Subscribe free to our newsletters via your
  Oil and Gas News from OilGasDaily.Com  

Subscribe free to our newsletters via your

Australia counting on offshore oil, gas for economy
by Daniel J. Graeber
Canberra, Australia (UPI) Aug 11, 2016

disclaimer: image is for illustration purposes only

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.

Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once

credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly

paypal only


Related Links
All About Oil and Gas News at

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Previous Report
Texas to streamline rules to help energy sector
Austin, Texas (UPI) Aug 10, 2016
A Texas state energy regulator said it was cutting some of the red tape so those working in the oil and gas industry could better survive the downturn. The Texas Railroad Commission, the state's energy regulator, introduced nearly a dozen initiatives aimed at reducing some of the regulatory burdens, including a scheme meant to erase some redundancies in the drilling permit process. ... read more

Low sales prices hit Czech power giant CEZ in H1

New MIT system can identify how much power is being used by each device in a household

ORNL-led study analyzes electric grid vulnerabilities in extreme weather areas

Carbon-financed cookstove fails to deliver hoped-for benefits in the field

A quick-destructing battery to power 'transient' devices

Chemists create vitamin-driven battery

More power to you

New catalyst for hydrogen production

Biofuel production technique could reduce cost, antibiotics use

Patented bioelectrodes have electrifying taste for waste

The Thai village using poop to power homes

Bioenergy decisions involve wildlife habitat and land use trade-offs

China city 'suspends' Sino-French nuclear project after protests

China warns UK ties at 'crucial juncture' over nuclear plant

Thousands protest possible China-France nuclear project

Shifting from Russia, Ukraine strikes US nuclear fuel deal

Newly discovered 'blue whirl' fire tornado burns cleaner for reduced emissions

Hidden, local climate impacts of drought-friendly vegetation

U of T researchers reduce climate-warming CO2 to building blocks for fuels

Mountain environments more vulnerable to climate change than previously reported

NREL assesses strategies needed for light-duty vehicle greenhouse gas reduction

VW fined by Italy watchdog over 'dieselgate'

A car cocktail: Ford, tequila-maker mix for auto parts

Chinese media question 'straddling bus' firm

Iraq judiciary drops corruption case against speaker

IS 'weakening' inside Iraqi city of Mosul: Pentagon

Iraq's widely reviled parliament mired in turmoil

IS kills people trying to flee Iraq town: officials


Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - 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. Privacy Statement