Energy Club

Northern Territory


  • 08 Jun 2020 12:00 PM | Sonia Harvey (Administrator)

    AFTER enacting the onshore petroleum laws at the end of May the government of Timor-Leste has now approved its national oil company Timor Gap to take a 20% participating interest in any production sharing contracts awarded from its upcoming licensing round. 

    The round began October last year and runs a year. It was launched at the nation's inaugural oil and gas conference held in Dili. Eleven offshore blocks and seven onshore are available.   

    Timor Gap has also recently farmed into the former Joint Petroleum Development Authority permit PSC 11-106 and has also entered two onshore PSCs with Nepean Engineering subsidiary Timor Resources.  

    It has a PSC with Singapore-based Sunda Gas, awarded in November and another with Inpex dated September.  

    It holds a 56.56% stake in the Greater Sunrise gas project with operator Woodside Petroleum.  

    Source: Energy News Bulletin

    Read more here

  • 06 Jun 2020 1:08 PM | Sonia Harvey (Administrator)

    The price of oil has risen and fallen spectacularly in past decades, yet there is much debate about where prices will move in the future. Ongoing trade disputes, attacks on oil installations, efforts to stabilise climate change and the devastating effects of COVID-19 are all contributing market disorder and volatility.

    In this Masterclass webinar series, you’ll learn about major drivers of the oil market and use economic principles to explain its extraordinary price performance. You’ll gain a clear picture of oil supply and demand determinants, and will analyse pricing prospects in the near future and beyond. In the final session, you’ll also consider natural gas prices and the evolution of gas in regional markets.

    Registrations are now open

    Please contact us if you have any further questions about the program:
    Telephone: +61 8 9266 4555

  • 05 Jun 2020 12:04 PM | Sonia Harvey (Administrator)

    The Intyalheme Centre for Future Energy will lead a project to increase renewable energy uptake through the development of microgrid technology.

    Intyalheme, a flagship project of Desert Knowledge Australia (DKA), has been awarded $3.2m in grant funding from the Australian Government under the Regional and Remote Communities Reliability Fund – Microgrids.
    The project will address barriers that are limiting additional renewable energy from being added to the Alice Springs power system.
    Using technical, economic and behavioural modelling, the project seeks to determine which short-term interventions will be needed to shore up existing grid stability as a first priority.
    Beyond that, the regulatory and technical developments needed to support a higher proportion of renewable energy will be identified. The modelling will outline how the Alice Springs grid could operate without any thermal (conventional) power generation, even for a short period.
    Other factors will be explored, such as working out the implications of disconnecting and reconnecting a microgrid into the main power system, and establishing who carries the liabilities for supply during periods of disconnection.
    “This funding forms part of a broader plan to revolutionise the Alice Springs power system over the next two years,” said General Manager of the Intyalheme Centre for Future Energy, Glenn Marshall.
    “The transition to a renewable energy future is upon us, and because Alice Springs is an isolated grid, we will be among the first to face the sort of grid stability challenges that are associated with a high proportion of renewable energy,” he said.
    “Technology like microgrids, household batteries, and cloud forecasting will be crucial in the future energy system, so today’s announcement is terrific news as it ensures a firm path towards a clean and secure energy future for Alice Springs.”  
    Lessons learnt through the Alice Springs study will be applicable to other grids in the Northern Territory, and beyond.
    The project will culminate in the development of a Roadmap to 2030 report, identifying the necessary steps to reach the NT renewable energy target of 50 per cent by 2030, in Alice Springs.

    More information available here

  • 05 Jun 2020 11:57 AM | Sonia Harvey (Administrator)

    MORE than A$3 billion of renewable projects are vying for funding from the Australian Renewable Energy Agency’s A$70 million green hydrogen fund.

    The fund was announced in April to help fast track the development of renewable hydrogen, and closed several weeks ago with ARENA receiving 36 expressions of interest in the round. 

    The funding round is expected to play a significant role in supporting commercial-scale deployments of renewable hydrogen in Australia help meet energy minister Angus Taylor's goal of hydrogen production for under A$2 a kilo or ‘H2 under $2'.

    "The strong interest in the Morrison government's Renewable Hydrogen Deployment Funding Round shows Australian industry is ready to co-invest with government and build a sustainable hydrogen sector," Taylor said today. 

    Labor's climate spokesman Mark Butler said the massive oversubscription was evidence the government underestimates the potential of Australia's green hydrogen sector. 

    "The scheme was oversubscribed and underfunded," he said. 

    "The Morrison government never had any intention to properly invest in hydrogen development."

    ARENA aims to use the funding round to support two or more large scale renewable hydrogen projects with electrolysers of a minimum 5 megawatt capacity with a preference for 10MW or larger. 

