LNG

Beach Energy Ltd, the Australian company involved in the Waitsia LNG export project in the onshore Perth Basin of Western Australia and in other natural gas ventures in South Australia and New Zealand, posted a fiscal first-half loss as it awaited major project completions.

Woodside Energy, the operator of the North West Shelf plant and Pluto LNG in Western Australia and still considering a merger with Australia’s Santos, said it welcomed an opportunity offered to contribute to the Australian Government’s development of a future gas strategy.

The Perth-based company said that with more than 200 submissions made to a consultation process undertaken by the Australian Department of Industry, Science and Resources (DISR), there was a growing recognition of the “pivotal role of gas” at a time when access to secure, affordable and reliable energy supply is becoming increasingly challenging.

“As many submissions identified, gas will play a key role in a responsible energy transition,” said Woodside.

“This was acknowledged by local and state governments, manufacturers, regional customers, power generators, think tanks and policy experts, business and industry groups and unions,” the company added.

Woodside explained that it supported the main objectives of the government strategy and saw them as interrelated goals.

Objectives

The objectives are: providing affordable and reliable energy for Australians; maintaining strategic partnerships and energy security in the region; and simultaneously progressing decarbonisation of trading partners and decarbonisation in Australia.

“Australia has the natural resources to support both the renewable and non-renewable energy developments which will be needed as populations increase and energy consumption rises,” explained Woodside.

“These natural endowments provide Australia with an opportunity to be a regional and global leader in the energy transition,” it added.

However, Woodside said that to achieve these goals the country needed policy settings that would embrace the opportunities presented by a strong Australian gas industry.

“The industry needs fiscal and regulatory stability if it is to continue to take investment risks and develop Australia’s resources,” Woodside declared.

“Government must also provide certainty to workers and businesses, including the Australian manufacturing sector, on the medium-term and long-term role of gas so they can make decisions and invest with confidence,” said the company.

Woodside added that its submission had put forward “practical and constructive” short-term and medium-term recommendations that address issues impacting the gas industry.

“These include improving the regulatory framework to ensure approvals are provided in a timely manner and with certainty. In this respect, it is encouraging that the Commonwealth and the Western Australian State governments are working to ensure there is clarity for all parties around the consultation requirements for offshore developments,” Woodside said.

Woodside Energy Chief Executive Meg O’Neill said liquefied natural gas and oil and gas production were the keys to Australia's future and outlined a three-point plan for the nation  to progress while taking care not to be undermined by climate extremists.

Woodside Energy, the oil and gas producer and operator of Australia’s foundation North West Shelf liquefaction and LNG export plant in Western Australia as well as the more recent Pluto LNG facility, has welcomed progress on the NWS extension project.

Woodside Petroleum, the operator of two LNG plants in Western Australia, said construction of the Pluto-Karratha Gas Plant Interconnector, the first step in realising Woodside’s vision for a regional LNG hub on the Burrup Peninsula, is now progressing with a completion date set for 2022.

The American Bureau of Shipping, the US classification society, has approved a new offshore repair method developed jointly by Japanese companies Modec and Toray Industries for hull structures of floating oil and gas production facilities essential to many LNG and energy projects.

Royal Dutch Shell swung back to a much reduced profit in the third quarter after heavy write-downs in the previous quarter, reflecting lower realised prices for oil and LNG as cargo sales declined 9 percent due to the Prelude FLNG hull being shutdown offshore northwest Australia.

Höegh LNG, the Norwegian project company and fleet owner, said it was business as usual on the high seas, at import terminals for deliveries and production plants for liftings despite the challenges.

Japanese LNG engineering company JGC Corp. said it was moving forward with its contracts in the southeast African nation of Mozambique and with the LNG Canada joint venture.

Hoegh LNG, the Norwegian shipping and project company, said the global market continued to grow as it was selected for three floating storage and regasification unit (FSRU) contracts and with various tenders also being processed as lower natural gas prices are helping import infrastructure demand in Asia.