Britain is estimated to have enough trapped shale gas to meet its gas needs for decades. However, the use of fracking is opposed by environmental campaigners, Reuters reported.

Gas supply has become a hot issue following blackouts and brownouts in Australia's eastern states over the past year, and as growth in LNG exports has led to soaring gas prices for manufacturers, Reuters reported.

natural gas, LNG, South Australia, Senex, Beach, Strike, Santos, energy

Beach Energy, Santos, Strike and Senex have been named recipients of AU$24 million in grants from the South Australian government.

Drillers added 14 oil rigs in the week to March 17, bringing the total count up to 631, the most since September 2015, energy services firm Baker Hughes Inc. (NYSE: BHI) said March 17. During the same week a year ago, there were 387 active oil rigs.

The company said proceeds would support investments in drilling, exploration and appraisal programs offshore Ghana, and more will be invested in Kenya, other parts of Africa and South America, Reuters said.

In an astonishing paradox, Australia is hurtling towards chronic domestic gas shortages and power outages just as it becomes the world’s biggest LNG exporter.

The increase came despite a collapse in crude futures this week to a three-month low because the rigs activated this week were based on decisions made a couple of month ago when oil prices were higher.

As downhole conditions continue to become more difficult and well profiles more complex, some contractors and operators are introducing systems that aim to move the drill floor from mechanization to automation.

Efficiencies have pushed break-even prices to below $40 per barrel, a significant gain for Argentina, which has struggled to attract capital since crude prices started to decline in 2014.

Fatih Birol, executive director of the IEA. Source: Hart Energy

IEA’s report predicts that rising global oil demand will outpace producer increases by 2022 unless investment increases sharply and soon.

The Pacific Bora, a sixth-generational double-hulled drillship, is currently in Nigeria. It should be mobilized to the Oyo Field and on site in June, and can be used for drilling and well completion, the press release said.

The drilling of a so-called delimiting well “could happen by the end of this year,” while a second, exploratory well would “certainly” go forward in 2018, Hinojosa said.

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