Wednesday, November 20, 2019

Australia News

Woodside Sees Reserve Base Tripling

(File photo: Woodside)

Australia's Woodside Petroleum on Tuesday laid out plans to triple its gas and oil reserve base as it pursues projects worth over $36 billion in Australia, Senegal and Myanmar.Success in those projects would result in its reserve base reaching 3.7 billion barrels over the next seven years and help Woodside expand production by 6% a year over the next decade, it said."We believe we now have a compelling growth story," Woodside Chief Executive Peter Coleman told an analysts briefing in Sydney.Coleman's comments highlight Woodside's bullish view as crunch time approaches on major projects.

GasLog Sees Tighter LNG Shipping Market

Pic: GasLog

GasLog, an international owner, operator and manager of liquefied natural gas (LNG) carriers, is predicting a tighter LNG shipping market, as increasing United States LNG output combines with a seasonal uptick in demand for gas, resulting in rising demand for shipping and higher utilization of the global fleet.These underlying trends in the LNG commodity and shipping markets point towards a structurally tighter market through 2020 and into 2021.As of October 28, 2019, the LNG fleet and orderbook (excluding floating storage and regasification units (FSRUs) and vessels with capacity below 100…

Heavy Crude Demand Boosts Mitsui Profits

Higher demand in low-sulphur heavy crude ahead of new rules on shipping fuel is helping to boost the profit of Mitsui & Co as the Greater Enfield project in Australia began production in August as scheduled, the Japanese trading house's CEO said on Thursday."The timely start of production of fine-quality low-sulphur heavy crude at the upstream project had also a ripple effect to our energy trading unit in Singapore," Mitsui Chief Executive Officer Tatsuo Yasunaga told an analyst meeting.A Mitsui…

Santos Posts Record High Output

(Photo: Santos)

Australia's number two independent gas producer Santos Ltd on Thursday said third-quarter production and sales volumes peaked to record levels, benefiting from higher output from its Western Australia assets.Revenue of $1.03 billion was the second highest quarterly sales on record, the company said in a statement, while production surged 32% to 19.8 million barrels of oil equivalent (mmboe), beating an estimate of 18.9 mmboe by UBS."Another highlight of the quarter was the successful appraisal of the Dorado field which is one of the most exciting growth projects in our portfolio.

Woodside Targets Scarborough FID in Early 2020

(Photo: Woodside)

Woodside Petroleum Ltd has pushed out the final approval date for its mammoth Browse gas project but slightly brought forward plans to sign off on its smaller Scarborough project as it races to fill an anticipated global supply gap.Woodside, Australia's top independent gas producer, said on Thursday it is now targeting a final investment decision on the $20.5 billion Browse project in the first half of 2021 as it continues to wrangle with its partners. It had previously expected approval in late 2020.However…

Wood Names Cox as Americas CEO

Stephanie Cox is the new CEO of Wood’s Americas business (Photo: Wood)

Energy services company Wood said Stephanie Cox  will take over as CEO of its Americas business, succeeding Andrew Stewart who has been appointed executive president of strategy and development for the global business.Responsible for the firm’s $4 billion asset solutions business which employs around 20,000 people working across the US, Canada, Trinidad, Brazil, Mexico and Guyana, Cox will be based in Houston and report directly to Wood’s Chief Executive, Robin Watson.Cox joins Wood following a 28-year tenure with Schlumberger…

Santos Acquires ConocoPhillips’ Northern Australia Interests

Santos announced it has acquired ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa.Matt Fox, ConocoPhillips executive vice president and chief operating officer, said, “While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply, this transaction allows us to allocate capital to other…

Airswift Eyes APAC Growth

Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, announced two senior hires to build upon recent successes in the Asia Pacific (APAC) region. Fueled by the region’s energy and infrastructure markets, the appointments follow 20% year-on-year growth for the company.Based in Brisbane, Ryan Carroll has been appointed as Regional Director, Australia & New Zealand, where he will be responsible for all in-country operations. Carroll has four years’ recruitment experience in Australia across industries such as civil engineering…

Shell QGC Ships 500th LNG Cargo from Curtis Island

Curtis Island Liquefied Natural Gas, Queensland. Image: Bechtel

Shell’s QGC business, along with its joint venture partners CNOOC and Tokyo Gas, have shipped the 500th cargo of liquefied natural gas (LNG) from its LNG plant on Curtis Island, Queensland.The cargo will be delivered by Gladstone’s namesake vessel, the GasLog Gladstone, Shell said.Shell’s QGC Vice President East, Tony Nunan said: “The 500th LNG cargo safely completed loading today from our plant on Curtis Island, five years since the first cargo set sail.“It takes commitment and collaboration to safely and efficiently develop, process and supply gas to both domestic and international markets.

MOL Gets AIP for Wind Challenger Design

Image: MOL

Japan’s shipping major Mitsui O.S.K. Lines and Oshima Shipbuilding have jointly obtained Approval in Principle (AIP) from Nippon Kaiji Kyokai  (ClassNK) for the design of a hard sail system.The system converts wind energy to propulsive force with telescopic hard sail, and is a fundamental technology of the "Wind Challenger Project"  that MOL and Oshima Shipbuilding are spearheading.Along with other participating organizations, MOL and Oshima Shipbuilding have played a central role in research and development on the Wind Challenger Project…

Mitsui Looks to Sell BassGas Stake

Japan's Mitsui & Co has put its 40% stake in the BassGas project off southeastern Australia up for sale, the company said on Thursday.Mitsui's stake in the BassGas project, which includes the undeveloped Trefoil gas project, could be worth about A$360 million ($244 million), according to Credit Suisse. However, a person with knowledge of the asset estimated it at about A$140 million.Mitsui Australia's spokesman said Rothschild has been engaged to advise on the sale of the stake, which Mitsui acquired with its takeover of oil and gas producer AWE last year.

