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Oil and Gas News

Woodside discovers more gas off the coast of WA

By: Esmarie Iannucci     23rd May 2011 Australian oil and gas major Woodside Petroleum has discovered more gas to underpin its A$14-billion Pluto project, in the Carnarvon basin off the coast of Western Australia. Woodside reported on Monday that the Xeres-1 well had intersected some 51 m of gross gas within the Triassic target. The... 

Shell approves world’s largest floating LNG project

By: Esmarie Iannucci     20th May 2011 Oil and gas major Shell on Friday announced a final investment decision for its Prelude floating liquefied natural gas (FLNG) project, off the coast of Western Australia. The decision meant that Shell would now start the detailed design and construction of what would be the world’s largest... 

Alberta fires continue to hit oil sands production

By: Matthew Hill     19th May 2011 Oil multinational Shell on Thursday said its Albian Sands operations in Alberta continued to produce, despite the wildfires that have forced companies to suspend more than 100 000 barrels a day of output. Shell said that winds carrying heavy smoke had caused the company to limit non-essential... 

Australian oil output falls to 20-year low

By: Esmarie Iannucci     19th May 2011 Australian oil production dropped to its lowest level in 20 years in the March quarter, advisory firm EnergyQuest reported on Thursday. Australian oil production fell to 20,9-million barrels in the quarter, down from 27,3-million barrels in previous quarter. 

Alberta wildfires close oil sands operations

By: Matthew Hill     16th May 2011 Raging wildfires in Alberta have not affected oil giant Shell’s Albian Sands operations near Fort McMurray, the company said on Monday. The fires, which started on Sunday, have destroyed “hundreds of homes, churches and businesses” in the town of Slave Lake, TSX-listed Exall Energy said earlier,... 

Woodside appoints ExxonMobil exec as new CEO

By: Esmarie Iannucci     12th May 2011 Australian oil and gas producer Woodside Petroleum has appointed ExxonMobil VP Peter Coleman as its new CEO, to replace Don Voelte. Coleman will take up his appointment with Woodside on May 30. 

Angostura to triple BHP gas production at Trinidad/Tobago

By: Esmarie Iannucci     12th May 2011 The world’s largest diversified miner BHP Billiton has started gas production at its Angostura project, off the shore of Trinidad and Tobago. The miner said that the new gas export platform has a design capacity of 280-million cubic feet of gas a day, and is located alongside the company’s... 

Origin buys stake in Chilean geothermal explorer

By: Esmarie Iannucci     9th May 2011 ASX-listed Origin Energy has acquired a 40% stake in Chilean geothermal explorer Energia Andina SA (EASA) following a bidding process run by Empresa Nacional del Petroleo. EASA has established a portfolio of eight geothermal exploration projects in the northern and central regions of Chile,... 

WA agrees deal with native title holders for LNG precinct

By: Esmarie Iannucci     6th May 2011 The traditional owners of the land at James Price Point in Western Australia have agreed to relinquish their native title interests in 3 500 ha of land and water required for a liquefied natural gas (LNG) precinct, Premier Colin Barnett said on Friday. The Goolarabooloo Jabirr Jabirr native... 

Woodside announces WA oil discovery, shares gain

By: Esmarie Iannucci     5th May 2011 Shares in ASX-listed Woodside jumped 2,5% on Thursday after the company reported an oil discovery at its Laverda North 2 well, in Western Australia’s Exmouth sub-basin. Woodside said it discovered a gross interval of 18 m of new oil bearing sands. Wireline sampling from the new zone recovered... 

Santos says project pipeline could expand output by 40%

By: Esmarie Iannucci     5th May 2011 Australia’s largest domestic gas producer Santos said on Thursday that its liquefied natural gas (LNG) project portfolio had the potential to deliver a 20-million barrel oil-equivalent increase to its yearly production by the end of 2015. Santos produced 50-million barrels of oil equivalent... 

Suncor reports higher earnings, raises dividend

By: Matthew Hill     3rd May 2011 Canada’s biggest oil-sands producer Suncor on Tuesday announced a 31% jump in first quarter earnings to C$1-billion, allowing the company to lift its dividend by 10%. While production at its oil sands operations grew, the March closure of the company’s Libyan oil assets meant that Suncor cut its... 

Chevron looks to increase Gorgon output

By: Esmarie Iannucci     3rd May 2011 US energy giant Chevron was seeking approval from the Australian federal government to increase the scope of its Gorgon project, in Western Australia. Chevron, on behalf of the Gorgon joint venture, was seeking to expand the project’s capacity from a three train to a four train project, taking... 

