Australia’s offshore oil and gas industry has welcomed the passage of greenhouse gas storage legislation which is the world’s first regulatory framework for carbon dioxide capture and geological storage.
The Australian Petroleum Production & Exploration Association (APPEA) today announced its seal of approval for the Offshore Petroleum Amendment (Greenhouse Gas Storage) Bill 2008. The legislation will establish a new range of offshore titles allowing companies to inject and store greenhouse gases in geological formations within Australian Commonwealth waters. APPEA chief executive Belinda Robinson said the bill was an important piece of legislation that placed Australia at the forefront of legislation and regulation. “APPEA has fought hard to ensure that existing petroleum titleholders are given a high level of protection for existing property rights while allowing, and in the case of some operators, facilitating greenhouse gas storage,” Robinson said today.
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Thursday, November 13, 2008
Woodside saddles up for Pluto probes
Woodside is set to drill up to nine more wells next year to shore up additional gas reserves needed for its Pluto LNG second train expansion project in Australia despite poor results from the last three holes drilled in the Pluto exploration area.
The Australian giant is set to drill between six and nine wells next year, most of which will be in the WA-404-P permit, where preliminary results from the 3166 square kilometre Colombard 3D seismic sweep have been “encouraging”. In an investor briefing presentation, Woodside said the first well to be drilled in the licence it holds with equal partner Hess, will target the Martell prospect. The Martell probes are planned for December this year and February next year. The Perth-based company is also preparing to drill the Pyxis prospect in permit WA-34-L and will take a decision to drill in licences WA-347-P, WA-348-P and WA-353-P after seeing the results from the 6484 square kilometre Armagnac 2D seismic shoot. Last month Woodside's chief executive, Don Voelte, said that it was focused on delivering the Pluto train 1 by the end of 2010 and capturing growth opportunities for trains 2 and 3. Woodside needs to find a new gas supply for the second train soon or risk being unable to roll over the construction workforce from Pluto’s first train to the project’s second train. The company said at the investor briefing that it is also open to developing the second train wholly or partly as a gatherer of other companies’ gas. Pluto project capital investment is likely to climb from an estimated A$5.5 billion (US$3.5 billion) this year to A$7.3 billion next year due to increased spending on the project. The first Pluto LNG train will have production capacity of 4.3 million tonnes per annum and is being built in modules by Sino-Thai of Thailand. Woodside has indicated the second train is not likely to be as large as the first train, although the company has government approvals for up to 12 million tpa at the Pluto site.
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The Australian giant is set to drill between six and nine wells next year, most of which will be in the WA-404-P permit, where preliminary results from the 3166 square kilometre Colombard 3D seismic sweep have been “encouraging”. In an investor briefing presentation, Woodside said the first well to be drilled in the licence it holds with equal partner Hess, will target the Martell prospect. The Martell probes are planned for December this year and February next year. The Perth-based company is also preparing to drill the Pyxis prospect in permit WA-34-L and will take a decision to drill in licences WA-347-P, WA-348-P and WA-353-P after seeing the results from the 6484 square kilometre Armagnac 2D seismic shoot. Last month Woodside's chief executive, Don Voelte, said that it was focused on delivering the Pluto train 1 by the end of 2010 and capturing growth opportunities for trains 2 and 3. Woodside needs to find a new gas supply for the second train soon or risk being unable to roll over the construction workforce from Pluto’s first train to the project’s second train. The company said at the investor briefing that it is also open to developing the second train wholly or partly as a gatherer of other companies’ gas. Pluto project capital investment is likely to climb from an estimated A$5.5 billion (US$3.5 billion) this year to A$7.3 billion next year due to increased spending on the project. The first Pluto LNG train will have production capacity of 4.3 million tonnes per annum and is being built in modules by Sino-Thai of Thailand. Woodside has indicated the second train is not likely to be as large as the first train, although the company has government approvals for up to 12 million tpa at the Pluto site.
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Shipbuilding cancellations don’t translate in a decrease of the orderbook says Worldyards
With the dry bulk shipping industry in dire straits and everybody hoping for a market rebound as soon as possible, many eyes are turning towards shipbuilding activity, or rather shipbuilding inactivity, thus ship cancellations.
