China’s CNOOC Joins Australian Coal-to-Liquids Energy Project
Aug 20th, 2008 | By Dan Denning | Category: Oil Investment & Alternative EnergyDaily Reckoning Australia’s Dan Denning takes a look at the latest developments in the Australian energy sector. He says the country will need new energy supplies from somewhere to power its industry, and much will depend on the government’s carbon trading scheme. More from Dan…
Did you see that China’s CNOOC is getting involved a $3 billion coal-to-liquids (CTL) project in South Australia? Tiny little Altona Resources Plc (LON: ANR), listed on London’s small cap market, has signed what it calls an ‘in-principle agreement’ with CNOOC Energy Investment Co Ltd to cooperate in the development of a project Altona has in the Ackaringa Basin of SA.
It’s an ambitious project too. The project includes a 10 million barrel per year (30kbpd) open cut mine and a 560 megawatt power plant. Altona Chairman Chris Lambert told investors the project could provide both base-load power to SA and diesel fuel. He says SA has, “a significant looming power deficiency and currently imports all of its distillate requirements.”
Nuclear, geothermal, coal, solar-thermal…what’s it going to be Australia? The energy to run Australian industry has to come from somewhere. And that somewhere is going to be influenced by whatever the price of carbon ends up being once the government gets its scheme in place.
Meanwhile, perhaps following Worley Parson’s (ASX:WOR) lead from last week, West Australian Premier Alan Carpenter said, “Us too!!” yesterday in announcing plans for an electric power grid in the Pilbara. The plan calls for 6,000 megawatts of capacity to be installed by 2015. It would replace the current on-site and private system whereby mining firms provide their own energy from diesel generators or dis-integrated power plants.
Source: CNOOC Signs Agreement With Altona (LON: ANR) for Coal to Liquids Project
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Dan Denning is a contributing editor to Diggers & Drillers and a regular columnist for Money Weekly, a Taiwanese financial publication. From 2000 to 2006, Dan was the editor of Strategic Investment of Agora Publishing. His reporting and analysis for The Daily Reckoning is read by more than 500,000 people regularly.