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The Petroleum Exploration Society of Australia (PESA) Year in Review Development and Production review looks back at the oil and gas production and development activities in Australia in 2021, with a look at both the historical context of these activities, and the future implications. With the impact of COVID-19 continuing throughout the year, and increased awareness of the impact of emissions on climate change there were several notable highlights and events for the year. Liquefied natural gas (LNG) production hit record high levels and confirmed Australia as the current top LNG exporting country in the world. Two major LNG-related projects were sanctioned: Barossa in March 2021, and Scarborough/Pluto 2 in November 2021 and the Moomba Carbon Capture and Storage project was also sanctioned in November. The domestic market looked a lot like the classic novel ‘A Tale of Two Cities’ with major concerns about gas supply in the East contrasting with significant discoveries and development in the Perth Basin in the West. |
