The sixth and latest annual East Coast Gas Outlook 2024 from EnergyQuest, finds that the outlook for east coast gas is now entering ‘uncharted energy frontiers’.The new 315-page report is the leading energy consultancy’s annual in-depth analysis of the long-term outlook for the east coast gas market.Gas supply shortfalls are expected for the east coast and Northern Territory (NT) market as soon as 2026, and with increasing certainty and impact from 2028. That much is already well known.
Industry News
Are Electric Vehicles Really Disruptors in the Australian Petroleum Markets?
By Max Williamson
Potential buyers and users of EV’s need to be extremely wary and questioning of the claims, counter claims and promo materials being put out by the vested interests.
If UBER is getting completely out of hybrids for its fleet, there must be economic support for EV’s versus hybrids for higher use operators and commercial fleets.
The second-hand market for older model EV’s, including Teslas is dramatically negatively impacted by the age of the batteries therein, the warranties periods remaining on the batteries and the then version of the EV technologies in those vehicles.
Airborne Survey Wraps up in Victoria
An airborne gravity survey across southern and eastern Victoria has been completed by Sander Geophysical.
The airborne survey was collaboratively organised through Surveyor-General Victoria within the Department of Transport and Planning (DTP), Geological Survey of Victoria within the Department of Energy, Environment and Climate Action (DEECA) and Geoscience Australia (Commonwealth Government).
The objective of the survey was to collect consistent and evenly distributed gravity measurements. The new gravity data will significantly improve Victoria’s gravity model which is used to provide accurate and reliable heights from GPS positioning.
Viridien, TGS and Aquila Holdings announce successful completion of the Utsira OBN reprocessing project
Viridien and its partners TGS and Aquila Holdings (under its subsidiary Axxis Multi-client AS) have announced the completion and delivery of the reprocessing of the Utsira ocean bottom node (OBN) seismic survey in the Norwegian North Sea.Viridien said it had reprocessed the resulting data set with its latest OBN imaging technologies, including time-lag full-waveform inversion, and advanced velocity model building techniques, to yield "significant improvements in image resolution and frequency content for fault interpretation and reservoir characterization workflows". https://lnkd.in/gBNDPsTE
Shearwater Awarded Large 3D Frontier Exploration Survey in Suriname
Shearwater Geoservices has been awarded a large 3D seismic survey by PETRONAS in Suriname. The project, covering 6,000 square kilometres, marks the continuation of Shearwater’s commitment to PETRONAS in this frontier area having previously performed acquisition work in Block 52.
The Amazon Warrior has been allocated to the three-month project, commencing in Q4 2024.
“High-quality seismic data is a key enabler for unlocking the vast resource potential of the prolific Suriname-Guyana basin and accelerating exploration activities.
Shearwater’s state-of-the-art technology and capabilities enable safe and efficient acquisition of exploration seismic data with the highest quality for our clients, supporting their ambitions in this exiting area.” said Irene Waage Basili, CEO of Shearwater.
Gina Rinehart scoops up MinRes’s Onshore Assets
Gina Rinehart, Australia’s richest woman and probably the country’s richest person, is putting her money on a gas future by acquiring MinRes’s onshore oil and gas assets in the Perth and The Carnarvon Basins for $1.1 billion.
A s part of the binding Sale and Purchase Agreement Hancock Prospecting will acquire 100% ownership of MinRes's Exploration Permits 368 and 426 in the Perth Basin, with two Joint Venture Agreements established for the remaining onshore Perth Basin and Carnarvon Basin exploration acreage..
MinRes's published maiden resources for the Lockyer Gas Project and Erregulla oil Project reflects one of the largest onshore gas and oil discoveries in Western Australia, and the company had reportedly been reviewing options to commercialise its gas exploration acreage.
Petrobras Extends the Life of Oil Projects in Brazil
Petrobras has made a final investment decision (FID) to expedite the second development phase of two oil fields in the pre-salt Santos Basin off the coast of Brazil.
Petrobras’ FID for the second development phase of the Atapu and Sépia fields enables Seatrium to. proceed with two newbuild contracts, valued at approximately S$11 billion ($8.15 billion), for the construction of the FPSOs P-84 and P-85. Petrobras holds a 65.7% stake in the shared reservoir of Atapu with Shell (16.7%), TotalEnergies (15%), Petrogal Brasil (1.7%) and Pré-Sal Petróleo S.A (PPSA) (0,9%) holding the balance.
Nicolas Terraz, President of...
Perth Wins Bid to Host 2026 Global Carbon Capture Conference
The Australian oil and gas sector’s leadership in carbon capture, utilisation and storage (CCUS) - a key emissions reductions technology - is set to be showcased on the world stage.
Australian Energy Producers is pleased to announce it will co-host the world’s leading CCUS conference in Perth in 2026, in partnership with the CSIRO, CO2CRC and the Department of Climate Change, Energy, the Environment and Water.
The Greenhouse Gas Control Technologies (GHGT) Conference, run by the IEA Greenhouse Gas R&D Programme, brings together over 1,000 CCUS researchers, industry leaders, government officials, and stakeholders from around the world to discuss and share the latest developments with the technology.
‘Decisive Action needed to Achieve Net Zero and 1.5C Warming Scenario as World is on Path for 2.5C to 3C Global Warming Says Wood Mackenzie
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:
TotalEnergies Makes new Gas Condensate Discovery in Offshore Harald Field
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.