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<\/p>\nCONOCOPHILLIPS Australia has begun drilling in the Otway Basin to find new domestic gas reserves.<\/p>\n
The company started work on Saturday at the Essington-1 site, about 50km southwest of Port Campbell.<\/p>\n
It is the first of two exploration wells planned for this year.<\/p>\n
A company spokesperson said more domestic gas supply would be needed if Australia was to meet the federal government’s 2035 climate targets.<\/p>\n
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“The AEMO and the Australian Government recognise that under all credible net zero scenarios, natural gas is needed through to 2050 and beyond,” the spokesperson said.<\/p>\n
“We are hopeful that we will find natural gas from these two prospects to support Australia’s domestic gas market.”<\/p>\n
If successful, ConocoPhillips will assess a range of development options, including commercial feasibility.<\/p>\n
The company said it was drilling about 2.5km below the seabed with a well diameter “about the size of a dinner plate” at that depth.<\/p>\n
ConocoPhillips Australia president Jan-Arne Johansen said the exploration program would play an important role in supporting reliable power generation, heating and manufacturing.<\/p>\n
“Natural gas is key to providing reliable and affordable energy to households and businesses as Australia seeks to transition to net zero, and ConocoPhillips Australia is looking to be part of the solution,” he said.<\/p>\n
Drilling of Essington-1 is expected to continue through November, with a second well, Charlemont-1, scheduled to begin in December, weather permitting.<\/p>\n
ConocoPhillips operates the Otway Exploration Drilling Program, holding a 51 per cent share alongside joint venture partners the Korea National Oil Corporation (29 per cent) and 3D Energi Limited (20 per cent).<\/p>\n
Environmental groups have argued the project runs counter to Australia’s climate goals, saying new gas exploration is inconsistent with meeting 2035 and 2050 emissions targets.<\/p>\n","protected":false},"excerpt":{"rendered":"
CONOCOPHILLIPS Australia has begun drilling in the Otway Basin to find new domestic gas reserves. The company started work on Saturday at the Essington-1 site, about 50km southwest of Port Campbell. It is the first of two exploration wells planned for this year. A company spokesperson said more domestic gas supply would be needed if […]<\/p>\n