News

  • Renewables drive down wholesale prices

    NEWS

    Gas prices up, but renewables drive down wholesale prices

    In the first quarter of 2024, Australia's shift towards renewable energy generation continued to impact the country's electricity landscape, with renewable sources contributing 39 per cent to the grid, up from ... more

  • LNG remains top choice for lower-carbon shipping

    NEWS

    LNG remains top choice for lower-carbon shipping

    Liquefied natural gas (LNG) continues to be the fuel of choice for lower-carbon shipping, according to analysis by Rystad Energy, despite the rise in orders for vessels equipped with dual-fuel methanol and ammo... more

  • US reimposes Venezuela oil sanctions with door open for special licenses

    NEWS

    US reimposes Venezuela oil sanctions with door open for special licences

    The Biden Administration has announced the reimposition of sanctions on the oil industry in Venezuela, maintaining its stance that without a fair election, there will be no extension of the relief. This move... more

  • Woodside reports successful reserves update as a result of merger with BHP

    NEWS

    Woodside’s Q1 2024 report highlights production and revenue challenges

    Woodside Energy recently released its financial report for the first quarter of 2024, revealing a 7 per cent decrease in quarterly production and a 12 per cent drop in revenue compared to the previous quarter. ... more

  • Gas prices up, but renewables drive down wholesale prices
    24 Apr, 2024
  • LNG remains top choice for lower-carbon shipping
    22 Apr, 2024
  • US reimposes Venezuela oil sanctions with door open for special licences
    22 Apr, 2024
  • Woodside’s Q1 2024 report highlights production and revenue challenges
    22 Apr, 2024
NSW government bans seabed mining to protect coastline

NSW first in Australia to ban seabed petroleum exploration

18 Mar, 2024
The New South Wales government has taken a significant step towards protecting the state's beaches and coastal environment by introducing a ban on seabed petroleum and mineral mining off the NSW coast. This move makes NSW the first state in Australia to prohibit seabed petroleum and mineral exploration and mining, showcasing a commitment to safeguarding marine ecosystems. The Environmental Planning and Assessment Amendment (Seabed Mining and Exploration) Bill 2024, which received bipartisan support in the NSW Parliament, amends the Environmental Planning and Assessment Act 1979 to enforce the ban. The legislation prohibits seabed petroleum and mineral exploration and recovery in…
As project economics rebound, upstream FIDs to increase in 2024, with focus on deepwater resources

Surge in upstream projects expected for 2024

15 Mar, 2024
Wood Mackenzie's latest report indicates a potential increase in upstream projects reaching final investment decision (FID) in 2024, with up to 30 projects larger than 50 million barrels of oil equivalent (boe) expected to progress, compared to 22 in 2023. The report, titled Class of 2024: benchmarking this year’s upstream FIDs forecasts heightened project activity this year, with a total investment of $US125 billion and the potential for 14 boe to be sanctioned. Wood Mackenzie Principal Analyst Ross McGavin highlighted: "With many projects delayed or postponed, we expect operators to commit to more projects in 2024 than last year." National…
Europe gas prices to fall due to high 2024 storage levels

Europe gas prices to fall due to high 2024 storage levels

15 Mar, 2024
According to a new report by Wood Mackenzie, gas prices in Europe could drop to as low as US$6.70 per million British thermal units (mmbtu) in the summer, as storage levels are expected to remain above 55 per cent due to the mild winter. The report, titled Europe gas and power markets short-term outlook Q1 2024 notes that the mild European winter, the second in succession, will lead to European storage levels reaching 89 per cent by the end of July 2024, which will further push prices down. Wood Mackenzie Director of Europe Gas & LNG Markets Mauro Chavez explains:…
Transmission pipelines to lead US midstream projects in 2024 to 2028: GlobalData

Transmission pipelines to lead US midstream projects: GlobalData

13 Mar, 2024
The transmission pipelines segment is expected to dominate upcoming US oil and gas midstream projects by 2028, representing about 47 per cent of the projects between 2024 and 2028. These pipelines are critical components of the midstream sector, linking production areas to refineries, distribution centres, and export ports. They are known as "trunk" or "transmission" pipelines because they are the primary vessels of the pipeline network, transporting vast volumes of materials over long distances. According to GlobalData, 186 midstream projects are projected to start operations in the US during this period, with the trunk/transmission pipelines segment accounting for 87 projects,…
Petroleum production declines in Australia

Australian petroleum production declines after peaking in 2022

12 Mar, 2024
According to the recently released EnergyQuest quarterly March 2024 report, Australia's petroleum production peaked in 2022 and fell by 18 million barrels of oil equivalent in 2023. EnergyQuest links the drop in Australian production to a lack of discovery for new resources, claiming that the frontier spirit of exploration in Australia is waning as corporations are concerned about risks, expenses, and the necessity of exploration. Producing greener, low-carbon products is increasing internationally, but EnergyQuest draws a lesson from the nickel industry: obtaining a green premium from consumers is extremely difficult, despite greater prices. Green hydrogen is struggling with increased costs…
Oil and gas sustainability association celebrates 50 years

Oil and gas sustainability association celebrates 50 years

12 Mar, 2024
Ipieca has released a new page on its website celebrating its 50th anniversary. The association was established in 1974 at the request of the United Nations Environment Programme (UNEP) to act as the engagement channel between UNEP and the oil and gas industry on environmental and climate issues. In the five decades that have followed, the non-lobby association’s scope has expanded to also cover social performance and mainstreaming sustainability and it now works with a wide range of UN bodies across its strategic pillars of climate, nature, people and sustainability. The association brings experts from its member companies together with its partners in UN, NGO and…
Woodside reports successful reserves update as a result of merger with BHP

Woodside delivers climate action plan and progress to investors

12 Mar, 2024
Woodside CEO Meg O’Neill briefed investors on Woodside’s Climate Transition Action Plan (CTAP) and 2023 Progress Report today — the CTAP was released on 27 February 2024. The event consisted of a welcome speech from Woodside CP Investor Relations Marcela Louzada, an address from the Chair of the Board Richard Goyder, the main presentation and a follow-up Q&A conducted by CEO Meg O’Niell before Louzada’s closing speech. During the live webcast of the briefing, O’Neill said the CTAP contained additional information, requested by investors, about the company’s approach to climate change and the energy transition. This included further detail on…