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WEBINAR – PESA Year in Review (APPEA session)
Monday, 25 May @ 4:00 pm - 5:00 pm (Australia/Brisbane time)Free – $10
This live webinar will take place directly before the Federal AGM at:
2pm – Perth
3.30pm – Adelaide and Darwin
4pm – Brisbane, Canberra, Hobart, Melbourne, Sydney
Use the calendar link on this page to add this event in to your own calendar at the correct local time for your location.
Tickets are free for members (please log in to see this) .
Please buy your tickets and immediately follow the link in the ticket e-mail (not the calendar invite or this webpage, which is just generic and not event specific) to set up your registration with the webinar software well in advance of the time of the talk. Once registered with the webinar software you will receive a reminder e-mail 1 hr beforehand.
Stay on the line afterwards for the PESA AGM.
APPEA session – PESA year in review:
Business Environment – Simon Molyneux
This Petroleum Exploration Society of Australia review looks at the major issues that impacted the Australian petroleum business environment in 2019. While the petroleum business in 2020 has been combating an oil price slump and a global economic slowdown driven by the COVID-19 pandemic, 2019 will be remembered as a pivotal year in the petroleum industry. At a global level, climate change moved centre-stage with global protests, extensive media coverage and clear commitments from global players in the resource industry to become net-zero emitters of carbon. Oil prices averaged US$64/barrel for Brent, liquefied natural gas (LNG) prices fell and global CO2 emissions from power generation were flat for the first time. In Australia, petroleum production also increased, driven by LNG production, and Australia became the world’s largest producer of LNG, the world’s largest CO2 injection plant became operational and the regulatory system was tested by current operations and future drilling. Meanwhile, society’s
relationship with the petroleum industry was reframed with the linking of extensive bushfires to climate change. This paper will describe each of these issues and frame the issues facing the industry in 2020 and beyond.
Exploration – Ian Cockerill
Australia has continued its recent run of exploration success by yielding a series of impressive discoveries in 2019, despite a contraction in exploration activity. In 2019, Australian explorers were rewarded with six conventional discoveries onshore and three discoveries offshore, while only drilling 20 exploration wells. The exploration drilling highlights were the discoveries in the Vulcan Sub-basin (Bratwurst and Orchid) and the North Perth Basin (Beharra Springs Deep and West Erregulla). 2019 also saw successful appraisal drilling on the Dorado and Corvus discoveries as well as renewed exploration efforts in the Beetaloo Sub-basin unconventional plays. The exploration farm-in deals of note were Santos farming into Armour’s South Nicholson Basin acreage and Conoco farming into 3D Oil’s Otway Basin acreage. Australia is set for an exciting year of exploration ahead with further drilling planned in the North Perth Basin and other high impact exploration wells on the North West Shelf. In a positive sign for future exploration, 13 new offshore permits were awarded with committed work programs or cash bids totalling $223 million. This is the first uptick in offshore permit awards since 2010.
Development – Matt Quinn
Australia’s production has been steadily increasing since 2013 with the main contributors being the large LNG projects. The North Carnarvon basin accounted for over half of Australian production in 2019, dominated by NWS LNG, Gorgon, Wheatstone and Pluto. Just under a quarter was from the Bowen-Surat Basin with the highest producing project being the Condabri, Talinga and Orana cluster of coal seam assets. The next most prolific basin was the Browse Basin at just over 10%, with Prelude and Ichthys, followed by the Gippsland with 7%.
During the year the Greater Enfield project, in the North Carnarvon Basin, was brought onstream, which involved a 30km tie-in of the Laverda and Cimatti fields to the Ngujima-Yin Floating Production Storage and Offloading vessel at the Vincent field via sub-sea pipelines. Also brought into production during 2019 was the Roma North and Project Atlas, Bowen-Surat Basin, coal bed methane projects. Gas from Roma North is exclusively contracted to the Gladstone LNG consortium while Project Atlas gas will be supplied to domestic customers.