About EnergyQuest
EnergyQuest is an energy consulting company established by Graeme and Susan Bethune
in 2005 to provide strategic analysis on Australian oil, gas and other energy sources. It
produces regular multi-client reports and undertakes specific consulting assignments.
EnergyQuest is recognised as an authoritative source of data and analysis on Australian
energy and its reports on energy trends are regularly quoted by the major Australian and
international news services.
EnergyQuest’s clients include most major Australian energy companies, most Australian
governments, institutional investors and a number of international companies.
EnergyQuest is a member of the Australian Petroleum Production and Exploration
Association, the Australian upstream oil industry association, and the Australian Pipelines
and Gas Association.
Research and Analysis
EnergyQuest produces the EnergyQuarterly, which provides comprehensive and timely
statistical analysis of oil and gas demand, production, reserves, development projects, gas
contracts and prices in Australia.
It also provides up to date data on LNG exports from Australia and US by project and
destination and monthly data on Asian LNG imports.
EnergyQuest has produced a major multi-client study, Australian Coal Seam Gas, which
provides a comprehensive review of east coast Australian CSG and LNG. It also produces
an annual report Australian Biofuels.
Consulting
Energy Supply
EnergyQuest has undertaken assignments for major energy producers, buyers and
government agencies on the future energy supply and cost outlook and strategic options.
LNG
EnergyQuest Senior Associate Greg Veitch undertakes assignments on LNG marketing
and shipping:

Facilitation of large LNG projects (producers or receiving terminals) by connecting
projects with potential suppliers /customers.

Negotiation of contracts for sale or purchase of LNG.

World LNG market supply/demand and strategic direction, including the interplay
between pipeline and LNG supply.

LNG spot trading.

Facilitation of commercial activities relating to LNG shipping (ship charters, ship
purchase).
Level 30 91 King William St Adelaide Australia 5000
1
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au
Natural Gas
EnergyQuest has undertaken many assignments on Australian and international natural
gas, including:

Independent report on gas reserves for a proposed pipeline acquisition.

Independent report on gas deliverability for a major gas user.

Advice for a NSW power generator on gas supply options.

Advice on gas supply options for the Mt Isa minerals province.

Gas price forecasts by Australian state to 2030.

Advice for a major oil and gas company on potential Australian LNG projects.

Independent expert report for an east coast gas price arbitration.

Projections of future Australian coal seam gas demand and supply for a major
resources company.

Advice on east coast gas supply options for a major industrial customer.

Advice on gas marketing and price options for a potential gas field development.

Advice on the outlook for Australian gas (domestic and LNG) for a major resources
company.

Advice on gas transmission pipelines for an institutional investor.

Advice on gas commercialization outlook and options for a proposed east coast gas
development.

Numerous studies on east coast gas production costs and the outlook for demand,
supply and prices.

Studies of gas demand and supply in Indonesia and Vietnam.
Recent assignments include:

Assessment of domestic gas market interventions in major world gas producing
countries.

Assessment of global LNG opportunities for US E&P company.

Quantification of trends in Australian finding and development costs.

Review of domestic gas contracting opportunities in Western Australia.

Review of east coast gas market report for the Productivity Commission.

Provision of east coast gas reserves estimates for the ACCC.

Review of gas supply and market opportunities for a major Australian gas pipeline
project.

Advice on Cooper Basin drilling outlook.

Advice on Cooper Basin unconventional gas project.
Liquid Fuels
EnergyQuest also undertakes consulting on liquid fuels:
Level 30 91 King William St Adelaide Australia 5000
2
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au

Studies of Australian transport fuel vulnerability for a major Australian alternative liquid
fuel project.

Multi-client reports on Australian biofuels.

Assessment of an ethanol project for a financier.

Comprehensive assessment of the Australian diesel fuel market and import
opportunities.

Oil price forecasts for a potential liquids project.

Market studies for alternative liquids projects.

A report for the Australian Government on transport fuel security.

