A new geology-based assessment by the U.S. Geological Survey (USGS) has discovered previously unknown continuous recoverable resources of roughly 46.3 billion barrels of oil and 281 trillion cubic feet of gas in the Wolfcamp shale and Bone Spring Formation of the Delaware Basin in the Permian Basin Province, southeast New Mexico and west of Texas. Director of the USGS, Dr Jim Reilly, sa... more

Partnering with maritime data specialist CargoMetrics, the Economist Intelligence Unit (EIU) has developed a high-frequency indicator of the adequacy of global oil supplies. The Oil Adequacy Index harnesses CargoMetrics’ real-time data on crude oil exports from OPEC, the U.S and Russia, which reflect real output from the region 8-10 weeks ahead of officially published data. Combined with weekly crude oil production data from the US, this provides the EIU with a proxy of total changes in global oil supply each week. In the week ending 23 November, the global oil market tightened slightly, with nine of the... more

The University of Western Australia (UWA) has launched a new centre which will drive research into innovative subsea engineering technologies to benefit oil and gas production. In partnership with Chevron and Woodside Energy, the Centre for Long Subsea Tiebacks will heighten the state’s global reputation in deep water energy production and maintain its competitiveness in the LNG market. Through collaborative research, the centre aims to improve the oil and gas industry’s understanding of hostile deep-sea conditions and create innovative solutions to enhance the economic feasibility of remote offshore ... more

The International Standards Organisation (ISO) has unveiled a draft version of the first set of global standards for drone operations and is inviting professionals, academics and businesses to submit comments by 21 January 2019. The standards address operational requirements for aerial drones, with protocols for both safety and security – including the promotion of no-fly zones, the need for flight log protocols, maintenance, training and flight documentation. They also address public concerns over privacy and data protection by requiring operators to have appropriate systems to handle data alongside com... more

The United States is on track to become a net exporter of petroleum for the first time since at least 1949, with additional trade deficit gains expected. According to a new report by business information provider, IHS Markit, the boom in U.S oil and gas production over the past decade has exerted a moderate force on what is a large domestic merchandise trade deficit by helping reduce the country’s net petroleum imports. The report found that the total U.S. merchandise trade deficit in 2017 was nearly $250 billion lower than it otherwise would have been if the petroleum trade deficit remained at its 2007... more

The Government of Western Australia has announced its position on hydraulic fracturing, stating that fracking will not be permitted in 98 per cent of the state.  Following an independent scientific inquiry led by respected environmental scientist and researcher, Dr Tom Hatton, WA Premier Mark McGowan said the WA Government will only lift the fracking moratorium on existing onshore petroleum titles, concluding that the risk to people and the environment is low. “We've delivered our election promise to ban fracking in Perth, Peel and the South-West, and now we're introducing new world-class strict control... more

The Hon Treasurer Josh Frydenberg MP has announced his final decision regarding the consortium led by CK Asset Holdings Limited (CK Group) and their proposed acquisition of APA Group. APA Group owns and operates approximately $20 billion worth of energy infrastructure, including 15,148 kilometres of transmission pipelines and 28,600 kilometres of gas mains and pipelines in Australia. The company also has interests in gas storage and processing, gas-fired and renewable energy power generation businesses across the nation. In August this year, APA Group announced that the company had entered into a Conditio... more