Shell and PetroChina’s joint venture, Arrow Energy, will begin drilling hundreds of new wells at its Surat Gas Project in Queensland, after signing a $100m contract with a local company.The move will add much-needed gas to Australia’s domestic market as the country’s eastern seaboard is expected to experience a shortage, albeit supplies will also flow overseas via LNG markets.The commencement of drilling in March comes as Arrow said it had signed a deal with independently owned Australian company Silver City Drilling.Arrow Energy chief executive Zhengxin Peng said the deal would cement the Surat Gas Project as a major supplier both domestically and internationally.“Since Surat Gas Project construction began in late 2020, we’ve brought more than 275 wells online, increasing total production to 250 terajoules of gas per day – enough to power approximately 1.7 million homes daily,” Mr Peng said.
The landscape is right for OMA, bring on flow testing.
OMA Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)