Everything you missed in the break
The day following Energy News finished publications for the year, Shell’s floating LNG project, Prelude, had a fire onboard and as forced into a temporary shutdown. With strict regulations in place for Shell to meet it is now unclear as to when production will recommence, leaving a gap in the beginning of 2022 LNG exports.
During the same time, EnergyQuest reported string revenues for LNG from Australia as a result of recent large price surges, leaving a revenue 25% over 2020 at A$50 billion.
The report also detailed the following:
· The United States rapid expansion in export capacity;
· Qatar to increase nameplate capacity to 110 million tonnes per annum;
· Prelude’s outage; and
· The combination of the three may result in Australia losing its top spot as LNG exporter.
China has recently become Australia’s largest market, ahead of Japan.
Leigh Creek Energy has been granted its authorization under the Aboriginal Heritage Act. The coal-gasification and urea hopeful company can now develop its project in the Leigh Creek coal field.
Woodside Petroleum has been tipped to be one of the best oil and gas stocks this region, according to Bernstein Research. The company has just been granted an exploration permit WA-550-P in the North Carnarvon Basin. One of exploration project currently sits at an estimated cost of $47 million which is due sometime between 2025 and 2026.
Woodside is said to be unlikely to invest largely in future exploration unless it holds a high payoff.