Industry News

Santos today announced its full-year results for 2024, reporting annual production of 87.1 mmboe and sales volumes of 91.7 mmboe. Free cash flow from operations was US$1,891 million and underlying profit was US$1,201 million. Santos delivered its best personal safety performance in 10-years.

The Board resolved today to pay a final dividend of US 10.3 cents per share, unfranked. This brings full-year dividends to US 23.3 cents per share unfranked, representing 40 per cent of free cash flow from operations in line with the company’s dividend policy.

Santos Managing Director and Chief Executive Officer Kevin Gallagher said the company’s strong free cash flow from operations reflects the cash generative nature of the base business.

“A highlight of the year was the successful startup of Moomba CCS phase one in September, which had an immediate and ongoing impact on the company’s emissions. Net equity Scope 1 and 2 emissions for 2024 reduced by 26 per cent and fourth quarter emissions intensity reduced by 18 per cent compared to our baseline year of 2019-20.

“Importantly, Moomba CCS phase one gives us confidence in the potential to build a commercial carbon management services business as customer demand for CCS grows in Australia and in Asia.

“Another strong cash flow year from the long-life gas assets in our base business has enabled the company to deliver returns to shareholders and invest in our Barossa and Pikka development projects that will bring new production online this year and next.

“The Barossa LNG project is 91 per cent complete and remains on track for first gas in the third quarter this year. Final welds on the Darwin Pipeline Duplication are underway today and when complete will connect the Barossa field to the Darwin LNG plant. Three wells are drilled and completed. The fourth well is partially drilled and suspended for later completion. Production from these four wells can deliver nameplate capacity, materially derisking the project. Other work packages are progressing well and remain on track to support the first gas date.

“We continue to see strong progress at our Pikka phase one project in Alaska. The remainder of the pipeline is expected to be installed in this winter season, a year ahead of schedule. Sixteen of 26 wells are now drilled and completed, and we have significantly improved drilling performance with a 25% improvement in drill time over the last few months, down to 30 days per well. First oil remains on track for mid-2026 with an early start-up possible but subject to weather and logistics.

“Our low-cost disciplined operating model underpins our business and is more important than ever in a volatile external market. As part of our continuing focus on productivity and efficiency, we are targeting US$100 to US$150 million in annual structural savings over the next one to two years, driving long-term value for shareholders.”

“Our 2P reserves and 2C resources position of 4,897 mmboe provides 1P reserves life of 11 years, 2P reserves life of 18 years and multi-tcf resources to backfill and sustainably grow our production to meet strong ongoing customer demand for our products. We will continue to develop and replace our reserves and resources in accordance with our capital allocation framework to drive long-term shareholder value.

“Our LNG marketing business performed strongly across the year. Long-term LNG Supply and Purchase Agreements were signed with Hokkaido Gas and Shizuoka Gas Co, and mid-term agreements were signed with TotalEnergies and Glencore. These agreements with tier one customers strengthen Santos’ equity LNG portfolio which is around 90 per cent contracted over the next five years with strong pricing driven by the high heating value of our LNG, reliability, and our proximity to growing markets in Asia.”

Today, Santos released its 2024 Sustainability and Climate Report as part of the integrated suite of reporting. In 2024, Santos’ Scope 1 and 2 equity emissions were 26 per cent lower than the baseline year of 2019-20. This reduction represents 84 per cent progress to our 2030 emissions reduction target of 30 per cent Scope 1 and 2 emissions.

“The 2024 Sustainability and Climate Report provides a comprehensive view of our energy transition activities, including progress towards achieving our emissions reduction targets,” Mr Gallagher said.

Source: Santos 

The Operator of the Mereenie Joint Venture, Central Petroleum Ltd (ASX: CTP) has advised that drilling of West Mereenie 30 (WM-30) the well is completed and will be tied-in, with gas sales commencing soon after.

This marks the end of this 2 Well drilling campaign, and the Ventia Rig 101 has been released. It has delivered on an accelerated schedule and is forecast to come in under budget. The first well in the two well program, WM-29, is online at a stabilised production rate of approximately 5TJ/d continuing to improve as it cleans up. Following a positive post drilling flow test, WM-30 is expected to produce at or above pre-drill expectations of 3TJ/d. A further update will be provided when the well is tied-in and on production..

As a result, the Mereenie field is expected to have a production capacity above 30TJ/d available to meet the long term Gas Sales Agreement with the Northern Territory Government that under wrote the activity.

