Development and production review 2022
Martin Wilkes A *A RISC Advisory, 1138 Hay Street, West Perth, WA, Australia.
The APPEA Journal 63 S26-S31 https://doi.org/10.1071/AJ23018
Accepted: 10 March 2023 Published: 11 May 2023
© 2023 The Author(s) (or their employer(s)). Published by CSIRO Publishing on behalf of APPEA.
Abstract
The Petroleum Exploration Society of Australia (PESA) Year in Review Development and Production review looks back at the oil and gas production and development activities in Australia in 2022, with a look at both the historical context of these activities, and the future implications. With the invasion of Ukraine, increasing inflationary pressures, supply chain problems, the prospect of a global recession looming, the impact of COVID-19 still lingering, and increased activism around climate change issues, sentiment was subdued for most of the year, yet there were still several highlights and events. Liquefied natural gas (LNG) production again hit record high levels although, as expected, Australia lost its position as the top LNG exporting country in the world to the USA. The development of the Scarborough/Pluto 2 LNG project continued, as did the Barossa project, although the latter hit legal and approval hurdles resulting in suspension of drilling activities (which are not expected to impact the overall schedule). Final investment decisions were taken on the further development of the Kipper field in the Gippsland Basin, the Crux project in the Browse Basin and the Walyering project in the Perth Basin. The domestic markets continue to have unique issues with major concerns about gas supply in the East co-existing with stalled developments and falling supply in the Northern Territory in stark contrast to the West, where there is significant development and take-over activity.
Keywords: CCS, emissions, FID, gas, LNG, oil, shortage, shut down, start-up.
Martin Wilkes MEng CEng CEnv FIChemE is the Managing Director of RISC, an independent International Energy Advisory company headquartered in Perth, Western Australia. Since joining RISC in 2010 he has provided advice to clients on hundreds of projects, including over 30% of the world’s LNG projects, and several multi-billion-dollar transactions. He became Managing Director in 2017. Martin has worked in the energy industry for over 30 years, holding a range of international positions including project development, corporate governance, technical training, research and development, and business leadership. Martin is a Chartered Engineer and a Chartered Environmentalist. He is a Fellow of the Institution of Chemical Engineers and a member of the Association of International Energy Negotiators (AIEN). He has a Master of Engineering Degree from the University of Newcastle upon Tyne in the UK. |
