Ebenezer3
4 weeks ago
EXPLORATION & PRODUCTION
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner.
Nissa Darbonne
Oil and Gas Investor
Sat, 05/04/2024 - 02:08 PM
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources Corp. is majority owned by Permian wildcatter Bryan Sheffield and chaired by Haynesville and Eagle Ford discovery co-leader Dick Stoneburner. (Source: Shutterstock.com, Tamboran)
U.S. shale-catters, chaired by the Haynesville and Eagle Ford shale discoveries’ co-leader Dick Stoneburner, have filed an S-1 for an IPO of Australian shale-gas explorer Tamboran Resources Corp.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Dick Stoneburner (Source: Tamboran)
The group plans to trade on the New York Stock Exchange as TBN, according to a Securities and Exchange Commission filing. The S-1 did not include an estimate of the total funds to be raised or the price-per-share range.
Australia-listed Tamboran’s (ASX: TBN) largest shareholder is Bryan Sheffield, founder of Permian shale developer Parsley Energy Inc., which he sold to Pioneer Natural Resources in 2021 for $7.6 billion.
Pioneer was bought by Exxon Mobil Corp. last week for $59.5 billion in stock.
Stoneburner, a career geologist, co-led Petrohawk Energy Corp. in the early days of leasehold capture and delineating the shale-gas Haynesville play in northwestern Louisiana, beginning in late 2007.
In 2008, Petrohawk made the liquids-rich Eagle Ford discovery well.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Bryan Sheffield (Source: Hart Energy)
Upon selling Petrohawk to BHP Billiton in 2012 for $15.1 billion, Stoneburner was president of BHP’s new North American shale division.
In addition to Sheffield, Tamboran investors include leading U.S. shale pressure-pumper Liberty Energy Inc., which sent one of its frac spreads to complete the most recent well, Shenandoah South #1H, in December.
The well had a 30-day IP of 3.2 MMcf/d from a 1,644-foot section of lateral that was completed with 10 stages. The 60-day flow was 3.0 MMcf/d; the 90-day flow, 2.9 MMcf/d, according to the S-1.
Normalized for a 10,000-foot lateral, the 30-day flow is equivalent to 19.5 MMcf/d, Tamboran reported in the S-1.
Another investor, Helmerich & Payne Inc., a leading U.S. shale driller, drilled the well with one of its newest FlexRigs, which are operated onsite as well as remotely from H&P’s Tulsa, Okla., headquarters.
Resembles Marcellus
Sydney-based Tamboran holds 4.7 million contiguous gross acres in the targeted Beetaloo Basin; net, 1.9 million acres, according to the S-1.
The Beetaloo is in north-central Australia and underlies some 7 million acres of outback flanked on its northwestern corner by Daly Waters, a town on Australia’s 1,900-mile Highway 1 that stretches from Darwin to Adelaide.
U.S. Shale-catters to IPO Australian Shale Explorer on NYSE
Tamboran Resources’ Beetaloo Basin leasehold includes its and prior explorers’ appraisal wells. (Source: Tamboran Resources)
In several decades of exploration, including in 2015 by the late Chesapeake Energy Corp. co-founder Aubrey McClendon, explorers have invested more than $600 million in testing the Beetaloo’s Middle Velkerri B Formation that Tamboran has found to resemble the Marcellus Shale in its geophysical properties, according to the S-1.
The target is at more than 6,000 feet.
Tamboran has drilled six appraisal wells in the leasehold, including two early wells with a partner at the time, Santos Ltd.
Tamboran currently owns the six wells. They are shut in, awaiting gathering to connect to big pipe that travels alongside Highway 1, operated by Australia-based pipe and electric power company APA Group (not related to U.S.-based APA Corp., the owner of Apache Corp.).
Tamboran expects takeaway will be up to 2 Bcf/d from its leasehold upon full field development.
Including tests by others, 21 wells have been drilled through the Middle Velkerri Formation, according to the S-1.
In addition to Stoneburner, board members include Fred Barrett, co-founder and former CEO of U.S. tight-rock explorer Bill Barrett Corp.
Tamboran management includes Faron Thibodeaux, COO, who was Australia manager for Apache Corp. before Apache sold its Australian business in 2015.
Its CEO is Joel Riddle, who was previously with offshore explorer Cobalt International Energy.
Joint book-running managers for the IPO are BofA Securities, Citigroup and RBC Capital Markets. Co-managers are Johnson Rice & Co. and Piper Sandler.
Australia United States Marcellus Eagle Ford Haynesville
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In this article
ASX: TBN
Tamboran Resources Ltd.
NYSE: PXD
Pioneer Natural Resources Co.
?269.62 +38.2%
NYSE: XOM
Exxon Mobil Corp.
?116 +10.55%
NYSE: LBRT
Liberty Energy Inc.
?21.64 +80.25%
NYSE: HP
Helmerich & Payne Inc.
?38.47 +25.45%
NASDAQ: CHK
Chesapeake Energy Corp.
?86.67 +14.23%
ASX: APA
APA Group
?29.26?29.26 -9.39%
NYSE: APA
APA Corp.
?29.26?29.26 -9.39%
NYSE: CEI
Cobalt International Energy Inc.
?0.1703 -86.69%
Chart reflects yearly performance.
Nissa Darbonne
Nissa Darbonne is author of The American Shales and has been a journalist since 1984, beginning in the oil and gas fields of South Louisiana. She writes for Oil and Gas Investor and is actively involved in Hart's conference agendas.
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Ebenezer3
11 months ago
PriceSensitive
From next year: Tamboran Resources (ASX:TBN) to produce gas in NT
ASX News
Sonia Madigan
sonia.madigan@themarketherald.com.au
17 July 2023 08:45 (AEST)
Tamboran Resources (TBN) is focused on delivering production of gas next year from its Beetaloo Basin Gas Field in the Northern Territory.
The scale of Tamboran’s gas resource is such that it will be supplying not only the Northern Territory and Australia’s eastern states, but also exporting LNG internationally out of Darwin.
The company’s MD and CEO Joel Riddle said it had been estimated the entire Beetaloo Basin had about 500 trillion cubic feet (TCF) of prospective gas resources, which could be enough to supply Australia’s East Coast domestic market for 500 years.
The size and quality of the gas in the Beetaloo Basin has been compared to the Marcellus shale gas reservoir in the United States, one of the largest and most prolific shale gas plays in the world.
“Tamboran has approximately 150 TCF of net 2U prospective gas resources,” Mr Riddle said.
“The potential here is to supply Australia’s undersupplied eastern states and to export LNG internationally out of Darwin, via the Company’s recently announced 6.6 MTPA Northern Territory LNG development.”
Tamboran Resources secured two memorandums of understanding for offtake with BP (Singapore) and Shell (Eastern Trading) last month. Each will buy up to 2.2 million tonnes of LNG a year for two decades, once the company commences LNG production. It also has a Gas Sales Agreement for domestic gas sales with Origin Energy.
In a significant milestone towards developing its LNG capabilities, Tamboran recently secured a strategic site at Middle Arm Sustainability Development Precinct in Darwin. Tamboran has NT Government-granted exclusivity over 170 hectares of land within the site, which has potential to house a 6.6 million tonne per annum LNG project.
The enormous scale of the low reservoir CO2 natural gas Basin means that there’s potential to deliver large and scalable volumes – over the long term – to international markets.
“Our NTLNG development has potential to supply gas to the Asia Pacific region to support a transition from coal-fired power to gas and renewables,” Mr Riddle said.
“Importantly, gas will not only support energy transition through the replacement of coal, it will also play a key role in global food production, via manufacturing of urea and other fertilizers, as well as other industrial processes including glass and plastics used in future electric vehicles.
“We look forward to progressing our agreements with BP and Shell, which are two of the world’s largest LNG portfolio trading and energy companies and are providing important and credible counterparties for Tamboran as we progress financing discussions.
“We have also made a commitment to deliver early gas from the Beetaloo Basin to the domestic NT market. It’ll be the first step towards fulfilling our promise to provide remote communities – currently reliant on diesel for fuel and electricity generation – with alternative and affordable cleaner fuel.”
Tamboran’s selected APA Group (ASX:APA) as its preferred gas transmission pipeline partner. APA will build three pipelines to connect Tamboran’s Beetaloo Basin gas field to Darwin as well as to the East Coast domestic gas market. This work will commence over the next twelve months, with APA Group funding $10 million to progress approvals and studies.
Share Purchase Plan
Tamboran Resources is undertaking a $5 million SPP which closes later this month (July 27) to provide shareholders the opportunity to increase their holdings at the same 18-cent price as investors in the recently completed $53.2 million Placement. As part of that raise, Texan billionaire and third generation oil and gas investor, Bryan Sheffield, upped his stake by another $14.7 million to more than 15 per cent of Tamboran Resources.
“Our largest shareholder, shale entrepreneur Bryan Sheffield is well known in the US, having founded his own oil and gas company, Parsley Energy, which sold to Pioneer Natural Resources for more than US$8 billion,” Mr Riddle said.
“There are also a few additional long-term view, US-based, energy specialist funds that took part and they’re all the right kind of shareholders that Tamboran really needs – they represent a lot of smart money – these investors understand global gas markets.
“This really is a vote of confidence in the Beetaloo Basin’s resource and Tamboran’s potential.”
The funds will be used for further drilling at Tamboran’s Shenandoah South and Amungee well sites within the Beetaloo Basin.
“We are fully focused on delivering commercial flow rates from the Shenandoah South and Amungee areas,” Mr Riddle said.
“De-risking of these two areas provides us with optionality for initial production via mini-LNG as early as 2024, and the proposed pilot development will target first production by the end of 2025.”
Evaluation of the flow testing at the Tanumbirini 2H and 3H wells (Santos-operated EP161), in which Tamboran holds a 25 per cent interest, was undertaken over the first half of 2023. Independent modelling suggests a 20-year recovery of about 16.8 billion cubic feet (BCF) and 18.5 BCF respectively per well.
Ebenezer3
11 months ago
https://abnnewswire.net/lnk/809LP7U8. Sydney, June 27, 2023 AEST (ABN Newswire) - Tamboran Resources Limited (ASX:TBN) (TBNNY:OTCMKTS) has received binding commitments for a non-underwritten placement to new and existing shareholders to raise up to ~$53.2 million (before costs) at $0.18 per share. The price represents a 12.2 per cent discount to the closing price on Thursday, 22 June 2023 and 13.0 per cent discount to the 10-day VWAP for the period ending 22 June 2023.
In conjunction with the placement, Helmerich & Payne (NYSE:HP) and Tamboran have signed a binding Heads of Agreement (HOA) for a Convertible Note (CN) of ~US$9 million (~$13.2 million), which is subject to shareholder approval. The CN has a 5-year term and 5.5% interest rate (paidin-kind), with a conversion floor of $0.21 per share and ceiling of $0.30 per share.
The Company intends to launch a Share Purchase Plan (SPP) allowing existing shareholders to participate on the same terms as the placement at $0.18 per share of up ~$5 million. binding HOA to complete a CN with H&P for up to ~US$9 million (~$13.2 million). The note is expected to cover the cost of mobilisation of the H&P super spec FlexRig(R) Flex 3 Rig into Australia during H1 2023. This will allow Tamboran to focus on investing into drilling activities to mature resources and unlock gas in the Beetaloo Basin.
