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Oil and Gas News

Final investment approval for A$23bn APLNG project

By: Esmarie Iannucci     4th July 2012 The joint venture partners of the Australia Pacific liquefied natural gas (APLNG) project have pulled the trigger on the second train of the A$23-billion investment. The two-train project, in Queensland, would have a nine-million-ton-a-year capacity and was scheduled to deliver first LNG from... 

Japanese investment in Browse LNG project approved

By: Esmarie Iannucci     3rd July 2012 ASX-listed Woodside’s joint venture (JV) partners in the Browse liquefied natural gas (LNG) development have elected not to match the $2-billion buy-in from Japan Australia LNG (MIMI). At the start of May this year, Woodside announced that MIMI would take a 16% interest in the East Browse JV and... 

Commodities rally on EU deal

By: Reuters     29th June 2012 Commodities rallied on Friday after Europe moved to cut soaring borrowing costs in Spain and Italy, lifting investors' spirits on the last trading day of the quarter that is still bound to be the worst in years for some raw materials. Oil rose by more than $2, gold jumped over 1 percent and... 

Controversy delays release of EPA report on $30bn Browse project

By: Esmarie Iannucci     29th June 2012 Western Australia’s Environment Minister Bill Marmion has delayed the publication of the Environmental Protection Authority’s (EPA’s) report into the proposed $30-billion Browse liquefied natural gas (LNG) processing facility, as controversy raged. The EPA report was due to be released on... 

Santos hikes Gladstone capex to $18.5bn, but denies cost blow

By: Esmarie Iannucci     28th June 2012 Oil and gas major Santos would bring forward $2.5-billion of capital expenditure (capex) on the Gladstone liquefied natural gas (GLNG) project, but insisted that it was not a cost overrun. Santos said on Thursday that $2.5-billion of the capex for the GLNG project would be brought forward from... 

Sino Gas partners with MIE to advance China projects

By: Esmarie Iannucci     27th June 2012 ASX-listed Sino Gas & Energy has entered into a strategic partnership with MIE Holdings Corporation to develop the Sanjiaobei and Linxing coal bed methane gas projects, in China. Under the terms of the transaction, MIE would progressively invest up to $90-million in Sino Gas, acquiring... 

Browse sales agreement lapses

By: Esmarie Iannucci     22nd June 2012 Australian oil and gas company Woodside on Friday announced that it had allowed a liquefied natural gas (LNG) sales agreement with CPC Corporation Taiwan to lapse, on the agreement of both parties. In 2007, Woodside signed a key terms agreement with CPC for the potential sale of between... 

Senex raises A$155m for gas exploration

By: Esmarie Iannucci     20th June 2012 ASX-listed Senex Energy was looking to raise some A$155-million through a share placement and entitlement offer to fund exploration of its unconventional gas acreage in South Australia. The company said that some 210-million new shares would be issued as part of the equity raising, with... 

Energy export restrictions may hurt investment – Ferguson

By: Esmarie Iannucci     19th June 2012 Federal Resources Minister Martin Ferguson has spoken out against restricting energy exports in a bid to lower local prices, saying that it sent the wrong signals to potential investors. Speaking to the Committee for the Economic Development of Australia (CEDA), Ferguson said that imposing a... 

Chevron signs equity, LNG supply deals with Tepco

By: Esmarie Iannucci     19th June 2012 US energy major Chevron has sold a further stake in its $29-billion Wheatstone liquefied natural gas (LNG) project, and signed another supply deal with Japan’s Tokyo Electric Power Company (Tepco) and its partners. The deal was estimated to be worth some $4-billion. 

Aurora takes majority stake in Eureka

By: Esmarie Iannucci     14th June 2012 ASX- and TSX-listed Aurora Oil & Gas’ takeover offer for fellow listed Eureka Energy has been automatically extended by 14 days, after the company took majority ownership of Eureka. Earlier this week, Eureka directors did an about-turn, urging shareholders to accept the 45c a share cash offer... 

Eureka recommends Aurora offer

By: Esmarie Iannucci     13th June 2012 With the takeover deadline looming, the board of ASX-listed Eureka Energy have changed their recommendation for the 45c-a-share cash offer made by fellow listed Aurora Oil & Gas. Aurora has previously warned that it would not increase or extend its offer, which closes on June 15. After a failed... 

Lonestar's proposal for Eureka dropped

By: Esmarie Iannucci     12th June 2012 The directors of takeover target Eureka Energy have dismissed a merger proposal by US-based Lonestar Resources aimed at countering a takeover offer by Aurora Oil & Gas. At the end of last week, Eureka received a nonbinding and incomplete merger proposal from Lonestar, envisaging that Eureka... 