Study on the outlook for Australian refineries.
EnergyQuest Team

Dr Graeme Bethune, CEO, with 40 years’ experience in economic and financial
analysis, 10 years in senior business development and finance roles with Santos and
founder of EnergyQuest in 2005. Graeme ranks in the top 5% of experts in the Gerson
Lehrman Energy and Industrials Council, a global network of over 30,000 experts in the
energy, transport and industrials sectors, providing advice to investors, professional
services firms and companies.

Susan Bethune, co-founder of EnergyQuest, specialist in economic, financial and
statistical analysis.

Graeme Atwell, Senior Associate, with 40 years’ experience in power generation and
gas contracting and trading with ETSA and Santos. Working with EnergyQuest since
2007. Gas supply and marketing specialist.

Mike Cochran, Senior Associate, an economist with over 35 years’ experience in the
energy and resources industries. Mike specialises in marketing, business strategy,
research, logistics, infrastructure and operations focusing on conventional and
unconventional liquid fuels. Working with EnergyQuest since 2005.

Denis Dare, Senior Associate, a petroleum engineer with over 40 years domestic and
international experience.

Janet Cronin, Senior Associate, with over 20 years’ commercial experience in the E&P
sector including gas and liquids marketing purchasing, transportation and processing,
joint venture arrangements, joint venture management, project development
arrangements, business development, strategic and operational planning, government
liaison, regulatory matters and oil and gas project evaluation.

Rick Wilkinson, Senior Associate, more than 30 years of experience in the oil and gas
industry. He has held senior positions in the areas of project management, commercial
negotiation, LNG contracting, gas wholesaling and retailing, as well as technical field
engineering.

