Business Performance and Governance Visual Presentation B01: The rising significance of the Perth Basin
Krishan Pal Birda A *A
Krishan Pal Birda is a Senior Analyst who leads Rystad Energy’s Australasia Upstream Research & Analysis team. In addition to monitoring regional activity in Australasia and among E&P companies, he oversees the Australasia Solutions product. His other responsibilities include publishing frequent analyses, product development, and assisting clients on expert matters. Krishan specialises in the Australian gas & LNG markets as well as coal seam gas modelling. He has been employed with Rystad Energy for over 5 years and has a background in Civil Engineering. |
Abstract
Business Performance and Governance Visual Presentation B01
Amid a nationwide struggle to revitalise exploration and development activity in the Australian oil and gas industry, the Perth Basin emerges as a beacon of hope. During 2003–2005, the basin experienced a peak in exploration activity, averaging an impressive 13 wells drilled per year. However, mirroring the sector’s broader nationwide trend, the Perth Basin then saw a decline in drilling, with an annual average of just three exploration wells over 2006–2022. Nevertheless, a turnaround is in progress, with the basin poised for the drilling of eight exploration and appraisal wells in 2024. The turning point for the basin can be traced back to the Waitsia discovery in 2014 which rekindled interest and activity in the region, resulting in nine distinct gas discoveries and a subsequent doubling of the basin’s estimated gas resources. Against the backdrop of projected gas shortfalls in Western Australia’s domestic market, players in the basin have ambitious development plans amid rising gas prices. We expect that the Perth Basin could contribute up to 30% of WA’s domestic gas supplies by 2030, compared to a modest 5% in 2023. Notably, a substantial portion of WA’s new gas supplies are expected to originate from the Perth Basin. This paper examines the resurgence of activity and interest in the Perth Basin, driven by surging valuations and its growing significance within the domestic gas market. It also examines the commercialisation pathways in light of the updated ban on onshore gas exports in WA.
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Keywords: appraisal, basin, discovery, domestic, drilling, exploration, gas, market, outlook, Perth, resources, supply, WA, wells, Western Australia.
Krishan Pal Birda is a Senior Analyst who leads Rystad Energy’s Australasia Upstream Research & Analysis team. In addition to monitoring regional activity in Australasia and among E&P companies, he oversees the Australasia Solutions product. His other responsibilities include publishing frequent analyses, product development, and assisting clients on expert matters. Krishan specialises in the Australian gas & LNG markets as well as coal seam gas modelling. He has been employed with Rystad Energy for over 5 years and has a background in Civil Engineering. |
