NOPSEMA has approved a farm-out agreement which will enable ConocoPhillips to earn up to 80% of 3D Oil’s T/49P exploration permit on the proviso that the latter spends the first $43.44 million in exploration funds on the project.
The deal makes provision for ConocoPhillips to front a $5million cash payment and complete a 1580km 3D seismic survey, in return for transfer of the title of the T49P exploration licence.
Following initial drilling, 3D Oil will...
NOPSEMA has approved a farm-out agreement which will enable ConocoPhillips to earn up to 80% of 3D Oil’s T/49P exploration permit on the proviso that the latter spends the first $43.44 million in exploration funds on the project.
The deal makes provision for ConocoPhillips to front a $5million cash payment and complete a 1580km 3D seismic survey, in return for transfer of the title of the T49P exploration licence.
Following initial drilling, 3D Oil will retain a 20% stake in the...
Australian LNG shipments appear to be starting to see the impacts of the COVID-19 pandemic and the global oversupply of LNG, according to the EnergyQuest’s Australian LNG Report for May.
Australian LNG shipments in May were down by seven cargoes compared with April, primarily due to lower cargoes from APLNG and Ichthys, the report stated.
Elaborating on issues that affected exports, EnergyQuest said APLNG buyers had exercised downward contract flexibility and the project had...
Senex Energy has completed its 100% owned Surat Basin natural gas development project, establishing the Brisbane-based independent exploration and production company as an important supplier of gas to the domestic market.
Senex also revealed in a market update that it has completed its 80 well Surat Basin drilling campaign, down from approximately 110 wells originally planned due to continued production outperformance.
In conjunction with infrastructure partner...
APPEA has welcomed confirmation that the NSW Independent Planning Commission (IPC) has received a referral for the Narrabri Gas Project.
APPEA Chief Executive Andrew McConville said the referral was a critical step in assessing the project for NSW and providing new gas supply for the state.
“This is an important project for the NSW economy and will play an important role in its economic recovery”, Mr McConville said.
“NSW relies on interstate gas for 96 per cent of its...
United States crude oil production is showing signs of coming back to life, according to data and analytics company, GlobalData.
This follows the release of data by the Energy Information Administration (EIA) tracking weekly petroleum activity supplemented with information on refined products supplied and weekly crude oil stocks.
“Production cuts in US shale over the last two months have started to have an impact on the US oil market. Refinery utilization is still...
The forced oil production shutdowns and the extension of the generous OPEC+ voluntary cuts into July will not only balance the Covid-19-hit global crude and condensate demand, but are deep enough to create a monthly deficit starting from June 2020 and continuing uninterrupted until at least the end of next year, a Rystad Energy analysis says.
The energy research and business intelligent company said the oversupply, which sent WTI oil prices into the negative...
PGS says it will implement further cost reductions to bring annual gross cash cost run-rate to approximately $400 million through staff reductions, re-organization, consolidation of offices, re-negotiation of service agreements and other cost measures.
The Norway-based marine geophysics company said the Covid-19 pandemic and related disruption in the oil market had caused unprecedented challenges for the seismic industry and would temporarily cause a significant reduction of activity...
The decision by the NSW Labor Party to vote with the Greens and a slew of independents in support of a gas moratorium was a vote against NSW jobs and for higher gas and electricity prices for NSW customers, APPEA has said in reaction to the latest political development.
APPEA Chief Executive, Andrew McConville said that the Bill moved by MLC Justin Field would, if it ever were implemented, condemn NSW to higher gas prices and a slower economic recovery, particularly in regions like...
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