Institutional equity placement
Tamboran has received commitments for ~$53.2 million (pre-costs) in equity, to be raised through the issue of approximately 295.6 million new shares to new and existing investors. This includes a further equity investment of ~$14.7 million from Tamboran's largest shareholder, Sheffield Holdings, LP ("Sheffield").
The placement was conducted at an issue price of $0.180 per share ("Issue Price"), representing a discount of:
- 12.2% to Tamboran's last traded price on Thursday, 22 June 2023 of $0.205 per share.
- 13.0% to Tamboran's 10-day VWAP ended Thursday, 22 June 2023 of $0.207 per share.
The placement comprises two-tranches as follows:
- An unconditional placement of 288,995,504 New Shares to raise ~$52.0 million, to be issued without shareholder approval ("Tranche 1 Placement"). New Shares issued under the Tranche 1 Placement will be issued within the Tamboran's existing placement capacity in accordance with ASX Listing Rule 7.1 (184,623,835 shares) and 7.1A (104,371,669 shares); and
- A conditional placement of 6,638,886 New Shares to certain Tamboran directors to raise ~$1.2 million, subject to shareholder approval at a general meeting expected to be held in late July / early August 2023 ("Tranche 2 Placement").
Ebenezer3
11 months ago
Proactive:Falcon oil and gas.
Falcon Oil & Gas shares take hit as 'skin' inhibits well test in Beetaloo project
04:05 Thu 22 Jun 2023
Jamie Ashcroft
Falcon Oil & Gas Ltd
AIM:FOG
TSX-V:FO
Falcon Oil & Gas Ltd - Falcon Oil & Gas shares take hit as 'skin' inhibits well test in Beetaloo project
Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) shares dropped by nearly a third in Thursday’s early deals after a new production test update informed investors that the Amungee NW-2H well, drilled in December and fracked in March, has yet to establish an "uninhibited production rate".
The company, in a technical update via RNS, said that independent analysis has found “a potential skin” that’s inhibiting the flow of gas from the stimulated shale – nevertheless, the well has been flowing gas, at a rate of around 0.83mln cubic feet per day plus 50 barrels per day of water.
It noted that this is the sixth well to be drilled and stimulated in the Beetaloo, in Australia’s Northern Territory, and that the joint venture partners believe the test results to date “are not indicative of the underlying production potential” of the Amungee NW-1H well.
Analysis is continuing with the partners assessing how they can potentially clean-up potential skin along with any potential learnings for future operations, Falcon added. Any possible clean up work would be carried out in the third quarter, it noted.
Two further wells are currently under consideration in the project for the remainder of this year, though these plans have yet to be formally approved among the partners.
Chief executive Philip O’Quigley, meanwhile, highlighted Falcon’s financial position which he described as “very strong”, with the company holding US$16mln of cash whilst its costs are also currently carried by its partners.
“Initial flow rates demonstrated from the A2H well to date do not reflect the true deliverability of the shale in the Amungee region … we continue to learn from how the shale is stimulated and performs under varying conditions,” O’Quigley said in a statement.
“Further analysis of all available data together with any clean-up work will hopefully yield more positive interpretation of the results obtained to date.”
In London, Falcon shares were down 3.2p or 32%, changing hands at 6.8p on Thursday.
Ebenezer3
11 months ago
proactive logo
Tamboran Resources has exclusivity over compression and mini-LNG facilities in push for early Beetaloo production
20:14 Tue 20 Jun 2023
Ephrem Joseph
Tamboran Resources Ltd
ASX:TBN
OTC:TBNRF
Tamboran Resources Ltd -
Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has signed a framework agreement with the Clean Energy Fuels Australia (CEFA) group to obtain exclusivity over gas compression and liquefaction facilities for potential early production from the Beetaloo Basin in Australia's Northern Territory.
This collaboration could fast-track gas production and reduce flaring from appraisal wells, aligning with the Northern Territory's regulations encouraging the "beneficial use of gas".
The new facilities could be operational as early as 2024, subject to obtaining the required regulatory and stakeholder approvals, as well as the joint venture's consent.
Affordable and cleaner fuel
Tamboran managing director and CEO Joel Riddle said: “Securing exclusivity over these facilities is a significant step towards achieving first production from the Beetaloo Basin and providing low reservoir CO2 gas to local communities and industry that are currently reliant on diesel for fuel and electricity generation.
"We have committed to the Northern Territory Government to deliver early gas from the Beetaloo Basin to the domestic NT market.
“This is the first step in fulfilling our promise to provide these remote communities with alternative affordable and cleaner fuel.”
Agreement terms
Under the terms of the agreement, the partnering organisations will actively collaborate to finalise a contract for the long-term use of the compression and gas conditioning facility.
In conjunction with the pilot development proposal, the exclusivity period is set to last until the end of 2023 when both parties anticipate transitioning into extended arrangements.
The existing compression facilities have the potential for expansion, increasing capacity to utilise the Amadeus Gas Pipeline (AGP) or the McArthur River Pipeline (MRP) based on availability.
In addition, Tamboran has secured four-month exclusivity over a mini-LNG facility.
This resource could serve remote Northern Territory communities or mining operations by the end of 2024, subject to necessary approvals.
Push towards cleaner fuels
The move to introduce LNG supply into the region is in line with the Federal Government's Clean Energy Regulations 'Emissions Reduction Guidelines'.
It presents a cleaner, more economical alternative to diesel for electricity generation and fuel in transport and mining industries, signifying an important step in transitioning towards cleaner energy sources.
This strategic agreement underscores the broader industry trend of leveraging cleaner fuels for various energy needs, setting a precedent for future collaborations in the energy sector.
Ebenezer3
12 months ago
ABC RURAL
Beetaloo Station owners lose Supreme Court appeal for fracking compensation
ABC Rural / By Daniel Fitzgerald
Posted Yesterday at 1:11am
A photo of a gas exploration project. The image is taken by a drone and shows a busy mine.
Seismic testing could form part of gas exploration on Beetaloo Station.(Supplied: Tamboran Resources Limited)
Northern Territory cattle station owners have lost a Supreme Court appeal to receive compensation for future damages from gas exploration in the Beetaloo Basin.
Key points:
Supreme Court rules pastoralist not owed compensation before gas exploration
Tamboran Resources will conduct seismic testing on Beetaloo Station
Pastoralists are entitled to compensation for wells drilled on their property
The owners of Beetaloo Station — the property from which the gas-rich basin gets its name — argued in court they should receive compensation from gas company Tamboran Resources' subsidiary Sweetpea Petroleum, over its proposal to clear land for seismic testing on the property.
Seismic exploration involves clearing corridors of vegetation in a grid format so heavy equipment can survey the geological structure beneath the ground.
Justice Peter Barr has upheld a NT Civil and Administrative Tribunal (NTCAT) decision in February 2022 which ruled Beetaloo Station's owners were not entitled to compensation before exploration activity had taken place.
The 1.05-million-hectare property, 750 kilometres south-east of Darwin, is owned by billionaire Brett Blundy and the Armstrong family, and is currently on the market, with expectations it could sell for more than $300 million.
an aerial photo of road trains lined up next to a set of cattle yards, with yellow grasslands behind.
Beetaloo Station covers more than a million hectares in the Barkly Tablelands.(Supplied: Colliers)
The pastoralist's lawyer told the court that station staff would need to monitor Sweetpea's clearing for weeds, increasing management costs.
Justice Barr ruled that compensation to the landholders could only be considered after the exploration activity had taken place.
"Damage to land or improvements may be temporary, and one would not normally expect compensation to be assessed until such time as Sweetpea had carried out the rehabilitation and remediation measures required," Justice Barr said in his judgement.
Court rules no loss in market value from exploration
The court heard evidence from witnesses from both parties about what impact the seismic testing could have on the market value of the property.
What does the NT fracking announcement mean?
The Northern Territory government says fracking can begin in the Beetaloo Basin, opening up the region to the gas industry and increasing Australia's future greenhouse gas emissions profile.
An aerial view of an exploration well in the Northern Territory's Beetaloo Basin on a patch of cleared land surrounded by bush
Read more
Beetaloo Station's expert witness said the clearing of the seismic lines would result in a decrease in the property's market value of $624,000.
However, Justice Barr agreed with Sweetpea's expert witness, property valuer Frank Peacocke, who said the exploration activity would not change the property's value.
Mr Peacoke said in his evidence "a potential purchaser of the subject property would not be successful in negotiating a discernible discount in the price payable for the property due to the existence of the previously impacted activity areas".
The Pepper Inquiry into fracking in the NT recommended pastoralists receive compensation for each well drilled on their property.
The NTCAT has ruled that the owners of neighbouring Tanumbirini Station should receive a minimum of $15,000 per gas well drilled.
Ebenezer3
12 months ago
Tamboran granted exclusivity at Middle Arm for Potential LNG
Sydney, June 9, 2023 AEST (ABN Newswire) - The Northern Territory Government has provided Tamboran Resources Limited (ASX:TBN) (TBNNY:OTCMKTS) exclusivity over 170-hectares (420-acres) on the Middle Arm Sustainable Development Precinct (Middle Arm) for a proposed LNG development, Northern Territory LNG (NTLNG). NTLNG is expected to be supported by low reservoir CO2 gas from the Beetaloo Basin.
The Middle Arm acreage has been allocated on a "Do Not Deal" basis for twelve-months, allowing Tamboran to progress a Concept Select phase for a proposed NTLNG development.
The site under exclusivity is expected to host a Liquefied Natural Gas (LNG) development with an initial capacity of 6.6 million tonnes of LNG per annum (MTPA), with the potential for expansion, subject to completion of the Concept Select study, successful Beetaloo appraisal drilling and flow testing, and Government approvals.
NTLNG represents the first fully integrated onshore LNG development in Northern Australia where upstream, midstream and downstream production and processing are based in the Northern Territory.
Tamboran is targeting first LNG production by 2030, with a near-term commitment to ensure Australia's Northern Territory and East Coast gas markets are well supplied.
FEED studies remain ongoing for the proposed 100 million standard cubic feet per day (mmscfd) domestic pilot development, with volumes contracted to Origin Energy for 10-years.
Tamboran Resources Limited Managing Director and Chief Executive Officer, Mr Joel Riddle, said:
"Securing a strategic site at Middle Arm is a significant milestone for Tamboran and the Beetaloo Basin. The enormous scale of the Basin means that the low reservoir CO2 natural gas has potential to deliver large and scalable volumes over the long term not only for Australia's East Coast gas market, but also to international markets.
"Providing affordable natural gas to Australia and our regional partners is anticipated to enable a reduced dependency on coal fired power generation, while delivering a significant reduction in global greenhouse gas emissions.
"Under the agreement, Tamboran will have exclusivity over a 170-hectare (420-acre) site on Middle Arm, which is expected to have capacity to host an initial 6.6 MTPA development. The exclusivity period will allow the Company to undertake a Concept Select phase for the proposed NT LNG development.
"If deemed commercial, Tamboran aims to sanction the proposed LNG development by 2026, with first volumes anticipated to commence by 2030.
"This is an exciting opportunity for Territorians, which not only has the potential to deliver significant jobs in Darwin and the Beetaloo Basin over the long term, but also deliver hundreds of millions of dollars in royalties to the Northern Territory Government and Native Title Holders, as well as benefits to the regional community and across the NT.
"Tamboran is also fully committed to working within the Middle Arm's Strategic Environmental Assessment (SEA) framework. Within the SEA framework, Tamboran will seek to maximise economic benefits locally and nationally and plans to avoid, mitigate and offset any social or environmental impacts from the development.
