KAR 0.00% $1.22 karoon energy ltd

conocophillips/browse upstream

  1. 24 Posts.
    We hope to add multiple trains to this facility, said ConocoPhillips senior vice president for exploration and production international, Ryan Lance.

    The company has a major ongoing exploration programme in the Browse basin, and success here would lead to the company expanding Darwin LNG, which came into operation five years ago.

    Last month, ConocoPhillips flowed 26 million cubic feet per day of gas during a drill stem test on its Kronos-1 wildcat in the Browse basin. Kronos is located 15 kilometres from the companys Poseidon structure, which could contain 8 trillion feet of gas, according to partner Karoon Gas.

    The 3.5 million tonnes-per-annum Darwin LNG project uses ConocoPhillips optimised cascade liquefaction technology, which the company has also employed at its Kenai development in Alaska and is used by other operators around the world.

    Gas demand will continue to increase in Asia and LNG demand specifically will continue to rise even without taking into account substitution for other fuels.

    LNG demand from all Asias current importing nations is expected to increase from 2009 levels by 2015 and these countries could be joined by the likes of Thailand, Singapore, Indonesia and the Philippines by then.

    LNG import schemes have also been touted for Pakistan, Bangladesh and Sri Lanka, but even Pakistan might not be in operation before 2015 while the latter two South Asian nations proposals are at an early stage.

    The worlds number-one LNG importer, Japan, is expected to import 85 million tonnes in 2015, while South Korea is expected to see volumes increase from 67 million tonnes last year to 79 million tonnes in 2015.

    Other expected import increases are set to come from China, rising to 34 million tonnes in 2015 versus 9 million tonnes in 2009, and India, where demand is forecast to be 20 million tonnes in 2015, up from 12 million tonnes last year, according to Lance.

    Gas, even at $10 per thousand cubic foot, is cheaper than other fuel sources both fossil fuels and renewables such as biomass, wind power and solar for power generation, he told the Asia Oil & Gas Conference.

    Power generation is the leading driver for increased gas demand in Asia and India with the exception of China as Beijing still backs the use of burning coal.

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