“While we are yet to hook up WM-30 everything points to this campaign being a game changer for Mereenie, with a production increase easily exceeding the 6 TJ/d we were expecting.” says Chief Executive Andrew Jefferies. “The work done by the Joint Venture seems to have found the right sauce for this sausage roll, proving there is plenty of opportunity in the field yet. My heartfelt thanks to Operator Central Petroleum and drilling contractor Ventia. They have done a standout job, on an ambitious, accelerated

program bringing it in: on time; safely; and under budget despite the baking Central Australian summer and remote location.”

Participants in Permit OL4/OL5 are Central Petroleum Mereenie Pty Ltd as trustee of the Central Petroleum Mereenie Unit Trust (25%), Echelon Mereenie Pty Ltd (42.5%), Cue Mereenie Pty Ltd (7.5%) and Horizon Australia Energy Pty Ltd (25%).

Source: Echelon Resources News

Norway’s BW Offshore has held a naming ceremony for its newbuild floating production storage and offloading (FPSO) vessel, which is on track to start work at a giant field off the coast of Australia in 2025.

When Saturday morning dawned on February 15, Seatrium celebrated the naming ceremony for the FPSO BW Opal at its flagship mega yard, Tuas Boulevard Yard, in Singapore. Since the hull’s arrival in November 2023, around 43,000 tons of topside modules got integrated to stay on track for ahead-of-schedule delivery of the vessel to Santos and enable the start-up of the Barossa gas project offshore Australia.

“The BW Opal will be a valuable asset as we build momentum in this critical project. This milestone showcases our strong partnership with BW Offshore and Santos Ltd, representing a significant achievement in offshore energy innovation,” highlighted the Singapore-based player.

BW Opal is said to be one of the industry’s largest FPSOs, measuring 358 meters in length and 64 meters in width. Once in place at the Barossa field, the vessel will have a gas handling capacity of 850 million standard cubic feet per day and a design capacity of 11,000 barrels per day of stabilized condensate.

“A core focus of the BW Opal is sustainability. With sustainability at its core, it incorporates energy-efficient technologies that reduce CO₂ emissions, and its combined-cycle gas turbines with waste heat recovery cut energy consumption to maximise both efficiency and environmental performance,” explained Seatrium.

According to the gas project operator, Kevin Gallagher, Santos’ CEO, went to Singapore to attend the naming ceremony for the BW Opal, described as one of the world’s largest and most advanced FPSOs and a cornerstone of the Australian firm’s $3.6 billion Barossa development.

Gallagher was not alone at the ceremony, as he was joined by Keith Spence, Santos’ Chairman, and over 125 guests representing Santos, its joint venture partners, SK E&S and Jera, BW Offshore, and global government stakeholders.

“The Barossa gas project is important for jobs, exports and relationships with investors and gas customers in the Asia Pacific region, who have depended on Santos and Australia for their energy security for decades,” emphasized Santos.

BW Offshore secured a contract in March 2021 for the construction, connection, and operation of an FPSO destined for the Barossa field. The final investment decision (FID) for the project, which followed the award, kick-started a $600 million investment in the Darwin LNG life extension and pipeline tie-in projects.

Dyna-Mac was selected to build the topside modules for the Australian development project, encompassing an FPSO unit, subsea production wells, supporting subsea infrastructure, and a gas export pipeline tied into the existing Bayu-Undan to Darwin LNG pipeline to extend the facility life for around 20 years.

The Gas Export Pipeline (GEP) to deliver gas from the field to Darwin LNG was recently completed, with construction activities for the Darwin Pipeline Duplication also underway. The FPSO is anticipated to head to Australia in the first quarter of 2025 to enable the first gas from the project to be achieved in the third quarter of 2025.

Seatrium underscored: “With this achievement, we mark our 18th FPSO for BW Offshore, reaffirming our commitment to future collaborations that strengthen our client’s position as the leading FPSO specialist. Over the years, Seatrium has leveraged deep engineering expertise, a global yard footprint, and a proven track record to deliver over 260 floating production units (FPU) and FPSO conversions and newbuilds, solidifying our market leadership.

“Our heartfelt appreciation goes out to BW Offshore, Santos, valued partners, and contractors for remarkable teamwork and trust. We look forward to continuing our journey in offshore energy production and shaping sustainable solutions for the future of energy!”

Source: Offshore-Energy.biz

Chief Minister Lia Finocchiaro has today made history by introducing the Territory Coordinator legislation into Parliament.

Mrs Finocchiaro said the reform was "the most important piece of economic reform the Territory has seen in a decade."

"Our Territory Coordinator laws will herald a new way of developing the Territory," she said.

"It will give us a competitive edge against other states, who have not undertaken the level of reform we have."

