News

  • NSW government bans seabed mining to protect coastline

    NEWS

    NSW first in Australia to ban seabed petroleum exploration

    The New South Wales government has taken a significant step towards protecting the state's beaches and coastal environment by introducing a ban on seabed petroleum and mineral mining off the NSW coast. This ... more

  • As project economics rebound, upstream FIDs to increase in 2024, with focus on deepwater resources

    NEWS

    Surge in upstream projects expected for 2024

    Wood Mackenzie's latest report indicates a potential increase in upstream projects reaching final investment decision (FID) in 2024, with up to 30 projects larger than 50 million barrels of oil equivalent (boe)... more

  • Europe gas prices to fall due to high 2024 storage levels

    NEWS

    Europe gas prices to fall due to high 2024 storage levels

    According to a new report by Wood Mackenzie, gas prices in Europe could drop to as low as US$6.70 per million British thermal units (mmbtu) in the summer, as storage levels are expected to remain above 55 per c... more

  • Transmission pipelines to lead US midstream projects in 2024 to 2028: GlobalData

    NEWS

    Transmission pipelines to lead US midstream projects: GlobalData

    The transmission pipelines segment is expected to dominate upcoming US oil and gas midstream projects by 2028, representing about 47 per cent of the projects between 2024 and 2028. These pipelines are critic... more

  • NSW first in Australia to ban seabed petroleum exploration
  • Surge in upstream projects expected for 2024
  • Europe gas prices to fall due to high 2024 storage levels
  • Transmission pipelines to lead US midstream projects: GlobalData

Australian petroleum production declines after peaking in 2022

According to the recently released EnergyQuest quarterly March 2024 report, Australia's petroleum production peaked in 2022 and fell by 18 million barrels of oil equivalent in 2023. EnergyQuest links the drop in Australian production to a lack of discovery for new resources, claiming that the frontier spirit of exploration in Australia is waning as corporations are concerned about risks, expenses, and the necessity of exploration. Producing greener, low-carbon products is increasing internationally, but EnergyQuest draws a lesson from the nickel industry: obtaining a green premium from consumers is extremely difficult, despite greater prices. Green hydrogen is struggling with increased costs…

Oil and gas sustainability association celebrates 50 years

Ipieca has released a new page on its website celebrating its 50th anniversary. The association was established in 1974 at the request of the United Nations Environment Programme (UNEP) to act as the engagement channel between UNEP and the oil and gas industry on environmental and climate issues. In the five decades that have followed, the non-lobby association’s scope has expanded to also cover social performance and mainstreaming sustainability and it now works with a wide range of UN bodies across its strategic pillars of climate, nature, people and sustainability. The association brings experts from its member companies together with its partners in UN, NGO and…

Woodside delivers climate action plan and progress to investors

Woodside CEO Meg O’Neill briefed investors on Woodside’s Climate Transition Action Plan (CTAP) and 2023 Progress Report today — the CTAP was released on 27 February 2024. The event consisted of a welcome speech from Woodside CP Investor Relations Marcela Louzada, an address from the Chair of the Board Richard Goyder, the main presentation and a follow-up Q&A conducted by CEO Meg O’Niell before Louzada’s closing speech. During the live webcast of the briefing, O’Neill said the CTAP contained additional information, requested by investors, about the company’s approach to climate change and the energy transition. This included further detail on…

Geopolitics and supply chains to dictate oil and gas in 2024

The oil and gas industry has witnessed a considerable upheaval in its supply chains amid the protracted Russia-Ukraine conflict and renewed tensions in the Middle East. Both of these conflicts could potentially disrupt global oil and gas supplies in 2024, and hence, the themes of geopolitics and supply chains are the hot topics for this year. It is therefore important for the oil and gas industry to assess the impact of these themes while charting out their growth plans, says GlobalData. GlobalData’s Top 20 Oil & Gas Themes 2024 report reveals the leading themes that could have a significant impact…

OPEC+ producers decide to extend voluntary cuts

The group of eight OPEC+ countries that pledged on 30 November last year to implement voluntary production cuts for the first quarter of 2024 have decided to fully extend the cuts until the end of this year’s second quarter, according to a Rystad Energy report. Saudi Arabia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman have announced that the 1.7 million barrels per day (bpd) of voluntary cuts that were initially planned just for this year’s first quarter will not be unwound and will continue next quarter. Russia, which in November pledged to implement voluntary export cuts (300,000 bpd for…

TotalEnergies and Bapco Energies partner in petroleum trading

A meeting between TotalEnergies, Bapco Energies and the King of Bahrain has laid the foundations for a partnership, under which TotalEnergies will support Bapco Energies in optimising its Sitra refinery, which is currently being upgraded, and in trading of its petroleum products. TotalEnergies Chairman and CEO Patrick Pouyanné said they are pleased to have been selected by the Bahraini authorities to support Bapco Energies in optimising their downstream petroleum operations, with a view to maximising value for Bahrain. “I sincerely hope that this new partnership marks the beginning of a promising relationship between TotalEnergies and the Kingdom of Bahrain. "We…

UNSW researchers create synthetic fuel with sunlight

Engineers at UNSW have developed a way to produce synthetic fuel from carbon dioxide using only sunlight. The research team’s process involves utilising light and heat to induce a reaction that creates synthetic methane from CO2. Their research, published in EES Catalysis, could help to reduce reliance on fossil fuels. UNSW Researcher Dr Emma Lovell said: “Methane is the major component of natural gas, and already widely used as a source of fuel, but is also a powerful greenhouse gas. Creating synthetic methane using only the natural resource of the sun is a cleaner and greener alternative for usage in heavy…