Annual Report
Perth, Nov 1, 2021 AEST (ABN Newswire) - BPH Energy Limited (
ASX:BPH) investee Advent Energy's PEP 11 Gas and proposed carbon storage project at Baleen (Seablue1 well) offshore Newcastle NSW has potential national significance. It addresses both forecast gas shortages and the objective of Net Zero Emissions. Advent has committed all gas from the project to Australia domestic supply.
Advent is a strong supporter of plans for Net Zero by 2050 and sees the company playing a direct role in achieving that target, especially for New South Wales.
The NSW Business Chamber 2019 report "Running On Empty "confirmed :-NSW imports 98 % its gas requirements from other states ,a constrained national gas market will see further price rises for every household and business in NSW and inaction on gas and energy security are now holding the future of businesses in NSW to ransom, threatening employment losses and reduced investment. In NSW an est. 300,000 jobs rely on gas supply with gas supplying around 1.3 million households and 33,000 businesses. NSW's manufacturing sector, which is approximately 84% of the state's Industrial gas load adds $33 billion in industry value. Without addressing NSW's looming gas shortfall these could be at risk.
The latest gas report from the ACCC has revealed that a supply shortfall in Australia's east coast gas market is increasingly likely and indicates a finely balanced supply outlook for 2022. However, as AEMO (Australian Energy Market Operator) has indicated in its 2021 Gas Statement of Opportunities (GSOO), Victorian gas fields are rapidly depleting. AEMO is forecasting an overall decline in Victoria's production of 43 per cent between 2021 to 2025.
The NSW Government 'Future of Gas Statement' released in 2021 recognizes that as part of the energy transition, gas from a mix of sources will play a role in supporting access to affordable energy and business growth within NSW and notes the east coast gas market could face a supply shortage as early as 2023.
The PEP11 gas project offshore Newcastle, if successful, could play a key role in meeting that supply shortfall. The gas price spikes and shortages in the east Australian gas market occur when there is high demand during the Australian winter. This period coincides with summer demand in the northern hemisphere also spiking driven by increased power needs related to summer heatwaves. The converse applies in the northern winter.
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About BPH Energy Limited
BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.
The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.
BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.
BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).
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