News

  • subsea

    NEWS

    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. ... more

  • wholesale electricity

    NEWS

    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 ... more

  • Jobs and Skills Australia

    NEWS

    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 sai... more

  • Nord Stream

    NEWS

    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 n... more

  • Australia’s east coast reaches record wholesale electricity costs 
  • Resources industry welcomes Jobs and Skills Australia
  • Nord Stream re-opening not enough to deter investment in non-Russia assets
  • Future energy basins must consider sustainability targets

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…

AEMO takes steps to manage tight gas supplies

Today, AEMO activated the Gas Supply Guarantee mechanism to secure additional gas supplies from Queensland-based gas producers to support gas-powered electricity generation in the National Electricity Market (NEM). AEMO said challenging generation conditions experienced from early June continue in the NEM and has resulted in a greater reliance on gas-powered generation and larger than forecast inventory reduction at the Iona gas storage facility in Victoria. Iona storage inventory has reduced at an average daily rate of approximately 200 terajoules since 11 July 2022, falling to 10.2 petajoules (PJ) on 18 July, due to purchases from Victoria’s Domestic Wholesale Gas Market (DWGM)for supply to other…

Chevron completes acquisition and surrender of greenhouse gas offsets

Chevron Australia, operator of the Gorgon Project, has completed the acquisition and surrender of 5.23 million credible greenhouse gas offsets, meeting its commitment to address a carbon dioxide (CO2) injection shortfall at the Gorgon natural gas facility over the five-year period ending 17 July 2021. In addition to the offsets, Chevron continues to work with the Western Australian government on detailed arrangements for an $40 million investment in Western Australian lower carbon projects. The Gorgon carbon capture and storage system has safely injected more than 6.6 million tonnes of greenhouse gas (carbon dioxide equivalent, CO2e) since start-up in August 2019.…

China’s LNG imports to see unprecedented decline in 2022, according to Wood Mackenzie

China’s LNG imports are set to fall over 14% year-on-year to 69 million tonnes (Mt) in 2022, the largest decline since it began LNG imports, according to Wood Mackenzie. After a solid growth in 2021, China’s gas and LNG demand is expected to slow down in 2022. China’s gas demand (sum of production and net imports) in Q2 decreased 5% year-on-year. The weakening gas demand was due to a confluence of factors including economic slowdown, rising gas import prices, policy support for clean coal and a warmer-than-usual winter. Wood Mackenzie research director Miaoru Huang said: “Gas-fired power was a major…

Financial year 2022 in review: EnergyQuest

Japan has displaced China as Australia’s top export destination in financial year 2022, according to EnergyQuest, with China importing 25 million tonnes (38 per cent) of Australian export volume, less than the 28.3 million tonnes (41 per cent) in financial year 2021. China has been the world’s fastest growing LNG market. However, this came to an abrupt halt in the first half of this year, with imports in April at the lowest level since early 2020. The fall reflects COVID lockdowns and the slowing of the Chinese economy. However, the fall in Australian China deliveries of 3.3 million tonnes was…

Tech breakthrough could make oil refineries greener, hydrogen safer

Deakin University researchers have made a breakthrough that could help address one of the biggest barriers preventing the widespread adoption of hydrogen energy – safe storage and transport. Hydrogen is increasingly being touted as one sustainable solution to Australia’s gas crisis. But finding a material that can store enormous quantities of gases for practical application remains a major challenge. That’s where the recent Deakin discovery could offer an answer. The new process – first described by nanotechnology researchers from Deakin’s Institute for Frontier Materials (IFM) in the prestigious journal Materials Today – offers a novel way to separate, store and…

National energy crisis impacting Victorian businesses

Victorian businesses are struggling to deal with the national energy crisis with growing concerns about rising prices and supply pressures impacting their operations, according to a new Victorian Chamber of Commerce and Industry survey. Nearly half of the businesses surveyed said the current instability was affecting their operations, with many of them forecasting changes in their business investments amid growing uncertainty about costs and supply. The Chamber surveyed members from a wide range of businesses across all sectors, indicating widespread challenges not just for heavy industries. The survey found: 47 per cent of companies said the current instability in the…