Page 9 - AsianOil Week 07 2021

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Beach’s Enterprise find boosts 2P reserves

PROJECTS & AUSTRALIAN independent Beach Energy has
COMPANIES announced a new discovery offshore the state of
Victoria that has upped the company’s proven
and probable (2P) reserves by 21mm barrels of
oil equivalent (boe).
Beach said on February 15 that its recent
drilling programme at the Enterprise gas field, Enterprise’s vicinity, with plans to use the exist-
located in exploration permit VIC/P42(V) in ing Enterprise 1 drill pad.
the nearshore Victorian Otway Basin, confirmed Hailing the discovery, Australian Minister for
34mn boe of gross 2P reserves. Beach operates Resources, Water and Northern Australia Keith
the permit with a 60% stake, while O.G. Energy Pitt said: “The Beach success demonstrates that
owns the remaining 40%. there continues to be a bright future for the off-
Beach’s share of the reserves includes 97 PJ of shore sector, which remains critical to meeting
sales gas, 211,000 tonnes of liquid petroleum gas the Australian Government commitment to a
(LPG) and 2mn barrels of condensate. gas-led recovery.”
Beach managing director and CEO Matt Beach, meanwhile, noted that its previously
Kay said the results at Enterprise exceeded announced five-year production target of more
the company’s pre-drill expectations, with the than 37mn boe in financial year 2024-2025 was
field’s liquids content more than doubling the based on delivering a single exploration success
expected volume. in the Otway exploration drilling campaign –
He said: “Ultimately, Beach’s investment in the something that was delivered by the campaign’s
region with our joint venture participant is helping first exploration well.
to meet the shortfall in supply that is forecast for the In an interview with the Sydney Morning
East Coast gas market in the near future.” Herald, Kay said the new gas field was part of the
Beach said it intended to commence front- company’s efforts to meet a looming gas supply
end engineering design (FEED) work in the shortfall on the East Coast market.
first half of this year, with the goal of reaching “We are spending a billion dollars on offshore
a final investment decision (FID) in financial projects, we can see a decline facing East Coast
year 2021-2022 and first gas in the second half gas supplies and we are here to fill the gap,” Kay
of 2022. said. “I’m not sure we could be doing any more as
The company also wants to investigate fur- a company to support East Coast gas supply and
ther exploration opportunities identified in a state like Victoria.”™

Senex boosts gas production at Atlas project

PROJECTS & AUSTRALIAN independent Senex Energy has Senex was awarded acreage adjacent to Atlas
COMPANIES boosted natural gas production at its Atlas field last year, paving the way for expanded produc-
in Queensland’s Surat Basin to 32 TJ (833,600 tion from the project of up to 56 TJ (1.46mn
cubic metres) per day. cubic metres) per day. Production from its Surat
Senex said on February 16 that the produc- Basin assets peaked at 50 TJ (1.3 mcm) per day
tion milestone was the final step in its foundation in the final quarter on 2020, up 16% quarter on
AUD400mn ($310.9mn) Surat Basin devel- quarter.
opment project, which includes the Atlas and The developer is currently working with
Roma North fields. Production is still rising, the Jemena on front-end engineering design
company said, adding that the project’s gas pro- (FEED) work and long-lead item planning for
cessing facility had an additional 8 TJ (208,400 the expansion of the Atlas gas processing facility,
cubic metres) per day of capacity. with a final investment decision (FID) targeted
Senex said its expansion of Roma North by for the first half of next year.
50% to 24 TJ (625,200 cubic metres) per day was Managing director and CEO Ian Davies
also progressing well, with first gas anticipated in said: “This latest milestone underscores
the third quarter of this year. Senex’s success in becoming a material new
Senex aims to deliver a five-fold growth in entrant in a strong domestic market with
annual output to around 60 PJ (1.56bn cubic high barriers to entry. Our Surat Basin oper-
metres) of gas equivalent by the end of financial ations now produce the equivalent of 10% of
year 2024-2025 on the back of both extensive Queensland’s domestic demand and there is
natural gas reserves and the company’s “proven much more to come as we unlock our 780 PJ
hub-and-spoke infrastructure operating model”. [20.32 bcm] of 2P gas reserves.”™

Week 757 18•February•2021 www. NEWSBASE .com P9