The equation is simple: less tonnage on the market, rates increase. This of course, provided that cargoes will start flowing back into the market. Some analysts and researchers have estimated that ship cancellations are now at about 200 vessels, which is equal to a little more than 2 percent of the global orderbook. With credit availability deteriorating and some yards facing liquidity problems, not to mention the poor state of the freight market, analysts suggest that this percentage could jump to anywhere between 30 and 50%. But could this scenario actually materialize, or is it pure fiction and fuels further uncertainty in the market? Worldyards, a research company specializing in shipbuilding released a report early in the week, in an attempt to set things straight. It said that “it is completely wishful thinking to expect that cancelled orders are equal to cancelled capacity”. That is because one cannot cancel an effective contract, unless very specific sets of conditions are met. “Only after a contract is effective, actions are taken, consequences are created which affects the supply and demand of ships. Yards will lodge deposit for key equipments (established yards do not necessarily order main engines on back-to-back basis with orders for ships because they intend to build a long series of standard vessels; but most of the greenfield yards will only pay their suppliers only after they receive the first instalment; all yards will order equipment after firm contract if the equipment in question is highly specialised, or for one-off projects, such as 300mt heavy-lift cranes). Owners will arrange financing (only possible by assigning the R/Gs) and fix charters. In other words, what distinguishes signed contracts from effective contracts is whether money has changed hands” says Worldyards.
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The equation is simple: less tonnage on the market, rates increase. This of course, provided that cargoes will start flowing back into the market. Some analysts and researchers have estimated that ship cancellations are now at about 200 vessels, which is equal to a little more than 2 percent of the global orderbook. With credit availability deteriorating and some yards facing liquidity problems, not to mention the poor state of the freight market, analysts suggest that this percentage could jump to anywhere between 30 and 50%. But could this scenario actually materialize, or is it pure fiction and fuels further uncertainty in the market? Worldyards, a research company specializing in shipbuilding released a report early in the week, in an attempt to set things straight. It said that “it is completely wishful thinking to expect that cancelled orders are equal to cancelled capacity”. That is because one cannot cancel an effective contract, unless very specific sets of conditions are met. “Only after a contract is effective, actions are taken, consequences are created which affects the supply and demand of ships. Yards will lodge deposit for key equipments (established yards do not necessarily order main engines on back-to-back basis with orders for ships because they intend to build a long series of standard vessels; but most of the greenfield yards will only pay their suppliers only after they receive the first instalment; all yards will order equipment after firm contract if the equipment in question is highly specialised, or for one-off projects, such as 300mt heavy-lift cranes). Owners will arrange financing (only possible by assigning the R/Gs) and fix charters. In other words, what distinguishes signed contracts from effective contracts is whether money has changed hands” says Worldyards.
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Australian-flagged ships sink to record low
Sydney: An impassioned statement from Australia's Maritime Union reveals that the size of the country's trading fleet has been reduced to an all-time low level.
The current total of 96 ships represents a decline of 15% over the past eight years. Of this total only 60 per cent are currently Australian registered and crewed. In stark contrast, the number of voyages carrying cargo between Australian ports undertaken by foreign-flagged vessels has surged by 56.4 per cent between 2005 and 2007. “The government review of shipping policy and regulation is a critical step towards addressing these issues and ensuring the revitalisation of Australian shipping," said Maritime Union of Australia's Warren Smith. Earlier this year Federal Infrastructure Minister Anthony Albanese commissioned an inquiry into coastal shipping policy and regulation.
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The current total of 96 ships represents a decline of 15% over the past eight years. Of this total only 60 per cent are currently Australian registered and crewed. In stark contrast, the number of voyages carrying cargo between Australian ports undertaken by foreign-flagged vessels has surged by 56.4 per cent between 2005 and 2007. “The government review of shipping policy and regulation is a critical step towards addressing these issues and ensuring the revitalisation of Australian shipping," said Maritime Union of Australia's Warren Smith. Earlier this year Federal Infrastructure Minister Anthony Albanese commissioned an inquiry into coastal shipping policy and regulation.
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Qatar to develop new world-class port
Qatar will develop a new world-class port with state-of-the-art facilities and terminals by 2014.
Construction work on the new port in Doha is scheduled to begin by the end of next year in the coastal area north of Mesaieed and south of Wakrah. Two contracts totalling US$164.23 million were signed for the engineering design and management of the project this week. The new facilities would cover 20,000 square metres of land.
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Construction work on the new port in Doha is scheduled to begin by the end of next year in the coastal area north of Mesaieed and south of Wakrah. Two contracts totalling US$164.23 million were signed for the engineering design and management of the project this week. The new facilities would cover 20,000 square metres of land.
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