2024 development and production review
Martin Wilkes A *A
Martin Wilkes is the Managing Director of RISC, an independent international energy advisory company headquartered in Perth, Western Australia. Martin is a Fellow of the Institution of Chemical Engineers and a member of the Association of International Energy Negotiators (AIEN). He is both a Chartered Engineer and a Chartered Environmentalist, and an advocate for doing things better. He is passionate about ensuring that we, as an industry, do the right thing. Martin has worked in the energy industry for over 30 years, holding a range of positions in Europe, Africa and 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 of RISC in 2017 and has built up a reputation for straight talking and providing insightful, independent and sometimes unconventional advice. |
Abstract
Geopolitical uncertainty continued in 2024 with continuation of the war in Ukraine, Israeli actions in the Gaza strip, tension between China and several neighbouring countries, and the impending election in the United States of America. Despite this, global inflationary pressures continued to fall during the year, although they remained higher than pre-pandemic levels. In Australia, activism around climate change issues continued to impact project developments and sentiment in the industry remained somewhat subdued. The PESA 2024 Development and Production Review looks back at the oil and gas development and production activities in Australia in 2024 and tries to provide some sense of what happened, and what that means for the industry looking forward. Liquefied natural gas (LNG) production in Australia recorded (unexpectedly) a new record high, although several projects are now facing declining production. Santos won a significant court case in January 2024 on the Barossa project, enabling it to resume construction activity on the main export pipeline to Darwin, which had been suspended for approximately 2 months. The east coast domestic market continued to have major concerns about gas supply and one of the three gas plants at Longford was shutdown reducing supply and processing capacity significantly. Gas supply remains a critical issue in the Northern Territory.
Keywords: CCS, emissions, FID, gas, LNG, oil, shut down, start-up.
Martin Wilkes is the Managing Director of RISC, an independent international energy advisory company headquartered in Perth, Western Australia. Martin is a Fellow of the Institution of Chemical Engineers and a member of the Association of International Energy Negotiators (AIEN). He is both a Chartered Engineer and a Chartered Environmentalist, and an advocate for doing things better. He is passionate about ensuring that we, as an industry, do the right thing. Martin has worked in the energy industry for over 30 years, holding a range of positions in Europe, Africa and 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 of RISC in 2017 and has built up a reputation for straight talking and providing insightful, independent and sometimes unconventional advice. |
