AG&P LNG acquires Australia's Venice Energy and develops South Australian import terminal
The Singapore-based Atlantic, Gulf and Pacific LNG (AG&P LNG) has agreed to acquire the Australian energy infrastructure developer Venice Energy and build its Outer Harbor Import Terminal in South Australia. AG&P LNG aims to have the LNG import terminal at Port Adelaide operational by the first quarter 2027. This was stated in a Thursday statement. The terminal will have an annual import capacity of two million metric tonnes. It will be constructed by converting a LNG carrier with a volume of 145,000 cubic metres into a floating storage unit and regasification (FSRU).
Santos' forecasts for 2024 production are at the top of the forecast range, and Pikka oil production could start early
Santos, Australia's second largest oil and gas company, estimated that its production for the full year would be in the upper half of its forecast range and announced on Thursday that its Pikka Project could begin oil production as soon as 2025. The Adelaide-based firm said that its drilling program for Pikka Phase one in Alaska is progressing smoothly and could begin oil production as soon as December 2025. For now, the company is maintaining its first production forecast in mid-2026.
Santos Australia misses out on profit due to production costs and lower prices
Santos, an Australian oil and natural gas exploration company, posted a larger-than-expected drop in its first-half profits on Wednesday. This was due to lower realized prices and higher production cost amid a weak demand from China, the top consumer. The shares of Santos fell as a result. Price fluctuations are unpredictable due to supply chain disruptions caused by geopolitical issues and a weakening of demand in China as a result of weakened economic recovery.
Santos Profit Soars
Australia's No.2 independent gas producer Santos Ltd on Thursday posted a 89% jump in half-year profit, boosted by its acquisition of Quadrant Energy and strong output from its Cooper Basin fields in South Australia.Santos acquired Quadrant Energy last year in a $2.15 billion deal and in turn got an 80 percent stake in the promising Dorado oil find.The Adelaide-based gas producer on Thursday increased its forecast on savings from the acquisition to between $50 million and $60 million per year, from $30 million to $50 million.The Quadrant assets, along with the gas-rich Coop
Total Taps Warn as Investor Relations SVP
French supermajor Total has appointed Brendan Warn as Senior Vice-President, Investor Relations, effective January 1, 2019. He succeeds Mike Sangster.Prior to joining Total, Warn was Managing Director and UK Head of Equity Research at BMO Capital Markets in London. HE has more than 13 years of experience in equity research across three investment banks including Macquarie Capital and Jefferies International in London. Previously, Warn was an Associate Director…
Senex Energy Gemba Tests Successful
Australian energy company Senex Energy has successfully tested a gas exploration well in the Cooper Basin in South Australia.According to the Brisbane-based company The Gemba-1 well flowed 227,000 cubic metres (8 mcf) of gas per day over a period of a week."Senex Energy has successfully completed the initial flow test of the Gemba-1 gas exploration well in the Cooper Basin, with stabilised flow rates of approximately eight million standard cubic feet per day, plus associated liquids…
LNG Import Terminal Proposed for Australian port
A South Korea-based company has proposed building a terminal on Australia's east coast to import liquefied natural gas, the fifth proposal for such a project in the world's No.2 LNG exporter.The proposals have come after three new LNG export plants on the east coast have sucked gas out of the southeastern market and nearly tripled wholesale gas prices in places such as Sydney over the past two years.EPIK, a newly-formed LNG floating storage and regasification unit (FSRU) project development company…
Cooper Energy: Sole Pipeline Test Fails
Australia-based Cooper Energy says testing of the newly installed Sole pipeline in the eastern Gippsland basin offshore Victoria, southeast Australia has revealed localized damage."Laying of the 65 km pipeline to link the recently completed Sole production wells offshore Victoria to the Orbost Gas Plant has been completed by the contractor. The pipeline has been laid on the seabed, is unconnected to the gas fields and not carrying hydrocarbons," said a press release…
Plans for Another South Australia LNG Import Plant in the Works
A private firm is looking to import liquefied natural gas (LNG) to South Australia starting in 2020, around the same time as two other proposed import projects, looking to fill a supply gap as domestic gas gets sucked into LNG exports.Venice Energy, set up by former BHP Billiton executives, plans to submit a development application to the South Australian government within the next month to park a floating storage and regasification unit (FSRU) in Port Adelaide…
AEMO Warns of Gas Shortage for Victoria
The Victorian Gas Planning Report Update, released today by the Australian Energy Market Operator (AEMO), is the latest in a series of reports warning of the deteriorating situation for gas consumers in Victoria. “AEMO’s forecasts indicate that Victoria could face a gas supply-demand shortfall as early as 2022, said APPEA Chief Executive Dr Malcolm Roberts. “Victoria has benefitted from record production over the last two years from the offshore Gippsland Basin but, as offshore production falls back, the state will face tighter market conditions.