APLNG locks in $2.75bn of funding facility

By: Esmarie Iannucci     11th June 2012 The Australian Pacific liquefied natural gas (APLNG) project has moved a step closer to development after the Export-Import Bank of China signed the final definitive project finance documentation, as part of a previously announced $8.5-billion project finance facility. The Export-Import Bank of... 

Eureka receives counter offer

By: Esmarie Iannucci     11th June 2012 US-based Lonestar Resources has made an alternative takeover offer for ASX-listed Eureka Energy to compete with Aurora Oil & Gas. The terms of Lonestar’s proposed bid for Eureka were confidential at this stage, and subject to approval by the Eureka board of directors. Details of the proposal... 

We won't extend the offer - Aurora

By: Esmarie Iannucci     8th June 2012 ASX- and TSX-listed Aurora Oil & Gas on Friday told the shareholders of takeover target Eureka Energy that it would not extend or increase its unconditional takeover offer past the June 15 closing date. Aurora launched its 45c-a-share bid in April this year, valuing the takeover target at around... 

Santos, JV partner ink $520m deal with SK for Timor Sea project

By: Esmarie Iannucci     7th June 2012 Energy major Santos and its joint venture (JV) partner ConocoPhillips have signed a deal with Korean energy services provider SK E&S to progress the development of the Caldita Barossa gas project, in the Timor Sea, in a deal worth $520-million. Santos currently holds a 40% interest in the... 

ExxonMobil to explore for CSG in Victoria

By: Esmarie Iannucci     6th June 2012 Global energy giant ExxonMobil has signed a farm-in agreement with unlisted Ignite Energy Resources to take an initial 10% interest in an onshore exploration licence in Victoria. Over the next 12 to 18 months, ExxonMobil and Ignite will work together to evaluate and assess the natural gas... 

$200bn Australian LNG project pipeline faces delays

By: Esmarie Iannucci     6th June 2012 The International Energy Agency (IEA) has warned of a possible delay in Australia’s $200-billion pipeline of liquefied natural gas (LNG) projects. In its 2012 Medium-Term Gas Market Report, the IEA said that the Australian project pipeline was subject to high project costs and a struggle to... 

Origin could raise A$1bn in cash

By: Esmarie Iannucci     30th May 2012 Media reports circulated on Wednesday said that energy major Origin Energy was planning to raise some A$1-billion through a share sale to fund its share of the Australia Pacific liquefied natural gas (APLNG) project. Origin and its project partner ConocoPhillips and Sinopec recently secured an... 

Moore rejects Apache’s explosion document claims

By: Esmarie Iannucci     30th May 2012 Western Australia’s Mines and Petroleum Minister Norman Moore has hit back at claims from US major Apache that the state government had “grossly misrepresented” the company’s role in the 2008 Varanus Island explosion, by not releasing two documents. Apache’s lawyers claim that the two... 

Shale gas can contribute to greener economy – Econometrix  

By: Idéle Esterhuizen     29th May 2012 If South Africa was to realistically achieve the objective of lowering its carbon emissions, the southern Karoo’s shale gas deposits had to be thoroughly investigated, Econometrix MD Rob Jeffrey said on Tuesday. Speaking at a shale gas conference hosted by the Fossil Fuel Foundation, in... 

Dart Energy scraps international assets listing plan

By: Esmarie Iannucci     29th May 2012 Gas producer Dart Energy on Tuesday told shareholders that it would defer its planned spin-off and listing of its international assets on the Singapore Stock Exchange as a result of poor equity market conditions. In August, Dart flagged its intention of spinning off its international assets,... 

Woodside to increase spending on exploration

By: Esmarie Iannucci     28th May 2012 Australian oil and gas company Woodside on Monday told investors that it would “significantly” increase its exploration spend over the next two to three years. Executive VP for exploration Peter Moore told an investor briefing in Perth that exploration expenditure would increase to bring the... 

Potential CSG framework delays may hurt foreign investment

By: Esmarie Iannucci     24th May 2012 Commercial law firm Middletons has warned that a delay in the federal government’s harmonized framework for the coal seam gas (CSG) industry could affect foreign investment in the sector. Speaking to Mining Weekly Online, special council Clive Cachia said that delays in the process could... 

