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Oil and Gas News
LNG exports to hit A$90bn this year
By: Esmarie Iannucci 22nd March 2023 Australia’s liquefied natural gas (LNG) exports is expected to hit A$90-billion this year, federal Resources Minister Madeleine King said this week. “It is often forgotten, but our exports also make an important contribution to our neighbours’ energy security, stability and reliability.... →
ExxonMobil urges more gas investment
By: Esmarie Iannucci 22nd March 2023 The Victorian and New South Wales governments were facing a ‘challenge’ to secure gas supplies without lifting existing moratoriums on new production, federal Resources Madeleine King conceded this week. In response to a question during an interview with ABC Radio regarding the Victorian... →
Chevron sharing CCS lessons
By: Esmarie Iannucci 16th March 2023 US energy major Chevron is sharing lessons learned in its carbon capture and storage (CCS) operations at its Gorgon liquefied natural gas (LNG) project, in Western Australia, with fellow industry participants. The company in 2021 conceded that it had failed to capture sufficient greenhouse gas... →
BP economist warns against focusing too much on decarbonisation
By: Bloomberg 16th March 2023 BP’s chief US economist Michael Cohen said the oil industry focused too much on cutting greenhouse gases last year, eroding its ability to keep pace with demand. “2022 taught us that too much focus on the decarbonization agenda led to a mismatch between supply and demand,” said Cohen in an... →
ADGSM a last resort - Minister
By: Esmarie Iannucci 16th March 2023 Federal Resources Minister Madeleine King on Thursday said that the Australian Domestic Gas Security Mechanism (ADGSM) would be a ‘measure of last resort’ to ensure domestic gas supply. The government is currently working on reforms to the ADGSM, which would ensure Australia had sufficient gas... →
More gas investment needed past 2027 - AEMO
By: Esmarie Iannucci 16th March 2023 The Australian Energy Market Operator (AEMO) has urged for more investment in gas production to meet energy demands post 2027, and has warned of potential supply this winter in the southern states of Australia, under certain conditions. In its 2023 Gas Statement of Opportunities (GSOO) report... →
Gas future assured in WA - Deputy Premier
By: Esmarie Iannucci 15th March 2023 Gas will continue to play a significant role in the Western Australian energy market, as the state government moved to phase out coal-fired power generation by 2030. Speaking at the AOG Energy expo, Western Australia Deputy Premier Roger Cook said that the work of transition would require... →
Woodside remains committed to Browse
By: Esmarie Iannucci 15th March 2023 Oil and gas major Woodside is adamant to adding the Browse liquefied natural gas (LNG) project to its production portfolio, with the company’s active executive VP for Australian operations, Mike Price saying it would bridge a forecast supply gap in the Western Australian energy sector. Speaking... →
Chevron backing multitude of carbon technologies
By: Esmarie Iannucci 15th March 2023 US energy major Chevron on Wednesday said that in addition to carbon capture and storage (CCS) at its Gorgon liquefied natural gas (LNG) project, in Western Australia, the company is also investigating a host of other abatement solutions to reach its net zero by 2050 target. Speaking at the AOG... →
Walyering production targeted for April
By: Esmarie Iannucci 14th March 2023 The development plans for the Walyering gas field, in Western Australia, is continuing apace, the joint venture partners reported on Tuesday. ASX-listed Strike Energy, which holds a 55% interest in the project and is the operator, told shareholders that the environmental plan for the... →
Re-pursue exploration to help re-build South Africa’s economy, says business booster 
By: Martin Creamer 13th March 2023 Let us re-pursue the exploration investment that catalysed South Africa’s economic growth more than a century ago as a means of helping to rebuild South Africa’s struggling economy. That is among the ardent messages put over by mining sector performance enhancer Dilley Naidoo, the the director of... →
Biden to limit Arctic oil drilling ahead of Willow approval
By: Bloomberg 13th March 2023 President Joe Biden is limiting oil leasing in Arctic waters and sensitive areas of Alaska, taking steps to expand conservation as his administration prepares to approve a mammoth ConocoPhillips oil development in the region. Biden is expanding an Obama-era ban on new oil and gas leasing in US... →
Another just energy transition drive hits high spots in form of Just Green AfrH2ica
By: Martin Creamer 9th March 2023 Yet another just energy transition initiative has come flying out of its starting blocks in the form of Just Green AfrH2ica, the promoter of the just energy transition to green hydrogen in Africa, the continent with the distinctive potential to benefit exponentially from low-cost renewable energy... →