Woodside in LNG Supply Deal with Uniper

Image: Woodside

Australian LNG producer Woodside signed a heads of agreement (HOA) with Uniper Global Commodities SE for a long-term (13 years) supply deal which would kick off in 2021.The quantity of LNG to be supplied will initially be up to 0.5 million tonnes per annum (Mtpa), increasing to approximately 1 Mtpa from 2025.Woodside CEO Peter Coleman said the HOA, signed at Gastech in Houston, builds on previous LNG supply arrangements between Woodside and Uniper.“This HOA deepens our relationship with Uniper, an international energy company and a leading player in global gas markets.

ExxonMobil Looks to Sell Australian Assets

(Photo: ExxonMobil)

Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia, but output…

Inpex Eyes Australia Expansion

Ichthys LNG onshore facilities (Photo: Inpex)

Inpex Corp, Japan's top oil and gas company, wants to expand in Australia at its Ichthys liquefied natural gas (LNG) plant and through potential acquisitions, as part of a plan to become a major regional gas company, its Australian boss said."In Australia our focus is on fully utilizing our Ichthys LNG facilities while creating a solid base for future expansion," Inpex's president director for Australia, Hitoshi Okawa, told Reuters in an interview on Friday.Inpex completed construction last year on its first LNG project…

Woodside Looks to Sell Gas Assets

(Photo: Woodside)

Australian oil and gas producer Woodside is seeking to reduce its stakes in the Scarborough gas field at home and in Canada's Kitimat liquefied natural gas (LNG) project to cut its capital exposure, its chief executive told Reuters on Tuesday.The comments by CEO Peter Coleman came after speculation Saudi Aramco could be interested in Scarborough, a gas resource that, once developed, would feed into and expand Woodside's Pluto LNG production and export facility.Woodside holds a 75% stake in the Scarborough gas field and 50% of the Kitimat project in Canada…

Xodus Hires Rivers

Stephen Rivers (Photo: Xodus Group)

Energy consultancy Xodus Group said it has appointed Stephen Rivers as Subsea & Pipelines Manager for Asia-Pacific as the company targets strategic growth and new projects in the region. He will be based in in Perth, Australia.Rivers’ previous roles have included Engineering Director for Peritus International Pty Ltd and Senior Vice President for INTECSEA for Australia and New Zealand.With more than 30 years' in the oil and gas industry, Rivers commenced his career in subsea pipeline construction…

Australia Beats 2020 Clean Energy Target

Australia’s target for clean energy generation was reached last week (August 30) and wind and solar power are now the country’s cheapest sources of energy.

(Photo: © Adobe Stock / Imagevixen)

Australia has met its 2020 target for generating electricity from large-scale renewable energy a year ahead of plan, the Australian Clean Energy Regulator said, despite there being a slowdown in investment in wind and solar power.The target was set in 2001 by a conservative government and reduced in 2015 with bipartisan support, aiming forAustralia to generate 33,000 gigawatt hours (GWh) of electricity from large-scale renewable energy by 2020. The country’s current total power generation is about 260…

ADNOC Logistics Joins LNG MFI

Image: LNG MFI

The LNG Marine Fuel Institute, a non for profit organization based in Perth,  announced the membership of ADNOC Logistics & Services with the growing coalition of companies committed to Australian LNG is the primary marine fuel in transition to carbon free shipping.Captain Mohamed Al Ali, Senior Vice President - Ship Management at ADNOC Logistics & Services  said:  “Our partnership with LNG MFI will add value for the development of LNG as a marine fuel, contributing in supporting the marine industry in Australia and neighbouring countries…

China Bank Supports Hoegh LNG for New FRSU

Image: Watson Farley & Williams LLP

Hoegh LNG on its first ever sale and leaseback deal with China Construction Bank Financial Leasing (CCBFL) for its tenth Floating Storage Regasification Unit (FSRU), the Hoegh Galleon, which was delivered yesterday (August 27) and has been taken back on charter by Hoegh LNG for twelve years.Following the completion of the transaction, Hoegh LNG is now fully funded with both equity and debt for its current newbuilding program, which will be completed with the delivery of Hoegh Galleon in August…

Santos Profit Soars

(Photo: Santos)

Australia's No.2 independent gas producer Santos Ltd on Thursday posted a 89% jump in half-year profit, boosted by its acquisition of Quadrant Energy and strong output from its Cooper Basin fields in South Australia.Santos acquired Quadrant Energy last year in a $2.15 billion deal and in turn got an 80 percent stake in the promising Dorado oil find.The Adelaide-based gas producer on Thursday increased its forecast on savings from the acquisition to between $50 million and $60 million per year, from $30 million to $50 million.The Quadrant assets, along with the gas-rich Cooper Basin in Queensland, is the largest s