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Woodside and Chevron Asset Swap

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On 19 December 2024, both Woodside and Chevron announced their agreement to an asset swap in which Woodside will acquire Chevron’s 16.67% interest in the North West Shelf Project and the North West Shelf Oil Project and it’s 20% interest in the Angel Carbon Capture and Storage Project. In turn, Chevron will acquire Woodside’s interest in 13% interest in the Wheatstone project and 65% interest in the Julimar-Brunello project.

Both companies have indicated that the transactions streamline and focus their respective portfolio’s.

Chevron will make a cash payment to Woodside of up to US$200 million paid at key milestones and contingent of the execution and hand over of Julimar Phase 3.

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Two additional Greenhouse Gas Assessment Permits Granted

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December 2024 saw the award of two additional Greenhouse Gas Assessment Permits:

These awards take the total number of GHG Assessment Permits within Australia to 17, with all major basins covered.

A GHG assessment permit authorizes the participating companies to explore the permit area for potential GHG storage formations or injection sites.

https://public.neats.nopta.gov.au/Opggs/Title/c83e6e69-55d8-4861-ad39-6b566e90e780

https://public.neats.nopta.gov.au/Opggs/Title/e3819c9d-c272-4774-8c39-6fc46f34aaa2

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“Energy Unearthed” – PESA QLD Symposium

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Authors: Kat Gioseffi, Fernando Valencia Fermin

In early September, several Santos technical staff attended the 2024 PESA QLD Symposium. Ten students submitted posters and over 90 delegates attended the full day event at the Brisbane Conference and Exhibition Centre. Themed “Energy Unearthed”, speakers and posters covered a diverse array of topics including:

Several Keynote speakers discussed the importance of natural gas in supporting global decarbonisation and natural gases position in maintaining Australia’s energy security. These speakers referenced the Future Gas Strategy released earlier this year recognising essential role natural gas plays in Net Zero 2050.

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Beehive Getting Closer

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The highly anticipated drilling of the “Beehive” prospect took a step closer on 2 January this year with NOPSEMA accepting the environmental plan for the drilling of up to three exploration and / or appraisal wells on the structure.

Beehive is in Bonaparte Basin WA-488-P and is 100% owned by EOR Resources. The wells are to target a large Carbonate Platform and have a planned total depth of up to 6,000m. Approval is for any time up to 31 December 2029. EOG has stated it intends to drill the prospect in 2025/26.

Previous owners, Melbana have indicated the structure could contain up to 1.4 billion barrels of oil.

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Karratha Gas Plant

Lagging Renewables in North Asia may mean more LNG

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By Rick Wilkinson

The North Asian trio of Japan, Korea, and Taiwan play a major role in global LNG markets. According to the International Group of Liquefied Natural Gas Importers, they were the second, third, and fifth largest LNG importers, respectively, in 2024, collectively accounting for one third of global LNG imports.

However, they have been following different trajectories. Japanese LNG demand has been falling while demand has been growing in the other two countries. Japan and Korea are aiming to cut their LNG imports by 2030 as part of their emission reduction strategies.

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Surface interaction changes in minerals for underground hydrogen Storage: Effects of CO2 cushion gas

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by Hamid Esfandyari et al

This article was originally published in Renewable Energy 237 (2024) https://doi.org/10.1016/j.renene.2024.121726

0960-1481/© 2024 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).

Hydrogen (H2) offers a promising solution for the energy transition but storing it on a large scale at the surface poses significant technical and environmental challenges. Underground formations provide a practical alternative for large-scale H2 storage, yet understanding H2 behavior under various subsurface conditions is crucial for optimizing storage capacity and efficiency, which are influenced by rock properties such as wettability.

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WA Christmas Lunch

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PESA WA branch held its annual Christmas event and AGM on Thursday 12th December at the Parmelia Hilton Hotel. There were 150 members registered for the event.

The WA Branch President, Adam Craig welcomed everyone to the event and opened the AGM with a thankyou to all the sponsors who support PESA and without whom PESA would not be able to run its events for its members.

Adam presented a summary of the years events run by the branch; including the luncheon and evening technical series presentations, the webinars, YP and SSIG events, the golf day and the 'Spring Fling' social event.

Adam presented the financials for the WA branch and there was much laughter from the floor as the financials show a near miss 'balanced budget' for 2024.

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PESA ETSIG CSIRO CCS Knowledge Transfer Series

PESA / CSIRO CCS Knowledge Transfer Series wraps up

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Peter Hoiles – PESA Webinar Coordinator

In early 2023, CSIRO and PESA’s Energy Transition Special Interest Group (ETSIG) joined forces to design a carbon capture and storage (CCS) knowledge transfer series.  The aim of the series was to highlight to the PESA audience what is different about CCS compared to what we know about and understand from oil and gas operations.  The series commenced in September 2023 and concluded in September 2024, with a total of twelve webinars presented. 

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Beach Energy Ocean Onyx

AEP Applauds Victoria’s New Gas Supply Attitude but says ‘Words Must be Backed by Action’

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YOU Could almost hear the palpable sigh of relief at AEP’s offices in Canberra, albeit with a healthy dose of cynicism as Victoria signalled a refreshed new attitude to resolving the state’s looming gas supply shortage. 

“The Victorian Government’s commitment to fast-track approvals for new gas supply is welcome and long overdue,” AEP Chief Executive Samantha McCulloch said in a media release “but will need to be backed by immediate action if the state is to avoid looming gas shortages”.

“Victorian Premier Jacinta Allan’s Economic Growth Statement promises to fast-track new gas extraction, storage and transmission projects alongside renewable projects to “ensure reliable access to gas for Victorian businesses”.

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