News

  • IEA

    NEWS

    IEA report shows global oil supply and demand rose in July 

    According to the latest IEA Oil Market Report, soaring oil use for power generation and gas-to-oil switching are boosting demand. In the report, the IEA has raised its estimates for 2022 global demand growth... more

  • NEWS

    LNG exporters must divert gas to the domestic market to avoid shortfalls

    The ACCC’s July 2022 Interim gas report, released this month, forecasts the east coast of Australia could face a shortfall of 56 petajoules in 2023. At the same time last year, our Gas Inquiry interim repo... more

  • supplies

    NEWS

    Sufficient gas available for domestic energy supply: APPEA

    Australia’s gas industry says it will ensure gas supply next year, reassuring customers that the industry is responding, as has always been the case, to ensure energy security. The Australian Petroleum Pro... more

  • P’nyang

    NEWS

    ADGSM review must maintain global investment confidence in Australia: APPEA

    Australia’s gas industry says the review of the Australian Domestic Gas Security Mechanism (ADGSM) must maintain investment confidence among international trading partners. The Australian Petroleum Product... more

  • IEA report shows global oil supply and demand rose in July 
  • LNG exporters must divert gas to the domestic market to avoid shortfalls
  • Sufficient gas available for domestic energy supply: APPEA
  • ADGSM review must maintain global investment confidence in Australia: APPEA

Toolkit supports actions for the Global Methane Pledge

A toolkit launched by the Methane Guiding Principles initiative covers partners, resources and case studies, and is designed to help governments take action to reduce methane emissions. Over 120 countries have joined the Global Methane Pledge, launched at COP26. The pledge seeks to collectively reduce all methane emissions from human activities by at least 30 per cent below 2020 levels by 2030. The Methane Guiding Principles (MGP) initiative was formed to catalyse action along the natural gas supply chain to reduce methane emissions. As part of this commitment, the MGP has developed a new Methane Policy Toolkit that is aimed…

WA Government co-funded Energy Analysis Program launches

The Department of Mines, Industry Regulation and Safety’s (DMIRS) co-funded Energy Analysis Program (EAP) is a new program of the Exploration Incentive Scheme (EIS) for petroleum and geothermal companies. The program aims to make funding available for analysis of existing resources (core, sidewall core, cuttings, and oil, condensate, water, and gas samples) in Western Australia and to allow re-analysis of existing data (e.g. reprocessing or desktop studies) to achieve better resolution and understanding of petroleum and geothermal systems. The program will open for applications twice a year, and offers up to a 50 per cent refund, up to $50,000 per…

Surging oil and gas demand expected to boost subsea production

Subsea technology has been witnessing a substantial growth lately. Rising global oil and gas demand and supply disruption from the Russia-Ukraine conflict have propelled the oil prices to over $100 in 2022. With regions such as Europe looking to replace Russian imports with alternative sources, it can spur the development of relatively high capex oil and gas projects such as those in deepwater and ultra-deepwater terrains that rely on subsea systems, according to a new report by GlobalData. The report, Subsea Technologies for Oil and Gas Offshore Exploration and Production – Thematic Research, reviews the trends in the subsea oil…

Australia’s east coast reaches record wholesale electricity costs 

According to AEMO, the June quarter was an unparalleled period for Australia’s energy markets, with wholesale electricity spot prices averaging $264 per megawatt-hour (MWh) in the National Electricity Market (NEM), up by $177/MWh from the previous quarter and $179/MWh from the year prior. AEMO’s Quarterly Energy Dynamics (QED) report for the second quarter of 2022 shows these high prices required price caps, first in the gas markets and then in the NEM. Consequently, reductions in generation offered in the NEM led to reserve shortfalls that required extensive AEMO intervention to maintain reliability and, ultimately, the suspension of the spot market…

Resources industry welcomes Jobs and Skills Australia

The Federal Government has introduced the Jobs and Skills Australia Bill 2022 to the Parliament which repeals the National Skills Commissioner Act 2020. Minister for Skills and Training Brendan O'Connor said while the National Skills Commissioner has performed an important advisory function since the office was established in 2020, to address the economic challenges facing Australia, a more strategic focus on the future workforce and skills is needed. “We need genuine cooperation and collaboration amongst industry, employers, unions, state and territory governments, education and training providers, and others. “The creation of Jobs and Skills Australia will contribute to ensuring we deliver…

Nord Stream re-opening not enough to deter investment in non-Russia assets

Russia has re-opened its Nord Stream Pipeline after 10 days of stopping critical supplies to Europe through Germany. However, it is only running at 40 per cent capacity, which is not enough to meet Europe’s needs. Bhargavi Gandham, Oil & Gas Analyst at GlobalData said despite the Nord Stream Pipeline’s re-opening, oil and gas companies are still expected to increase their investments in non-Russian assets. “This could drive investments in US shale, bringing attention to some of the US’s most promising assets such as the Permian Basin. “Being the largest oil-producing basin in the US, the Permian Basin was the…

Future energy basins must consider sustainability targets

Energy super basins of the future must fulfil three key criteria - abundant resources, access to low-cost renewables and hub-scale carbon capture and storage (CCS) opportunities, according to a new report by Wood Mackenzie.   The world’s need for sustainable energy is set to change the geography of the oil and gas industry, increasingly entwining it with renewables. Therefore, the upstream industry of the 2030s and beyond, must focus on where its synergies with new energies are strongest. Fewer than 50 traditional super basins supply more than 90 per cent of the world’s oil and gas. These are defined as…