Richard Bethune, Associate, with expertise in monitoring the status of LNG tankers at
major export terminals in the US and Australia and calculating Australia’s LNG export
volumes and destinations.
Level 30 91 King William St Adelaide Australia 5000
3
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au
Graeme Bethune, Chief Executive
Graeme Bethune is CEO of EnergyQuest, a company he established in 2005 to provide energy
analysis and strategic advice to companies and governments on Australian oil and gas.
Between 1995 and 2005 Graeme held senior executive positions with Santos, one of Australia’s
leading energy companies, with responsibilities for finance, business development and investor
relations.
Graeme is the lead author of EnergyQuest flagship report: EnergyQuarterly. Graeme also undertakes
regular consulting assignments on Australian and international oil and gas.
He is regularly asked to speak at energy conferences in Australia and Asia and his comments are
regularly sought by the domestic and international media.
Graeme represents Australia on a number of international study groups of the International Gas
Union.
He is Chairman of the Australian Gas Industry Trust. He was a member of the Australian delegation to
the World Gas Conferences in 2009, 2012 and 2015, where he was a speaker and session chair. He
was a member of the National Organising Committee for the LNG18 Conference held in Perth in
2016.
Graeme has a first-class honours degree in economics from Monash University and a PhD from the
Australian National University. He has undertaken the executive program at the Graduate School of
Business at Stanford University, is a Fellow of the Australian Institute of Company Directors and the
Australian Institute of Energy, a past Fellow of the Australian Society of Certified Practising
Accountants and is a member of the US Society of Petroleum Engineers (SPE), the Petroleum
Exploration Society of Australia and the International Association for Energy Economics.
Susan Bethune, Co-founder
Susan Bethune is a partner in EnergyQuest, responsible for market data and analysis. She is an
expert on energy market data and modelling, including energy prices, production and reserves. Susan
has created and maintains the databases used in EnergyQuest’s EnergyQuarterly reports and has
undertaken numerous projects for clients wanting customised data series. Susan has 35 years’
experience in economic and financial analysis with the Australian Government, the corporate and
finance sectors, and the tertiary education sector (University of Adelaide and University of South
Australia).
Susan has an honours degree in Economics from Macquarie University and a Master of Economics
from the Australian National University.
Graeme Atwell, Senior Associate
Graeme is an engineer with over 40 years of experience in the energy industry in Australia, primarily
in gas and power.
Since joining EnergyQuest in 2007, Graeme has advised both gas users and producers on strategic
and commercial issues. He has also acted as an independent expert in gas price arbitrations.
For over 30 years, Graeme operated in a diverse range of roles in the electricity generation industry in
South Australia. This included power station design, operation and maintenance, coal mining and
purchasing and trading of gas for electricity generation.
Between 2001 and 2007, Graeme was employed by Santos in key commercial roles.
Level 30 91 King William St Adelaide Australia 5000
4
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au
This included marketing and commercialisation of gas from the Cooper Basin, including the sale of
500 PJ of gas (over $2 billion) to AGL in 2002, major ethane sales to Qenos in Sydney, and
negotiation and establishment of Australia’s first major gas swap agreement which enabled
Queensland CSM to be contractually supplied to Sydney markets.
Within Santos, Graeme was also responsible for commercialisation of Santos’ Timor Sea assets and
played a key role in the project to bring PNG gas to Australia.
In his role with EnergyQuest Graeme has advised clients on gas commercialization opportunities and
gas purchase options. He has also participated in numerous assessments of the demand and supply
outlook for Australian domestic gas.
Graeme has a Bachelor of Technology (Mechanical Engineering) degree from the University of
Adelaide.
In support of Graeme’s commercial and contractual responsibilities he also completed a Professional
Certificate in Arbitration and Mediation.
Graeme is a member of the Australian Institute of Energy, and the Institute of Arbitrators and
Mediators.
Mike Cochran, Senior Associate
Mike Cochran is an economist with over 35 years’ experience in the energy and resources industries.
Mike specialises in marketing, business strategy, research, logistics, infrastructure and operations
focusing on conventional and unconventional liquid fuels. Conventional fuels include crude oils,
natural gas liquids (condensates, LPG’s, naphthas) and petroleum products.
Mike also specialises in biofuels and alternative transport fuels, having led and participated in
numerous assignments on alternative fuels demand, supply and strategy
Mike has been a Senior Associate with EnergyQuest since 2005.
Mike has a degree in Economics from Sydney University and post graduate Diploma of Oil Supply
and Refining (University of Oxford). He is also a Board member and National Director of the
Australian Institute of Energy, a member of Bioenergy Australia, and a member of Gas Energy
Australia. In addition, Mike has presented at national and international forums and symposiums on
midstream products, LPG, biofuels and alternative transport fuels. Mike has a Bachelor of Economics
from Sydney University and a postgraduate Diploma of Oil Supply and Refining from the University of
Oxford. During the past eight years, Mike has presented at national and international forums on
condensate, naphtha, LPG and biofuels.
Denis Dare, Senior Associate
Denis is a petroleum engineer with over 40 years domestic and international experience.
