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Oil and Gas Contracts Value Declines Despite Steady Volumes in Q3 2024, says GlobalData

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The global oil and gas contract activity saw a 35% quarter-on-quarter decrease in total disclosed value from $55.3 billion in Q2 2024 to $35.7 billion in Q3 2024. Despite this, steady contract volumes, particularly in the Middle East, were driven by substantial projects such as Saipem’s $4 billion contract with QatarEnergy and multi-billion-dollar agreements from Saudi Aramco, providing some stability, reveals GlobalData, a leading data and analytics company. 

GlobalData’s latest report, “Oil and Gas Industry Contracts Review by Sector, Region, Terrain and Top Contractors and Issuers, Q3 2024,” reveals that the overall contract volume remained relatively stable, with 1,519 contracts in Q3 2024 compared to 1,546 in Q2 2024.

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Court Documents Reveal EDO’s “Confected” Evidence to stop Barossa Gas Project

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The extent of the Environmental Defenders Office’s (EDO) inappropriate conduct has been laid bare in Federal Court documents, reinforcing the need for an immediate halt to taxpayer funds to the activist lawfare group.

This was the assertion of Australian Energy Producers Chief Executive Samantha McCulloch,who said the documents revealed in The Australian show the depths of what Justice Natalie Charlesworth described in her judgment as the EDO’s “distorted and manipulated” evidence that it used in its failed legal bid to stop Santos’ Barossa project earlier this year.

“It is now beyond any doubt the EDO is more interested in engaging in legal activism than genuinely representing the interests of Traditional Owners,” Ms McCulloch said. 

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Senex Delivers on more Gas Supply Promise With Official Opening of $1Bn Expansion

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First gas is set to flow from Senex Energy’s $1 billion Atlas natural gas field expansion following the official opening on Sunday 24 November 2024 of the Surat Basin processing facility in Queensland.

Senex Energy shareholders, represented by POSCO International Corporation CEO Kyein Lee and Hancock Prospecting Executive Chairman Mrs Gina Rinehart AO were there to mark the significant milestone alongside representatives from all levels of Government and the Wandoan community.

The opening marks a significant milestone in delivering critical gas to the east coast market at a time when the Australian Energy Market Operator (AEMO) is predicting shortfalls in coming years.

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Shearwater Awarded Large 3D Seismic Project Offshore India

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Shearwater Geoservices has received a LOA from ONGC for a large 3D seismic survey off the east coast of India.

The high-capacityOceanic Sirius will carry out the survey, covering an area of approximately 2,200 square kilometers, which is expected to take approximately 4 months, commencing early 2025. 

Irene Waage Basili, CEO of Shearwater, said: “Our expertise in 3D seismic acquisition, combined with our track-record of 8 consecutive seasons of India operations, ensures that we are well positioned to deliver data in line with our clients exploration needs, while maintaining sustainable margins.”

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US Vote 2024: Trump 2.0 to reshape global LNG landscape, unlock long-term demand says Rystad Energy

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Triggered by incoming US President Donald Trump, the next four years could prime the liquefied natural gas (LNG) markets for a golden era. Based on his campaign pledge, the returning president’s expected policies are likely to accelerate US LNG infrastructure expansion through deregulation and faster permitting, bolstering global supply. 

This could strengthen the sentiment around global LNG supply after years of uncertainty, helping to unleash long-term demand. Even so, an untimely supply boost will heighten the risk of a medium-term market glut, which would put downward pressure on prices.

President-elect Trump’s pro-energy agenda includes fast-tracking permits for stalled LNG projects, reversing Biden-era regulatory pauses and increasing leases on federal land for gas production.

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High-impact Oil & Gas Exploration could cut Global Scope 1 and 2 emissions by 6% in 2030

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Without creating new demand, new discoveries can help curb emissions, drive value for the industry

Investment in oil and gas exploration has plummeted two-thirds in the last decade, but the industry still has a critical role to play in decarbonisation efforts and providing advantaged barrels in the energy transition, according to the latest Horizons report from Wood Mackenzie.

According to the report, “No country for old fields: Why high-impact oil and gas exploration is still needed” the world has plenty of current resources to meet demand, with approximately 3 trillion barrels of oil equivalent (boe) inventory.

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Big Oil Bets on Biofuels with more than 40 Projects Planned by turn of the Decade

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Under increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up investments in the biofuels sector. Major players such as BP, Chevron, Shell, TotalEnergies, ExxonMobil and Eni are incorporating biofuels into their broader energy transition strategies, recognizing the growing global demand for sustainable fuel sources.

According to Rystad Energy’s research, these six oil majors have announced a total of 43 biofuel projects that are either already operational or are targeted to start up by 2030.

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‘CCUS Action Plan Highlights WA’s Net Zero Leadership’

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Western Australia has reaffirmed its commitment to net zero with a plan for carbon capture, utilisation and storage (CCUS) announced late November.

“The WA Government’s CCUS Action Plan and funding support is evidence of how states can seize the economic opportunities of net zero while reducing emissions,” Australian Energy Producers WA Director Caroline Cherry said.

“The Action Plan is an important step to attracting investment in CCUS, creating new jobs, and building a major new industry for Australia to support emissions reductions across the economy and the region.”

“CCUS enables WA to grow its economy, underpinning local manufacturing and critical minerals processing.

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Field Trip: From a Carbonate Ramp to Siliciclastic Fluvio-Deltaics in a Tectonically Active Delamerian Cambrian rift. Seismic-Scale Depositional Systems in Outcrop Field Trip

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On a glorious spring weekend members and friends of the SA/NT Branch were able to participate in a self-drive field trip led by Rhodri Johns and Elinor Alexander.  This was a joint field trip with PESA SA/NT, GSA and the Field Geology Club of Adelaide.  It was an opportunity to investigate the Cambrian evolution of South Australia through spectacular seismic scale coastal exposures along the west coast of the Fleurieu peninsula.  

Although a two-day field trip participants had the option of participating in either or both days.

The first day was spent examining the carbonate ramp deposits of the Sellick Hill Formation and the clastic turbidites of the Carrickalinga Head Formation at Myponga and Carrickalinga.

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Critical Minerals Shortages Threaten International Energy Tansition Goals, Reveals GlobalData

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The global transition to clean energy is gaining momentum, heavily relying on renewable technologies such as solar PV cells and wind turbines, alongside energy transition solutions like hydrogen, energy storage, and carbon capture. This shift has triggered an unprecedented surge in demand for critical minerals, posing significant challenges in achieving international energy transition goals, says GlobalData, a leading data and analytics company.

GlobalData’s latest Strategic Intelligence report, Critical Minerals (2024), identifies several main challenges to scaling clean energy technologies: mineral depletion, resource monopolization, geopolitical tensions, and water scarcity.

Martina Raveni, Strategic Intelligence Analyst  at GlobalData, comments: “The near-term depletion of critical minerals raises concerns, especially as instability in the green technologies market causes price volatility.

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