The Territory Coordinator will signal to the world that we are a mature jurisdiction with the capability and capacity to play a major role in the advancement of:

"With the appointment of Stuart Knowles as Interim Territory Coordinator in November last year, the work of the Territory Coordinator has already begun," said Mrs Finocchiaro.

The consultation report for the draft Bill has also been released following four months of public consultation.

By the end of the consultation period, 321 participants had attended six Community Information Forums across the Territory, 559 written submissions had been received, and 89 meetings were held with 267 individuals representing various sectors.

"The consultation on our draft Territory Coordinator legislation highlights the need for a balanced approach which aligns economic growth with social and environmental outcomes and that is what we have delivered," said Mrs Finocchiaro.

The draft Bill has been referred to the Legislative Scrutiny Committee for consideration. 

Click here to read the consultation report.

Source: Northern Territory Government Newsroom

The NT gas industry says the Territory Government’s moves to clamp down on lawfare will boost investment and energy security.

Australian Energy Producers NT Director David Slama welcomed the Petroleum, Planning and Water Legislation Amendment Bill 2025, set to be introduced in Parliament this week, as an important step in stopping activist groups from vexatiously using the legal system to delay critical gas projects in the Territory.

“We commend the Territory Government for moving decisively to stamp out activist lawfare putting at risk economic and energy security for Territorians,” Mr Slama said.

“At a time when Australians are facing cost-of-living pressures, the Territory Government has recognised the need to remove barriers to new gas supply so Territorians continue to have reliable and affordable energy.

“It is not in the public interest for activist lawyers to damage the Territory’s attractiveness as a place to do business and to invest, undermining our economic and energy security.”

Mr Slama said activists exploiting the Merits Review process had deterred much-needed investment in the Territory.

“A long list of vexatious cases has exposed the extreme tactics of activists who are more interested in delaying projects than genuinely representing the interests of Territory communities,” he said.

“Removing the Merits Review process is a significant step towards streamlining approval processes to enable new gas supply to be brought online sooner.

“We need to expedite project delivery, improve environmental outcomes, and attract the investment in new gas supply that will be essential to the NT’s long-term energy security and economic prosperity.”

Source: Australian Energy Producers

Highlights

• Tamboran Resources successfully completed stimulation activities over 35 stages across a 5,483-foot (1,671-metre) horizontal section in the Mid Velkerri B Shale within the Shenandoah South 2H sidetrack (SS-2H ST1) well. The stimulation was conducted using the Liberty Energy (NYSE: LBRT) modern stimulation equipment.
• The SS-2H ST1 completion operations achieved five stages over a 24-hour period on multiple days, exceeding previous Beetaloo Basin records.
• Average proppant intensity of 2,706 pounds per foot (lb/ft) across the 35 completed stages exceeded all previous completion activities in the Beetaloo Basin to date and achieved wellhead injection rates above 100 barrels per minute (bpm).
• The SS-2H ST1 well will be completed ahead of clean out activities and the commencement of initial flow back and extended production testing.
• Further updates on the completion of the Shenandoah South 3H (SS-3H) well will be provided in due course. 

Source: Tamboran Resources Announcements

Liberty Energy Inc. announced today that its Board of Directors (the “Board”) has appointed Ron Gusek as Chief Executive Officer and as a member of the Board of Directors. Additionally, the Board has elected William Kimble as non-executive Chairman of the Board. These leadership transitions are concurrent with the confirmation of Chris Wright as U.S. Secretary of Energy. Mr. Wright, the founder of Liberty Energy, has served as Chairman of the Board, Director, and Chief Executive Officer since the Company’s inception in 2011.

The Board of Directors congratulated Mr. Wright on his appointment as U.S. Secretary of Energy, commending his distinguished leadership and significant contributions to Liberty and the broader energy sector.

Mr. Gusek brings nearly 30 years of experience as a strategic leader, most recently serving as President of Liberty since November 2016. He joined Liberty in 2014 as Vice President of Technology and Development. Prior to Liberty, Mr. Gusek was Vice President, Corporate Engineering and Technology of Sanjel Corporation, a global energy service company. He previously held leadership roles at Zodiac Exploration, an E&P company in the central San Joaquin Valley in California, and at Pinnacle Technologies, a leading fracture diagnostic services company founded by Mr. Wright. He has earned a reputation as a leader focused on advancing innovative technology solutions to drive meaningful growth and deliver exceptional value to Liberty’s customers. Mr. Gusek earned a Bachelor of Science in Mechanical Engineering from the University of Alberta.

