Latest News

Beach sales climb off Waitsia cargoes and high oil prices

14/08/2024 Posted by Dale

Beach Energy Limited (ASX: BPT, Beach) has announced its FY24 full year results which revealed a robust revenue delivery, albeit off lower production rates, putting the company in a strong financial position in a a year characterised by major project delivery.

Managing Director and Chief Executive Officer Brett Woods said "Production of 18.2 MMboe was 7% below the prior year from lower customer nominations in the Otway Basin, weather events in the Cooper Basin and natural field decline. Despite lower production, sales volumes were up 3% to 21.3 MMboe and revenue up 9% to $1.

East coast gas supplies forecasts ample supply for fourth quarter

14/08/2024 Posted by Dale

The Australian Government will not activate the Australian Domestic Gas Security Mechanism (ADGSM) for the October to December 2024 quarter.

The minister’s decision was revealed in the Australian Competition and Consumer Commission’s (ACCC) June 2024 interim gas inquiry report, which said there was sufficient gas across the east coast to meet domestic demand from October to December 2024.

The Government is optimistic that even if LNG producers exported all of their uncontracted gas, there would be enough gas to meet demand in the east coast in the final quarter of 2014.

In the event of a local gas supply emergency, the Australian Energy Market Operator’s (AEMO) has powers allowing it to step in and intervene by redirecting gas flows.

Norway issues capture and conceal licences to six CO2 bounty hunters

14/08/2024 Posted by Dale

Six companies have been awarded exploration licences by the Norwegian Energy Ministry to store CO₂ in four areas in the North Sea.

This comes after applications were reviewed from eight companies after the acreage was opened in March 2024.

The successful bidders are Aker BP, Equinor, Lime Petroleum, OMV (Norge), PGNiG Upstream Norway and Vår Energi.

It is the sixth time the Norwegian government has awarded acreage for CO₂ storage

Equinor was given operatorships of two licenses, Albondigas and Kinno, which is expected to have unconfirmed capacity to store about 5 MMt/year of CO₂.

Grete Tveit, senior...

Kat Gioseffi receives PESA Meritorius Service Award

14/08/2024 Posted by Dale

PESA (Qld) Branch committee member and Santos Geologist, Katherine (Kat) Gioseffi, was the successful recipient of a PESA Meritorious Service Award (MSA) for 2024 in recognition of her unwavering passion for energy geoscience and her dedication to increasing society participation among early-career graduates.

Kat, who received her MSA at the Australian Energy Producers Conference and Exhibition in Perth in May, was nominated by the PESA (Qld) Branch in recognition of her steadfast pursuit of recruiting and retaining students and young career professionals to the upstream resources industry.

Kat commenced her support of PESA in 2014 as a student member, during which time she was the QUT recipient of the John Draper Award in recognition of her high academic achievement in the fields of sedimentology and stratigraphy.

Ole as Eni Serenades More Success in the Sureste Basin

12/08/2024 Posted by Dale

Eni has announced a new discovery on the Yopaat-1 EXP exploration well in Block 9, located approximately 63 kilometers offshore Mexico in the mid-deep water of the Cuenca Salina in the Sureste Basin.

The preliminary estimates indicate a discovered potential of 300-400 million barrels equivalents (Mboe) of oil and associated gas in place.

The well was drilled in a water depth of 525 meters, reached a total depth of 2,931 meters and intersected about 200meter net pay of hydrocarbon bearing sands in the Pliocene and Miocene sequences, subject to an intense subsurface data acquisition campaign.

Eni has a 50% interest and is the Operator of Block 9 in a Joint venture with Repsol holding the remaining 50%.

Carbon wanted by 7 Aussie Unis for fuel and chemicals research solutions

12/08/2024 Posted by Dale

A research effort to flip carbon dioxide from a climate change problem to a solution has been launched at The University of Queensland.Dubbed GETCO2, the ARC Centre of Excellence for Green Electrochemical Transformation of Carbon Dioxide is focussing on turning CO₂ into products such as fuels and chemicals.

GETCO2 is a $45 million, 7-year collaboration involving 7 Australian universities, industry and government being led by Professor Xiwang Zhang in UQ’s School of Chemical Engineering.“With electrochemical conversion, CO2 is transformed from being the biggest problem of our time to a valuable resource,” Professor Zhang said.

Korea Expands LNG Security with Completion of Gwangyang Terminal 1 Facility

12/08/2024 Posted by Dale

POSCO INTERNATIONAL has completed construction of the Gwangyang LNG Terminal 1. Launched in 2002, this extensive infrastructure construction project received investments amounting to KRW 1.45 trillion over approximately 20 years.

More than 100 personnels from the government and client companies attended the completion ceremony, including Choi Nam-Ho, the Second Vice Minister of the Ministry of Trade; Park Chang-Hwan, the Vice Governor of South Jeolla Province; Jung In-Hwa, the Mayor of Gwangyang; Kwon Hyang-Yeop, the National Assemblyman; Choo Hyung-Wook, the President of SK E&S; Lee Sang-Kyun, the President of Hyundai Heavy Industries; Kim Hwan-Yong, the Vice President of Korea Gas Corporation; and POSCO Group executives including Lee Kye-In, POSCO INTERNATIONAL CEO.

Strong oil and gas demand to support production growth of Permian Basin, says GlobalData

12/08/2024 Posted by Dale

Global oil demand has been on the rise after the COVID-19 pandemic. Moreover, the Russia-Ukraine conflict caused major alterations in energy supply routes, which went in favour of the US shale drillers, including those in the Permian Basin. Spanning Texas and New Mexico, Permian Basin remains the largest oil-producing shale play in the US. Strong global demand and geopolitical shifts continue to support growth and competitiveness of this critical energy region, says data and analytics company GlobalData.

GlobalData’s latest report, “Permian Basin in the US, 2024,” reveals that benefiting from a dense pipeline network and Gulf Coast infrastructure, Permian Basin’s crude oil production averaged 5.6 million barrels per day (mmbd) during the first quarter (Q1) of 2024.

Defining the Geomechanical Operating Limits for Subsurface CO2 Storage

12/08/2024 Posted by Dale

Simon HolfordA*, Mojtaba RajabiB, Scott MildrenC, Rosalind KingA and Adam BaileyD

AUniversity of Adelaide, Adelaide, South Australia, Australia

BUniversity of Queensland, Queensland, Australia

CTech Limit Pty Ltd, Stirling, South Australia, Australia

DGeoscience Australia, Canberra, Australian Capital Territory, Australia

*Correspondence to Simon Holford. Email: simon.holford@adelaide.edu.au

Abstract. Carbon capture and storage (CCS) is a critical component of proposed pathways to limit global warming, though considerable upscaling is required to meet emissions reductions targets.

The new PESA Gazette is here. I hope you enjoy it

15/07/2024 Posted by Dale

Welcome to the new news delivery format, the PESA Gazette. This new format is designed to answer the needs of the members for an easier click through email experience that does not require anything to be downloaded. Hopefully you will find the quality of the content to be unchanged.

In order for PESA to keep evolving and moving forwards in the direction our members want us to, it is important for us to know and understand who our members are, what they want, and how they would like us to achieve this.