    The expressions of interest include over $1 billion in total grant requests, over $3 billion in total combined project value and almost 500MW of electrolysis capacity. 

    ARENA said projects selected in the funding round can also be considered for further financing from the government-backed Clean Energy Finance Corporation under its own $300 million Advancing Hydrogen Fund.

    ARENA said it will now assess the expression of interest and invited shortlisted projects to submit a full application with the goal to award funding by the end of the calendar year. 

    Source: Energy News Bulletin

    Read more here

  • 03 Jun 2020 12:06 PM | Sonia Harvey (Administrator)

    Upstream Production Solutions (Upstream PS) is delighted to announce it has expanded its business in the Northern Territory (NT) by setting up a ‘Darwin Hub’ facility to showcase its Operations, Maintenance, Projects, and Advisory capability.

    The new ‘Darwin Hub’ facility includes offices, a logistics supply base and a safety critical device maintenance and repair workshop and reestablishes Upstream PS in the Territory after the company was founded there 20 years ago.

    “This strategic move for Upstream PS brings us closer to our clients in the region and we look forward to working closely with the NT government, other businesses and the community to help the Territory grow.” said Cameron Wills, Chief Executive Officer.

    Upstream PS provides operations and maintenance services in Australia and the NT region for clients such as Eni, Shell, Santos, C02CRC, APA, Origin, Origin APLNG, Arrow Energy, MEPAU and the Australian Government.

    About Upstream PS

    Upstream PS is a wholly owned subsidiary of GR Engineering Services Limited (ASX:GNG) with an extensive track record in the provision of operations, maintenance, projects and advisory services. The Upstream PS team has served the oil and gas industry for more than 20 years, with a strong reputation for providing safe, innovative, and sustainable solutions to production challenges.

    For further information, please contact:

    Upstream Production Solutions

  • 29 May 2020 12:12 PM | Sonia Harvey (Administrator)

    AUSTRALASIAN oil and gas producer Jadestone Energy has posted a profit, despite the oil price crash and economic woes felt by other regional explorers and producers.

    Jadestone, which operates the Montara and Stag oilfields offshore Western Australia, reported a pre-tax profit of US$13.1 million for the first quarter ending March 31. 

    This is an increase from $10.67 million in the corresponding period in 2019, or roughly a 20% increase. 

    However, profits were down compared to the final quarter of 2019, when the company posted net profits of US$27 million. 

    Jadestone told shareholders yesterday afternoon that while net revenue for the first quarter had fallen 20% on the previous quarter, to US$74.2 million, its hedging program had ensured output remained "well above the Brent benchmark".

    Of its US$13.1 million in profits, $8.2 million was made from hedged oil. 

    Oil prices, both Brent Crude and West Texas Intermediate, were sidelined over the quarter when Russia and Saudi Arabia flooded the market in a dangerous game of chicken when neither country agreed to output cuts to secure the global oil price. 

    Production from the Montara project totaled an average of 8799 bopd, lower than the first quarter of 2020 due to cyclonic activity and a maintenance shut down. 

    Jadestone reported one single lifting from Montara over the three months to March 31 of 512,575bbls. 

    Meanwhile Stag field production was up from 1,941bopd in the March quarter of 2019 to 2866 bbls last quarter. 

    Two liftings were reported from the Stag field, totalling 5118,193 bbls, compared to a single lifting of 170,000 in the first quarter of 2019.

    Earlier in the year, Jadestone announced it would shelve its Nam Du and U Minh gas project in Vietnam citing a deteriorating international gas market and government approval delays. 

    The company also advised it would push back an infill drilling campaign in Australia until 2021.

    Jadestone recently completed a seismic survey across its Montara oil field. It then planned to drill several wells across the Montara and nearby Skua oil and gas fields to increase production. 

    The first well, H6, was to be drilled in the AC/L7 production permit on the Montara Field and was expected to spud this quarter. 

    A second development well, Skua-12, was to be drilled in the adjacent AC/L8 license on the Skua Field.

    Jadestone also planned to conduct workovers of the H3 and Skua-10 wells across the two respective Australian permits.

    Source: Energy News Bulletin

    Read more here

  • 29 May 2020 11:51 AM | Sonia Harvey (Administrator)

    MELBANA’S 100%-owned Beehive permit offshore Western Australia has seen its terms extended by a year by the offshore titles regulator. 

    Under the terms of the National Offshore Petroleum Titles Administrator (NOPTA) Melbana was required to drill a well at its Beehive prospect this year, but after Santos chose not to take up its option for an 80% farm-in has had to delay those plans.  

    NOPTA has allowed a 12-month suspension of the work program for year 3 in WA-488-P  which now ends December 21 next year. The permit term ends December 21, 2023.  

