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Senex Energy Invests USD50 Million in its Western Surat Gas Project in Australia

Increasing investments in energy projects would enhance the production of LNG in the country

Australia: Australia’s Senex Energy Limited has decided to invest USD50 million to its 30 well drilling campaign in the Western Surat gas project. The production from the wells is expected to be around 0.6 MMboe by mid-2018. Further, Senex is expected to step forward for a development phase together with EIG Global Energy Partners in two of its blocks namely, Glenora and Eos, where it would be targeting a gas production of over 16TJ/day by 2019, equivalent to 1 MMboe per annum.

TechSci Research depicts that increasing focus on development of adequate support infrastructure in various developing as well as developed economies is expected to boost LNG demand in the coming years. Growing focus on expansion of gas pipeline infrastructure, rising demand for natural gas from downstream sectors, declining LNG prices coupled with implementation of favorable government policies is boosting demand for LNG across the globe. Increasing urbanization, growing industrialization and rising number of projects related to power, city gas distribution, petrochemical, etc., are expected to positively influence global LNG market during 2016 - 2025.

According to recently released TechSci Research report, Global LNG Market Demand & Supply Analysis, By Region, By Country, By LNG Terminal, Competition Forecast and Opportunities, 2011-2025”, global LNG supply market is forecast to exhibit a CAGR of over 5% during 2016-2025, on account of rising demand for cleaner fuels; oversupply of LNG due to liquefaction capacity additions in Australia, US and Papua New Guinea; and declining prices of LNG over the last few years. In 2015, global LNG export market was dominated by Qatar and Australia, due to huge natural gas reserves and large liquefication capacities in these countries. Increase in spot market purchase is expected to keep LNG prices under check in Asia-Pacific and Europe.

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