Profit flows for Imperial on elevated oil prices

By: Matthew Hill     28th April 2011 Imperial Oil, Canada’s third-biggest energy firm by market value, on Tuesday said first quarter profit swelled by 64% to C$781-million on higher oil prices and bigger refining margins. The company, 70%-owned by the world number-one oil producer ExxonMobil, said gross output for the quarter... 

Higher prices, sales boost Consol profit

By: Liezel Hill     28th April 2011 US coal and gas producer Consol Energy increased first quarter profit by 92%, the firm said on Thursday, helped by increased coal prices and higher than expected sales volumes. Consol earned $192-million, compared with $100-million in the same period a year earlier. 

Higher oil prices lift Husky's Q1 earnings

By: Matthew Hill     27th April 2011 Husky Energy, one of Canada’s biggest oil sands producers, on Wednesday reported first-quarter earnings of C$626-million, a 70% rise compared with a year ago, after benefiting from non-core asset sales and slightly higher production. Output rose 5% from the first quarter in 2010 to an average of... 

Cenovus Q1 earnings down 91%

By: Matthew Hill     27th April 2011 Shares in Cenovus Energy declined 3% on Wednesday morning after the company reported a 91% period-on-period plunge in first quarter earnings to C$47-million, mainly because of a hedging loss and lower gas output and prices. Production at the TSX-listed company’s oil sands operations rose 14%... 

Australia Pacific inks 4,3Mt/y LNG supply deal with Sinopec

By: Esmarie Iannucci     21st April 2011 Coal seam gas developer Australia Pacific LNG (APLNG) has signed a sale-and-purchase agreement with China Petroleum and Chemical Corporation (Sinopec) for the supply of 4,3-million tons a year of liquefied natural gas (LNG) for 20 years from the proposed A$35-billion APLNG facility, in Curtis... 

Carbon tax to hurt Australia’s LNG exports – Woodside

By: Esmarie Iannucci     20th April 2011 Australian oil and gas major Woodside Petroleum on Wednesday warned that a carbon emissions tax could hurt Australia’s exports of liquefied natural gas (LNG). Speaking at the company’s annual general meeting, chairperson Michael Chaney said that placing a carbon price on Australian LNG would... 

Dart Energy seeks A$100m to accelerate exploration

By: Esmarie Iannucci     18th April 2011 Coal-bed methane company Dart Energy would look to raise around A$100-million through an entitlement offer to eligible shareholders, comprising an institutional and a retail component. Under the entitlement offer, eligible shareholders would be invited to subscribe for five new shares for every... 

Shell plans to invest up to $50bn in Australia

By: Esmarie Iannucci     13th April 2011 Oil and gas producer Shell would spend between $30-billion and $50-billion on its Australian investments to add 11-million tons a year of liquefied natural gas (LNG) to its production profile. Speaking at the last day of the Australian Petroleum Production and Exploration Association (Appea)... 

Chevron to announce Wheatstone decision this year

By: Esmarie Iannucci     13th April 2011 Gas major Chevron will make a final investment decision on its Wheatstone project in the second half of the year, an executive told journalists on the sidelines of the Australian Petroleum Production and Exploration Association (Appea) conference in Perth. Chevron Australia MD Roy Krzywosinski... 

‘Punitive’ carbon tax will hamper growth in gas – shadow Minister

By: Esmarie Iannucci     13th April 2011 Australia’s proposed carbon tax would present an “enormous challenge” for the liquefied natural gas (LNG) sector, shadow Energy and Resources Minister Ian Macfarlane said on Wednesday. Speaking at the Australian Petroleum Production and Exploration Association (Appea) conference, in Perth,... 

Beach aims to start Queensland shale gas production by 2015

By: Esmarie Iannucci     12th April 2011 Oil and gas explorer Beach Energy on Tuesday said that it was aiming for commercial shale gas production from its Cooper Basin project, in Queensland, by 2015. Speaking on the sidelines of the Australian Petroleum Production and Exploration Association (Appea) conference, MD Reg Nelson said that... 

Appea supports plans for offshore petroleum regulator

By: Esmarie Iannucci     12th April 2011 The Australian Petroleum Production and Exploration Association (Appea) on Tuesday urged state and federal government agencies to work towards the finalisation of a national offshore petroleum regulator. Speaking at the second day of the Appea conference in Perth, Appea health, safety and... 

