Australian government analysis warns that reliance on Indian coal imports poses ‘significant risk’

first_img FacebookTwitterLinkedInEmailPrint分享The Guardian:Thermal coal exporters face “significant risk” that demand from India will decline, a report by the Australian office of the chief economist says. It also warned of long-term uncertainties in the market considered a “great hope” by miners.The report, released on Friday, came as the resources minister, Matt Canavan, prepared to visit India to promote the Australian resources sector. He argued India has an “astonishing” appetite for Australian thermal coal that could support “three to four new Adani-sized coalmines.” But those comments appeared at odds with the conclusions of the government’s economic advisers: that while India and southeast Asia were seen by the resources industry as a “bright light” that could help sustain Australian thermal coalminers as industrialised nations pivot away from fossil fuels, the outlook in India was “finely balanced and uncertain.”“While India is one of the great hopes for thermal coal exporters, alongside southeast Asia, it also presents significant risk,” the first paragraph of the report said. “If India’s thermal coal imports decline, there could be substantial implications for seaborne markets.”The argument being pushed by advocates of the thermal coal sector, that growth in these new markets could support new mines – or a new coal basin – ignores the more dramatic shifts away from coal in developed economies, analysts said.Tim Buckley, the director of energy finance studies at the Institute for Energy Economics and Financial Analysis, said: “The hope was that India and southeast Asia might provide something of a cushion [for the thermal coal industry] on the way down. But this isn’t a gentle slide to oblivion.”Buckley said solar power in India was three times cheaper than the assumptions used in the chief economist’s report, based on outdated IEA predictions. “They’re underestimating the importance of low-cost renewable energy,” he said. “Growth of thermal coal demand in India is financially challenged by the fact renewable energy is 30% cheaper, so what bank in their right mind would finance a new coal-fired power plant?”More: Australian thermal coal exporters warned of falling demand from India Australian government analysis warns that reliance on Indian coal imports poses ‘significant risk’last_img read more

3D Shoot Confirms Colibri Prospect Off Jamaica for Tullow and UOG

first_imgTullow has delivered the fast track version of the recently acquired 3D seismic dataset over the Walton-Morant licence offshore Jamaica. According to Tullow’s licence partner United Oil & Gas (UOG), the high-grade Colibri target, which had previously been mapped on 2D seismic, has been clearly identified on the fast track version of the 3D seismic dataset.This follows the completion of a 2,250 square kilometer 3D seismic acquisition survey on the licence. United holds a 20% equity interest in the 32,065 sq km Licence, with the remainder held by Tullow.The 3D seismic survey, which is the first to have been acquired in Jamaica, forms part of a programme focused on de-risking Cretaceous and Tertiary aged clastic and carbonate reservoir targets that have been mapped by Tullow on 2D seismic data. Among these is Colibri, which has been estimated from 2D data to hold gross mean-case prospective resources of over 200mmbbls. The technical case for Colibri has been further strengthened by the recent identification of an active thermogenically derived offshore oil seep to the south of the structure.Initial opinion is that the fast track 3D seismic data is of excellent quality with the Colibri structure clearly visible on the newly acquired dataset, United said.Processing and interpretation work is now underway.United Oil & Gas Plc CEO, Brian Larkin, said: “The work programme to de-risk the 200mmbbl Colibri target on Walton-Morant continues to proceed on schedule and under budget. Being able to clearly identify Colibri on the 3D seismic at such an early stage is highly encouraging and with this in mind, we are looking forward to the processing and interpretation work being completed.”last_img read more