moorings, platforms, flowlines, pipelines and manifolds,” Mr Merrick said.