Chevron abandons drilling plans on Great Australian Bight, company blames low oil prices

ABC News, 13 October, 2017.

Major international energy company Chevron has announced it has joined BP in abandoning plans to drill in the Great Australian Bight on South Australia’s west coast. It said while the Bight had massive potential, low oil prices had forced it to concentrate on other projects. Chevron said the decision to ditch its $400 million plans had nothing to do with government policy, regulatory, community or environmental concerns. In October last year BP announced it would not proceed with exploration drilling in the Bight.

Chevron’s decision has disappointed the Australian Petroleum Production and Exploration Association. The association’s director Matthew Doman said success in the Bight would ease Australia’s reliance on imported oil and deliver much-needed new investment and jobs to South Australia. “Chevron has made clear its view that the resource potential of the Great Australian Bight remains significant, but their decision is a reminder that much-needed investment in developing Australia’s energy resources cannot be taken for granted,” Mr Doman said.

“While several other companies continue to develop exploration plans for the Bight, the international environment for the oil and gas industry is challenging.”

For more follow the link:

http://www.abc.net.au/news/2017-10-13/chevron-abandons-oil-drilling-on-great-australian-bight/9045870

NOVATEK Joins the Society for Gas as a Marine Fuel and the SEA\LNG Association

Moscow, 14 July 2017.

Novatek Gas & Power, a wholly owned trading subsidiary of NOVATEK has joined the Society for Gas as a Marine Fuel and the SEA\LNG Association to help promote liquefied natural gas (LNG) as a marine fuel. Both organizations are active in promoting the increased use of cleaner burning LNG for marine transportation.

novatek_joins_SGMF_2017

Shell to shut Curtis Island LNG export plant for maintenance in October

(World LNG News, 14 Jul 2017)

The exact timing of the shutdown has not been revealed by QGC, Shell’s unit operating the two two-train LNG export facility. QGC, Australian coal seam gas (CSG) producer became part of Shell when the Anglo-Dutch giant acquired BG Group in a $54 billion deal in February last year. The QCLNG plant located on Curtis Island off Gladstone produces about 8 million tons per year of LNG, enough to load around ten vessels per month. China’s CNOOC holds 50 percent equity in Train 1 while Japan’s Tokyo Gas owns a 2.5 percent stake in Train 2.