    The permit holds the Beehive prospect which could hold up to 388 million barrels of oil equivalent on a best estimate basis  

    Total completed a 3D seismic survey over the area but last year chose not to take up the option to farm in for a 40% share of the permit. Santos took over its option but had always said it would only take up the project if it could first find a farminee. When it hadn't by the deadline of early this year, the full interest moved back to Melbana.  

    Santos has an 80% share of other permits nearby such as the Dorado oil project it shares with Carnarvon Petroleum (20%) and has said it will farm down the project when it is at a later stage of development.  

    Melbana says permitting and preparation to drill an exploration well that will target the large carbonate structure is underway. The well was due to be drilled before the end of the year. 

    Source: Energy News Bulletin

    Read more here

  • 28 May 2020 2:07 PM | Sonia Harvey (Administrator)

    SANTOS has completed the acquisition of ConocoPhillips’ entire Northern Australia portfolio, for a cheaper price than first announced thanks to lower oil prices, with the price revised down from US$1.4 billion to $1.25 billion.

    However the deal also sees an increased contingent payment of $200 million on sanction of Barossa, up from an original $75 million.

    In March Santos announced it was delaying final investment decision on the backfill project given uncertain market conditions. 

    Santos would take the US company's Northern Australia portfolio, leaving ConocoPhillips with only its non-operated interest in the Australia Pacific LNG venture in Queensland, which when the October deal was struck it saw as too cash-generative to give up. . 

    "At completion, the net settlement amount was US$655 million, lower than the previously forecast amount of US$800 million, comprising the revised firm purchase price of US$1.265 billion less cash in the acquired business from the effective date of 1 January 2019 to completion with customary adjustments," Santos said in a statement. 

    "The net settlement amount is before any sell-downs of interests owned by Santos in the acquired assets."

    As of today Santos holds a 68.4% interest in the declining Bayu-Undan gas field  and the Darwin LNG it feeds. 

    The company also now effectively owns a 62.5% stake in the Barossa project, due to go to DLNG, and Caldita field, a 40% stake in the Poseidon field, and a 50% stake in the Athena field.

    It signed a letter of intent to sell down a further 12.5% interest in the Barossa project to Japan's JERA, and has a firm agreement to sell down a 25% stake in Darwin LNG and Bayu-Undan to SK E&S. 

    "We are delighted to assume operatorship and continue to progress the Barossa project so that a final investment decision can be made when market conditions permit," Santos chief Kevin Gallagher said. 

    "We welcome the ConocoPhillips' Australia-West employees to Santos and look forward to getting on with the process of integrating our two businesses to create one high performing team." 

    Source: Energy News Bulletin

    Read more here

  • 28 May 2020 11:49 AM | Sonia Harvey (Administrator)

    ICHTHYS operator Inpex has suspended a contract with drilling contractor Maersk for its next phase development program in WA-50-L offshore northern Australia.

    In Maersk's latest trading statement released overnight, the contractor advised shareholders it had received a suspension notice from Inpex and agreed to a suspension rate for its Maersk Deliverer Mobile Jackup rig. 

    "Maersk Drilling has agreed with Inpex Australia to suspend the contract for Maersk Deliverer with effect from 30 April 2020," the company said.

    The vessel is currently at the Ichthys standby location, according to MarineTraffic.

    According to Maersk, the rig will now be re-contracted to drill Inpex's significant development campaign in the final quarter of this year.

    The campaign includes 15 new development wells, drilled in water depths of between 235 metres and 275m. 

    According to plans submitted to and approved by the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) the Ichthys Phase-2 development was expected to take five years to complete. 

    Japan's Inpex was given the all-clear to begin its next stage subsea work program in late April. 

    It contracted McDermott International and Baker Hughes to provide joint umbilicals, risers and flowlines, and subsea production systems for the campaign. 

    Phase 2 development of the Ichthys field will increase condensate production for export to Japan and other international markets, while gas will be piped to the Ichthys LNG plant in Darwin for processing. 

    Source: Energy News Bulletin

    Read more here

  • 26 May 2020 9:12 AM | Sonia Harvey (Administrator)

    Australia's chief scientist said gas would remain a crucial part of Australia's energy mix for the next 10-30 years, but noted it would be used "less and less" frequently as renewables and battery storage take the lion's share of the energy mix. 

    "We can bring vastly more renewable electricity if we support it, and in the short term the best way to do that is with gas," he said. 

    Former Lord Mayor of Sydney Lucy Turnbull questioned the legitimacy of the government's rhetoric around a gas-fired economy, noting the Paris Agreement's goal of net zero emissions by 2050 which the government has signed on to.

    "We have to reconceive our world in the post-COVID world as a post-carbon world and we do that by actually looking forward and that's the opportunity we have now," she said. 

    "We should aim to have the emission profile and aspirations of Denmark, with the energy costs of Saudi Arabia." 

    Source: Energy News Bulletin

    Read more here

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