For the past three years he has worked as a private industry consultant as the principal of
DL Dare & Associates. He has provided input to numerous EnergyQuest’s reports.
In his current role and in concert with Gaffney, Cline & Associates (GCA), Denis has
undertaken technical evaluation of onshore and offshore oil and gas projects in Australia,
New Zealand, Indonesia, PNG and Brazil. He continues to hold the position of a “Technical
Director” with GCA. Denis also acts as the local representative for a Canadian company
with ongoing oil production and development interests in the Qld sector of the Cooper
Basin.
For the seven years prior to forming DL Dare & Associates, Denis worked for GCA initially
in Singapore, as one of GCA’s ten person Global Management Executive and then in
Level 30 91 King William St Adelaide Australia 5000
5
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au
Sydney as General Manager Australasia. In these roles he prepared independent technical
expert reports for governments, financiers and LNG customers in the areas of Onshore &
Offshore Oil & Gas, CSG, Conventional LNG, CSG to LNG, LNG hub selection and
Underground Coal Gasification. Geographical coverage included India, China, Vietnam,
Malaysia, Thailand, PNG, East Timor, West Africa, Kazakhstan, New Zealand & Australia.
For the twenty years prior to GCA, Denis worked for Santos where he was successively the
Santos General Manager responsible for Petroleum Development, Production Operations
and Engineering & Facilities. These roles included significant Cooper Basin
responsibilities.
Denis is a fellow and former director of the UK based institute of Chemical Engineers
(IChemE) and is former chairman of the Australian branch of IChemE. Denis is a former
Board Member of the Australian Petroleum Production and Exploration Association
(APPEA) and former chair of the APPEA Operations, Occupational Health and Safety
Committee.
Janet Cronin, Senior Associate
Janet Cronin is a respected oil and gas industry professional with over 20 years’ international E&P
experience in developing commercial arrangements, planning, economic evaluation and business
development.
Janet held a number of senior management roles at Santos until 2015 where she successfully
managed the negotiation and performance of liquids marketing deals worth A$2 billion per annum
including spot and term sales, crude, condensate and LPG sales. She also managed the negotiation
of Cooper Basin third party crude oil purchase and transportation deals worth in excess of A$50
million per annum, and various gas marketing and project development arrangements. As Manager of
Corporate Development for Santos, she led a number of significant asset and corporate acquisitions
including in Australia, PNG and Indonesia and co-led a company-wide strategic review.
Prior to working for Santos she worked for Petrocorp in New Zealand, and Oryx Energy and BP in the
UK.
Janet has an honours degree in Materials Science from the University of Bath and has undertaken
post graduate study in finance and economics.
Rick Wilkinson, Senior Associate
Rick Wilkinson has more than 30 years of experience in the oil and gas industry. He has
held senior positions in the areas of project management, commercial negotiation, LNG
contracting, gas wholesaling and retailing, as well as technical field engineering.
He joined APPEA, the peak upstream petroleum industry association in 2010 where he has
held positions as Chief Technical Officer and Chief Operating Officer – Eastern Region. His
expertise covers policy strategy, regulatory development and technical liaison.
Prior to these roles, he held various positions with Santos over 16 years, including VicePresident Commercial, and President GLNG and Queensland where he oversaw the
initiation, and definition for final investment of the $16+ Billion CSG to LNG project.
He was appointed a Gas Fields Commissioner by the Queensland Government in 2012.
The Commission is an independent statutory body formed to manage and improve
sustainable coexistence among rural landholders, regional communities and the onshore
gas industry. This gives Rick insights into managing the interfaces between communities,
industry and government.
Level 30 91 King William St Adelaide Australia 5000
6
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au
Rick was also Group Manager Energy Retail for Australasia’s largest gas retailer. He was
accountable for managing 1.4 million gas customers, sales and marketing.
He has been an Associate with management consultants, McKinsey & Co., and held
various managerial and engineering positions with Schlumberger in Iran, Iraq, Egypt, Sudan
and the USA.
Rick is a Fellow of the Australian Institute of Company Directors.
He has a first class honours science degree majoring in nuclear physics at Melbourne
University, and studied geology and petroleum engineering at post-graduate levels.
Richard Bethune, Associate
Richard has developed and maintains LNG export tracking software for EnergyQuest, which monitors
LNG exports from Australian and US ports and tracks their destinations, calculating volumes and
flows for any required period of time.
Richard has worked at Sage Automation developing specification and documentation for the
application of a Baxter robot within a manufacturing facility and floorplan models of potential
processes for those applications.
He has also worked at Clarke Energy developing documentation relating to the installation of gas
generators and water treatment facilities.
He has an Honours degree in Mechanical Engineering from the University of Adelaide and along with
his Honours team was awarded the Rockwell Automation Award for Best Project in Automated and
Control Systems for their development of an autonomous underwater vehicle.
Level 30 91 King William St Adelaide Australia 5000
7
T:(08) 8431 7903 F: (08) 8431 6620 M: 0419 828 617 E: gbethune@energyquest.com.au
ABN 18 503 484 404 ACN 139 665 295
www.energyquest.com.au