Bass Oil Limited says it has negotiated an extension of its settlement terms with Cooper Energy for the acquisition of its 55% interest in the Tangai-Sukananti KSO in South Sumatra. Under the agreed new payback terms, the timetable for a third payment of $500,000, due 30 September this year, has been deferred until 31 March next year. The fourth and final payment of $770,000, due to be paid by Bass to Cooper Energy by 31 December this year, has now been deferred until 30 June 2019.
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Australian Gas Infrastructure Group awarded $170 million N.T. natural gas pipeline contract
Australian Gas Infrastructure Group (AGIG) has been awarded the contract to build a new $170 million Northern Territory gas pipeline for Newmont Mining Corporation. The contract is for AGIG to build, own and operate the new 440-kilometre pipeline which will transport natural gas to Newmont’s Tanami mine sites, about 540km north-west of Alice Springs, in the Northern Territory. The pipeline – to be called the Tanami Gas Pipeline – will connect to the existing Amadeus Gas Pipeline, about 180km north-west of Alice Springs, and link up with supply of gas to Newmont’s Tanami facilities.
Quantitative Seismic Stratigraphy Talk by 2017 Woodside – PESA WA PhD Scholarship Winner
We are already halfway through 2018 and PESA WA Branch is still doing very well for the technical lunch series, with special gratitude to our four sponsors: Spectrum (Platinum), CGG (Gold), Searcher Seismic (Gold) and DUG (Gold). The branch announcements by Helen Debenham, WA Branch President, included the upcoming July technical talk by Larry Tilbury from Woodside on Pluto 4D’s outstanding success on Thursday 19th July. This will then be followed by our annual Winter Warmer social event at Ku De Ta on Friday 20th July – Keep an eye out for this event!
PESA – ASEG WA Mentoring Program Kick-off Session
The PESA – ASEG WA Mentoring Program has seen a fantastic response from WA PESA and WA ASEG members. The mentoring program has successfully linked up 20 mentor-mentee pairs from diverse backgrounds, ages and professional experiences. In May, Simon Molyneux facilitated the Mentees and Mentors framing sessions. These sessions aimed to explain what a mentoring program is, what are the foundations of a mentoring program, to describe an ideal mentor-mentee relationship and to explain what mentors and mentees are expected to do.
Still ‘plenty of discoveries to be made’ on the Norwegian shelf
The Norwegian Petroleum Directorate (NPD) says new and larger discoveries will have to be made for Norway to maintain production of oil and gas after the mid-2020s. This was revealed in the Norwegian regulator’s 2018 Resource Report for Exploration, published on 21 June. The report concludes that there is much remaining oil and gas on the Norwegian shelf, providing significant opportunities in both mature and less explored areas. Increased knowledge, more and improved data, new work methods and new technology will create new exploration possibilities and can yield more profitable discoveries.
Oil demand tipped to top 2 million barrels a day extra in 2H
The worst kept secret in the oil world this week is how much Russia and Saudi Arabia plan to increase output to cool rising crude prices in the coming weeks, the popular estimation suggesting that the spigots could open up to about 700,000 barrels a day in the second half of 2018. Brent crude fell over 1.5% to US$74.21 at the start of this week and was 1.8% down on their last close, having initially risen on Friday after the OPEC agreement had failed to meet confirmed expectations of a 1 to 1.
New Harry Butler Science Centre opened on Barrow Island
The Harry Butler Science Centre, named in honour of the Australian environmental pioneer, was officially opened on Barrow Island last week by Chevron and Murdoch University as partners of the University’s Harry Butler Institute. Representatives from Murdoch University, Chevron and the Department of Biodiversity, Conservation and Attractions travelled to Barrow Island to launch the Centre and tour both Chevron’s oil and gas production facilities and the ‘Class A’ nature reserve of Bandicoot Bay.
Global LNG capacity is set to soar
Global liquefied natural gas (LNG) liquefaction capacity is expected grow 117% from 419 million tonnes per annum (mtpa) in 2018 to 907mtpa in 2022, according to data and analytics company, GlobalData. In regional terms, North America continues to lead in terms of planned and announced liquefaction capacity growth, contributing 82% of the total global growth. The region is expected to add 400 mtpa of liquefaction capacity by 2022. Africa and Oceania follow with expected capacity additions of 37 mtpa and 26 mtpa, respectively. From a country perspective, the US leads in terms of planned liquefaction capacity additions with 259 mtpa.
Wheatstone Train 2 whistles into motion
Production has started from Train 2 at the Wheatstone Project’s onshore facility near Onslow in Western Australia. Woodside announced that production from the Chevron-operated LNG plant, fed by offshore gas from the lago, Julimar and Brunello fields, had commenced and was running smoothly Woodside CEO Peter Coleman said the safe start-up had demonstrated the success of the project as part of Woodside’s growth strategy and the company’s legacy of safely delivering domestic gas and LNG to Western Australia and the world for over 30-years.
Cooper suspends Sole flow back due to foul weather
Cooper Energy has taken a decision to suspend operations at its Sole well offshore Victoria in the Gippsland Basin due to adverse weather conditions. The E&P company said it had battened down the hatches after the Bureau of Meteorology had red flagged encroaching conditions that were “outside operating limits for the forthcoming weekend.” “In such weather conditions safe operations of the Sole flow back cannot be assured and therefore preparations for the flow back have been suspended until the weather forecast improves.