"We are excited to be working closely with the Northern Territory Government in realising their vision for the Middle Arm precinct and transformation of the NT's economy to reach $40 billion by 2030".
The Middle Arm Sustainable Development Precinct
The Middle Arm Sustainable Development Precinct is located on a peninsula south of Darwin that already hosts the Ichthys LNG and Darwin LNG developments. The Northern Territory is working with industry and the Australian Government to accelerate the development of Middle Arm into a globally competitive, sustainable development precinct for low emissions hydrocarbon and hydrogen production, carbon capture and storage and minerals processing. This Precinct is expected to require a large, secure, low reservoir CO2 natural gas supply.
The 2022/23 Federal Budget included $1.5 billion equity to support the construction of common user marine infrastructure within the Middle Arm Sustainable Development Precinct.
Tamboran have been allocated a "Do Not Deal" on the 170-hectare region in red (refer to image below*).
About Tamboran Resources Limited
Tamboran Resources LtdTamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.
Ebenezer3
12 months ago
https://www.afr.com/policy/energy-and-climate/nt-to-anoint-fracking-hydrogen-battery-mineral-hopefuls-20230607-p5dels.
NT to anoint fracking, hydrogen, battery mineral hopefuls
Ben Potter and Brad Thompson
Jun 7, 2023 – 4.01pm
A controversial gas fracking hopeful, two aspiring battery minerals producers, Fortescue Future Industries, and oil and gas giant Total – pushing green hydrogen projects – are among the front runners for roles in the Northern Territory government’s Middle Arm Sustainable Development Precinct.
FFI and TotalEren are the clean energy arms of Andrew Forrest’s Fortescue Metals Group and French oil and gas major Total. The shortlist includes Tamboran Resources, which wants to develop the giant Beetaloo gas field; Tivan, which plans to process vanadium from a giant deposit in northern Western Australia for batteries; and Avenira, which has a phosphate deposit and an in-principle deal to make lithium phosphate batteries with a Taiwanese group.
Northern Territory Chief Minister Natasha Fyles is expected to announce initial partners for the Middle Arm precinct plan within days. James Brickwood
The NT government is expected to announce the next stage of its ambitious Middle Arm Sustainable Development Precinct plan – for which the Albanese government has allocated $1.5 billion of budget funding for port and facilities – within days.
The inclusion of Tamboran Resources, which plans to frack – or hydraulically fracture – the Beetaloo’s vast gas resource, will be hotly opposed by environmental activists but is no surprise given the strong support from the NT and federal governments for the role of gas as a transitional fuel in decarbonisation.
The focus on gas infrastructure will exacerbate concerns the initial mission of the MASDP – to support clean energy and decarbonisation – has been subordinated to the expansion of gas production, which the International Energy Agency says is incompatible with net-zero emissions goals. However, the green hydrogen and battery minerals proponents in the mix may partly alleviate the concern.
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NT to anoint fracking, hydrogen, battery mineral hopefuls
Ben Potter and Brad Thompson
Jun 7, 2023 – 4.01pm
A controversial gas fracking hopeful, two aspiring battery minerals producers, Fortescue Future Industries, and oil and gas giant Total – pushing green hydrogen projects – are among the front runners for roles in the Northern Territory government’s Middle Arm Sustainable Development Precinct.
FFI and TotalEren are the clean energy arms of Andrew Forrest’s Fortescue Metals Group and French oil and gas major Total. The shortlist includes Tamboran Resources, which wants to develop the giant Beetaloo gas field; Tivan, which plans to process vanadium from a giant deposit in northern Western Australia for batteries; and Avenira, which has a phosphate deposit and an in-principle deal to make lithium phosphate batteries with a Taiwanese group.
Northern Territory Chief Minister Natasha Fyles is expected to announce initial partners for the Middle Arm precinct plan within days. James Brickwood
The NT government is expected to announce the next stage of its ambitious Middle Arm Sustainable Development Precinct plan – for which the Albanese government has allocated $1.5 billion of budget funding for port and facilities – within days.
The inclusion of Tamboran Resources, which plans to frack – or hydraulically fracture – the Beetaloo’s vast gas resource, will be hotly opposed by environmental activists but is no surprise given the strong support from the NT and federal governments for the role of gas as a transitional fuel in decarbonisation.
The focus on gas infrastructure will exacerbate concerns the initial mission of the MASDP – to support clean energy and decarbonisation – has been subordinated to the expansion of gas production, which the International Energy Agency says is incompatible with net-zero emissions goals. However, the green hydrogen and battery minerals proponents in the mix may partly alleviate the concern.
FFI hired former NT chief minister Michael Gunner to lead a new northern Australia team last October and is a front runner in the race for land at Middle Arm Point for a green hydrogen project.
Mr Gunner declined to comment on Wednesday on FFI’s prospects for inclusion in any announcement but he told The Australian Financial Review: “Fortescue sees enormous potential in the NT, with world-class solar resources and a community enthusiastic to embrace renewable energy and the employment intensive industries that come with it.”
He continued: “We are backing the NT and have established an office of northern Australia that will work to meet this potential and develop renewable energy projects in the territory.“
Tamboran, Tivan, TotalEren and Avenira declined to comment.
TotalEren signed a non-binding agreement with the NT government last August to build a gigawatt scale green hydrogen project near Darwin backed by a 4 gigawatt solar farm. Kam Ho, TotalEren’s managing director in the Asia Pacific, said the green hydrogen project was a top priority for the group and would include substantial assets within the MASDP.
“We have a very strong working relationship with the NT government and we are moving ahead with the project in a very collaborative manner,” Mr Ho said. “So we hope that we’d definitely be active within the precinct.”
Tamboran got the green light from NT Chief Minister Natasha Fyles to frack the Beetaloo – one of the world’s largest undeveloped gas fields – last month. It plans to start drilling next month.
Tamboran Resources will start fracking the Beetaloo Basin next month. Justin McManus
FFI’s endorsement of the MASDP comes despite Dr Forrest falling out with fellow billionaire Mike Cannon-Brookes over the Sun Cable project in the NT.
Dr Forrest said last month he was unconvinced about the commercial viability of a subsea cable linking Darwin to customers in Singapore and that his privately owned Squadron Energy didn’t participate in the final binding bid process to buy Sun Cable from receivers.
However, any FFI green hydrogen project at Middle Arm Point will need a substantial source of renewable energy.
Quinbrook Infrastructure Partners, Mr Cannon-Brookes’ new investment partner in Sun Cable, told the Financial Review last week that the renewable side of the project was of sufficient scale to power a green hydrogen project and meet Singapore’s stated requirements.
Meanwhile, Japan’s Inpex, which runs the Ichthys LNG plant near Middle Arm Point, will share in a $1 million grant from the Albanese government as part of its efforts to foster clean hydrogen production.
The taxpayer funds will be used by Inpex and its partners – Santos, Xodus and CSIRO – for a feasibility study into the growth potential of clean hydrogen produced from both renewables and fossil fuels with carbon capture and storage in Darwin.
The Darwin Clean Hydrogen Hub joint study will look at opportunities to supply clean hydrogen solutions to domestic and international customers.
Inpex executive Tetsu Murayama said the study would assess the potential of a Darwin-based hydrogen hub and could inform investment decisions.
The joint study is intended to complement the current CSIRO-led Low Emission Hub business case being conducted with Inpex, Santos, Woodside Energy, Eni, Xodus and the NT government.
The Inpex plans in hydrogen include commercialising three or more projects globally by about 2030 with the aim of producing 100,000 tonnes or more of hydrogen/ammonia a year.
Ebenezer3
1 year ago
Beetaloo basin news(Empire energy group):
Empire Energy Group continues strong gas flow at Carpentaria-2H as testing ends
10:53 Wed 24 May 2023
Empire Energy Group Ltd
ASX:EEG
OTC:EEGUF
Empire Energy Group Ltd -
Gas flare at the Carpentaria-2H well.
Consistently strong gas flow rates at the Carpentaria-2H (C-2H) well within the Beetaloo Sub-Basin in Australia's Northern Territory (C-2H) has renewed the confidence of Empire Energy Group Ltd (ASX:EEG, OTC:EEGUF) in the commercial viability of its EP187 asset.
C-2H has produced a total of 323 terajoules (TJ) or 281 million standard cubic feet (mmscf) over 127 days, with the gas composition remaining consistent with high calorific value and extremely low carbon dioxide (CO2).
This equates to a normalised rate of 2.75 TJ or 2.4 mmscf per day per 1,000 metres for the entire test period.
Following an updated gas composition analysis, the post-soak 2023 IP30 is now confirmed at 3.5 TJ or 3.0 mmscf per day per 1,000 metres.
Growing confidence
"We are pleased to share the continued strong gas flow rates achieved at C-2H as they provide further confidence that an economic development in EP187 may be achievable,” Empire Energy managing director Alex Underwood said.
“The cumulative production of 323 TJ over 127 days from C-2H would equate to over 1,000 TJ cumulative production for an equivalent 3-kilometre horizontal development well over the same period.
“This is despite the unoptimised nature of the C-2H well that has tested multiple completion methodologies.
Wells shut
C-2H has been 'shut in' for now and will be available as a future gas producer.
On the other hand, Carpentaria-3H (C-3H) will reopen for flow testing once its soaking period ends.
Soaking is the practice of shutting in a shale gas well for a period following fracture stimulation to improve its long-term productivity through redistribution and interaction of the residual water with the rock.
Meanwhile, the front-end engineering and design for the Carpentaria Pilot Project’s final investment decision is ongoing.
Map showing depth to base of Velkerri B shale across the Greater Carpentaria project area.
Attractive gas price
“If we assumed a gas price of $10/GJ, which is less than half the spot price at Wallumbilla on May 22, 2023, an equivalent 3-kilometre development well could generate over $10 million in gross revenue before royalties over an equivalent first 127 days of commercial production without any further well optimisation,” Underwood said.
“Such a level of gross revenue so early in the life of development wells may support field level economics.
“Following recent regulatory implementation by the NT Government giving the Beetaloo a ‘green light’ to move into commercial production, and an extremely tight domestic gas market, line of sight towards commercialisation is getting clearer by the day," he added.
Ebenezer3
1 year ago
Australia's gas industry will take the lead to a net zero 2050
We are "not a passive observer, or casualty" on path to decarbonisation: APPEA chair
16 May 2023 2:16 GMT UPDATED 16 May 2023 2:16 GMT
By Amanda Battersby in Adelaide
Australia’s oil and gas industry must not become a casualty in the nation’s and the global race to decarbonisation, said APPEA chair Meg O’Neill.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“This week, we double down on our message that the oil and gas industry is not a passive observer, or worse — a casualty — of the global and Australian race towards a net zero economy, O’Neill said in a keynote address to the APPEA 2023 conference.
“We are part of the solution. We are an essential source of energy for every business… every household… every community… every person.
“And we are committed to working together to achieve the Paris targets,” she said.
The Australian Petroleum Production and Exploration Association (APPEA) sees gas as playing an important role on that road to net zero.
“When used to generate electricity, natural gas emits around half the lifecycle emissions of coal. That’s a pretty strong argument for using more gas in my book,” said O’Neill.
But investments in the new gas supply needed both for the domestic market and for export, require a regulatory framework that provides stability and transparency, she told delegates.
“Australia is uniquely placed to succeed in the energy transition — we have plenty of natural resources, the right workforce and a strategic location,” said O’Neill.
