From 2012, New Zealand Petroleum & Minerals will publish annual Block Offers. This involves exploration companies competitively tendering on an annual basis for permits to explore for oil and gas in specific areas known as "blocks". The previous, priority-in-time method of permitting has now been removed.
The areas that have been short-listed for inclusion in the 2012 Release are included in GPinfo this month. Please note that the proposed areas and associated boundaries have not been finalised and are subject to change prior to the launch of the Release.
Further information on the new block offer approach please click here.
WestSide is also pleased to announce a significant upgrade to total Proved, Probable and Possible reserves (3P), after receiving a new reserves report on the Meridian SeamGas gas fields in the Bowen Basin. The report by MHA Petroleum Consultants found WestSide’s 3P reserves have increased 96% or 356 petajoules to 725PJ. Proved and probable (2P) reserves rose 17% to 258PJ and proved (1P) reserves jumped 86% to 6.5PJ. (Source: WestSide announcement, 16/02/2012).
Tap Oil Ltd has executed an agreement to sell its wholly owned subsidiary Tap (Harriet) P/L to a subsidiary of Apache Corporation for US$10 million. Tap (Harriet) P/L holds a 12.2229% interest in the Harriet Joint Venture as well as a 10% interest in WA-45-R, WA-46-R and a 20% interest in WA-334-P. Subject to approvals, Apache will assume all the liabilities and legal benefits of Tap (Harriet) P/L from an effective date 01/01/2012. (Source: Tap Oil announcement, 13/02/2012).
Shell has confirmed that it intends to sell its remaining 24% stake in Woodside Petroleum. Shell chief financial officer Simon Henry said Shell’s remaining stake in Woodside no longer fitted the company’s long-term plans but would only be sold at the right price. (Source: Energy News Premium, 06/02/2012).
Drillsearch Energy Ltd is pleased to announce that QGC P/L has given notice that it will exercise options it holds to subscribe to just over 31.5 million Drillsearch shares at 62 cents per share, raising $19.6 million of additional funding for Drillsearch. Following the issue of these shares, QGC will hold 9.4% of the issued ordinary shares in Drillsearch. (Source: Drillsearch Energy announcement, 01/02/2012).
Senex Energy have today announced their interest in PEL 115 will increase to 55% by committing to fund Orca Energy’s remaining 20% share of the cost of an unconventional gas well in the permit at an estimated cost of $1 million. In addition to the farm-in deal, Senex will subscribe to 115 million new shares in Orca to acquire a 19.99% holding in the company. Orca will issue the shares to Senex immediately at an issued price of 3.5 cents per share, the total cost to Senex will be $4.025 million. (Source: Senex Energy announcement, 01/02/2012).
Australia Pacific LNG P/L and Sinopec have today signed an amendment to their existing LNG sales agreement increasing the supply of LNG from 4.3 million tonnes per annum to 7.6 mtpa of LNG through to 2035 from Australia Pacific LNG’s facility on Curtis Island, Queensland. The signing of the agreement finalises the marketing of the second train. Furthermore, the parties have signed a Subscription Agreement for Sinopec to subscribe for an additional 10% interest in Australia Pacific LNG for a net consideration of US$1.1 billion. On completion, the ownership interest of Sinopec in Australia Pacific LNG will be 25%, with ConocoPhillips’ and Origin Energy’s ownership interest reducing to 37.5% each. The deal is subject to approvals by the Chinese Government and the Australian Foreign Investment Review Board and is conditional on Australia Pacific LNG reaching a final investment decision on the second train. (Source: Australia Pacific LNG announcement, 20/01/2012).
Clough has won a $350 million offshore hook up and commissioning contract for Chevron’s Wheatstone LNG project. Clough will provide labour, materials and an accommodation support vessel to assist Chevron with pre-commissioning, commissioning of integrated float-over deck systems, offshore hook-up, and start-up over a 40 month period. (Source: Energy News Premium, 02/02/2012).
Horizon Oil Ltd is pleased to advise that its board has today approved the Final Investment Decision on the Stanley field gas condensate recovery project in Western Province, PNG. Horizon expects to produce about 140 million cubic feet of gas, from which 4000 barrels per day would be recovered using a two train refrigeration plant. Any gas not sold would be re-injected into a reservoir and saved until required for sale, negotiations with potential buyers is currently underway. First production is targeted for the end of 2013. Furthermore, State nominee Petromin PNG Holdings Ltd is entitled to acquire up to a 22.5% interest at the time of award of a Production Development Licence by reimbursement of Horizon Oil and Talisman's allowable past costs associated with that interest and funding ongoing project costs. At that time, anticipated to be during Q3 in 2012, Horizon Oil and Talisman's interests will reduce to 38.75% each. (Source: Horizon Oil announcement, 27/01/2012).
