LNG import projects are urgently needed in both Melbourne and Sydney to counter the risks of a growing shortage of gas in the southern states, according to a major energy report released today. Based on new modelling by independent energy consultancy, EnergyQuest, gas production in the southern states (NSW, Victoria, South Australia and Tasmania) starts to shortfall demand by 2022. By 2025, the report forecasts that annual gas production offshore Victoria will more than halve from current levels, dropping to 146 petajoules (PJ) from 336 PJ in 2018.
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Searcher announces acquisition of Triok 2D Seismic Survey in PNG
Searcher Seismic, in cooperation with BGP, was pleased to announce the expansion of its modern offshore data library with the completion in acquisition of the Triok Broadband Non-Exclusive 2D Seismic Survey in the Northern Basins of Papua New Guinea. Following the successful acquisition of the Solomon Sea Non-Exclusive 2D in the Northern Basins of Papua New Guinea, the Triok Broadband Non-Exclusive 2D Seismic Survey comprises of 3,845 kilometres of 2D long-offset, high-resolution, broadband seismic and offers an extensive regional coverage of the Cape Vogel Basin and Huon Gulf.
Gas resource upgrade adds impetus to “idle” Queensland gas province
The potential for Queensland’s Bowen Basin to be a major contributor to Australia’s diminishing east coast gas supplies has received a further timely boost with a significant resource upgrade announced by Brisbane-based Blue Energy Limited (ASX: “BUL”). The upgrade – from the Company’s Northern Bowen Basin gas fields - comes amid continued analysis of the parlous state of gas supply to east coast consumers and now the forecast potential for reduction in LNG export volumes from Gladstone from 2025, due to lower than expected field gas supply to the six LNG export trains.
Leigh Creek Energy operations breakthrough unlocks huge reserve
Leigh Creek Energy (LCK) has extracted commercial quantities of synthetic gas (Syngas) at its former Leigh Creek coal mine site for the first time. In a development touted as a “boon for the South Australia”, Leigh Creek said the milestone achievement provides the company with the data and evidence it needs to have a portion of its ‘resource’ gas deposit just north of Leigh Creek in the state’s far north, upgraded to gas ‘reserve’ status. “The upgraded status will enable the company to access SA’s largest gas resource for commercial development outside the Cooper Basin.
Senex achieves Roma North construction milestones
Senex Energy has achieved major construction milestones at the company’s Roma North natural gas development in south-west Queensland. Roma North is part of Senex’s Western Surat Gas Project and is about 30km north-east of Roma. The development involves construction of a natural gas processing facility and a 5.2km steel pipeline to transport gas to the customer, Santos GLNG. Construction of the gas processing facility is quickly taking shape. Civil works are complete and four gas compressors, each weighing up to 40 tonnes, were delivered and lifted into position in the past few days.
Australia’s newest major natural gas pipeline commissioned ahead of schedule
Australia's newest major natural gas pipeline project - built by the Australian Gas Infrastructure Group (AGIG) to deliver gas to fuel the power stations at Newmont Mining Corporation's Tanami gold mine in the Northern Territory - has been commissioned ahead of schedule. AGIG's Chief Customer Officer, Mr Andrew Staniford, announced that the NT Government had granted the milestone final consent for AGIG to operate the pipeline and for Newmont to take gas for its Tanami mining operations. "We have now commissioned the pipeline and gas is already flowing into Newmont's Tanami mine site," he said today.
‘HEADWINDS LOOM FOR QUEENSLAND’s A$84b LNG SECTOR’
Queensland faces the partial shut-down of a third of its barely decade-old $84 billion LNG industry by the middle of next decade due to a gas supply shortage, together with diversions to the domestic market. This would cut output to four LNG production trains from the current six trains built on Curtis Island off Gladstone by three project owners. Underpinning the production noose is an emerging forward reliance for feedstock on gas reserve estimates that could fall well below delivery expectations, according to a new report by EnergyQuest.
Shell leads capex spend on new global oil and gas projects
A total new-build capital expenditure (capex) of US$846bn is expected to be spent globally on planned and announced upstream projects from 2019 to 2025. Royal Dutch Shell Plc leads among all oil and gas companies and is expected to spend US$54.6bn on upcoming upstream projects during the forecast period, according to data and analytics company, GlobalData. The company’s report reveals that Gazprom and Exxon Mobil Corp are the next top spenders with new-build capex of US$49.8 billion and US$43 billion, respectively.
‘Bipartisan support will help resources sector dig deeper’
The peak body for Australia’s 8,000 geoscientists — the Australian Geoscience Council (AGC) — has strongly welcomed commitments from both the Coalition Government and Australian Labor Party to boost support for the exploration of ‘next generation’ hidden mineral deposits in Australia. “While Australia is endowed with significant mineral resources and the resources sector contributes massively to our economy, the ‘easy to find’ minerals of past decades have largely been discovered and exploited” AGC President, Dr Bill Shaw, said. “There is now a need to explore much deeper underground for the nation’s new ‘hidden’ mineral fields.
‘National Resources Statement outlines a blueprint for success’
The oil and gas industry has welcomed the release of the National Resources Statement, the first since February 1998. The vital contribution the resources sector makes to Australia, particularly in the regional areas that host development, is highlighted in the Statement. APPEA Chief Executive Dr Malcolm Roberts congratulated Minister for Resources Matt Canavan for taking the initiative to develop this statement and encourage a bi‑partisan and long‑term policy approach for Australia’s important resources sector.