“I am confident the Albanese government wants the same outcome, and our industry will continue to work constructively and proactively on charting Australia’s reliable, affordable lower carbon future.”
Gas is crucial for Australia’s energy security, particularly when solar and wind power are compromised by the weather, and is also critical for energy security in nations such as Japan and South Korea that rely on liquefied natural gas imports from Down Under.
“Nations across the Indo-Pacific still rely on Australian gas to ensure their own energy security today and support their clean energy transformations, with higher penetration of renewables. Japan, South Korea, Singapore and China have been our most important LNG trading partners for years,” said Minister for Resources, Madeleine King.
Australia is one of the world’s largest LNG exporters, accounting for about 21% of global exports, with export revenues forecast to reach A$91 billion (US61 billion) in the current financial year.
Australia is by far the largest LNG supplier to Japan, accounting for almost half of its LNG imports in 2022, worth an estimated A$34 billion.
Australia’s gas supplies to South Korea and China last year were worth an estimated A$18 billion and A$19 billion, respectively.
Japanese and South Korean demand, and their significant capital investment, has underpinned development of Australia’s LNG industry, on both its east and west coasts, added King.
O’Neill noted that gas accounts for 42% of the energy used by Australian manufacturers.
“We know… that the Australian Government wants to turbocharge our manufacturing capabilities. Using more gas could do this.”
O’Neill also highlighted that gas can fuel the plants that manufacture batteries for electric vehicles.
Australia’s Prime Minister Anthony Albanese last week said that gas is an important industry for Australia and for its national interest.
“But we know some in the parliament, and many in the community, do not know the central role natural gas plays in the Australian economy and their everyday lives,” said O’Neill.
“Or the vital role natural gas is playing and will continue to play, in reducing Australia’s emissions.
“This is an area where our industry recognises we need to do more.”
APPEA is embarking on an awareness campaign, highlighting that its focus on the industry’s contribution to Australia’s economy and to emissions reductions, is not a policy pivot, or reset.
“Rather, it reflects our strengthened resolve to be more forward leaning about our sector’s strong future and critical role in the net zero economy… in Australia, in our region and globally.
“Many companies have set their own ambitious targets to achieve net zero and plan to invest billions of dollars in the technologies that will deliver the real emissions reductions needed to get us there,” said O’Neill.
“In short, we will lead, we will shape, and we will innovate towards 2050 and a net zero emissions Australia.”
Ebenezer3
1 year ago
Upstream article 5/11/23 Empire energy...
In operation: the Silver City Drilling Rig 40 at the Carpentaria-2H well on EP 187 in Australia’s Northern Territory.Photo: EMPIRE ENERGY
Empire Energy eyes pilot production in newly-reopened Australian shale play
Final investment decision targeted in 2023 for Carpentaria gas production
11 May 2023 23:05 GMT UPDATED 11 May 2023 23:05 GMT
By Amanda Battersby in Singapore
Australia-listed junior Empire Energy is racing to step up a gear towards production at its Northern Territory assets now the territory’s government has finalised the Beetaloo regulatory framework.
Empire is progressing front-end engineering and design work, field development planning, Indigenous and regulatory approvals, gas sales and pipeline transportation negotiations for its proposed Carpentaria pilot project on EP 187, with the aim of taking the final investment decision later this year.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
Independent reservoir engineering forecast production analysis indicates that three-kilometre horizontal wells in the Carpentaria area of EP 187 could ultimately deliver about 6 billion cubic feet of gas per well on a 50% recovery basis and about 8 Bcf on a 10% recovery basis, the operator said.
“This represents a potential upstream development cost of A$2 to A$3 per gigajoule in future development scenarios assuming A$15 million to A$20 million per well capital expenditure,” Empire said.
The company has engaged consultants Netherland, Sewell & Associates to prepare an updated resource assessment for its EP 187 asset, which is due before the end of June.
The regulatory framework put in place by the NT government is now among the most extensive and robust in the world and will allow the safe and sustainable development of the Beetaloo’s abundant natural gas resources, Empire said.
The company added that this gives management the confidence to accelerate its investment decision and planning processes as it moves towards pilot production.
“Building on the encouraging results of our exploration activity over the last four years, we look forward to submitting applications for all required approvals to enable us to move into gas production and the delivery of much-needed new gas supply to the Australian domestic market, and subsequently to increase liquefied natural gas exports, already the NT’s largest source of foreign income and a significant contributor to federal government revenues,” Empire managing director Alex Underwood said.
Last week, the NT government announced the finalisation of all 135 recommendations of the 2018 scientific inquiry into hydraulic fracturing in the territory chaired by Justice Rachel Pepper, effectively establishing a platform for approval of gas production in the Beetaloo sub-basin.
“After an extensive process of review and reform, industry participants and their investors now have certainty on how the NT government will regulate this vital industry,” Underwood added.
Meanwhile, in the western Beetaloo, Empire has secured a groundwater extraction licence to supply water for its planned 2D seismic survey, drilling and hydraulic stimulation activities in the gas discovery area within its wholly owned EP 167 and EP 168.
The company plans to soon resubmit its environment management plan for this work and, once its EMP and Land Access & Compensation Agreements are completed and approved, Empire will be able to acquire up to 376 line kilometres of 2D seismic and construct up to six well pads with horizontal stimulated wells.
Ebenezer3
1 year ago
Upstream article 5/11/23...
Onshore asset: Tanumbrini drilling on Beetaloo basin Block EP 161 in Northern Territory, Australia.Photo: TAMBORAN RESOURCES
Tamboran eyeing Beetaloo shale production as early as 2025
Most powerful land rig in Australia has arrived on location
11 May 2023 23:05 GMT UPDATED 11 May 2023 23:05 GMT
By Amanda Battersby in Singapore
Australian operator Tamboran Resources is looking to step up its investments in the Northern Territory’s Beetaloo basin, which hosts low carbon dioxide gas resources.
Hot on the heels of the NT government’s recent decision to reopen the door to exploitation of the basin’s giant onshore gas resources, Tamboran last week welcomed the arrival of the Helmerich & Payne (H&P) super spec FlexRig(R) Flex 3 rig to Australia — a drilling unit that the operator said would deliver “a step change in drilling efficiency in the Beetaloo basin”.
Northern Territory gas exploitation: ‘Best outcome’ or ‘rotten decision’? You decide
Read more
“Tamboran welcomes the Northern Territory government’s announcement that the 135 Pepper Inquiry recommendations have been fully implemented. This gives industry the certainty to import and invest in the latest shale technology and equipment, including H&P FlexRig(R) rig,” Tamboran chief executive Joel Riddle said.
“With the government’s completion of the Pepper Inquiry, Tamboran is planning on moving rapidly towards production as early as 2025.”
Once operational, this onshore drilling rig will be the most powerful rig in Australia, capable of drilling more than 3000-metre horizontal sections within the Mid Velkerri B shale in the higher quality, deeper shale formations of the Beetaloo.
“With Beetaloo gas containing approximately 3% to 4% reservoir carbon dioxide, we expect the reduction in Scope 1 and 2 emissions will be more cost efficient when compared to offshore gas fields that can hold up to 20% associated carbon dioxide,” Riddle said.
Tamboran has already initiated discussions with potential gas buyers for volumes of 200 to 300 terajoules of gas per day from later this decade.
“Contracting this gas will be critical in enabling us to approve our 1 billion cubic feet per day development plan,” he added.
Riddle said that through the company’s strategic alliance with H&P and the possibility of importing four more rigs into Australia, commercialisation of shale gas from the Beetaloo basin has the potential to reduce current energy costs with generally lower associated emissions than existing coal and higher reservoir CO2 gas fields.
Australia-listed Tamboran has its sights on developing low CO2 unconventional natural gas resources in the Beetaloo sub-basin within the Greater McArthur basin in NT.
The company’s key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197, which are located in the Beetaloo sub-basin.
“The development of the Beetaloo basin, one of the world’s largest undeveloped shale gas plays, has the potential to transform the Northern Territory,” Riddle said.
“It is anticipated that thousands of direct and indirect jobs will be created locally, and hundreds of millions of dollars in royalties will be paid to Traditional Owners and the Northern Territory government,” he added.
Ebenezer3
1 year ago
Proactive article:
Tamboran Resources welcomes NT Government’s move to clear way for onshore shale gas industry in Beetaloo Basin
12:48 Fri 05 May 2023
Tharun George,
Tamboran Resources Ltd
ASX:TBN
Tamboran Resources Ltd - Tamboran Resources welcomes NT Government’s move to clear way for onshore shale gas industry in Beetaloo Basin
The Northern Territory Government has implemented all 135 recommendations under the 2018 scientific inquiry (Pepper Inquiry) into hydraulic fracturing in the Northern Territory, providing Tamboran Resources Ltd (ASX:TBN) with confidence to progress its investment in the Beetaloo Basin.
The Pepper Inquiry was a 15-month inquiry led by Honourable Justice Rachel Pepper of the NSW Land and Environment Court in 2018.
The inquiry was set up to mitigate the risks associated with any onshore shale gas development in the Northern Territory.
On 2 May 2023, the Northern Territory Chief Minister Natasha Fyles announced that all 135 recommendations had been met by the NT Government and cleared the way for an onshore shale gas industry in the Beetaloo Basin.
Development of the Beetaloo Basin is expected to deliver Territorians low reservoir carbon dioxide gas to provide affordable energy at a time where Australian families are experiencing cost of living pressures.
“Moving rapidly towards production as early as 2025”
Tamboran managing director and CEO Joel Riddle said: “Tamboran welcomes the Northern Territory Government’s announcement that the 135 Pepper Inquiry recommendations have been fully implemented.
“This gives industry the certainty to import and invest in the latest shale technology and equipment, including H&P FlexRig® rig.
“With the Northern Territory Government’s completion of the Pepper Inquiry, Tamboran is planning on moving rapidly towards production as early as 2025.”
Largest acreage holder in Beetaloo Basin
Tamboran is the largest acreage holder in the Beetaloo Basin with ~1.9 million net prospective acres, held through 100% owned properties and two joint ventures – one with Santos and the other with Falcon Oil & Gas and Daly Waters Energy LP (Sheffield).
Through these interests, the company holds net 2C contingent resources of ~1.5 trillion cubic feet (TCF).
Arrival of Helmerich & Payne’s FlexRig 3 rig
The Helmerich & Payne (H&P) super spec FlexRig 3 drilling rig has arrived in Australia, providing an important opportunity for the Beetaloo Basin in delivering a material reduction in drilling cost through increasing efficiencies and H&P’s operational excellence.
The rigs are expected to play a significant role in reducing the environmental footprint within the Beetaloo Basin with the ability to drill in excess of 3,000-metre horizontal sections within the Mid Velkerri “B Shale”, which allows for greater spacing between well pads.
Tamboran has contracted the H&P FlexRig for an initial two-year period with the possibility to import an additional four rigs into Australia from H&P’s available worldwide rig fleet when required.
“Incredible potential to reduce current energy costs”
Riddle added: “The arrival of Helmerich & Payne's (H&P) super spec FlexRig® Flex 3 rig in Australia marks a significant moment for the Northern Territory, Tamboran and our joint venture partners.
“The event is especially significant for everyday Australians who have been calling for a reduction in cost of living from lower energy prices for their homes and businesses.
