Australia is the only country in the Oceania region to increase oil and gas production by 2020, according to oil and gas news on February 15.
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According to global data, a leading data analysis company, the country covers all final investment decisions in the coming year, with 71% of projects already under construction. By 2020, with more than half of the FIDS associated with liquefied natural gas (LNG) projects, Australia appears to remain the largest exporter of LNG. 2019 is the first year that the country’s LNG export volume exceeds Qatar’s in a continuous year.
Joseph wisdom, an upstream oil and gas analyst at global data, commented: “it is particularly noteworthy that the final investment decision of the two projects, Scarborough and Barossa, is expected to produce a total of about 10 trillion cubic feet (TCF) of natural gas. However, there are also smaller projects that want to take advantage of the country’s LNG situation. Jacobs will be the country’s second flng project, hoping to take advantage of the region’s idle natural gas assets. ”
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In Oceania, some key projects launched in 2020 include Blackwatch, haselgrove and sole, all located in Australia, and Maui redevelopment project and supplejack in New Zealand.
In the sole project, the first batch of natural gas was delayed in the fourth quarter of 2019 due to delays in the completion of the natural gas plant in obost, Victoria, and the threat of bushfires to the plant. Recoverable reserves are estimated at 232 billion cubic feet (BCF). The development includes a single vertical offshore well connected by pipeline to the obost gas plant.
As for FID, the key projects in Oceania to reach FID in 2020 include Scarborough, Barossa, Jacobs and cruise, all located in Australia.
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