AUSTRALIA'S LNG INVESTMENT: $900 MLN
GT - Santos and its GLNG partners—Petronas, Total and KOGAS—will make a massive capital investment of $900 million in upstream developments in the Maranoa, Western Downs, Central Highlands and Banana regions in Queensland this year.
As well as upstream developments around the Fairview, Scotia and Arcadia fields, this investment includes the first year of funding for the new $750 million Roma East project which will be developed over the next three years.
Santos' Executive Vice President Onshore Upstream Brett Woods joined Queensland Minister for Mines and Energy Dr Anthony Lynham to launch the Roma East project, following the drilling of the first of 430 new wells this month.
"This important project will create up to 400 construction jobs and local business opportunities in the Roma area, helping to sustain and boost the benefits of Santos' and GLNG's earlier investments in the region," said Mr Woods.
"Roma East will also add nearly 50 PJ a year to gas production in Queensland in 2020 – equivalent to about 8 per cent of expected east coast domestic gas demand this year. This is great news for both the domestic gas market and our LNG exports."
Mr Woods said that as a proudly Australian company, Santos is delighted to support jobs and investment in regional Queensland.
"Santos has been part of the Roma community for more than 50 years and we want to continue to invest in the Roma area for many years to come,"said Mr Woods.
Dr Lynham said Santos' investment in the Roma East Field would mean jobs, business opportunities, and royalties for Queenslanders as well as more gas supply for the Australian market and for LNG exports.
"We welcome this sign of confidence by Santos in Queensland as an investment destination," said Dr Lynham.
The Roma East project will involve bringing on line another 480 wells including drilling around 430 new wells, connecting existing appraisal wells, and drilling pre-development wells in the surrounding areas.
The project will also include around 420 km of water, gas gathering and other pipelines, 120 TJ per day of additional compression, 670 km of power lines and around 25 km of fibre optic cables.
A new water-handling facility for irrigation and over 200 hectares of additional irrigation in the Roma area will improve livestock carrying capacity for some local landholders.
GLNG is a joint venture between Santos (30 per cent) and PETRONAS (27.5 per cent), Total (27.5 per cent) and KOGAS (15 per cent).
|September, 21, 11:00:00|
|September, 21, 10:55:00|
|September, 21, 10:45:00|
|September, 21, 10:40:00|
|September, 21, 10:35:00|
|September, 21, 10:30:00|
U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014
OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.
ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.
PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.