“Through our Strategic Alliance with H&P and the possibility of importing an additional four rigs into Australia, the commercialisation of shale gas from the Beetaloo Basin has the incredible potential to reduce current energy costs with generally lower associated emissions than existing coal and higher reservoir carbon dioxide gas fields.
“The rig, which comes with modern US drilling technology, is expected to bring about a significant improvement in drilling efficiency and horsepower, delivering a step change in cost reduction while also reducing land use and minimising environmental impact.”
Ebenezer3
1 year ago
Tamboran targets July for HP rig:
Beetaloo developer to begin drilling within weeks as rig arrives
Colin PackhamEnergy and resources reporter
May 5, 2023 – 4.08pm
Tamboran Resources will begin drilling in the Beetaloo Basin in July after a large rig arrived from the United States, accelerating plans to capitalise on the Northern Territory’s approval of fracking, in what its chief executive described as “Australia’s greatest carbon emitting reduction opportunity”.
The NT government this week allowed fracking in the Beetaloo, in a decision the country’s oil and gas industry said would aid Australia’s $2 trillion economy and improve energy security but has ignited a wave of opposition from environmentalists and some Indigenous groups.
The Northern Territory has approved gas development in the Beetaloo Basin. Justin McManus
Tamboran said a large drilling rig from its partner Helmerich & Payne had arrived in Darwin to enable exploration.
“We expect to begin drilling with this rig in July,” Tamboran chief executive Joel Riddle told AFR Weekend.
“This rig will be the most powerful rig in Australia. It will be capable of drilling more than 3000 metre horizontal sections in the main shell plate. This is a big deal because the longer horizontal wells that we can drill with this rig, the more reserves that we can recover per well and it will be a real driver to bring down well costs and also improve the economics of the Beetaloo development.”
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Tamboran’s drilling is the first stage of the company’s plans in the Beetaloo. It expects to begin producing about 20TJ of gas a day in 2024. Should it secure a production licence from the NT government and fresh agreements with the local Indigenous landowners, Tamboran could expand production to about 100TJ a day.
Tamboran and other Beetaloo developers Empire Energy and Santos said developing in the region would improve domestic supplies, much needed amid forecasts for a looming east coast gas shortage.
It is, however, unclear how many volumes would remain in Australia or how shipments could be distributed to the east coast market, with existing export infrastructure located in Darwin.
The development of the industry could be extremely lucrative for the NT through royalties, but drilling is a lightning rod for opponents to any new gas developments in Australia. Opposition to gas among voters has risen steadily, but the fossil fuel industry insists gas can meet environmental and energy security goals.
“Environmentalists are looking to reduce carbon emissions in Australia, and around the world. If we are serious about that goal, then the biggest thing to move the needle on reduction of carbon emissions is Beetaloo,” Mr Riddle said.
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“The gas is 2 per cent to 3 per cent CO2, and this could replace coal generation, which has much higher carbon emissions. It is a no-brainer. The Beetaloo is Australia’s greatest carbon emitting reduction opportunity.”
The comments are likely to be rejected by environmentalists, who highlight methane emissions, and stress Australia has sufficient gas reserves to meet its own energy needs. But with rapid closures of coal power stations occurring, concern is growing about how to ensure sufficient supplies.
Renewable energy proponents insist Australia should focus on developing renewable energy generation and storage projects, which would negate the need for gas projects.
Grid-scale renewable energy projects and transmission lines have been beset by delays and cost blowouts. Smaller projects and rooftop solar generation continue to grow at pace, however.
Ebenezer3
1 year ago
ABC News
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NT government announces fracking in the Beetaloo Basin can go ahead
By Roxanne Fitzgerald and Sarah Spina-Matthews
Posted 11h ago11 hours ago, updated 3h ago3 hours ago
WATCH
Duration: 1 minute 50 seconds1m 50s
The Northern Territory Government has announced fracking in the Beetaloo Basin will be able to go ahead.
The Northern Territory government will allow a full-scale onshore gas industry to go ahead in the gas-rich Beetaloo Basin, five years after a moratorium on fracking was lifted.
Key points:
The NT Government will allow fracking to go ahead in the Beetaloo Basin
They say they have implemented all 135 recommendations of the Pepper inquiry
Scientists claim they have not met a recommendation to offset gas emissions from the project
The government has been racing to tick off 135 recommendations from the 2018 Pepper inquiry, which found industry risks could be managed if its recommendations were implemented in full.
The government announced today that has been done, and oil and gas companies will be able to make an application for onshore gas production projects, which will be regulated by one of the most robust frameworks in Australia.
It also said it has a new petroleum operations unit to deliver a strong compliance program, which will be funded by a $2 million annual investment.
It comes after the NT government released the findings of a critical, three-year study into fracking in the Beetaloo sub-basin on April 19.
The Strategic Regional Environmental and Baseline Assessment (SREBA), which was a key recommendation from the Pepper inquiry, found no new risks associated with the development of an onshore gas industry.
Nicole Manison and Natasha Fyles stand side-by-side in front of a number of media microphones
Deputy Chief Minister Nicole Manison and Chief Minister Natasha Fyles made the announcement on Wednesday. (ABC News: Hamish Harty)
However, almost 100 scientists published an open letter in national newspapers across Australia on Wednesday, urging the NT government not to allow fracking to go ahead and warning of "the damage it will inflict on our climate".
The scientists claimed one key recommendation of the Pepper inquiry, known as 9.8, had not been addressed.
"[The government] committed to implement all the recommendations of the Scientific Inquiry into Hydraulic Fracturing," the letter stated.
"Including that the NT and Australian governments seek to ensure that there is no net increase in the life cycle greenhouse gas emissions emitted in Australia from any onshore shale gas produced in the NT.
"The Northern Territory government has failed to keep its commitment."
NT denies Beetaloo gas plans in doubt without offsets help
No federal support for Territory Labor's promise to ensure all Beetaloo Basin emissions are offset is on the table, as cabinet prepares to announce whether full-scale fracking will be allowed to go ahead.
NT Health Minister Natasha Fyles stands looking concerned in front of some large flags.
Read more
Chief Minister Natasha Fyles said the government had released the final implementation report from the Pepper inquiry, saying it "absolutely met the recommendation".
The government scrapped a previous policy that only required companies to manage their emissions if they exceed 100,000 tonnes, but will now mandate all operators to submit a Greenhouse Gas Abatement plan outlining their pathway to net zero by 2050, regardless of size.
The government admitted it won't be able to deal with emissions created by the actual burning of gas for energy — commonly referred to as "scope three" emissions — generated outside of the NT, which account for a large portion of the total emissions from a project.
Instead, they are counting on the federal government's safeguard mechanism to capture and regulate these emissions.
An aerial view of an exploration well in the Northern Territory's Beetaloo Basin on a patch of cleared land surrounded by bush
The Beetaloo Basin is an enormous shale gas reserve about 500 kilimetres sout-east of Darwin. (Supplied: Empire Energy)
Dr David Ritchie — the bureaucrat tasked with overseeing the government's implementation of the Pepper inquiry's recommendations — disagreed that the recommendation around abating emissions had been completed.
Scientists call for Beetaloo fracking ban
The NT government is poised to make a final decision on whether it will green-light fracking in the Beetaloo Basin, but nearly 100 scientists have called for a fracking ban in the region, saying the costs to the community could be "enormous".
a gas flare in front of an exploration well.
Read more
"There has been no progress on the crux of this recommendation," he said.
Ms Fyles said both the Commonwealth and NT government were "putting in place the measures to transition the Northern Territory and Australia to net zero emissions".
"[But] we cannot simply flick a switch and transition overnight," she said.
She did not directly answer a question about whether or not the federal government had committed to help offset emissions from the project.
"The Commonwealth is focused on this," she said.
"We will continue to work with them."
Deputy Chief Minister Nicole Manison said the project would provide economic benefits to the NT through royalties.
"It will help fund things like schools, hospitals, services, housing," she said.
"There will be further economic flow-on benefits … more jobs, more benefits, more development in remote regions of the NT."
Traditional owners concerned, peak bodies welcome announcement
Ms Fyles said traditional custodians would be able to veto any projects on their country.
But Beetaloo Basin traditional owner and Nurrdalinji Native Title Aboriginal Corporation chair Johnny Wilson said that was an incorrect claim.
"There is no veto right at production stage under native title or land rights laws," he said.
"When our old people said yes, many years ago, they had no idea of the many thousands of wells we are looking at now."
Nurrdalinji Aboriginal Corporation
Johnny Wilson is concerned traditional owners will not have genuine power to veto projects on their country. (Supplied: Nurrdalinji Aboriginal Corporation)
The Pepper Inquiry found that Native Title holders "do not have a statutory right to veto an exploration permit by the government" but have the right to make an agreement with a gas company.
And under the land rights act traditional owners can say yes to development in some areas and no to development in others, but only in the exploration phase.
Outside parliament after the announcement, Anna Weekes from the Australian Parents for Climate Action said she was gravely concerned for her children's future in the wake of what she described as an industry going ahead with "no plan to manage emissions".
"We have no option but to defend a liveable climate for them," she said.
The NT Chamber of Commerce chief executive Greg Ireland said the green light for fracking was a win for the NT because it would create jobs.
"The territory has long suffered from the fact that it's been reliant on federal government support, but having our own revenue streams is critically important for our future," he said.
"It will build a technical skills base, it will build opportunities for our kids and encourage more and more people to want to live in the territory."
Four people stand on a concrete outdoor floor. They are holding red and white signs with ant-fracking slogans on them
Some people protested the decision outside Parliament House. (ABC News: Hamish Harty)
The Australian Petroleum Production and Exploration Association (APPEA), the overarching body for the oil and gas industry, has also welcomed the announcement.
With oil and gas companies still in their testing and appraisal phase in the Beetaloo Basin, it is expected that production applications will start flowing in for government approval next year.
Related Stories
'The end of the line': Scientists send open letter urging NT government to abandon fracking plans
a gas flare in front of an exploration well.
NT government finalises key Beetaloo Basin study ahead of final fracking decision
An aerial shot of a drilling site in the Beetaloo Basin. Machinery and vehicles are in a land clearing surrounded by trees,
NT government denies Beetaloo Basin gas plans in doubt without federal support for offsets promise
NT Health Minister Natasha Fyles stands looking concerned in front of some large flags.
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Ebenezer3
1 year ago
Tamboran wins court case, HP drill rig arrives in Darwin:
Beetaloo Basin cattle company loses Supreme Court bid to stop fracking exploration
ABC Rural / By Daniel Fitzgerald
Posted Thu 20 Apr 2023 at 10:34pmThursday 20 Apr 2023 at 10:34pm, updated Fri 21 Apr 2023 at 12:16amFriday 21 Apr 2023 at 12:16am
A gas exploration well in the desert, surrounded by a drill rig and equipment.
Tamboran Resources and its subsidiary Sweetpea have a number of exploration wells across the Beetaloo Basin.(Supplied: Tamboran Resources)
A gas company will be able to continue exploration in the Beetaloo Basin after a cattle company's appeal to stop the activity was dismissed by the Northern Territory Supreme Court.
Key points:
Rallen says it is weighing up its options after the decision
The court's ruling sets a legal precedent for land access laws in NT
Tamboran unloaded the "most powerful" drill rig in Australia in Darwin this week
Rallen Australia, owned by the Langenhoven-Ravazotti family, had sought to overturn a February 2022 NT Civil and Administrative Tribunal decision that allowed Tamboran Resources' subsidiary Sweetpea Petroleum to come onto Tanumbirini Station to explore for gas.
