Page 8 - AsianOil Week 39 2021

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“Technology like this will be the key to and catalyse the growth of new sustainable
further reducing emissions and ensure our industries.
resources will play an important role in provid- Santos, Woodside, Origin Energy, Japan’s
ing Australia, and the world’s, energy needs,” Inpex, Italy’s Eni and Xodus have all commit-
Pitt said. “Australia has shown that a reduction ted to collaborating on the business case, which
in emissions can be achieved alongside a strong could lead to the creation of the world’s largest
resources sector and this technology will ensure CCUS facilities.
it continues to make a significant contribution The hub’s goal is to enable the development
to our economy and jobs for decades to come.” of an interconnected hydrogen industry and the
The CCUS Hubs and Technologies Program utilisation of the CO2 captured in other indus-
comes just days after the Australia’s national trial processes.
science agency, CSIRO, announced that it had CSIRO CEO Larry Marshall said: “The NT
teamed up with the Northern Territory’s govern- Hub could create new jobs and export pathways,
ment, industry and engineering companies to and give Australia a global advantage by push-
assess the viability of a large-scale low emissions ing the boundaries of science and technology
CCUS hub outside of Darwin. to put home-grown innovation into real world
CSIRO said on September 28 that the hub demonstration projects, including through our
would both significantly reduce emissions Hydrogen Industry mission.”v

Beach to sell Waitsia LNG to BP

PROJECTS & AUSTRALIAN independent Beach Energy
COMPANIES has agreed to sell its share of liquefied natural
gas (LNG) production from the Waitsia project
onshore Western Australia to super-major BP.
Beach said on September 27 that it had signed
a heads of agreement (HoA) to sell its 3.75mn
tonnes of expected production from Waitsia’s
second phase of the development from the sec-
ond half of 2023. However, the agreement’s terms Beach said its share of Waitsia’s production
include built-in flexibility around the first ship- would be sold at a price linked to both Brent and
ment in order to allow for variables in the pro- Japan Korea Marker (JKM) price indices, while
ject’s construction and commissioning activities. noting that sales would include full upside expo-
The independent added that annual contract sure to each index as well as a downside price
volumes and supply terms were “aligned to the protection mechanism.
provisions in the executed North West Shelf The company added: “This hybrid pricing
(NWS) gas-processing and lifting agreements”. structure is expected to provide Beach with
The two sides are aiming to sign a fully termed favourable price movements during North Asia
LNG supply and purchase agreement in the first winter periods.”
half of next year. Supply will be delivered on a free-on-board
Beach owns a 50% stake in Waitsia, while (FOB) basis from the NWS facilities.
Mitsui and Co. owns the other 50% and operates The Waitsia joint venture reached a final
the development, which is one of the country’s investment decision (FID) in December 2020 on
largest onshore discoveries in the last four dec- initial funding for Waitsia’s 250 TJ (6.5mn cubic
ades. It was the only project to receive an exemp- metre) per day second phase of development.
tion from the WA government’s August 2020 Beach said at the time that full funding would
decision to prevent new onshore gas fields from be committed once certain regulatory approvals
selling their production outside the state. and commercial conditions were resolved.v

P8 www. NEWSBASE .com Week 39 30•September•2021