Offshore staff
LONDON – Australia looks set to increase its oil and gas production this year, according to data and analytics company GlobalData.
The country will likely account for all final investment decisions (FIDs) on new field developments in 2020 and 71% of project starts. Over half the FIDs concern LNG projects, reinforcing the country’s position as world’s leading exporter of LNG, after it overtook Qatar in 2019.
Joseph Wisdom, upstream oil & gas analyst at GlobalData, said: “Of particular note regarding the upcoming LNG FIDs are Scarborough and Barossa [off northwest Australia], which together are expected to recover around 10 tcf of gas.
“However, there are smaller-scale projects also looking to capitalize on the country’s LNG situation. Equus would be the second FLNG project in the country, looking to take advantage of stranded gas assets in the area.”
Other predicted project starts in the Oceania region this year include Blackwatch, Haselgrove and Sole, all in Australia, and New Zealand’s Maui redevelopment and Supplejack.
First gas from the Sole field offshore Victoria had to be delayed in 4Q 2019 after issues in completing the Orbost gas plant, and local bushfires threatened the facility.
GlobalData estimates the recoverable reserves at 232 bcf. Development involves a single vertical offshore well connected via subsea pipelines to Orbost.
Offshore FIDs targeted for 2020 include Scarborough, Barossa, Equus, and Crux, all in Australia.
02/13/2020
