Australia petroleum production and development – 2020
Joe KeithThe APPEA Journal 61(2) 341-346 https://doi.org/10.1071/AJ21007
Accepted: 19 May 2021 Published: 2 July 2021
Abstract
This Petroleum Exploration Society of Australia review considers the production and development of oil and gas in Australia over the year 2020. In a challenging year, which included commodity price wars and severe global impacts felt from the coronavirus disease 2019 (COVID-19), the Australian industry continued to produce high gas volumes due to sustained liquefied natural gas (LNG) output, and minimal decreases were seen in liquids production. Development approvals for large offshore projects did not materialise as expected in 2020 as operators reduced capital spend and focused on portfolio management in a year when oil prices fell by around USD 45 bbl. Critically, all major projects with an financial investment decision (FID) target of 2020/21 were not cancelled, but development decisions were instead deferred. By the end of 2020, domestic-focused gas projects continued to be pursued for development with a target to support the declining resources for the Australian east coast domestic gas market.
Keywords: COVID-19, development, domestic gas market, FID, LNG, production.
Joe Keith is a Technical Research Associate Director for the upstream Australasia team at IHS Markit. He is focused on Australasian exploration, field geology, reserves and production analysis and contract activity. After joining IHS Markit in 2013, he assumed the role of lead editor for Papua New Guinea in 2018. Over 15 years of experience in the oil and gas sector has provided Joe with opportunities to conduct offshore geophysical operations for Fugro across Australia, Papua New Guinea, the North Sea and Norway and geological well logging with Baker Hughes for drilling campaigns throughout Australia. Joe holds a Bachelor of Science in Geology with Oceanography from the University of Southampton, England and now resides in Perth, Australia, where he likes to spend time at the beach as a surf lifeguard. |
