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Oil and Gas News

Woodside scouting for new investment opportunities

By: Esmarie Iannucci     2nd May 2012 With its Pluto liquefied natural gas (LNG) project recently reaching production status, Australian oil and gas major Woodside will now start looking for other investment opportunities. Chairperson Michael Chaney told shareholders at the firm’s annual general meeting that Woodside had a strong... 

Pluto produces first LNG

By: Esmarie Iannucci     1st May 2012 Federal Resources and Energy Minister Martin Ferguson has welcomed the first liquefied natural gas (LNG) production from ASX-listed Woodside’s Pluto project, in Western Australia. “This project is very important to the energy industry and the national economy more broadly,” said Ferguson. 

Woodside sells $2bn stake in Browse project

By: Esmarie Iannucci     1st May 2012 Australian oil and gas miner Woodside Petroleum has sold off a $2-billion stake in its Browse liquefied natural gas (LNG) project, in Western Australia, to Japan Australia LNG (MIMI). MIMI would take a 16% interest in the East Browse joint venture (JV), and an 8% interest in the West Browse JV,... 

Sherritt's Q1 profit halves as sales shrink and costs rise

By: Matthew Hill     25th April 2012 Sherritt International, the Toronto-based diversified miner, on Wednesday unveiled a 50% plunge in first-quarter earnings to $32.3-million on lower sales and higher costs, while fears over the global economy refuse to abate. Revenues dipped to C$462-million for the three-month period, compared... 

BassGas cost climbs by A$100m

By: Esmarie Iannucci     23rd April 2012 ASX-listed Origin Energy has warned of a A$100-million cost blowout at its BassGas enhancement project, in Victoria. The energy provider said in a statement on Monday that the unique offshore construction challenges associated with working on the remote Yolla platform, along with some minor... 

Santos output climbs 13% as new projects lift production

By: Esmarie Iannucci     19th April 2012 Australian energy major Santos has reported a 13% increase in production during the first quarter ended March. Production reached some 12.4-million barrels of oil equivalent, primarily owing to added production from new assets, including first gas from the Wortel project, in Indonesia, in... 

Woodside set for 2012 targets

By: Esmarie Iannucci     19th April 2012 ASX-listed Woodside Petroleum on Thursday said that it was on track to reach its 2012 production targets as its Pluto liquefied natural gas (LNG) plant was commissioned. In its results for the three months ended March, the energy company said that it also made significant progress with its North... 

Chevron signs major supply agreement at Wheatstone

By: Esmarie Iannucci     18th April 2012 US energy major Chevron has signed a heads of agreement with Japan’s Chubu Electric Power Company to supply liquefied natural gas (LNG) from the Wheatstone project, in Western Australia. Under the agreement, Chevron and its project partners Apache Energy and Kuwait Foreign Petroleum Exploration... 

Arrow releases Curtis Island EIS for comment

By: Esmarie Iannucci     17th April 2012 Liquefied natural gas (LNG) developer Arrow Energy released the environmental impact statement (EIS) for its proposed Curtis Island LNG plant for public review. The proposed plant will be located within the Great Barrier Reef World Heritage Area, and the EIS estimated that some 1.1-million cubic... 

China, eurozone woes fuel risk aversion

By: Reuters     16th April 2012 Commodities slid on Monday, with copper hitting fresh three-month lows and oil and grains also in the red, as worries about the global economy from China to Europe pushed investors out of risky assets. Gold, otherwise a safe haven, fell too, as the dollar strengthened with rising Spanish bond... 

BHP approves $708m initial funding for Mad Dog Phase 2

By: Esmarie Iannucci     11th April 2012 Diversified miner BHP Billiton on Wednesday approved an initial $708-million in funding for the Mad Dog Phase 2 oil and gas project, in the deep-water Gulf of Mexico. The funding would facilitate detailed engineering and procurement of long-lead items related to the hull, topside and subsea... 

Woodside delays Browse LNG decision to 2013

By: Esmarie Iannucci     10th April 2012 Oil and gas major Woodside has received federal and state approval to delay its final investment decision on the proposed $30-bilion Browse liquefied natural gas (LNG) project. Federal Resources and Energy Minister Martin Ferguson and Western Australian Mines and Petroleum Minister Norman Moore... 

‘Controlled' shale gas exploitation may yield energy, economic benefits - Manuel 

By: Terence Creamer     29th March 2012 Gas, including the "controlled" extraction of the Karoo's shale gas resources, needs to play a more significant role in South Africa's future energy mix, Minister in The Presidency Responsible for the National Planning Commission Trevor Manuel said on Thursday. Speaking at the Integrated Energy... 