US energy regains its swagger while rest of world gets IRA envy
By: Bloomberg 9th March 2023 Energy executives and Biden administration officials in Houston had a simple message for Europe and other regions griping that US climate spending will starve them of investment: Stop complaining and put up the cash to enact measures of your own. In a standing-room-only luncheon address at the... →
Platinum-based hydrogen fuel cell vehicles forecast to be TCO unrivalled by 2026/7
By: Martin Creamer 8th March 2023 The total cost of ownership (TCO) of platinum-based hydrogen fuel cell electric vehicles (FCEVs) is forecast to be less than that of battery electric vehicles (BEVs) by 2026, and less than that of internal combustion engines (ICEs) by around 2027, with an overall estimated 50% FCEV cost decline... →
Woodside on track for decision on Trion in Mexico this year
By: Reuters 8th March 2023 Australia's Woodside Energy is on track to make a final investment decision this year on the Trion offshore oil project, which would inaugurate production in the deep waters of the country's Gulf of Mexico. Woodside partnered in 2017 with state-oil company Pemex, which discovered Trion's... →
Santos advances work on e-methane
By: Esmarie Iannucci 8th March 2023 Oil and gas major Santos is advancing work on its carbon neutral e-methane collaboration, having inked an agreement with Osaka Gas Australia (OGA) for pre-front end engineering and design (Pre-FEED) work on a demonstration scale project to produce carbon neutral e-methane from green hydrogen.... →
Platinum market back in contango, big improvement of net investment expected – WPIC
By: Martin Creamer 8th March 2023 The World Platinum Investment Council (WPIC) today publishes its Platinum Quarterly for the fourth quarter of 2022, full year 2022, and a revised forecast for 2023. After two years of significant surpluses the platinum market is forecast to move to a material deficit in 2023. The change from the... →
Papua LNG moves to next phase
By: Esmarie Iannucci 7th March 2023 Oil and gas major Santos and joint venture (JV) partners TotalEnergies and ExxonMobil have launched a fully-integrated front-end engineering and design (FEED) for the Papua liquefied natural gas (LNG) project in Papua New Guinea (PNG). Papua LNG is expected to have liquefaction capacity of up to... →
Talon raises cash for Walyering development
By: Esmarie Iannucci 3rd March 2023 Oil and gas explorer Talon Energy is hoping to raise A$14-million through a share placement and share purchase plan (SPP) to fund its share of development capital for the Walyering gas project. The company on Friday announced that it had received firm commitments from institutional and... →
MinRes won't increase offer for Norwest
By: Esmarie Iannucci 3rd March 2023 Suitor Mineral Resources (MinRes) on Friday said that current offer for takeover target Norwest Energy would not be improved upon. MinRes earlier this year launched its takeover offer for Norwest, offering Norwest shareholders one fully paid MinRes share for every 1 367 Norwest shares held,... →
Australian Indigenous group steps up campaign to protect sacred rock art
By: Reuters 2nd March 2023 An Australian Indigenous group on Thursday stepped up its campaign against industrial development in Western Australia's Burrup Peninsula, a key gas export hub, saying in a protest in Sydney that planned projects would damage ancient rock art. A government-appointed investigator has been... →
MinRes extends Norwest takeover
By: Esmarie Iannucci 2nd March 2023 Suitor Mineral Resources (MinRes) has extended its takeover offer period for fellow listed Norwest Energy until March 16. MinRes earlier this year launched its takeover offer for Norwest, offering Norwest shareholders one fully paid MinRes share for every 1 367 Norwest shares held, implying a... →
Kinetiko looks at LNG deal in South Africa
By: Esmarie Iannucci 2nd March 2023 ASX-listed Kinetiko Energy has reached a non-binding memorandum of understanding (MoU) with South Africa-based FFS Refiners that could potentially see the production and distribution of liquefied natural gas (LNG) in South Africa. Under the MoU, the two companies would ultimately negotiate a... →
Strike hoping for gas production by 2025
By: Esmarie Iannucci 2nd March 2023 ASX-listed Strike Energy on Thursday unveiled a gas acceleration strategy to bring up to four gas fields into commercial production by 2025, using the near A$136-million in proceeds from the sale of its Warrego Energy stake to suitor Hancock Energy. Strike Energy in a statement said that the... →
Sector called to give input in exploration acreage release