Mr. Gusek’s appointment comes at a pivotal moment as Liberty accelerates the development of its power business and advances technology innovation in completions services.

“I am honored to lead this incredible company as we embark on an extraordinary new chapter,” said Mr. Gusek. “Liberty has an extensive track record of technology innovation and executional excellence, driving transformative growth and success over its 13-year history. I am excited to steward the next phase of our growth journey alongside our talented team. I look forward to building upon the strong foundation that Chris and the team have established as we enable successful energy solutions for our customers across a broad range of end markets.”

Mr. Kimble served on the Board since the Company’s initial public offering in January 2018 and as Lead Director since October 2018. He joined KPMG in 1986 and held various senior roles throughout his career spanning more than three decades, until his retirement in 2015. Mr. Kimble serves on the board of directors and is the chair of the audit committee of Northern Oil and Gas. He previously served on the board of directors, the special committee, and was chair of the audit committee of DCP Midstream from June 2015 until October 2023.

Effective and disciplined succession planning is critical to Liberty’s ongoing success and a key component of its competitive advantage. This change in leadership is consistent with the Board’s succession plan developed years in advance and demonstrates the strength of the management development system.

Source: Liberty Energy 

Arafura Rare Earths has extended the deadline on key conditions for its gas supply agreement with Horizon Oil and Echelon Resources, a move seen as crucial to securing long-term energy supply for its Nolans Rare Earths Project in the Northern Territory. 

The agreement, which provides up to 27.4 petajoules of gas from the Mereenie joint venture over five years from 2026, was initially subject to conditions that were due to be met by February 4. The revised deadline of March 31, 2025, allows additional time for Arafura to finalise financing, ensuring the project's viability amid a tightening global rare earth supply chain. 

Reliable gas supply is critical for Nolans' long-term success, which aims to become a major global producer of neodymium and praseodymium (NdPr)—minerals essential to electric vehicles and wind turbines.  

The project has already secured offtake agreements with Siemens Gamesa and Hyundai, with further negotiations underway as Western economies seek to reduce dependence on Chinese rare earths. 

Echelon Resources director Andrew Jefferies said Mereenie and Palm Valley were well-positioned to meet Arafura's long-term demand, pointing to ongoing drilling success in mature gas fields. 

"Both Mereenie and Palm Valley gas fields are big structures with room for more wells. As our recent Mereenie WM29 well result demonstrates, there is gas there for the drilling," Jefferies told Energy News Bulletin.  

"Like any mature field, you have to be smart and apply the best technology appropriate to the conditions you have … you can find gas in old fields using new ideas." 

The extension highlights the importance of gas in supporting Australia's critical minerals sector, even as the federal government pushes for economy-wide decarbonisation. High-temperature processing at Nolans requires a stable energy source, and delays in securing gas could risk setbacks for the project. 

For Horizon and Echelon, the agreement provides long-term demand certainty, strengthening Mereenie's position in the NT's energy market. With ongoing concerns about east coast gas shortages, deals of this nature help ensure market stability for domestic producers. 

Jefferies said the extension primarily reflected Arafura's need to complete its financing, rather than fundamental changes to the gas agreement. 

"This is just extending the deadline for Arafura while they line up their financing, which is never easy for new mines," he said.  

"Between this contract and the long-term deal with the NT government, we've had the certainty to undertake the current Mereenie wells." 

While the extension provides additional time for Arafura, Jefferies acknowledged that market conditions could influence future terms. 

"Terms are always subject to change as markets develop," he said.

"This is just a short-term extension to provide more time for Arafura's financing to come together, so terms have reflected that." 

If finalised, the deal would mark a significant milestone for Arafura as it seeks to establish itself as a leading rare earth supplier outside China, reinforcing Australia's position in the global critical minerals race. 

To view the full article by ENB, click here.

Source: Energy News Bulletin

PSEA – Prescribed Single Engine Aeroplanes

The PC-12 NG Aircraft is now part of the Chartair fleet. The PC-12 is a single engine turboprop aircraft and conforms to the PSEA Standard.

This information has been compiled to provide information pertaining to the PC12 aircraft.

Safety Benefits of the Single Engine Turbine

The PC12 NG is operated under CASA’s stringent Prescribed Single Engine Aircraft (PSEA) regulations, ensuring the highest safety standards. The main reason for CASA’s implementation of PSEA requirements is to minimise the probability of an inflight engine shutdown to as close to zero as possible. CASA mandates rigorous maintenance, operational oversight, and performance benchmarks for single-engine turbine aircraft, creating a safety framework comparable to and often far exceeding the already highly safe multi-engine operational requirements.