WA drops case against Apache over gas explosion

By: Esmarie Iannucci     29th March 2012 Western Australia’s Mines and Petroleum Minister Norman Moore said on Thursday he was “frustrated” with the state government’s decision to withdraw its case against Apache Energy over the Varanus Island gas explosion. In 2009, the state government launched a legal case against Apache, claiming... 

APPEA outlines policy issues crucial to industry’s competitiveness

By: Esmarie Iannucci     27th March 2012 The Australian Petroleum Production and Exploration Association (APPEA) has urged the federal government not to confuse market gaps with market failures in its Energy White Paper. In its submission to the federal government, APPEA lauded the government’s draft Energy White Paper, which advocates... 

Beach Energy to raise A$345m for Cooper basin exploration

By: Esmarie Iannucci     27th March 2012 ASX-listed oil and gas producer Beach Energy was looking to raise some A$345-million to fund its capital expenditure initiatives over the next two to three years. The oil and gas company would launch an one-for-eight pro-rate accelerated nonrenounceable entitlement offer, at A$1.40 a share, to... 

US shale could threaten Australian LNG exports

By: Esmarie Iannucci     22nd March 2012 The emerging shale gas industry in the US has been identified as a possible threat to Australia’s liquefied natural gas (LNG) sector, the Bureau for Resources and Energy Economics (BREE) reported. In an analysis of the LNG market, BREE economist Alan Copeland noted that despite being distant... 

Impairments lead to $105.4m Q4 loss for Franco-Nevada

By: Matthew Hill     22nd March 2012 Franco-Nevada Corporation, the biggest gold royalty and streaming company, swung $105.4-million into the red for the fourth quarter, after the Toronto-based firm suffered $169.9-million in impairment charges. Stripping out the one-time charges, mainly related to the write down of First Uranium’s... 

Australian petroleum output at 3-year low

By: Esmarie Iannucci     19th March 2012 Australia’s petroleum production fell some 6% in 2011, owing to weak demand, floods and maintenance issues, energy economist EnergyQuest reported on Monday. Petroleum production, which includes oil, liquefied petroleum gas (LPG), condensate and natural gas, fell to 488-million barrels of oil... 

A$340m Ichthys contract awarded to JV

By: Esmarie Iannucci     15th March 2012 A joint venture (JV) between project houses John Holland and Macmahon Holdings has been awarded a A$340-million site development civil works contract for the onshore facilities of the planned Ichthys liquefied natural gas (LNG) project, in the Northern Territory. The Macmahon John Holland JV... 

Beach delivers first oil at North Shadwan

By: Esmarie Iannucci     13th March 2012 Oil and gas company Beach Energy has produced its first oil at its North Shadwan concession, in Egypt. The oil from the North Shadwan oil field would be treated at the Ras Ghara plant, before being piped to the main Petreco oil centre and marine terminal, 120 km to the north. 

Beach back in the black with A$56m net profit

By: Esmarie Iannucci     27th February 2012 ASX-listed oil and gas company Beach posted a 165% net profit increase for the six months to the end of December, while underlying profit surged 179%. Beach on Monday reported that the net profit increase to A$56-million, up from a loss of A$88-million for the previous corresponding period, was... 

Apache plant boosts WA gas output 20%

By: Esmarie Iannucci     27th February 2012 Western Australian Premier Colin Barnett officially opened oil and gas explorer Apache Energy’s Devil Creek gas plant over the weekend, saying the investment in domestic gas production was important for the state’s economic future. The A$1.1-billion development by Apache and its joint venture... 

Santos pledges A$20m to clean up Eastern Star act

By: Esmarie Iannucci     24th February 2012 Oil and gas major Santos would spend some A$20-million in upgrading the project sites, equipment and processes of recently acquired Eastern Star Gas to ensure that the operations in the Pilliga state forest met best practice standards. Santos this week submitted a detailed report on the Eastern... 

Talisman Energy inks $280m PNG deal with Mitsubishi

By: Esmarie Iannucci     23rd February 2012 Canadian oil and gas explorer Talisman Energy has signed a $280-million deal with Japan’s Mitsubishi Corporation, giving it access to nine of Talisman’s natural gas licences in Papua New Guinea (PNG). The two companies have agreed to work together to aggregate natural gas in the western province... 

