Shale gas will help power Australia's economy
At the APPEA Conference in Perth today, oil and gas executives were discussing the inevitability of shale gas being a prominent force in the future Australian energy market.
Rob Cole, chairman of the Australian Petroleum Production and Exploration Association said that Australia's shale plays are still far from achieving such scale, but its forecast that 2014 will be the most active year for international shale drilling yet, as reported by UPI.
Australia is currently one of the major exporters of conventional liquefied natural gas, especially within the Asian market. By 2018, Australia will be producing some 85 million tonnes of LNG per year. But between 2018 and 2025, Asia’s demand for LNG will grow even further.
Wood Mackenzie forecasts that by 2025, the Pacific Basin alone will have 160 million tonnes of LNG demand that is not covered by existing or committed projects, which is why they predict Australia’s LNG industry could attract a further $180 billion in investment over the next 20 years.
Andrew Latham, vice president of exploration for energy consultant group Wood Mackenzie, said parts of the country may hold some of the more promising basins of unconventional gas in the world, according to the UPI report.
Australia also has the potential to exploit natural gas held in shale rocks in Western Australia, the Northern Territory and South Australia. And it is pleasing to see the governments in these jurisdictions recognize this potential and support their onshore industries, according to Cole.
Technological shifts have not just helped the oil and gas industry cut costs and become more competitive. They have also allowed the development of resources that were once considered unreachable or uneconomic, Cole said in his Chairman’s Address at the conference.
Deloitte Access Economics recently identified the gas industry as one of Australia’s top five growth sectors. According to Deloitte, the oil and gas industry will soon make up more than 3 percent of Australia's economy
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.