News

  • roadmap

    NEWS

    AEMO roadmap finds a ‘crucial’ role for gas for decades

    Gas will play a crucial role for decades as a stabliser for the electricity grid in a cleaner energy future, according to a new 30-year roadmap by the national energy market regulator. The Australian Petrole... more

  • NEWS

    Oil spill at Montara Venture off Darwin coast: NOPSEMA

    On Friday 17 June the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) received notification of an oil spill at Jadestone’s Montara Venture Floating Production Storage and O... more

  • NEWS

    Bullish gasoline market wreaks havoc on European petrochemicals: ICIS

    Strong demand for gasoline in Europe and the US is having unprecedented impacts on Europe’s petrochemical markets, according to Independent Commodity Intelligence Services (ICIS). ICIS petrochemical market... more

  • Microfossils

    NEWS

    Microfossils provide clues about Australia’s petroleum potential

    Microfossils derived from the earliest land plants and extinct marine groups have been recovered from 42 samples taken from the Barnicarndy 1 well, drilled in partnership with the Geological Survey of Western A... more

  • AEMO roadmap finds a ‘crucial’ role for gas for decades
  • Oil spill at Montara Venture off Darwin coast: NOPSEMA
  • Bullish gasoline market wreaks havoc on European petrochemicals: ICIS
  • Microfossils provide clues about Australia’s petroleum potential

AEMO makes unprecedented decision to suspend energy market

AEMO has had to suspend the spot market in all regions of the National Electricity Market (NEM), stating it has become impossible to operate as is. AEMO applied a suspension pricing schedule for each NEM region and eligible generators who bid into the market during suspension price periods will be compensated. AEMO CEO Daniel Westerman said the energy market operator was forced to direct five gigawatts of generation through direct interventions, stating it was no longer possible to reliably operate the spot market or the power system this way. “In the current situation suspending the market is the best way…

Wage rises to be felt, but lack of skilled workers a bigger issue

The Fair Work Commission has announced a $40 a week increase to the National Minimum Wage, which amounts to an increase of 5.2 per cent, and a 4.6 per cent increase to minimum award wages, with a $40 minimum increase starting from 1 July. The increases will impact many sectors of the economy, but bigger issues still remain for resources and energy employers who are fighting a national skilled labour crisis, says Steve Knott AM, Chief Executive, Australian Resources and Energy Employer Association (AREEA). “[The] wage increases will add yet another substantial cost pressure to thousands of Australian businesses, particularly…

Sanctions weaken oil and gas construction pipeline in Eastern Europe

The sanctions placed on Russia as a result of the Russia-Ukraine conflict has led to a $237.5 billion decline in the Eastern Europe oil and gas project pipeline as restricted access to intermediate goods and international capital have halted the construction of numerous oil and gas projects, according to GlobalData. Jack Riddleston, Construction Analyst at GlobalData, comments: “These sanctions have weighed heavily on oil and gas project growth in Eastern Europe and caused extensive disruption to activity as countries plan to phase out Russian oil and gas entirely. Projects funded by foreign entities have also had funding pulled and restricted…

WA-designed offshore inspection system pushes frontier of robotics

Woodside has collaborated with industry to create a state-of-the-art offshore caisson cleaning and inspection tool (CCAIT system) that allows safe and cost-effective remote inspection of critical equipment on its offshore platforms. The one-of-a-kind system was designed, developed and deployed in less than 12 months via a collaboration led by Woodside Energy (Woodside) and incorporating Perth-based expertise from Nexxis, Monadelphous, WOMA, and Fugro. The CCAIT system incorporates a human-sized robot, designed to inspect the inside of caissons - vertical carbon steel pipes up to 70 metres long and up to 1.2 metres wide. These structures are used on offshore platforms to…

Australia’s climate change policy and emissions reduction targets

According to the S&P Global Commodity Insights Global Integrated Energy Model (SPGCI GIEM), Australia contributes around 1.1 to 1.2 per cent of global CO2 emissions and ranks 15th globally. Although Australia’s emissions are low compared to overall global emissions, its per capita emissions are around 3.4 times the global average and are among the highest in the world. Under the Paris Agreement, Australia submitted a Nationally Determined Contribution (NDC) that committed it to reducing emissions by 26 to 28 per cent below 2005 levels by 2030. However, there have been concerns that the committed emission reduction targets are not ambitious…

Australia’s energy market in a “challenging situation”

Australia’s new Energy Minister has warned of an impending gas crisis, saying Australian energy markets are “facing a perfect storm” and experiencing a “very serious and challenging situation”. Professor Ariel Liebman, Director, Monash Energy Institute, Faculty of Information Technology said huge amounts of coal seam gas have allowed to be exported with none reserved for Australia which has ultimately led to a situation where Australians are paying for gas prices at global parity. “Global gas prices are hyper sensitive to external changes in supply like the Russia-Ukraine conflict. This together with a cold snap and significant unexpected electricity outages have combined…

Woodside completes merger with BHP Petroleum

Woodside Energy Group Ltd and BHP Group Limited have completed the merger of Woodside with BHP’s oil and gas portfolio to create a global energy company. As a result of the merger, Woodside is a top 10 global independent energy company by hydrocarbon production and the largest energy company listed on the ASX. The larger, more diversified portfolio is expected to deliver significant cash flow to help fund committed projects, Woodside’s participation in the energy transition and shareholder returns. Woodside has commenced activities to integrate the two organisations, including standardisation of reporting across all jurisdictions. The update Woodside’s net profit…