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Australasia

Oil and Gas Australasia

The Ichthys Explorer central processing facility

Inpex, Total secure more gas for Ichthys exports

"This acquisition is also supported by the efforts undertaken with Inpex in the Bonaparte CCS Assessment joint venture to appraise the area’s potential for geological storage of CO2, in order to abate CO2 emissions from the Ichthys LNG project.”

Kevin Gallagher, CEO of Santos, speaks to delegates at the APPEA conference 2022 in Brisbane, Australia.

Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices

Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.

All Australasia Posts

LNG

Chevron, Jera build CCS plans on LNG roots

“[Jera] are interested in whether there is a way to drop products such as hydrogen and ammonia into the LNG value chain,” said Jeff Gustavson, president of Chevron New Energies.

Oil & Gas

Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices

Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.

Oil & Gas

Australia’s Santos in $328m write-downs

Santos (ASX:STO) will take US$328 million ($470.8 million) in write-downs after slashing the volume of oil and gas reserves estimated in fields off Western Australia and other late-life ventures, despite increasing total reserves to a record level.

Australasia

Santos bags key Dorado environmental approval in Australia

Australian oil and gas producer Santos (ASX:STO) today reported that it has approval from the offshore petroleum regulator for its US$2 billion Dorado oil and gas project in Western Australia. Significantly, the news may ease concerns about the regulator’s harder approach towards project approvals since a court ruling last year.

Oil & Gas

Chevron to spend $26m on Australian CCS research

Chevron (NYSE:CVX) will contribute a combined A$38 million (US$26.4 million) to carbon capture and storage (CCS) research projects in Western Australia and Victoria, advancing knowledge of the critical emissions technology for a lower carbon future.

Australasia

Question mark over Beach’s LNG deal with BP as wells disappoint

Australia’s Beach Energy (ASX:BPT) has significantly cut estimated gas reserves at its LNG export project near Perth, Western Australia, by 11% following the Waitsia Stage 2 drilling campaign. BP (LON:BP) has an agreement to offtake the liquefied natural gas (LNG) volumes, which could be in doubt if the geology does not stack up as expected.

Australasia

Santos Barossa LNG project hit again by indigenous culture worries

The development of the Santos-operated Barossa offshore gas development that will backfill the Darwin LNG export plant in Australia looks set to be further delayed after the offshore regulator suspended planned construction of an offshore pipeline due to indigenous heritage concerns.

Asia

Inpex targets ramping up LNG output in tight market

Inpex, Japan's biggest oil and natural gas explorer, plans to accelerate its expansion of production and sales of liquefied natural gas (LNG) as it expects the LNG market will remain tight in the mid-term.