Oil and gas companies have paid a total of $11.1 million to secure the right to explore three areas offshore Western Australia and Victoria for the next six years. Each year the Federal Government invites companies to bid for the opportunity to invest in oil and gas exploration in Australian waters. Cash bid permits authorise the holder to apply to undertake exploration activities in the permit area. Australia’s independent offshore petroleum regulator, the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) assesses these applications. The latest cash bid auction wa... more

According to a new report by the New Zealand Institute of Economic Research (NZIER), the New Zealand Government’s decision to ban new oil and gas exploration permits could result in a series of impacts on the country's economy. As per Prime Minister Jacinda Ardern’s April 2018 declaration, there will be no further offshore oil and gas exploration permits granted in New Zealand, with all agreements with current permit holders to be honoured, but not renewed. According to the NZIER impact report, in terms of economic impacts, the ban is expected to reduce the country’s real gross domestic product betw... more

The Queensland resources industry has recommitted to playing its part in creating economic opportunities and jobs for Indigenous workers following the release of the latest ‘Closing the Gap’ report. According to the report, 6599 Indigenous Australians were employed by the mining industry, an increase of 250 per cent since 2006. The number of non-Indigenous Australians employed in mining also increased by 150 per cent over the same period. Despite these positive numbers, targets such as halving the gap in employment in 2018 and halving the gap in reading and numeracy by 2018, are not on track. Queen... more

The Pacific Islands Association of Non-Governmental Organisation (PIANGO) has called on Pacific governments to recognise the risks of seabed mining on marine environments, cultures and livelihoods. Seabed mining typically involves extracting submerged minerals and resources from the sea floor through dredging sand or lifting material in a similar manner. PIANGO Executive Director Emele Duituturaga states that it is becoming increasingly clear that the blue growth narrative by international organisations includes seabed mining despite threats to fisheries and ocean livelihoods in the region. “There is ... more

According to a report by GlobalData, global liquefied natural gas (LNG) regasification capacity is expected to grow 43 per cent between 2019 and 2023, from 45.7 trillion cubic feet (tcf) in 2019 to 65.9 tcf by 2023. Regasification is considered to be a process of converting LNG at −162 °C back to natural gas at atmospheric temperature. GlobalData's latest report reveals that Kuwait's national oil company, Kuwait Petroleum Corp, is expected to claim the title of the most new-build LNG regasification capacity additions with 1.2 tcf by 2023. GlobalData Oil and Gas Analyst Soorya Tejomoortula commented... more

The Australian Government has released a National Resources Statement, outlining its policy and long-term reform agenda for the resources sector. Minister for Resources and Northern Australia, Matt Canavan, states that there is a bright future for the resources sector given the economic growth occurring in our region. “By 2030, Asia will produce more than half the world’s economic output, consume 40 per cent of its energy and be home to a middle class of almost 3.5 billion people. Given this growth, and if Australia can maintain its global share of commodity production, at least 24,000 new direct jobs ... more

The Italian Parliament has approved a Bill to suspend oil and gas operations for 18 months to enable government authorities to evaluate the suitability of exploration areas for sustainable hydrocarbon exploration and production activities (The Plan). Under the new legislation it is intended that the Ministries of Economic Development and Environment review all areas in Italian onshore and offshore territories to determine which are suitable for sustainable hydrocarbon prospecting, exploration and development activities (E & P activities). All areas will be assessed on the basis environment, social an... more