Following the news that Saudi Arabia is responding to Russia’s refusal to a new oil production cut agreement by cutting oil prices and boosting supply, Will Scargill, Managing Oil & Gas Analyst at GlobalData, said of the likely outcome.
“The Saudis’ apparent price war is a risky strategy that may take months to play out. In reality, the brunt of the previous OPEC production cuts were borne by OPEC members and Saudi Arabia more specifically, with Russia not implementing significant...
The collapse in crude oil prices is wiping out much of the US petrochemical competitive advantage while global demand is being slammed by the continuing spread of the coronavirus. Financial markets are seizing up, throwing a wet blanket on new chemical investment and M&A activity, and ratcheting up the risk of a global recession, reports Joseph Chang, Global Editor, ICIS Chemical Business.
“All things being equal, this [crude oil plunge] would tend to diminish competitiveness of...
Santos has chosen not to farm into Melbana Energy's Beehive prospect in the Bonaparte Basin off Western Australia.
The Adelaide-headquartered oil and gas company had an option to acquire an 80% interest in the block in exchange for funding the drilling costs of an exploration well. However, The deadline to complete the farm-in expired on March 4.
"Santos therefore no longer has any right to acquire an interest in the Permit. As a result, Melbana now has a 100% unencumbered...
88 Energy has begun drilling the eagerly anticipated Charlie-1 appraisal well in Alaska.
This brings to fruition a four-year target for 88 Energy, which had initially acquired 2D seismic over its Project Icewine acreage in 2016 and had targeted a drilling program for Charlie-1 ever since.
In the interim, 88 Energy reprocessed legacy 2D seismic in 2017, increased its acreage and shot 3D seismic in 2018 before farming down last year.
88 Energy managing director Dave...
CO2CRC is bringing together leading Australian energy and resources companies and advisory bodies at Australian Parliament House, Canberra.
The inaugural CO2CRC CCS Policy Forum will be convened to develop a consensus industry view on a practical CCS policy framework that will stimulate CCS project investment and development in Australia.
CO2CRC Chairman, Martin Ferguson AM, said that CO2CRC was pleased to begin this important initiative, leveraging industry leadership to help...
Shearwater GeoServices has announced the award of a major Ocean Bottom Seismic deepwater ROV project by TGS and partner in the Gulf of Mexico, USA.
This will be Shearwater’s first OBS ROV (Remotely Operated Vehicle) survey and will leverage the company’s strengths in source capabilities, operational scale and flexibility, Shearwater Geoservices said.
“Shearwater has an extensive track record of innovation and commercial success in Ocean Bottom Seismic. By...
Equnior’s decision to withdraw its plans to drill for oil in the Great Australian Bight has been attributed to increasing carbon-related constraints in Europe.
That is the view of EnergyQuest CEO Dr Graeme Bethune, an energy analysis and strategist, who described the decision as “disappointing for Australia and South Australia”.
“In our view, the decision is likely to have been driven by stronger carbon reduction targets of the European oil...
From a starting point of approximately 1.2 billion cubic feet per day (bcfd) of export capacity in 2016, the US will become the third most important liquid natural gas (LNG) exporting country with a total capacity of 8.9bcfd by the end of 2020, according to data and analytics company GlobalData.
Adrian Lara, Senior Analyst Upstream Americas at GlobalData, comments: “By the year 2025, the additional capacity from new trains in existing plants, as well as from newly constructed plants,...
APPEA has welcomed the announcement by the Victorian Opposition to support lifting the state’s moratorium on conventional onshore natural gas development.
APPEA Chief Executive Andrew McConville said Victorian homes and business would continue to bear the cost burden if the politically-motivated ban on gas development remained in place.
“Natural gas will continue to be a significant source of energy for Victoria for decades ahead, and a sensible position on...