THE latest trade figures have again revealed the importance of the resources sector to the Australian economy as we deal with the global downturn caused by the COVID-19 pandemic. Federal Minister for Resources, Water and Northern Australia, Keith Pitt, said the sector has shown resilience in a very challenging period. “Total resources and energy exports in the four weeks to April are up by 1.4% on the same period last year to $92.1 billion, which is a remarkable result,” Minister...
By Christophe Bourdeau, a Managing Director in Accenture’s oil and gas practice THE Australian oil and gas industry is facing disruption on multiple fronts, and with this comes both challenge and opportunity. This disruption is already here, with mounting pressures
By Vinodkumar Raghothamarao, Director Consulting, Energy Wide Perspectives & Strategy, IHS Markit EMEA BETWEEN the 1940’s to 1970’s, the average annual price of oil fluctuated within a 6.5 % band, but from 1980’s until the last few years the variation
THE global LNG industry is about to face its first seasonal demand contraction since 2012, with demand in summer 2020 expected to fall 2.7% or three million tonnes (Mt) year-on-year, says leading energy research firm Wood Mackenzie. Lockdown measures and
THE North Sea Johan Sverdrup field is expected to reach plateau production for the first phase in early May, earlier than anticipated. Due to higher plant capacity, plateau production will increase from around 440,000 barrels of oil per day to
SNAM, one of the world’s leading energy infrastructure companies, and RINA, a global testing, inspection, certification and engineering consultancy services firm, have signed a Memorandum of Understanding to collaborate in the hydrogen sector, in order to realise the significant potential
THE Australian Renewable Energy Agency (ARENA) has announced the opening of the $70 million Renewable Hydrogen Deployment Funding Round to help fast track the development of renewable hydrogen in Australia. The funding round is expected to play a significant role
HALLIBURTON Company has released NitroForce, a new drilling motor that provides increased power and performance to complete longer laterals faster and with greater control. The motor delivers high reliability helping operators reduce potential motor failure and increase drilling speed to
FOLLOWING its successful application for a patent in the USA last year, EM&I – the international asset integrity specialists – have just been granted more prestigious patents for their ODIN diverless UWILD (Under Water Inspection in Lieu of Drydocking) and
CENTRAL Petroleum Limited has appointed the highly experienced Dr Agu Kantsler as a director of the company, effective June 15, 2020. Central’s chairman, Wrix Gasteen said Dr Kantsler is one of Australia’s most respected and experienced petroleum exploration executives, having
APPEA has welcomed the Queensland State Government’s recent Ministerial reshuffle and the appointment of Cameron Dick as Treasurer and Kate Jones as State Development Minister. APPEA Queensland Director Georgy Mayo said the new appointments reflect the State Government’s priority on
SANTOS has completed the acquisition of ConocoPhillips’ northern Australia and Timor-Leste assets for a reduced purchase price of US$1.265 billion plus an increased contingent payment of US$200 million subject to a final investment decision (FID) on Barossa. Due to recent
NORWAY’S Equinor ASA has executed a total of EUR1.75 billion in the debt capital market. The debt capital market transaction consists of the following tranches: Issue of EUR 0.75 billion 0.75% Notes due May 22, 2026 Issue of EUR 1.0 billion 1.375% Notes due May 22, 2032 “Equinor has in recent years improved our business, including our portfolio and our financial robustness. In the current volatile market situation characterised by high uncertainty going
THE global oil and gas pipeline sector is facing several headwinds such as fall in the oil and gas prices, demand destruction and a weak global economic outlook. The pipeline operators are being forced to cut capex on upcoming projects,
SIEMENS Gas and Power has been awarded a contract to supply two SGT-400 gas turbine compression packages for Midcoast Energy, LLC’s CJ Express pipeline expansion project in east Texas. WHC Energy Services, supported by Universal Pegasus International, will be the