Woodside sees strong demand for LNG from Asia

By: Esmarie Iannucci     11th April 2011 Around 60-million tons a year of new liquefied natural gas (LNG) supply would be required to meet the growing demand from Asia by 2020, Australian oil and gas major Woodside Petroleum said on Monday. Speaking at the Australian Petroleum Production and Exploration Association (Appea) conference,... 

Appea criticises exploration incentive scheme delay

By: Esmarie Iannucci     11th April 2011 The Australian Petroleum Production and Exploration Association (Appea) on Monday waded into the Australian tax reform debate, reprimanding the federal government for its lack of a structured exploration incentive scheme. Appea chairperson Eric Streitberg said a great deal of the association’s... 

Hands off Woodside, Barnett tells suitors

By: Esmarie Iannucci     11th April 2011 Western Australian Premier Colin Barnett on Monday sent out a clear message to resources companies looking at a possible takeover of Australian gas major Woodside. “Hands off Woodside,” Barnett told the Australian Petroleum Production and Exploration Association (Appea) conference, held in Perth. 

Finding new gas reserves a priority, says Ferguson as LNG demand surges

By: Esmarie Iannucci     11th April 2011 Federal Resources and Energy Minister Martin Ferguson on Monday said the demand for liquefied natural gas (LNG) would likely double within the next 25 years, to 360-million tons a year. Ferguson told delegates at the Australian Petroleum Production and Exploration Association (Appea) conference... 

Shell, enviro watchdog set to clash over plans to undertake hydraulic fracturing in the Karoo

By: Jonathan Faurie     8th April 2011 South African environmental watchdog Treasure the Karoo Action Group (TKAG) and Shell South Africa are set to clash heads over the oil company’s application to the Department of Mineral Resources to embark on a hydraulic fracturing (fracking) programme in the Karoo region of the Northern Cape,... 

Oil sands stocks slide on Alberta plans

By: Matthew Hill     6th April 2011 Canadian oil sands producers led the TSX lower on Wednesday after the Alberta government announced plans the previous day to cancel some leases in the province to protect the environment. The energy index slipped 1,4% by late afternoon, despite crude oil prices rising to $108/barrel. 

Action group wants moratorium on Karoo ‘fracking’ applications 

By: Jade Davenport     5th April 2011 Treasure the Karoo Action Group (TKAG), an organisation established to promote the environmentally sustainable development of the Karoo, on Tuesday submitted its written objection to energy giant Shell’s application to use hydraulic fracturing (‘fracking’) in its search for shale gas in South... 

As shale gas concern rises in SA, Shell offers glimpse into N American operations  

By: Chanel de Bruyn     1st April 2011 Operators in the Haynesville shale area of North America, which is located on the border of east Texas and western Louisiana, are rushing to secure leases and keep their foothold in the region. Global oil and gas producer Shell, which holds an interest in seven onshore unconventional gas plays... 

Work stops on QGS pipeline pending environmental compliance review

By: Esmarie Iannucci     24th March 2011 Queensland Gas (QGC), a subsidiary of natural gas producer BG Group, has stopped work on its gas pipeline project between its Surat basin gas fields and Gladstone, as the company awaits environmental approval for its soil and species management plans. QGC senior VP Jim Knudsen said the company... 

Alberta Oil Sands closes C$10m financing

By: Matthew Hill     22nd March 2011 TSX V-listed Alberta Oil Sands said on Tuesday that it had raised C$10-million in a flow-through financing announced earlier this month. The company will use the funds to explore its properties in north-east Alberta, where it has a resource base of more than five-billion barrels of bitumen in... 

Woodside Petroleum makes new gas discovery in WA

By: Esmarie Iannucci     17th March 2011 Share prices in ASX-listed oil and gas major Woodside Petroleum jumped on Thursday, on news of a gas discovery at the company’s Martin-1 well, in Western Australia. Woodside said the well had intersected around 100 m of gross gas within the Triassic target. 

Africa heading for China/India-like ascent – Renaissance

By: Martin Creamer     15th March 2011 Commodities are poised to play a major role in the economic ascent of Africa, which appears to be positioned where China was 20 years ago and where India was 15 years ago, says Renaissance Capital’s Hasnen Varawalla. Varawalla, who heads Renaissance Capital’s new markets investment banking based... 

Origin Energy announces $2,3bn raising

By: Esmarie Iannucci     15th March 2011 ASX-listed Origin Energy on Tuesday announced that it would undertake a $2,3-billion renounceable entitlement offer, to refinance part of its debt. Origin would undertake a fully underwritten one-for-five entitlement offer, at an issue price of $13 a share, which represented a 17% discount to... 

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