The Pilatus PC-12, powered by the renowned Pratt & Whitney PT6 engine, sets the standard for safety, reliability, and versatility in single-engine turbine aircraft. Certified and operated as a Prescribed Single-Engine Aircraft (PSEA), the PC-12 adheres to rigorous safety standards that rival—and in many cases exceed—those of twin-engine aircraft, offering significant advantages over older multi-engine models.

The PC12 NG is trusted worldwide by corporate, government, and medical operators, most notably the Royal Flying Doctor Service of Australia operating 36 Pilatus PC12’s, attesting to its safety and reliability.

PSEA operations include enhanced safety measures, such as:

• Advanced flight crew training and checking, ensuring pilots are exceptionally well-prepared for all situations.
• Redundant engine controls, providing critical fail-safes for reliable operation.
• Radar altimeters, enhancing situational awareness and precision during low-altitude operations.
• Redundant power sources, guaranteeing continued operation of essential systems.
• Advanced crashworthiness design standards under FAR Part 23, which are far more stringent than those applicable to similar aircraft in its class, ensuring superior occupant protection in emergencies.
• Onboard weather radar, allowing pilots to detect and avoid hazardous weather conditions.
• Automatic Engine ignition and Fuel Pumps, in the event of an engine flame out or fuel disruption

Single-engine turbine aircraft like the PC-12 are considered safer than older piston multi-engine aircraft due to their simpler design, greater reliability, and advanced technology. The PT6 engine, with over 400 million flight hours, offers unmatched dependability, eliminating the complexity and risks associated with managing multiple engines.

With its cutting-edge engineering, advanced avionics, and proven performance in demanding operations, the PC-12 is a trusted choice for operators and government agencies worldwide, delivering safety and reliability that rival, and often exceed, that of twin-engine aircraft.

Thank you for flying with Chartair.

Celebrating 50 years in Australian Aviation

Contact Chartair for enquiries. sales@chartair.com.au

An innovative approach to recruitment has seen 11 apprentices, across 4 fields, and 2 trainees start an exciting career with Power and Water Corporation. They join 5 new graduates, plus 28 apprentices, 7 graduates, 8 business trainees and 1 water operation trainee who are already part of the Power and Water team across the Northern Territory.

Power and Water partners with GTNT Group to host apprentices and trainees, with the partnership spanning more than 30 years. This year there were more than 400 applications for the Power and Water roles.

Power and Water’s Executive General Manager Power Services, Belinda Small said the partnership has delivered excellent outcomes, with 4 wins at the 2024 GTNT Group Awards, including Host Business of the Year. The awards recognise apprentices, trainees, supervisors and businesses going above and beyond in their ongoing training and development.

‘We’re constantly exploring how to build and grow our team in the most successful and efficient way,’ Ms Small said. ‘And it’s always exciting to welcome new people to the team.

‘New faces mean new ideas, approaches, skills and outlooks, which is excellent for our organisation. Our focus is on developing local talent from across the Territory.’

Jodie Havens is one of the new faces. She has joined the Power Services team in Darwin as an apprentice. Her dad is a tradie and she’s always been his offsider.

‘I’ve been his little apprentice my whole life,’ she said. ‘So, when I was thinking about what I wanted to do, I wanted something hands-on so I could learn as I work. I’m excited to learn skills and all the nitty gritty stuff about electricity.’

Will Flanagan is joining Power and Water as a trainee with Water Services in Katherine. Having lived interstate, he’s keen to be back in his hometown.

‘I’m looking forward to the combination of working with my hands and working with my brain,’ he said. ‘The lab side, and water production and treatment for drinking water, I find really interesting. Ultimately, I’d like to get into project management.’

Dennis Jevdenijevic applied as an apprentice with Power Services in Darwin 2 years ago and just missed out. He was encouraged to apply again last year and was accepted, then had to defer due to personal unforeseen circumstances.

‘Power and Water was kind enough to hold a position for me this year. I’m extremely grateful for this opportunity,’ he said.

‘Learning new things and the opportunities that come with Power and Water are exciting. It’s exciting to see what you can grow into within the organisation.’

Launched last year, the new recruitment process is part of a strategic initiative to continuously build and maintain a high level of skilled, in-house expertise across the organisation. Shortlisted apprenticeship and trainee candidates participate in an assessment centre, where they are evaluated through group activities, individual practical tasks and written exercises. This gives a holistic view of their strengths and skills.

To learn more about Power and Water’s apprenticeship, traineeship, and graduate opportunities, visit website.

Source: Power and Water News and Media