The BAM Clough joint venture has received a Letter of Intent from the JKC Joint venture for a $140 million construction contract for work on the Ichthys LNG project. The scope of the work involves the design and construction of the module offloading facility for Ichthys. It is a key facility that will be used to offload modules being supplied under other subcontracts to assemble the LNG liquefaction plant. Construction is scheduled to commence in early 2013 with completion anticipated in early 2014. (Source: Energy News Premium, 07/02/2012).
The BAM Clough joint venture has also been awarded a $400 million jetty design and construction contract from Bechtel for the Wheatstone LNG project offshore Western Australia. The contract includes design and construction of a 1.2km jetty with an operations platform and product-loading platform with a single LNG and condensate berth along with associated piping modules and insulation. (Source: Oil & Gas Journal,
New South Wales
Joint Petroleum Development Area
In the Surat Basin, EPQ 7 was granted to Carbon Transport & Storage Corp (CTSCO) P/L on 20/01/2012. The licence will expire on 19/01/2024.
In the Galilee Basin, applications EPG 10, 12, 14 and 15 have been withdrawn.
In the Cooper Basin, application EPG 52 has been withdrawn.
In the St Vincent Basin, a 2 month suspension period has been granted to the Year 5 work program for GEL 226. Year 5 has been extended from 23/01/2012 to 23/03/2012. The licence will expire on 23/03/2012.
In the Pirie-Torrens Basin, a 2 month suspension period has been granted to the Year 5 work program for GEL 230. Year 5 has been extended from 23/01/2012 to 23/03/2012. The licence will expire on 23/03/2012.
In the Adelaide Fold Basin, GEL 337, GEL 338, GEL 339, GEL 503, GEL 504 and GEL 507 now consolidated under GEL 337. GEL 337 now covers 2,948 sq km.
In the St Vincent Basin, a 2 month suspension period has been granted to the Year 3 work program for GEL 425. Year 3 has been extended from 23/01/2012 to 22/03/2012. The licence will expire on 24/03/2014.
In the Adelaide Fold Basin, GEL 523 and GEL 524 now consolidated under GEL 523. GEL 523 now covers 2,612 sq km.
In the Arrowie Basin, GEL 576 has been granted to Near Surface Geothermal Energy P/L. The licence will expire 16/01/2017.
In the Gippsland Basin, sequestration gazettal area GIPP001 has been awarded as VIC/GIP001 to the Victorian Dept of Primary Industries’ CarbonNet Project. The licence was awarded on 10/02/2012 and will expire 09/02/2018. The licence gives the CarbonNet Project the right to explore for potential greenhouse gas storage formations within the licence area.
Papua New Guinea
Also in the Papuan Basin, the work program for PPL 268 has been varied -
Years 1-2: 50k 2D seismic, 1 exploration well
Years 3-5: 50k 2D seismic, 1 exploration well, licence review and commercialisation options
In the Papuan Basin, work program for PPL 269 is as follows -
Years 1-2: -reprocess 100k 2D seismic, 1 exploration well
A number of licences have been granted. Grant and expiry dates are yet to be verified -
Basin Licence Area (sq km) Licensee
N New Guinea PPL 313 2,144 YLP Holdings Ltd
Papuan PPL 323 1,276 Tescom Ltd
Papuan PPL 324 5,156 Tescom Ltd
Papuan PPL 328 85 Twinza Oil (PNG) Ltd
Papuan PPL 334 4,788 Samchang PNG Ltd
Papuan PPL 336 85 Samchang PNG Ltd
Papuan PPL 364 16,682 New Ports Holding 2 (PNG) Ltd
A number of new applications are pending -
Basin Licence Area (sq km) Licensee
Cape Vogel APPL 382 15,141 Destinee Energy Ltd
Papuan APPL 388 10,956 Petro Energy Ltd
N New Guinea APPL 391 2,406 Taurus Oil Ltd
Papuan APPL 394 2,657 Taurus Oil Ltd
Cape Vogel APPL 397 18,182 Penant Resources Ltd
Cape Vogel APPL 398 15,725 Pento Resources & Energy
New Ireland APPL 406 17,201 Petromin PNG Holdings Ltd
New Ireland APPL 407 18,156 Petromin PNG Holdings Ltd
New Ireland APPL 408 18,069 Petromin PNG Holdings Ltd
New Ireland APPL 409 11,954 Petromin PNG Holdings Ltd
New Ireland APPL 410 18,662 Petromin PNG Holdings Ltd
New Ireland APPL 411 18,243 Petromin PNG Holdings Ltd
New Ireland APPL 412 18,060 Petromin PNG Holdings Ltd
In the Papuan Basin, State nominee Petromin PNG Holdings Ltd is entitled to acquire up to a 22.5% interest in PRL 4 at the time of award of a Production Development Licence by reimbursement of Horizon Oil and Talisman's allowable past costs associated with that interest and funding ongoing project costs. At that time, anticipated to be during Q3 in 2012, Horizon Oil and Talisman's interests will reduce to 38.75% each.
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