• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 39 mins Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours U.S. Withdraws From U.N. Human Rights Council
  • 2 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 11 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 11 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 7 hours "The Gasoline Car Is a Car With a Future"
  • 4 hours Saudi Arabia turns to solar
  • 5 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 5 hours What If Canada Had Wind and Not Oilsands?
  • 1 hour China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 15 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 8 hours EVs Could Help Coal Demand
  • 5 hours Gazprom Exports to EU Hit Record
  • 15 hours WE Solutions plans to print cars
  • 21 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 23 hours Lloyd's of London excludes coal
Alt Text

Why LNG Prices Are Poised To Soar

Global liquefied natural gas prices…

Jen Alic

Jen Alic

 

More Info

Trending Discussions

Chevron Hits Australian Shale Gas Market in $349m Farm-In

Chevron Hits Australian Shale Gas Market in $349m Farm-In

Chevron (NYSE: CVX) has descended on the Australian shale gas market with a $349 million farm-in for two shale prospects covering some 810,000 acres in central Australia’s Cooper Basin.

Chevron will initially acquire a 30% working interest in block PEL 218 in South Australia, and an 18% working interest in block ATP 855 in Queensland. The blocks are controlled by Australia’s Beach Energy.

The deal gives Chevron the option of later increasing its interest in PEL 218 to 60% and its interest in ATP 855 to 36%.

The Cooper Basin is expected to have as much as 85 trillion cubic feet of gas, but we’re still up to 18 months away from commercial viability determinations at Cooper Basin.

Related article: Surging Australian Gas Prices Turn Asian Consumers Towards Russia

Earlier this month, PetroChina and ConocoPhillips also announced a shale gas exploration deal in Western Australia.

Australia's current annual domestic gas usage stands at 1 trillion cubic feet of gas.

We are now seeing a new trend in Australia that has foreign investors moving away from the focus on the country’s large conventional gas reserves and increasingly towards the unconventional plays. 

In 2012, Australia started talking about its shale gas resources, billing them as lower in liquids due to geological advantages. However, extraction and export will require significant investment in infrastructure. Cooper Basin, however, is one area where infrastructure is already largely in place because it has also been a focus of conventional production since the 1960s.

By. Jen Alic of Oilprice.com


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News