In the first quarter of 2019, the oil and gas industry reported 242 contracts, of which 1178 were awarded contracts, according to a new report from GlobalData. With a total of 569 recorded contracts, the Europe, Middle East and Africa (EMEA) region had the highest amount over the period, representing roughly 48 per cent of the total awarded contracts in Q1 2019. The Americas region followed closely behind with 66 contracts, accounting for 31 per cent of the total awarded contracts. GlobalData’s latest report, Quarterly Oil & Gas Industry Contracts Review, states that the upstream sector reported 7... more

US: New York Governor, Andrew M. Cuomo has signed legislation to ban offshore drilling in New York State waters. The new legislation (S.2316/A.2572) will bar the state from granting permits for drilling, or oil or gas exploration in offshore areas controlled by the State. The ban aims to protect New York's waters and coasts by making it more difficult for oil and gas drilling to occur close to coastal New York - even in waters controlled by the federal government. In addition, the legislation prohibits the leasing of State-owned underwater coastal land that would authorise or facilitate the exploration,... more

Approximately 160 of the world’s top pipeline researchers and engineers are set to gather in Brisbane this week to share their latest findings on the design, construction, operation and integrity of high-pressure petroleum transmission pipelines. The important international forum, held by the Australian Pipelines and Gas Association (APGA), is expected to showcase some of the key technological developments in the global pipeline industry. APGA Chief Executive Officer, Steve Davies said Australia’s pipeline industry has a long history of investment in research that helps make the country's high-pressure... more

According to new research by leading data and analytics company, GlobalData 23 oil and gas discoveries were made globally in the first quarter of 2019. Of these, 11 each were conventional oil and conventional gas discoveries. Onshore accounted for the most with seven discoveries, followed by deep-water terrain with six discoveries. Shallow water and ultra-deep-water accounted for five discoveries each. Among the countries, Norway had the highest number of oil and gas discoveries globally in the first quarter of 2019, with a total of five discoveries. Three were conventional oil discoveries and the remainin... more

The Electrical Trades Union (ETU), Australian Manufacturing Workers Union and the Construction, Forestry, Maritime, Mining and Energy Union working for Downer and EnerMech have announced that more family-friendly 3/1 rosters be implemented on the Ichthys INPEX Project in Darwin. ETU NT Organiser, Dave Hayes said their members at Downer and EnerMech have stood together to achieve this outcome, many of them knowing that they would not directly benefit from the result on this project but wanted to confirm to the industry that 4/1 rosters would no longer be tolerated. “This is a true example of unionism wher... more

The first phase of amendments to the petroleum resource rent tax (PRRT), a profits-based resource tax used to tax oil and gas projects in Australia, have passed in the Federal Parliament.  In November 2016, the Federal Government initiated the Callaghan Review to examine whether the PRRT is operating as it was originally intended, and to address the reasons for the rapid decline of Australia's PRRT revenues. Following the review, in November 2018, Federal Treasurer the Hon. Josh Frydenberg MP noted that the nature of production has changed, with a shift from crude oil and condensate to a more significant ... more

The Federal Government has just announced its 2019-20 Budget, with a focus on ‘A plan for a stronger economy and securing a better future’. After more than a decade of deficits, the budget is expected to return to surplus in 2019-20. The budget forecasts a surplus of $7.1 billion in 2019-20 – a $55.5 billion turnaround from the deficit seven years ago. Below are all aspects of the Budget that have relevance to Australia's oil and gas industry. Tax: The company tax rate for small and medium-sized companies with an annual turnover of less than $50 million has been lowered to 27.5 per cent. This... more