Justice Peter Barr dismissed all eight grounds of appeal that Rallen's lawyers had argued.
The case was seen as a precedent for legal interactions between pastoralists and gas companies because it was the first to test mandatory land access laws introduced in the NT in 2021.
Tamboran chief executive and managing director Joel Riddle said in a statement that he was "pleased with the NT Supreme Court's ruling" and was looking forward "to working closely with all our stakeholders in progressing the development of the Beetaloo Basin in a safe and responsible manner".
"As the first challenge of the NT government's changes to the legislation and regulations permitting access for exploration purposes, the decision sets an important precedent for future operations across the Beetaloo Basin," he said.
"We are pleased to lead the way by securing this important precedent and ensure that the benefits of the decision will extend to many stakeholders."
A man with short, greying hair and a woman with long, blonde, frizzy hair stand outdoors, looking serious.
Pierre Langenhoven and Luciana Ravazzotti are staunchly opposed to fracking on their cattle stations.(ABC News: Hamish Harty)
Rallen weighs appeal options
Rallen has fiercely opposed any gas exploration on its properties and director Pierre Langenhoven previously declared the pastoral and gas industry "cannot coexist".
Mr Langenhoven said Rallen would "consider this decision and our appeal options" for the Supreme Court decision.
"We are disappointed in the decision, as the land access agreement provides minimum protections to pastoralists and puts all the risk and all the cost onto the pastoralist," he said in a statement.
"This sadly sets a precedent for poor quality and punitive agreements moving forward."
Heavy earthmoving equipment lined up in scrubland.
Sweetpea started exploration works on Tanumbirini Station in May 2022.(Facebook: Nurrdalinji Aboriginal Corporation)
Sweetpea/Tamboran entered Tanumbirini in May 2022 under the terms of its exploration permit, but against the wishes of Rallen and some traditional owners.
Since then, Mr Langenhoven said he felt like he had "lost control" of the part of Tanumbirini within Sweetpea's permit area.
"I cannot protect the station and my cattle from the impacts of fracking, all I can do is monitor and seek compensation after the damage is done," he said.
Rallen Australia will receive a minimum of $15,000 compensation per gas well drilled on the property as a part of its land access agreement with Sweetpea.
Drill rig equipment being loaded onto a ship at a port.
The Helmerich & Payne drill rig was sent from the Port of Houston and unloaded in Darwin this week.(Supplied: Tamboran Resources)
Australia's 'most powerful' rig
This week Tamboran unloaded what it has labelled Australia's "most powerful onshore drilling rig" from a ship at Darwin Port.
Anti-fracking protesters gathered out the front of the port on Wednesday to voice their opposition to the use of the drill rig and fracking in the Beetaloo.
Tamboran said the drill rig, imported from the US, was capable of drilling horizontal wells more than 4,000 metres in length.
Tamboran has contracted the rig for a minimum of two years and is currently "evaluating the opportunity" to use it to drill a 3,000 metre horizontal section in an existing well on Tanumbirini Station in mid-2023.
The NT government is expected to make a final decision on whether to allow commercial development of the Beetaloo Basin in the coming weeks.
Ebenezer3
1 year ago
Words of wisdom: Woodside Energy chief executive Meg O'Neill. Photo: APPEA
Woodside chief blasts extremists that threaten investment in Australia’s gas industry
Meg O’Neill also urges investment and regulatory certainty amid twin goals of energy security and decarbonisation
23 April 2023 7:14 GMT UPDATED 23 April 2023 7:14 GMT
By Amanda Battersby in Singapore
Woodside Energy chief executive Meg O’Neill has slammed extremists who are doing the damnedest to scupper under development and new gas projects in Australia, the region’s largest liquefied natural gas exporter.
Addressing the National Press Club in Canberra, O’Neill said that development of Australia’s gas industry has only been possible with the support of international investors and customers looking to secure their own energy supplies. But now they are questioning whether Australia still wants their investment.
“A vocal minority wants to shut down the industry and the jobs and livelihoods that go with it. They have deep pockets and are using both protest action and the courts to create uncertainty and destabilise regulatory processes to frustrate existing and new projects,” she said.
“We respect every Australian’s right to express their opinion – and we share the commitment to decarbonisation - but extremism is not the answer. We need confidence in stable regulatory outcomes, or we risk choking our energy industry, impacting both domestic and international supply,” added O’Neill.
“This concerns our regional partners, who depend on current Australian gas projects to help them meet their decarbonisation commitments and to keep the lights on in Asian megacities.”
O’Neill said that the challenge, as she sees it, is for Australia to use its vast natural gas resources for three interrelated goals: To provide affordable and reliable energy for Australians, to maintain strategic partnerships and regional energy security, and to progress global decarbonisation.
“We want to develop new projects in Australia, across both hydrocarbons and new energy opportunities, but that will only be possible if policy settings provide the certainty to underpin long-term investment.”
Securing future investment
During 2022, the world experienced what the International Energy Agency has termed “the first truly global energy crisis” and Australia, for all its vast natural resources, was not immune.
“Those who can least afford it have felt it most acutely, sometimes having to choose between food and heating through winter. This should not be happening in Australia. Australians should be able to expect reliable energy. That needs to come from having the right investment climate - rather than arbitrary market intervention - and the right honest conversations between all participants in the energy system,” said O’Neill.
But, she said, a longer-term view is needed to ensure new supply will be there to meet anticipated demand.
“Woodside and other companies are actively considering what we might be able to do to help - from infrastructure to enable LNG imports, to buildout of gas storage - but we also know these can only be progressed in concert with government.
“[This] requires a clear investment framework and regulatory certainty to attract the capital from international markets that is needed for large-scale projects.”
Woodside's 2022 A$2 billion-plus tax bill
Read more
The same partners who invested in Australia’s gas projects can provide the capital to develop lower-carbon hydrogen and renewable projects, but only if they consider it a secure investment, added O’Neill.
“For Australia to remain an attractive destination for global capital, fiscal and regulatory certainty is paramount.
“We urge the government, in any changes to the tax framework, to consider the long-term and preserve Australia’s ability to attract the next generation of investment, jobs and energy supply,” said O’Neill.
“In terms of regulatory certainty, agreement on clear processes and response times for project approvals is essential to unlocking reliable supply. Otherwise, energy investment will find another home, taking jobs and opportunities with it.”
Gas in tandem with renewables
Globally, we are going to need to use all the tools to address climate change while advancing developing economies, Woodside’s chief executive said.
“That’s going to require rapid scale-up of renewables and investment in ongoing gas supply as existing gas fields deplete.”
Even in its Net Zero Emissions scenario, the Paris-headquartered IEA has estimated an average of US$365 billion of upstream oil and gas investment is needed every year to 2030, and US$171 billion every year thereafter to 2050.
“When used to generate electricity, natural gas emits around half the life cycle emissions of coal. Gas is a flexible source of energy and provides a stable baseload,” she added.
Australia’s federal government is targeting increasing the share of renewables in the electricity grid to 82% by 2030, leaving an 18% gap that could be filled by natural gas. However, today gas-fired power only accounts for 7% of the national energy market.
O’Neill admitted that Australia’s gas industry needs to do more to reduce emissions but that it is moving in the right direction.
“We employ engineers – creative, practical problem-solvers, who are prioritising this challenge – and commercial analysts, who are figuring out ways to finance it,” she said.
“We have geologists, who used to explore for new oil and gas reservoirs, who are now looking at how we can safely inject and store carbon dioxide in depleted reservoirs.”
However, in the absence of certainty at a national level, Australian states have implemented complex and conflicting regulations for emissions reduction, moving away from the concept of tackling the lowest-cost abatement options first, and adding to the cost of doing business… not just for energy producers, but for all industrial segments, O’Neill commented.
Getting it right in future
“You might guess from my name that I’m of Irish heritage. I grew up in Boulder, Colorado, (in the US) but my Nanna grew up in a village in County Mayo, in Western Ireland, with no electricity - relying on a peat fire for heating, cooking and light,” O’Neill shared.
“As a society, we have come a long way since then, in just two generations. And we should not be regressing. We should instead be extending access to electricity to hundreds of millions of people in the developing world who still live without it. To do that, we need new supplies of affordable and reliable energy.”
However, against that backdrop, there is the need to decarbonise which will require the rapid scale-up of renewables alongside investment in ongoing gas supply as existing gas fields deplete.
Woodside is aiming to spend US$5 billion by 2030 to progress new energy opportunities and lower-carbon services.
Admitting the Australian company – which was founded in 1954 – historically has not always “got it right” in its relations with First Nations peoples, O’Neill said the company is on a journey in its relations with First Nations peoples and “working to get it right” by listening to and learning from these peoples.
“For Woodside, a big part of this is working with the Traditional Owners of Murujuga, in northern Western Australia, where our largest Australian operations are based,” she said
Ebenezer3
1 year ago
Tamboran and Empire's comments: Energy
Carbon challenge
Greens’ changes to safeguard won’t stop us, Beetaloo developers say
Mark Ludlow and Angela Macdonald-Smith
3/27/2023
The two developers at the centre of the Beetaloo Basin say the project will proceed despite Labor’s safeguard mechanism concessions, describing claims from the Greens that work would stop as “100 per cent wrong”.
While the Greens said their proposed changes to the carbon pollution scheme would stop half of the 118 resources and energy developments in the pipeline, Tamboran Resources and Empire Energy say they have already factored in required direct emissions reductions from Beetaloo projects.
There are high hopes the Beetaloo Basin reserves will help with east coast gas supplies.
The region in the Northern Territory holds an estimated 8000 petajoules of gas, including almost 2600PJ in three principal ventures – run by Tamboran, Empire and Santos. Tamboran shares fell 6.7 per cent to 21c on Monday, while Empire dropped 6.3 per cent to 15c.
“The Greens have claimed these amendments restrict the Beetaloo Basin’s development. This is 100 per cent wrong,” Tamboran chief executive Joel Riddle said. “Tamboran’s progressive sustainability plan was and is doing everything called for in these amendments. This is a decisive political failure for the Greens who have campaigned to destroy industry, jobs and real progress on emission reductions.”
Empire chief executive Alex Underwood said the deal struck on Monday had brought “additional clarity” to regulatory requirements for developing Beetaloo gas. There was a “great opportunity” to develop the Northern Territory’s onshore gas resources to enhance energy security, he added.
“With less than 1 per cent CO2 contained in our Beetaloo gas resource, the challenge of offsetting the emissions of our development is significantly lower than other gas sources,” Mr Underwood said.
But Greens leader Adam Bandt said the proposed changes to the safeguard mechanism would add an extra $1 billion to the development of Beetaloo gas which would “derail the business case” and potentially kill it off. “It hasn’t been finally stopped, but it has been derailed. And this will be a huge, huge shot in the arm to the campaigners against the Beetaloo project,” he said.
But Mr Riddle said the amendments the Greens demanded to the safeguard mechanism – which covers 215 of Australia’s biggest polluters – was already captured under the NT government’s 2018 Pepper inquiry. That review found risks involved with the onshore shale gas industry could be mitigated and paved the way for the resumption of drilling in the territory.
“If the Greens were really committed to net-zero, they would get on board with Tamboran and the Beetaloo Basin as Australia’s greatest emissions reduction initiative,” Mr Riddle said.
Reports from the Australian Energy Market Operator and the Australian Competition and Consumer Commission have cited Beetaloo gas as crucial to help resolve looming east coast gas shortages over the next few years.
