![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber Canberra, Australia (UPI) Aug 11, 2016
The more than two dozen areas opened up to energy explorers off the western coast of Australia could help with global energy ambitions, a minister said. The government opened 28 new areas for exploration of the coast of Western Australia. Matt Canavan, the minister of natural resources for the region, said the areas offer a wide range of options for potential explorers and could boost the prospects for Australia's energy economy. "Offshore extraction of gas will help Australia become the world's leading exporter of liquefied natural gas in coming years," he said in a statement. Energy company Santos leads an $18.5 billion project designed to convert coal seam natural gas to liquefied natural gas for exports to the global market. The Curtis Island LNG project is fed by a 260-mile underground pipeline from the Bowen and Surat basins in Queensland. Chevron, which has headquarters in California, is positioned as a major player in the region, shipping the first delivery of liquefied natural gas from its multi-billion dollar Gorgon project in early 2016 to Japanese company Chubu Electric Power. Chevron already supplies the area with about 10 percent of its natural gas. Its Wheatstone project should build on the company's footprint when it starts servicing the domestic Australian market by 2018. The Reserve Bank of Australia last week lowered its cash rate to 1.5 percent, and said the prospects for sustainable economic growth would be improved by easing monetary policy. The bank said business investments have dropped off considerably, though its export economy is performing well. Labor, meanwhile, is mixed and the rate of inflation in the Australian economy "remains quite low." The bank said the pace of economic growth in China, a potential trading partner for LNG, was moderating.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |