Latest News

Lower for longer oil prices knock out Canadian LNG proposal

THE partners behind the proposed Pacific NorthWest LNG project at Port Edward in British Columbia, Canada have pulled the plug after conducting a major review of its viability. Anuar Taib, executive vice p and CEO Upstream for one of the patners, PETRONAS, said continuing depressed market conditions led to the decision. “We are disappointed that the extremely challenging environment brought about by the prolonged depressed prices and shifts in the energy [...]

U.S. crude oil production forecast expected to reach record high in 2018

The US-based Energy Information Administration’s (EIA) latest Short-Term Energy Outlook (STEO) forecasts that total U.S. crude oil production will average 9.3 million barrels per day (b/d) in 2017, up 0.5 million b/d from 2016. In 2018, EIA expects crude oil production to reach an average of 9.9 million b/d, which would surpass the previous record of 9.6 million b/d set in 1970. EIA forecasts that most of the growth in [...]

Senex announces South Australian oil find

Senex Energy Limited has made a Birkhead oil discovery on the western flank of the South Australian Cooper Basin, with the Marauder-1 well flowing at 655 barrels of oil per day (bopd) on a drill stem test. The Marauder-1 exploration well is located in ex PEL 104 (Senex 60% and operator, Beach Energy (ASX:BPT) 40%), approximately 2 kilometres north of Senex’s producing Growler and Spitfire oil fields. The well was [...]

Siemens Launches Digitalize 2017 to Advance Australia’s Digital Future

SIEMENS has announced that its annual digitalization conference, ‘Digitalize 2017’, will be held at the Sheraton on the Park, Sydney on Wednesday, 30 August 2017. The conference will discuss and debate how digitalization is revolutionising the workforce, industry and the energy and infrastructure sectors. The theme of the conference comes at a critical time, following reports by the Digitisation Index for Australia concluding that despite significant strides made with technology, Australia [...]

NWS JV agrees to take outside gas

WOODSIDE has confirmed that the North West Shelf Venture Project participants have agreed to take gas outside of their own assets through the LNG facility on the Burrup Peninsula in WA’s Pilbara region. Announcing the company’s latest quarterly results, Woodside CEO Peter Coleman said the NWSP participants had achieved a major milestone by proposing non-binding key terms to process gas through the Karratha Gas Plant to other resource owners. Woodside said [...]

Energy & Mining M&A Drops

Despite a backdrop of continued political turbulence, cross-border deal making held steady in Q2 2017, driven by deal activity involving the EU, according to Baker McKenzie’s Cross-Border M&A Index. Global M&A Buyers announced 1,368 cross-border deals worth US$345.8 billion, a 10% decrease in volume but only a  1% decrease in value compared to Q1 2017. As the EU gained relative stability in the wake of Brexit developments and elections in [...]

Australia’s Petrosys snapped up by Vela

AUSTRALIAN mapping, surface modeling and data management software solutions specialist Petrosys has been acquired by Canada’s Vela Corporation. Vela Corporation is a subsidiary of Canadian public company Constellation Software Inc. According to Petrosys, the backing of Vela opens up a new phase of growth, allowing for stronger penetration of new markets, faster software development and more innovative R&D. It also provides access to a broad pool of management expertise and software [...]

Australia surges pasts 50Mt with LNG exports to record 22.6% increase

AUSTRALIA’S LNG exports are forecast to grow 22.6% in the current 2017-2018 financial year (FY18) after a robust performance in the 12 months to June 30 this year. In its just released monthly LNG report for June, respected independent energy consultancy, EnergyQuest, said Australia broke the 50 million tonnes (Mt) barrier for the first time in the full 2016-2017 financial year (FY17), exporting a total of 51.4 Mt of LNG. [...]

Carnarvon confirms rig for key offshore WA well

IN-FORM Western Australian oil and gas exploration partners Quadrant Energy and Carnarvon Petroleum have confirmed that state-of-the-art semi-submersible rig, the GSF Development Driller-1, has been contracted to drill the key Phoenix South-3 well off the WA coast next year. To be drilled in the same region as the exciting Phoenix South and Roc oil and gas discoveries, Phoenix South-3 is slated to spud in a likely drilling window between 1 [...]

Real finds Windorah Gas foundation customer

COOPER Basin focused Real Energy Corporation Limited has executed a non-binding Memorandum of Understanding (MOU) with Weston Energy Pty Limited to sell gas from the company’s Windorah Gas Project in Queensland. The company says the MOU represents a significant step towards signing a binding Gas Sales Agreement (GSA) between the two parties and covers the purchasing by Weston Energy of three petajoules (PJ) gas per year for a period of [...]