The NT gas industry expects an agreement in the safeguard deal that only “reservoir” CO2 would need to be net-zero emissions works in favour of Beetaloo gas, where CO2 levels in the resource are typically 1-3 per cent, much lower than some other fields such as Santos’ Barossa project.
Credit Suisse energy analyst Saul Kavonic said that while the safeguard reform deal with the Greens is a far cry from a ban on new oil and gas, “it certainly doesn’t indicate new oil and gas supply is welcome”.
“It lays the groundwork for more obstacles to new investment in gas supply, contrary to Labor’s recent message that Australia needs more gas supply,” he said.
“The hard cap, the trigger, the CCA sector-specific plans, the subjective scrutiny of offset use, and requirements for net-zero for new gas fields to be exported are all collectively going to make new gas supply for both Australians and trading partners harder to develop.”
In the months of negotiations over the safeguard mechanism – the government needs support from the Greens to pass the legislation in the Senate – Mr Bandt has often warned of the pipeline of more than 100 “coal and gas” projects that were waiting to be developed.
But of the 118 publicly announced resources and energy projects outlined by the Industry Department last year, 22 are hydrogen, 18 are coal, 18 are for infrastructure-related projects like gas pipelines, 17 are for other commodities, 11 are for oil and gas, 11 are for iron ore, eight are for copper, four are for nickel and cobalt and one each for lithium and uranium.
Minerals Council of Australia chief executive Tania Constable said commentary from the Greens about halting half of the projects in the pipeline was “unhelpful”, adding that not all proposals made it to development.
“They’re referring to a list that’s produced by the chief economist within government, and on that project list they range from exploration, pre-feasibility, feasible, through to developed,” Ms Constable told The Australian Financial Review.
“It’s a well-known fact that a whole lot of projects don’t go ahead for a range of reasons.”
Grattan Institute energy program director Tony Wood said a “substantial” number of the 118 projects in the pipeline would not proceed.
But Mr Wood said if even only a handful of big gas or coal projects went ahead it would cut into the 17 million reserve for new entrants into the safeguard mechanism.
“It was always highly unlikely that all of those 116 or 118 projects would be going to go ahead, but you wouldn’t require all that many of them to make a dent into 17 million tonnes,” he said.
Mr Wood said the changes to the safeguard mechanism were workable.
“There are always going to be risks because there are a lot of unknowns about what is going to happen with these projects,” he added.
Ebenezer3
1 year ago
Eco-terrorist government wins again: The updated legislation also requires all new gas projects in the Beetaloo Basin to have net zero carbon emissions and new gas fields supplying existing liquefied natural gas (LNG) plants to have net zero reservoir emissions, imposing new costs.
“Today, we are a step closer to achieving net zero by 2050,” Energy Minister Chris Bowen said.
Support from the Greens, who originally wanted to ban all new fossil fuel projects, leaves the government short two votes in the Senate, where it is wooing independents.
The plan, due to take effect on July 1, aims to make about 215 oil, gas, mining and manufacturing facilities that annually emit more than 100,000 tonnes of carbon dioxide-equivalent (CO2-e) cut their emissions by 30% over the next seven years.
Under the revised legislation, projects such as the massive Browse field that Woodside Energy wants to develop would have to have carbon capture and storage to achieve net zero.
Shares in Woodside fell 2.3%, while Tamboran Resources, which is looking to develop a project in the Beetaloo, fell 6.7% in a broader market that was up 0.2%.
The government said it would tip in A$400 million ($266 million) to help the cement, steel and aluminium industries decarbonise.
Ebenezer3
1 year ago
Amungee 2H frack completed:
Tamboran Resources completes 25-stage stimulation program in Beetaloo Basin; 30-day initial production flow rates expected next quarter
19:22 Tue 21 Mar 2023
Jonathan Jackson
View
Tamboran Resources Ltd
ASX:TBN
Tamboran Resources Ltd - Tamboran Resources completes 25-stage stimulation program; 30-day initial production flow rates expected in Q2
Tamboran Resources Ltd (ASX:TBN) has completed its 25-stage stimulation program at Amungee 2H well in the 38.75% owned and operated EP 98 permit of the Beetaloo Basin in the Northern Territory of Australia.
This is the first well to be finished using the optimal 5-½-inch casing within the Mid-Velkerri ‘B Shale’ and the total expenditure for the A2H well to date is around $32 million, including drilling and stimulation.
This is within 5% of budget estimate after additional scope to the well was undertaken by Tamboran post-acquisition.
The company now expects to announce 30-day initial production (IP30) flow rates during the second quarter of 2023.
"Worked together seamlessly"
“I am extremely proud of our team being able to deliver a project of this magnitude, despite taking on operatorship of the well days before spudding and bringing forward the stimulation program by more than three months,” Tamboran’s COO Faron Thibodeaux said.
“Our team and contractors worked together seamlessly, including the technical team in the US and new employees following the acquisition, to complete this milestone.”
About the stimulation program
Tamboran’s program was a 25-stage program across a 1,020-metre horizontal section within the Mid-Velkerri ‘B Shale’.
Approximately 2,125 pounds per foot of proppant was placed along the completed horizontal section, an increase of around 55% compared to the Tanumbirini 2H (T2H) and 3H (T3H) wells in the Santos-operated EP 161 permit (Tamboran 25%, non-operator).
Proppant was placed using 5-½-inch casing and based on modern US shale design, which leverages the experience of Tamboran’s US technical team and incorporates learnings from the drilling and stimulation of the T2H and T3H wells.
The modern design is expected to result in improved flow rates from the extended production test during 2023.
Significant milestone
Tamboran Resources managing director and CEO Joel Riddle said: “The completion of the program at A2H is a significant milestone for Tamboran in the Beetaloo Basin, being the first well to be completed using the optimal 5-½-inch casing within the Mid-Velkerri ‘B Shale’.
“I commend the Tamboran team and our contractors for the safe and successful completion of the program, which was achieved in the middle of the Northern Territory’s wet season.
“The team delivered a significant increase in sand into the shale formation, when compared to the T2H and T3H wells in the non-operated EP 161 permit. We expect this will further demonstrate economic flow rates and commercial viability of the play.
“The A2H well will shortly begin to flow back stimulation fluid before being shut-in for installation of production tubing. This is expected to deliver optimal flow rates during the extended production testing, which will provide key data regarding decline curves and estimated ultimate recovery.”
Tamboran’s assets
Tamboran is the largest acreage holder and operator with ~1.9 million net prospective net acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
The company is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the basin.
Its key assets include a 25% non-operated working interest in EP 161, a 100% working interest and operatorship in EP 136, EP 143 and EP(A) 197 and a 38.75% working interest and operatorship in EPs 98, 117 and 76 which are all located in the Beetaloo Basin.
Tamboran is focused on the development of the proposed EP 98 Pilot Development, targeting first production by the end of 2025
Ebenezer3
1 year ago
Empire announces Beetaloo flow rates and operations: ABN Newswire) Empire Energy Group Ltd (ASX:EEG) (OTCMKTS:EEGUF) report that the Carpentaria-3H ('C-3H') has been flow tested for 27 days and is currently shut in for soaking (the practice of shutting in a well for a period following fracture stimulation to maximise long-term productivity). Gas production rate has ranged between 2.3 million standard cubic feet per day ('mmcf / day') and 5.7 mmcf / day with an average of 2.6 mmcf / day. Flow rates are yet to be optimized by the shut-in and soaking. Empire believes that higher flow rates will be achieved when the well is reopened.
Carpentaria-2H ('C-2H') has been brought back online to test the benefit of soaking with excellent results. A sustained average gas flow rate of 3.24 mmcf / day over eight days ('IP8') has been achieved over the 927-metre stimulated horizontal section, approximately 21% higher than the initial IP8 with a lower rate of decline.
This is a normalised flow rate of 3.5 mmcf / day per 1,000 metres at C-2H, demonstrating that soaking has had a material beneficial impact on flow rates, consistent with productivity improvements seen in other wells in the Beetaloo Sub-basin and in US shale gas basins.
Empire intends to continue flow testing C-2H to develop an early production type curve that will be incorporated into Empire's ongoing Front-End Engineering and Design ('FEED') process. Management is working towards pilot project Final Investment Decision ('FID') this year (subject to financing, gas sales agreement, regulatory approvals and Board approval).
Petrophysical interpretation of Carpentaria-4V ('C-4V') data has confirmed that net pay in the Middle Velkerri B is 20% greater and ~150 metres deeper than at the C-2H / C-3H location. C-4V formation evaluation results are being incorporated into the updated independent resource assessment that is expected to be complete in the coming weeks.
Current cash balance is $18.2 million with recent drilling and stimulation projects coming in well under budget. The $15 million credit facility is available but undrawn. Final Beetaloo Cooperative Drilling Program progress payment of ~$7.6m is expected to be received soon.
An investor webinar including Q&A will be conducted today at 11am AEDT during which Managing Director Alex Underwood will provide an overview of these results and investors can ask questions. Dial in details can be found below.
Comments from Managing Director Alex Underwood:
'The Empire team is highly encouraged by the stabilised flow rates we have achieved at C-2H. At this stage, the rates appear to exceed thresholds that others in the Beetaloo have proposed as being commercial. Empire has high earnings leverage due to the reduced capital costs we enjoy at shallower depths than other parts of the Beetaloo and high net revenue interest (working interest adjusted for royalties) in our Beetaloo properties.
This result has significantly de-risked EP187 and propels us towards a final investment decision on our pilot project later this year. We are rapidly optimising how to drill, stimulate and complete the Middle Velkerri B shale, and expect further improvements as we drill future pilot wells that, along with C-2H and C-3H, will generate production revenue (subject to FEED, sales and transportation agreements, financing, regulatory approvals and FID).
Netherland, Sewell & Associates are due to upgrade our EP187 Contingent Resources including our recent C-4V results. We anticipate a material increase.
C-3H has remaining fluid that the Empire team wants to remove to see the full C-3H well result. We expect soaking to reduce water saturation and to increase gas pressure that will help to remove the remaining fluid, in addition to providing the other matrix gas benefits seen in C-2H.
The global gas market remains in serious structural deficit. New sources of responsibly sourced, low CO2 gas are urgently required to avoid more seasonal price spikes. The IEA recently forecast that LNG demand from the world's largest importer, China, is expected to increase by up to 35% this year as its economy reopens, but new sources of supply are not coming onstream quickly enough. The NT gas market is undersupplied due to production issues at legacy fields, so our short-term opportunity is to support the NT Government to ameliorate forecast gas shortfalls by bringing our pilot project online quickly.
These flow testing results reinforce our commercialisation strategy.'
CARPENTARIA-2H UPDATE
C-2H was reopened on Friday 24th February after ~5 months of shut in to soak. Soaking is the practice of shutting in a shale gas well for a period following fracture stimulation to seek to improve long-term productivity through redistribution and / or interaction of the residual water with the rock. Productivity improvements have been achieved at other Beetaloo wells and in analogous US shale basins following the execution of such a strategy.
After reopening C-2H, production quickly built to over 3 mmcf / day and is now flowing at 3.25 mmcf / day. This represents a 33% increase compared to the corresponding flow rate after the first 8 days of pre-shut-in initial flow, a material improvement.
The well has been reopened with a restricted choke, with a current wellhead pressure of over 336 psi, which is double the wellhead pressure after the previous corresponding IP8 period.
