T2K Today

[Targan]

Wow. Looks like the natural gas situation in Europe will be benefitting my local economy. The state where I live exports enormous volumes of natural gas. I would expect the international LNG price to soar.

[ChalkLine]

Originally Posted by Targan

Wow. Looks like the natural gas situation in Europe will be benefitting my local economy. The state where I live exports enormous volumes of natural gas. I would expect the international LNG price to soar.

I worked on LNG pipelines for a while, and I know the following;

- The Moombah gas fields are officially tapped out.
- The North West Shelf gas fields are past peak.

The only LNG fields available to us now are half owned by Timor Leste.

[pmulcahy11b]

Originally Posted by ChalkLine

I worked on LNG pipelines for a while, and I know the following;

- The Moombah gas fields are officially tapped out.
- The North West Shelf gas fields are past peak.

The only LNG fields available to us now are half owned by Timor Leste.

I've heard in many places that oil has reached the "tipping point" -- over half of the oil originally in the world has already been pumped out of the ground (61% is the figure I hear most often for oil). Natural gas has also reached the tipping point -- a bit less than 51% has already been tapped.

[Targan]

Originally Posted by ChalkLine

I worked on LNG pipelines for a while, and I know the following;

- The Moombah gas fields are officially tapped out.
- The North West Shelf gas fields are past peak.

The only LNG fields available to us now are half owned by Timor Leste.

Do you mean the only entirely untapped gas fields available to us are half-owned by Timor Leste? Even if that were the case (and from the reports I monitor at work on a weekly basis I don't think it is) its not a 50-50 split with Timor Leste anyway. IIRC its more like 80-20 in our favour. In any case the Greater Sunrise and Browse Basin gas fields have amazingly large reserves of gas in them. Australia will be exporting huge amounts of gas for decades yet to come.