By: Esmarie Iannucci 1st March 2023 The Western Australian government has called on the resources sector to nominate areas to be considered as part of Western Australia's 2023 petroleum exploration acreage release. The Department of Mines, Industry Regulation and Safety will assess and consider submissions for this year's... →
Framework published for fisheries and offshore petroleum industries
By: Esmarie Iannucci 1st March 2023 The National Offshore Petroleum Safety and Environmental Authority (Nopsema) this week released a guidance framework to help drive improved cooperation between the offshore petroleum industry and the fishing industry. It was hoped that the framework would help to manage direct impacts to... →
Appea warns on ADGSM changes
By: Esmarie Iannucci 1st March 2023 The Australian Petroleum Production and Exploration Association (Appea) has called on the federal government to prioritise bringing on new gas supply rather than compromising international partnerships with export rule changes and risking the economic benefits of these exports. In its submission... →
Glencore ordered to pay $700m by US judge in bribery case
By: Bloomberg 1st March 2023 Glencore was ordered by a federal judge in New York to pay $700-million as a criminal punishment for a global bribery scheme orchestrated by the Swiss-based commodities trading and mining giant. US District Judge Lorna G. Schofield on Tuesday imposed the sentence under terms of a plea deal with... →
End in sight for Warrego
By: Esmarie Iannucci 27th February 2023 Suitor Hancock Energy has started the compulsory acquisition of the remaining shares in ASX-listed Warrego Energy, after gaining a 95.63% interest in the takeover target. Warrego on Monday announced that the process was likely to take between four to six weeks to complete. →
Woodside posts impressive results
By: Esmarie Iannucci 27th February 2023 Oil and gas major Woodside has reported a 73% increase in production volumes for full year ended December, driving a 142% increase in operating revenue and a 172% increase in earnings before interest, tax, depreciation and amortisation (Ebitda). Woodside on Monday reported that production during... →
Consortium revises offer for Origin
By: Esmarie Iannucci 24th February 2023 Takeover target Origin Energy this week said it would continue discussions with a consortium after receiving a revised takeover proposal from the consortium. The company in November last year received a A$9 a share non-binding indicative takeover offer from the consortium, which includes... →
Anglo has 600 MW keyed up ready to go, green hydrogen also developing rapidly, says Wanblad
By: Martin Creamer 23rd February 2023 All policy in South Africa specifically relating to energy certainly does tend to be moving into a path of time and space where it really is incentivising the building out of renewable energy generation capacity in the country, said Anglo American CEO Duncan Wanblad on Thursday when the London-... →
King still believes in Chevron's CCS plans
By: Esmarie Iannucci 23rd February 2023 Federal Resources Minister Madeleine King has backed US energy major Chevron’s carbon capture and storage (CCS) efforts at its Gorgon liquefied natural gas (LNG) project, in Western Australia. The Gorgon project off the coast of Western Australia is Australia’s only carbon capture use and... →
Minerals Council welcomes 125% energy tax break in Budget speech
By: Martin Creamer 22nd February 2023 Minerals Council South Africa welcomed the government’s intervention on Eskom’s debt and the financial encouragement to stimulate businesses building renewable energy projects by offering generous tax incentives as outlined in the 2023 Budget Speech. The Minerals Council believes there should be... →
Goldman's Currie says China recovery 'A-OK', commodities to jump
By: Bloomberg 22nd February 2023 Commodities are poised to rally in 2023 as China recovers, US inflation proves to be benign, and Russian oil production contracts, according to Goldman Sachs Group’s Jeff Currie. “The real core of the bullish view is the recovery in China,” Currie, global head of commodities research, told... →
Higher oil price drives Santos to new heights
By: Esmarie Iannucci 22nd February 2023 Oil and gas major Santos has reported record underlying earnings for the full year ended December, with underlying profits increasing by 160% to $2.46-billion. Net profits after tax for the year were up by 221% to $2.1-billion while earnings before interest, tax, depreciation and amortisation... →
Suncor names Kruger CEO amid Elliott pressure, safety overhaul
By: Bloomberg 22nd February 2023 Suncor Energy named Rich Kruger as its new CEO, ending a seven-month search that started after a string of worker deaths and pressure from activist investor Elliott Investment Management drove out the previous leader. The appointment of Kruger, a former CEO of Exxon Mobil’s Canadian unit... →
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