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The Bullroarer - Wednesday 17 January 2008
Posted by Big Gav on January 17, 2008 - 6:54am in The Oil Drum: Australia/New Zealand
The West Australian - Pressure on gas giants to develop idle fields
A group of major WA gas users wants the Federal Government to put pressure on the petroleum giants in a bid to overcome the gas shortage which has forced wholesale gas prices to treble in the past 18 months. The consortium, which trades under the banner of the DomGas Alliance, is lobbying the Government to pressure the multinationals to develop their gas fields, rather than let them lie dormant, at a time when the State needs more gas to produce electricity and power industry.
Chairman of the DomGas Alliance Stuart Hohnen said it was possible that some consortiums were sitting on reserves without plans to develop the area properly in the near future. He said this could be a breach of the Government’s so-called use it or lose it policy under which companies which did not bring gas fields into production could have them taken away.
Federal Resources Minister Martin Ferguson has warned he will apply the policy more firmly in respect to 10 leases which are due for renewal in the next few months, most of which are believed to be off WA’s North-West coast. “There is a significant shortage of gas in the domestic market and we don’t think there should be support from the Government to (effectively) warehouse reserves,” Mr Hohnen said.
I'm hoping to have a longer post out on this topic in the near future...
Scoop.co.nz - Oil dependence driving mortgage costs
The Australian - Company tax cuts sought
HE oil and gas sector wants the Rudd Government to adjust company tax to reduce the effect of income tax on the economics of export LNG projects. Industry lobby group the Australian Petroleum Production and Exploration Association has renewed its call for a five-year write-off of depreciation on gas projects in a submission to the federal Government in the run-up to the budget. A similar recommendation from APPEA last year was roundly criticised by former resources minister Ian Macfarlane, who believed the gas processing industry was very profitable. ... APPEA is also proposing that a model native title agreement be considered.
The Australian - Record revenue for slick operator Stuart petroleum
The Australian - Beach upgrade Tipton gas field
BEACH Petroleum is continuing its transition from an oil and gas group into a coal seam methane operator with an upgrade to its Tipton West field. Tipton, near Dalby in central Queensland, is operated by 60 per cent holder Arrow Energy with Beach as its partner. It has lifted its proven reserves from the equivalent of 1.6 million barrels of oil in December to 11.5 million now. At the end of June last year Beach reported its total reserves at the equivalent of 89.6 million.
SMH - Woodside maintains '08 production target
Herald Sun - Iron ore is good, but it ain't oil
The West Australian - New call to lift uranium mining ban
The Australian - Uranium tailings dumped in bags
The Australian - India still eyes uranium sales
The West Australian - Paladin's Namibia mine met December uranium target
Trading Markets - Eden Energy to install India's first hydrogen dispenser
Herald Sun - GreenRock Energy imports German technology
Stuff.co.nz - Unique pipe laying ship arrives in Picton
One of the most advanced ships of its kind operating in the offshore oil and gas industry, it stands out from other vessels with its distinctive cotton reel-type spool aboard to hold pipeline. The 123m vessel will pick up welded pipeline from the Kupe Gas Project spoolbase in Shakespeare Bay with the operation getting underway today once a log ship has left Waimahara wharf. The undertaking, involving about 100 people on ship and shore, will run round the clock with 28km of pipeline to be uplifted in the Apache's three trips to Picton. Apache will be used to lay the gas pipeline between the Kupe wellhead platform and the production station near Hawera.
The Age - Study of Antarctica a vital task for future of us all
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Idle gas fields are good because the potential CO2 is perfectly sequestered.
To give any tax breaks or govt. assistance to the oil and gas sector would involve the govt. in a contradiction. We want to reduce CO2 emissions and we want to encourage exploitation of fossil fuels.
I suspect economic growth will trump morality, logic and everything else as we proceed to cook the planet.
Its the same everywhere - the industry is trying to get the same sort of tax breaks as it does in the US, where it is practically a taxpayer funded organisation as well as hugely profitable machine.
Look up "oil depletion allowance" and you'll realise what masters of soaking taxpayers these guys are...