APLNG secures $8.5bn in finance

By: Esmarie Iannucci     24th May 2012 ASX-listed Origin Energy and its joint venture (JV) partners ConocoPhillips and Sinopec have secured an $8.5-billion project financing facility for the Australia Pacific liquefied natural gas (APLNG) project. The project finance facility was signed by the Export-Import Bank of the US, the... 

Aurora has ‘no grounds’ to withdraw offer – Eureka

By: Esmarie Iannucci     22nd May 2012 Takeover target Eureka Energy has lashed out at claims that its beau Aurora Oil & Gas planned to withdraw its offer, saying that the company had no grounds to do so. In response to news reports that the company was “exploring the withdrawal of the bid”, Aurora released a statement saying that it... 

Gillard breaks ground at A$34bn Ichthys

By: Esmarie Iannucci     18th May 2012 Prime Minister Julia Gillard on Friday officially launched the construction of the Ichthys liquefied natural gas (LNG) project, in the Northern Territory. The A$34-billion Ichthy’s LNG project is a joint venture development between Japan’s Inpex and its partner Total. 

Brazilian group targeting more African opportunities

By: Keith Campbell     18th May 2012 Brazilian diversified mining major Vale has confirmed that its portfolio includes investments of $7.7-billion in projects in nine African countries. Speaking at a recent seminar on Africa hosted by Brazil’s National Economic and Social Development Bank (better known by its Portuguese initials,... 

Aurora Oil & Gas raises A$120m

By: Esmarie Iannucci     17th May 2012 Dual-listed Aurora Oil & Gas has raised some A$120-million, through the issue of 33.8-million ordinary shares at A$3.55 a share. Some 18-million of these shares would be offered in Canada, with the remaining shares placed to institutional and sophisticated investors in Australia and elsewhere. 

Shale could double Australia’s gas resources – Minister

By: Esmarie Iannucci     17th May 2012 Australian shale gas resources could potentially be significant and could double the country’s overall gas resource, which is estimated to last for another 184 years, Resources and Energy Minister Martin Ferguson reported this week. The ‘Australian Gas Resources Assessment’ report, released by... 

Aurora boosts stake in Eagle Ford shale area

By: Esmarie Iannucci     15th May 2012 ASX- and TSX-listed oil and gas explorer Aurora would spend $95-million to gain an additional 6% interest in the Sugarloaf area of mutual interest (AMI), in the Eagle Ford shale trend in the US. Aurora already had a 15.8% shareholding in the area, but said on Tuesday that the acquisition would... 

Woodside boss calls for LNG policy certainty

By: Esmarie Iannucci     14th May 2012 Australian petroleum group Woodside on Monday called on the federal government to ensure that policy changes in the industry did not risk the country’s competitiveness. Speaking at the Australian Petroleum Producers and Exporter Association’s (Appea’s) conference, Woodside CEO and MD Peter... 

Ferguson says CSG ‘critical’ to meet future east coast demand

By: Esmarie Iannucci     14th May 2012 Federal Resources and Energy Minister Martin Ferguson has warned coal seam gas (CSG) detractors that Australia’s ability to meet future east coast gas demand would be “critically” dependent on the extent to which the industry is allowed to develop. “Three CSG to liquefied natural gas (LNG)... 

Australian govt releases 27 areas for exploration

By: Esmarie Iannucci     14th May 2012 The federal government on Monday announced the exploration acreage release, comprising 27 areas across nine basins in Commonwealth waters off Western Australia, the Northern Territory, Victoria, South Australia and Tasmania. Using the Australian Petroleum Producers and Exploration Association’s... 

Ferguson awards 12 offshore exploration permits

By: Esmarie Iannucci     8th May 2012 Twelve new offshore petroleum exploration permits have been awarded in waters off Western Australia and Victoria, which would see some A$303-million in new investment over the next three years. Federal Resources and Energy Minister Martin Ferguson reported that a total of 46 bids were received... 

Queensland LNG project to cost $5bn more, BG Group warns

By: Esmarie Iannucci     4th May 2012 UK gas company BG Group has warned of a $5-billion cost blowout at its Queensland Curtis liquefied natural gas (QCLNG) project. In its quarterly results for the three months to March, the BG Group noted that while the project was making good progress towards first LNG production in 2014, there... 

Eureka Energy rejects ‘opportunistic’ Aurora offer

By: Esmarie Iannucci     3rd May 2012 ASX-listed junior Eureka Energy, which has shale assets in North America, has advised shareholders to reject an unconditional 45c a share takeover offer from fellow-listed Aurora Oil & Gas. Aurora launched its unconditional takeover for Eureka last week, valuing the takeover target at around... 

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