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Woodmac says exploration’s back in the black – and keen to stay there

AFTER a difficult few years, the exploration sector is back in the black – and keen to stay there. New studies from international industry anlysts Wood Mackenzie shows that explorers’ success in 2018 reflects a disciplined approach that’s set to continue this year. “We are seeing a long-overdue recovery in the sector. Last year conventional exploration returns hit 13% – the highest calculated in more than a decade. As 2018’s [...]

Calima now a producer after bringing Canadian well on stream

AUSTRALIAN junior Calima Energy Limited (ASX: CE1) has achieved is first production with the successful recommencement of oil flow from the Paradise well in Canada. Calima Energy acquired a 50% interest in the Paradise well via the acquisition of TSV Montney Limited (TSVM) and subsequently and elected to acquire the remaining interest via a payment of C$130,000 after a desk top study confirmed its viability. The well, which is located [...]

Santos celebrates first oil from Van Gogh infill project

SANTOS has announced that first oil is flowing from the Van Gogh infill project, marking the successful completion of the two-well programme that will increase production from the field off the north west coast of Australia. The Van Gogh field is one of three subsea oil field developments located in the Exmouth Basin, offshore Western Australia, which tie into the Floating Production, Storage and Offloading vessel (FPSO), the Ningaloo Vision. [...]

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own [...]

AGIG successfully commissions Pluto domestic gas connection

AUSTRALIAN Gas Infrastructure Group (AGIG) has successfully commissioned the Pluto Inlet Station – the new facility connecting the Pluto LNG Project to the Dampier to Bunbury Natural Gas Pipeline (DBNGP). The successful commissioning allows additional gas supply to reach Western Australian consumers. Woodside – which operates the Pluto LNG plant near Karratha in WA – engaged AGIG’s development group to undertake a Front End Engineering Design (FEED) study to convert [...]

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood [...]

Study claims 32% of offshore vessels laid up globally

A STUDY by international marine movement specialists VesselValue has assessed that almost 40% of the world’s offshore vessels are currently laid up. VesselsValue’s head of Offshore Robert Day says that it is no secret that the Offshore sector is suffering. “Estimating the number of vessels in layup is an imperfect science, however, using a big data approach VesselsValue can provide a valid estimation using the following methodology,” Mr Day said. [...]

Woodside takes big Scarborough step with four contract awards

WOODSIDE has awarded four contracts for front-end engineering design activities for the proposed Scarborough Project off the north west coast of Western Australia/ The contracts are for engineering activities related to the upstream development’s floating production unit, the export trunkline and the subsea umbilical risers and flowlines. Each contract includes an option to progress to execute phase activities, which is subject to, among other conditions, a positive final investment decision [...]

Calima jumps on promising Canadian drilling results

THE share price of ASX-listed Calima Energy Limited (ASX: CE1) jumped more than 11 per cent in early markets after the company reported promising early results from coring operations at its maiden well into the prolific Montney Formation in Canada. Calima reported that elevated gas readings were recorded during coring operations of its Calima Tommy A-54-C/94-G-09 well, with a large section of the targeted Montney Formation successfully cored. The well [...]

Santos extends processing agreements with Beach and Senex 

SANTOS has announced it has executed binding agreement extensions with Beach Energy and Senex Energy for gas processing and related gas liquids purchases at the Moomba gas facilities. The gas processing agreement extensions are expected to result in the production of up to 18 TJ of sales gas per day, or 20 PJ over the three year term. The gas to be produced under these agreements is equivalent to more [...]