Oil and gas industry gathers in Brisbane for APPEA

Oil and gas industry gathers in Brisbane for APPEA

The energy transition continues to gather pace, even taking centre stage at this year’s APPEA Conference, the largest oil and gas industry gathering in the southern hemisphere.

The theme of the conference, Positive Energy for a Changing World, highlighted the challenges facing the oil and gas industry.

Key topics of discussion included economic recovery, energy security, the impact of the Russia-Ukraine conflict, achieving net-zero emissions targets, and more.

The tone was set from the opening panel discussion, which centred around delivering secure, cleaner energy, creating jobs, supporting communities, and driving Australia’s low emissions future.

Technology and innovation will continue to underpin the oil and gas industry’s growth and provide solutions to reduce emissions, while continuing to meet the world’s energy needs.

While solar, wind and hydrogen will play a role in Australia’s energy future, Carnarvon Energy is taking an innovative approach to reduce emissions.

The technology being utilised by Carnarvon’s renewable fuels venture, FutureEnergy Australia (FEA), can have an immediate impact on reducing Australia’s emissions, while enhancing the nation’s fuel security.

FEA’s vision is to become a leader in the transition from energy-intensive fuels to innovative renewable low-carbon fuels to support a net-zero future.

Renewable diesel is a drop-in replacement fuel, meaning it can be used right now, without any modifications to existing fleets and equipment.

While the world needs clean energy to reach its net zero goals, a key message at this year’s APPEA Conference was that it still needs the traditional oil and gas sector to be successful.

With demand expected to remain strong for both oil and gas, further development is needed to shore up supply and keep a cap on prices.

APPEA Chairman Ian Davies noted that record oil and gas prices are “good for no one” and encouraged investment in new developments to help mitigate the global energy security crisis.

Davies also stated that Australia should develop more oil basins, such as the Bedout sub-basin, to ensure its future oil supply security.

“As a net importer of oil and refined products, a better way to achieve oil security would be to encourage investment in new oil developments, get new, material oil provinces, such as the Bedout basin in Western Australia, up and running, and expand existing basins where possible,” he told delegates.

“Combined with the investment already made to keep our two remaining Australian refineries open, this would better enable to contribute to a global response – and provide far greater security for Australia – than a 90-day stockpile.”

Projects, such as Carnarvon Energy’s planned Dorado oil development, in combination with clean energy solutions, will be vital for securing Australia’s energy future.