Release Date: 10-Aug-2012
The tenth largest exporter of natural gas, fourth largest exporter of LNG, world’s largest exporter of coal and already a major player in the recently found coal seam gas has added shale gas to its never decreasing fossil fuel repertoire. According to a recent report “Australia Shale Gas Market Analysis” published by KuicK Research, massive quantities of shale gas have been found in Australia that can catapult its natural gas export business and LNG business to unprecedented heights. Australia has found about 396 Trillion Cubic Feet of recoverable reserves beneath its surface and with the shale gas boom spreading like a wild fire all over the world the country is not going to be left behind. Shale gas, although spread throughout the country, is concentrated in four of its major basins viz. Cooper, Canning, Perth and Otway basins. The domestic companies have started acquiring licenses of the shale blocks for the primary reserve estimation marking the commencement of the shale gas development in the country.
The report says that the government has fast tracked the development of shale gas reserves and companies have started investing huge sums of money to this effect. Beach Energy, the country’s largest natural gas producer has bought licenses of 90% of the Cooper basin and has pledged AUD 355 Million to be spent for its development in 2012. AWE, a company that has acquired assets in Eagle Ford shale play in the US, owns about a third of the Perth basin shale gas reserves. The sector is looking at a total investment of AUD 95 Million in the next couple of years which will cement the estimates and give a better and clearer production picture. The current production is negligible but companies are targeting 2013 to 2015 for the initiation of the shale gas production.
There has been a lot of international investment as well apart from the domestic companies putting in the money. Conoco Philips, a US oil and gas major, has entered into a joint venture with New Standard Energy Limited for its assets in the Goldwyer project in the Canning basin for which it has committed AUD 108.2 Million. Bharat PetroResources, a subsidiary of the Indian oil and gas conglomerate Bharat Petroleum Corporation Limited, has bought 50% of Norwest Energy’s stake in two shale gas blocks in the Perth Basin for AUD 15 Million. China National Offshore Oil Company has bought 50% stake in five shale gas basins from Exoma energy in the Queensland state. Such and many more statistics have been provided in the report that details the future of shale gas development.
These domestic and foreign investments during the current embryonic stage indicate towards the unbound future of Australia’s shale gas development. For the next couple of years the exploration and appraisal activities are going to dominate the shale gas future after which production activities will take over the investments. Lack of technological expertise will not deter the country’s shale gas ambitions as many shale gas development masters are investing and buying licenses in Australia which will give the domestic companies a chance to learn the technical tactics. The research report gives a bright picture of shale gas in Australia.
The research report “Australia Shale Gas Market Analysis” published by KuicK Research is a detailed text that comprehensively explains the future of shale gas in Australia along with the rationale and the conditions bringing about such a positive change in the fossil fuel landscape of the country. Australia is all set to take over Qatar as the world’s largest LNG exporter after the commencement of production of shale gas in the country, boosting its economy further a few notches.
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