Woodside Petroleum profit climbs to $1.65bn

By: Esmarie Iannucci     22nd February 2012 Australian oil and gas major Woodside Petroleum increased its underlying after-tax profit to $1.65-billion in the financial year ended December, the ASX-listed company reported on Wednesday. The underlying profit accounts for nonrecurring items and increased by 16.7% year-on-year. 

Theiss awarded third Wheatstone contract

By: Esmarie Iannucci     20th February 2012 Project house Theiss and its joint venture (JV) partner EV LNG Australia has won a A$500-million contract to build liquefied natural gas (LNG) storage and condensate tanks at the Wheatstone project, in Western Australia. Theiss said in a statement on Monday that its multidisciplinary... 

Santos profit surges 51% on higher oil and gas prices

By: Esmarie Iannucci     17th February 2012 Australian oil and gas major Santos has reported a 51% increase in its net profit for the full year ended December, soaring to $753-million. The miner reported a $408-million profit after tax from asset sales, including a 15% interest in the Gladstone liquefied natural gas (GLNG) project and its... 

Wall St commodity talent wars: Return of the merchants

By: Reuters     14th February 2012 When it comes to hiring top commodity traders, what goes around comes around. Wall Street, after years of poaching the best and brightest from specialized commodity firms, is losing the war to keep the essential traders who know how to arbitrage copper or store crude. After financial reforms... 

Cougar goes ahead with Kingaroy appeal

By: Esmarie Iannucci     7th February 2012 ASX-listed Cougar Energy on Tuesday told shareholders that it would progress with its appeal against the Queensland government’s Department of Environment and Resource Management, which closed down the Kingaroy coal gasification site in July last year. The appeal was aimed at challenging... 

Shell to sell 24% stake in Woodside

By: Esmarie Iannucci     3rd February 2012 The share price of oil and gas firm Woodside dipped on Friday after oil major Shell announced it would sell its stake in the Australian company. Royal Dutch Shell CFO Simon Henry said overnight that its 24.27% stake in Woodside no longer fitted the company’s long-term plans, and would be sold... 

Clough awarded A$350m Wheatstone contract

By: Esmarie Iannucci     2nd February 2012 ASX-listed project house Clough has been awarded a A$350-million contract by oil and gas major Chevron at its A$29-billion Wheatstone liquefied natural gas (LNG) project, in Western Australia. The offshore hook-up and commissioning component of the contract would be provided over a 40-month period. 

Santos produces first gas at Wortel

By: Esmarie Iannucci     1st February 2012 Oil and gas major Santos has reported the first gas production at its Wortel project, in Indonesia. The Wortel project, which was sanctioned in November 2010, includes two gas wells, an unmanned wellhead platform and a 10 km gas pipeline to the existing Santos-operated Oyong facilties. 

Leighton/Thiess JV wins Wheatstone contract 

By: Esmarie Iannucci     30th January 2012 Project house Leighton Holdings and its joint venture partner Thiess has been awarded a A$260-million contract at the Wheatstone liquefied natural gas (LNG) project, in Western Australia. The joint venture would be responsible for the design and construction of the project’s breakwater and... 

Woodside may sell minority stake in Browse

By: Esmarie Iannucci     27th January 2012 Australian oil and gas producer Woodside Petroleum on Friday confirmed that it was “assessing the potential sale” of a minority portion of its equity in the Browse liquefied natural gas (LNG) project, off the coast of Western Australia. Responding to media speculation, Woodside said that it had... 

Company receives funding for exploration in SA

By: Esmarie Iannucci     27th January 2012 Emerging coalbed methane (CBM) developer Sunbird Energy was fully funded to start exploration work on its two flagship projects in South Africa, following its successful initial public offering (IPO) at the end of last year. 

China’s Sinopec ups stake in Australian LNG project

By: Esmarie Iannucci     23rd January 2012 The joint venture (JV) partners in the Australia Pacific liquefied natural gas (APLNG) project would rake in some $1.1-billion as China Petrochemical Corporation (Sinopec) upped its stake in the project. ASX-listed Origin Energy and its JV partner ConocoPhillips on Monday made good on its... 

Woodside production drops by 6%

By: Esmarie Iannucci     19th January 2012 Australian oil and gas producer Woodside Petroleum on Wednesday reported a 6% decline in production, compared with the previous corresponding period. During the three months ended December, Woodside produced some 16.6-million barrels of oil equivalent, which was a 3% increase on the previous... 

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