Stalled Oil and Gas Exploration a Major Economic Risk
The latest Australian Bureau of Statistics (ABS) exploration data confirms that the slump in petroleum exploration in Australia continues. “Yesterday, the ABS released data for 2017, confirming that exploration in Australia is stalled. Exploration expenditure is well below trend, especially in offshore basins, said APPEA Chief Executive Dr Malcolm Roberts. “Falling exploration activity has been evident for many years but the latest offshore expenditure numbers are alarming. Offshore activity has fallen to its lowest level since 2004.
Fugro to Install New Undersea Power Cable off Australia
Fugro won a contract to install a subsea power cable for South Australia’s distribution network management company, SA Power Networks. The new 20,000 kVA/33,000 Volt cable will replace the existing 10,000 kVA/33,000 Volt undersea cable, which is reaching the end of its life. The subsea asset is a continuous 15-kmlong cable, weighing 600 tonnes and connects Kangaroo Island to the distribution network on the southern Fleurieu Peninsula, south of Adelaide. Fugro will design and supply the power cable and will use its multi role support vessel…
Victoria Mulls Floating LNG Plan
Australia's Victoria state is working with AGL Energy to study building a liquefied natural gas (LNG) import terminal to beef up local gas supply, even as the country is set to become the world's largest LNG exporter. Victorian Premier Daniel Andrews is under pressure to bolster regional gas supplies after barring all onshore gas drilling, as the southeast Australian state looks to save manufacturing jobs threatened by soaring energy prices. LNG exports from northeastern…
Australia Gas Export Restrictions Counterproductive
When governments adopt new policies the benchmark for success should be that the change works, is efficient and fair to all parties and does not create unintended consequences. The decision by the Australian government to restrict exports of natural gas if the domestic market is constrained meets none of these criteria, although it may just persuade an increasingly angry public that the authorities are doing something. Whether the new policy does serve some short…
ConocoPhillips looks to Aussie Transcontinental LNG Pipeline
ConocoPhillips will consider diverting natural gas from fields in northern Australia along a proposed transcontinental pipeline that would link directly to markets in the southeast, a senior executive told Reuters on Thursday. The U.S. oil major is also leaning towards developing the Barossa gas field offshore northern Australia, with a final decision due in early 2019, Kayleen Ewin, the company's vice president for sustainability, communications and external affairs, said in an interview.
Australia in Talks With Gas Majors to Avert Local Shortage
Australian PM in crisis talks with gas majors; Australia faces gas shortage despite exports soaring. Australia's top gas producers, led by ExxonMobil Corp and Royal Dutch Shell, agreed to boost supply to the country's domestic market to help avert an energy shortage following crisis talks with Prime Minister Malcolm Turnbull. Australia is on track to become the world's largest exporter of liquified natural gas (LNG), yet its energy market operator has warned of a domestic gas crunch from 2019 that could trigger industry supply cuts and broad power outages.
Australia says clean energy fund could underwrite new coal plants
Australia is considering altering legislation to enable funds slated for clean energy developments to be used to bankroll construction of new low emission, coal-fired power plants. The suggestion by Energy Minister Josh Frydenberg comes after a major power outage during a heat wave in South Australia state worsened a row with the national government over energy security and the state's heavy reliance on wind and solar power. Frydenberg said current laws governing the Clean Energy Finance Corporation (CEFC) prevented it from investing in the high-energy…
Advanced database for Grid Integration of Renewables
Australia’s most advanced database of Australian and international renewable energy grid integration projects has been released to support innovation in Australia’s energy system. The Renewables Integration Stocktake is an online, exportable database that currently catalogues 233 projects that add to Australia’s collective knowledge and experience of integrating renewable energy into electricity networks. It provides a one-stop-shop for information on current projects, along with the outcomes of past efforts.
BP Not to proceed with Great Australian Bight Exploration
BP has taken the decision not to progress its exploration drilling programme in the Great Australian Bight (GAB), offshore South Australia. The decision follows the review and refresh of BP’s upstream strategy earlier this year, which included focusing exploration on opportunities likely to create value in the near to medium term, primarily building on BP’s significant existing upstream positions. BP has determined that the GAB project will not be able to compete for capital investment with other upstream opportunities in its global portfolio in the foreseeable future.
Australian O & G Exploration Declining
The latest ‘Resources and Energy Quarterly’ report from the Australian Government provides equal measures of optimism and disappointment, APPEA said today. APPEA Chief Executive Dr Malcolm Roberts said rising LNG exports are underpinning Australia’s economic growth but the continuing fall in petroleum exploration is alarming. “$200 billion has been invested in new LNG projects which will soon see Australia become the world’s leading LNG exporter. Thousands of long-term, high wage jobs and more than $16 billion in export revenue have been generated,” Dr Roberts said.
