US Company Chevron Corp have just announced drilling success in the Carnarvon Basin offshore of Western Australia; this has been closely followed by Woodside Petroleum Ltd. It seems that Australia is the gift that keeps on giving and investment into exploration and production is proving itself popular among Australia’s neighbors.
Limited oil reserves mean that Australia and its leading industry executives are looking to gas for the future. In the last few years alone gas has shown remarkable growth both in domestic and export markets. With over 190 TCF (trillion cubic feet) of gas resources still untapped industry execs have stated their claim that “more investment is a guarantee not a probability.”
Dr Beverly Ronalds, the Group Executive; Energy at CISRO, has a budget of $140 million and has agreed to meet at the Next Generation Gas Australia event. Companies have been looking at the development of unconventional gas such as CSG (coal seam gas) which have been proposed as the best bet for reducing emissions. This has been backed by Westside Corporation who have just completed drilling three new appraisal wells in Queensland's Bowen Basin and will join the NG Gas Australia committee. CSG is also the best bet for Australia in their quest to become the largest LNG exporter in the Asia Pacific region.
According to the Australian Parliament, gas exports are projected to increase to around 60 percent of production by 2020. We are about to enter the next stage of a ‘gas boom’ that will enrich the economy and see Australia emerge as a key supplier of raw materials fuelling Asia’s development. The recent discoveries in both the Pluto and Wheatstone projects are just a couple of those planned around Australia to target the rising demand for cleaner burning fuel, both globally and more specifically in Asia,
With so much change on the horizon the industry needs to invest in the future. This has lead to the congregation of executives from Adelaide Energy, Central Petroleum, Amadeus Energy, Icon Energy and Santos who will be meeting to discuss their investment plans, new drilling and production technologies and how to make gas extraction from these sources commercially viable and environmentally friendly.
Across industry sectors we are seeing the growth opportunities across Australia and reaping the rewards but we must be aware of the challenges involved in such rapid growth. Organizations must overcome the potential delays in development in order not to slow the process of delivery to those continents becoming more and more reliant on Australia’s resources.
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