While lowering this flowing wellhead pressure would produce higher short term gas flow rates, Empire is maintaining a high back pressure and carefully managing the flowback to ensure full fracture connectivity is maintained. The gas is being produced up the 4 1/2' casing without any artificial lift. No well intervention or optimisation was undertaken prior to restart, as the gas rate is sufficient to lift wellbore fluids in 4 1/2' casing.
Third party flowback analysis carried out by Subsurface Dynamics Inc, an independent advanced reservoir engineering and geoscience firm based in North America, indicates that the material improvement in C-2H flow rate has resulted from reduced fractured area water saturation following water imbibition into the surrounding reservoir, removing water blockages to gas flow.
This confirms that Empire's soaking strategy has been effective and is improving gas flow rates which is likely to improve total gas recovery over the life of the well. It also confirms that the increased C-2H flow rate can be used to infer greater well productivity in development well planning.
C-2H well testing is continuing to confirm the longer-term benefits of soaking and to develop an upgraded IP30 type curve.
CARPENTARIA-3H UPDATE
C-3H has flowed at rates of up to 5.7 mmcf / day with an average production rate over the first 27 days of over 2.6 mmcf / day. The initial flow period showed an even shallower level of rate decline than seen on the initial C-2H flowback, indicating that the well is still cleaning up.
C-3H flowed up 4 1/2' casing without the need for production tubing or artificial lift.
C-3H is now shut-in to test whether soaking, now demonstrated as highly effective at C-2H on the same well pad, will improve productivity.
The soaking of C-3H is expected to provide the fractured area matrix improvements seen in C-2H and in addition remove water by imbibition which will reduce the flowing bottom hole pressure and likely improve gas flow rates.
Higher water production during the initial flowback (due to pumping twice as much water to place twice as many fracture stimulation stages) created an estimated 20% higher bottom hole flowing pressure at the heel of the well compared to C-2H due to the density of the fluid lifted, which has impacted gas flow rates. In addition, the long undulating horizontal section in C-3H resulted in fluid and pressure surges during production ('slugging'). This slugging is likely to have created additional back pressure along the wellbore which has also contributed to gas production limitations.
While Empire expects the shut-in period and soaking to remove remaining fluids, there are alternative intervention options that are available if required. Any such intervention would be funded from cash at bank.
Early chemical tracer data from the international testing laboratories shows that the whole wellbore is contributing to gas flow.
Flowback analysis has been performed by Subsurface Dynamics Inc on the initial flow data that demonstrates that the connected fracture area is twice the size of C-2H stimulated area and that the majority of the fracture stages appear to be contributing along the wellbore based on the total stimulated reservoir (rock) volume.
C-3H was drilled and stimulated through a range of rock qualities within the Middle Velkerri B Shale and tracer data confirms that the higher graded rocks have produced at higher rates providing further definition over the future target reservoir window to optimise production.
C-3H trialed several fluid systems and ongoing tracer analysis is expected to provide further evidence on fluid selection and optimization.
C-3H was drilled and completed for $5.9 million below the risked budget.
CARPENTARIA-4V UPDATE
Early petrophysical interpretation indicates the net pay at the recently drilled C-4V well within the Carpentaria East Area is materially greater than the earlier drilled C-1V, C-2H and C-3H wells.
The greater depth of formation at C-4V is expected to improve gas in place and reservoir pressure. Porosity, gas saturation, and gross thickness are interpreted to be highly uniform between the drilled locations.
Further work will be carried out to determine whether the increased pay within the Carpentaria East area is due to lateral depositional changes or through post-deposition processes. This will help resolve lateral reservoir improvements throughout the permit. Sidewall cores taken from the Middle Velkerri A, Intra A/B, B and C shales during drilling have arrived in the USA and will be used for further calibration analysis.
BEETALOO COOPERATIVE DRILLING PROGRAM
Empire's wholly owned subsidiary, Imperial Oil & Gas Pty Limited, has three replacement grant agreements with the Australian Government under the Beetaloo Cooperative Drilling Program (the 'Program'). Total grant funding of up to $19.4 million is being provided which offsets 25% of the cost of seismic acquisition and the drilling, hydraulic stimulation and flow testing of three horizontal wells (C-2H, C-3H and C-4V) in EP187.
Empire has submitted its final progress reports under the Program and expects to receive final grant funding under the Program of ~$7.6 million (ex-GST) in the coming weeks.
CONFERENCE CALL AND WEBCAST AT 11AM (AEDT) TODAY
Managing Director Alex Underwood will present via conference call and webcast commencing at 11am AEDT today. Details are as follows:
For Participants
Pre-Registration Link:
Conference Call:
The conference call can be accessed by the telephone numbers below and quotation of the specified Conference ID number.
Conference ID number: 60701
Australia: +61 (2) 9133 7104 (can be used if dialing from international location)
For Listen Only
*To view tables and figures, please visit:
(asx:eeg ) (OTCMKTS:EEGUF) holds over 14.5 million acres of highly prospective exploration tenements in the McArthur and Beetaloo Basins, Northern Territory. Work undertaken by the Company since 2010 demonstrates that the Eastern depositional Trough of the McArthur Basin, of which the Company holds 80% has very considerable conventional and unconventional hydrocarbon potential. The Beetaloo sub-Basin, in which Empire holds a substantial position, has independently assessed world class hydrocarbon volumes in place with a major ramp up in industry activity underway to appraise substantial discoveries already made by major Australian oil and gas operators.
Empire Energy is an experienced conventional oil and gas producer with operations in the Appalachia region (New York and Pennsylvania). Empire has been successfully developing and producing oil and gas since 2006.
Empire Energy Group Ltd E: T: +61-2-9251-1846 F: +61-2-9251-0244 WWW:
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Ebenezer3
1 year ago
Amungee 2H frack operations commence: Tamboran Resources Limited (ASX:TBN) (OTCMKTS:TBNRF) has commenced its first Beetaloo Basin stimulation program at the Amungee 2H (A2H) well in 38.75 per cent owned and operated EP 98.
The program, which will include up to 24 stages over a 1,200-metre horizontal section within the Mid-Velkerri "B Shale", is planned to be completed within 2 - 3 weeks. The campaign is being conducted by Condor Energy Services, a respected Australian energy services provider.
The A2H stimulation program has been optimised with proven US-style shale stimulation designs and techniques, including the use of 5-1/2-inch casing, widely considered the optimal casing size to place a high-rate hydraulic proppant.
This increased casing size allows for the placement of sand and fluid at an increased rate to the perforations during stimulation. This is a proven concept that has been known to deliver significantly higher production rates and Estimated Ultimate Recovery (EUR).
Tamboran Resources Limited Managing Director and CEO, Joel Riddle, said:
"This is an exciting milestone for Tamboran, being the Company's first operated simulation program in the Beetaloo Basin. Following the successful drilling at the Maverick 1V and A2H wells during 2022, the A2H stimulation program is aiming to demonstrate economic flow rates from the Mid-Velkerri "B Shale" in our Beetaloo Basin acreage and the commercial viability of the play.
"The A2H program will leverage a proven US stimulation design. After completing the stimulation, we expect a four-week flow back of stimulation fluid before installation of production tubing. We expect to announce the 30-day initial production rates early in the second quarter of calendar year 2023.
"The Beetaloo Basin is well positioned to address the gas shortfalls on Australia's East Coast, as forecast by the Australian Competition and Consumer Commission (ACCC) and Australian Energy Market Operator (AEMO). The Beetaloo has the potential to aid Australia's energy transition and reduce emissions by utilising its world-class low reservoir CO2 gas to offset the higher CO2 fields on the East Coast, including declining Cooper Basin and offshore Victoria fields."
About Tamboran Resources Limited
Tamboran Resources Ltd (ASX:TBN) is a natural gas company that intends to play a constructive role in the global energy transition towards a lower carbon future by developing low CO2 unconventional natural gas resources in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia. Tamboran's key assets are a 25% working interest in EP 161 and a 100% working interest in EP 136, EP 143 and EP(A) 197 which are located in the Beetaloo Sub-basin.
Ebenezer3
1 year ago
Other Beetaloo Operator...: Empire powers ahead with NT gas play
Matt Birney
SPONSORED
Tue, 31 January 2023 3:30PM
Matt Birney
Activity at the Carpentaria-3H gas well in the Northern Territory.
Activity at the Carpentaria-3H gas well in the Northern Territory. Credit: File
Sydney-based Australian oil and gas company Empire Energy Group has closed the book on a busy December quarter it has hailed as the most active in the firm’s history. The workstream was headlined by its drilling completion of the Carpentaria-3H gas well in the Northern Territory’s world-renowned Beetaloo sub-basin and included a record breaking 2632m horizontal section that was realised on time and significantly under budget.
Importantly, Empire says over 90 per cent of Carpentaria-3H’s horizontal interval penetrated the hydrocarbon-rich Velkerri-B shale formation where strong gas shows were observed. The record-shattering horizontal section notched in Carpentaria-3H’s drilling outshines the length of the company’s previous efforts with its Carpentaria-2H well by 150m.
The company believes the program could also be the most extensive in the history of the Beetaloo basin and the operation’s total outlay of $17.3 million is roughly $3.6 million below its initial projections. Empire has since advanced the well to a program of hydraulic stimulation, or “fracking” and has achieved notable results across each of the bore’s 40 planned stages.
Notably, Empire says 35 of the 40 stages activated in its fracking of Carpentaria-3H were executed within the zone’s Velkerri-B shale target – an area the Northern Territory government believes could house as much as 500 trillion cubic feet of gas.
Fracking is often executed on horizontal, gas-bearing shale wells such as Carpentaria-3H and enables companies to optimise the placement of a well’s fractures in order to maximise gas production rates. The fractures are typically positioned along a bore’s target zone and are essentially a site at which an explorer will look to pierce the ground’s geology and release the zone’s gas resources. The number of stages is contingent on an asset’s depth, with deeper bores – such as the over 2600m Carpentaria-3H – generally accommodating more intervals.
To maximise the volume of hydrocarbons extracted in a gas well companies generally frack a bore by piercing the reservoir with a chemical mixture known as fracking fluid. The formulation is pumped downhole at high pressures and can be derived from a suite of ingredients. According to Empire, it used a host of hydraulic fluids in the fracking of Carpentaria-3H’s 40 stages including, crosslink, slickwater and a hybrid blend of both formulations.
The company previously used slickwater to great effect in its nearby Carpentaria-2H gas well and says the material can deliver economical gas recovery rates along with its reduced inclusions of chemical additives. The company has since initiated flowback activities at the well and says 17 per cent of its fracking fluids have been recuperated. The work is key in moving Empire closer to production.
The Empire team has hit the ground running in early 2023. Our key focus is on moving into pilot production. This involves multiple work streams including Front End Engineering and Design, pipeline transportation and gas sales negotiations, indigenous consents and regulatory approvals. We look forward to updating shareholders further as this critical work proceeds.
Empire Energy Managing Director, Alex Underwood
The company also targeted and intersected the Velkerri Formation shales with its Carpentaria-4V well over the December period. In August last year the company declared its assets in the Beetaloo held a 2C contingent resource of 554 billion cubic feet of gas and 3.5 million barrels of liquid and after the quarter’s activities management says it expects material growth.
Empire also filled its coffers to the tune of $7.8 million over the period after getting its hands on a research and development tax offset and claimed another $1.4 million in cash courtesy of the Federal Government’s Beetaloo Cooperative Drilling Program.
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Renee
5 months ago
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