Senex Energy Invests USD50 Million in its Western Surat Gas Project in Australia
Increasing investments in energy projects would enhance the production
of LNG in the country
Australia: Australia’s Senex Energy
Limited has decided to invest USD50 million to its 30 well drilling campaign in
the Western Surat gas project. The production from the wells is expected to be
around 0.6 MMboe by mid-2018. Further, Senex is expected to step forward for a
development phase together with EIG Global Energy Partners in two of its blocks
namely, Glenora and Eos, where it would be targeting a gas production of over
16TJ/day by 2019, equivalent to 1 MMboe per annum.
TechSci Research depicts
that increasing
focus on development of adequate support infrastructure in various developing
as well as developed economies is expected to boost LNG demand in the coming
years. Growing
focus on expansion of gas pipeline infrastructure, rising demand for natural
gas from downstream sectors, declining LNG prices coupled with implementation
of favorable government policies is boosting demand for LNG across the globe. Increasing
urbanization, growing industrialization and rising number of projects related
to power, city gas distribution, petrochemical, etc., are expected to
positively influence global LNG market during 2016 - 2025.
According
to recently released TechSci Research report, “Global LNG
Market Demand & Supply Analysis, By Region, By Country, By LNG Terminal,
Competition Forecast and Opportunities, 2011-2025”, global LNG supply
market is forecast to exhibit a CAGR of over 5% during 2016-2025, on account of
rising demand for cleaner fuels; oversupply of LNG due to liquefaction capacity
additions in Australia, US and Papua New Guinea; and declining prices of LNG
over the last few years. In 2015, global LNG export market was dominated by
Qatar and Australia, due to huge natural gas reserves and large liquefication
capacities in these countries. Increase in spot market purchase is expected to
keep LNG prices under check in Asia-Pacific and Europe.