R/€ = 19.77 Change: 0.15
R/$ = 16.93 Change: 0.14
Au 1867.50 $/oz Change: -10.59
Pt 850.50 $/oz Change: -8.88

Oil and Gas News

Beach makes A$94m bid for Adelaide

By: Esmarie Iannucci     7th November 2011 ASX-listed Beach Energy has launched a A$94-million takeover offer for fellow-listed Adelaide Energy. Beach on Monday offered Adelaide shareholders 20c a share in cash. It already owns a 19.95% shareholding in the junior oil and gas explorer. 

CSG better for environment than coal, new study finds

By: Esmarie Iannucci     4th November 2011 An independent report commissioned by the Australian Petroleum Production and Exploration Association (Appea) states that coal seam gas had up to 87% less greenhouse gas emissions than coal, contradicting claims by the Australian Greens. The Greens recently launched an anti coal seam gas... 

Onshore gas explorers adopt new code

By: Esmarie Iannucci     4th November 2011 Onshore gas explorers in Western Australia this week adopted a code of practice to set industry standards for the state’s next generation of clean energy production. The Australian Petroleum Production and Exploration Association (Appea) reported that the code, developed by its members, would... 

FIRB extension does not mean delay to Arrow deal – Bow

By: Esmarie Iannucci     3rd November 2011 Australian gas explorer Bow Energy said on Thursday that the Foreign Investment Review Board’s (FIRB’s) extension of the period for making a decision on a takeover by Arrow Energy should not be seen as a premonition to an unfavourable outcome or that the transaction has been delayed. FIRB has... 

Australia LNG production to hit 100Mt/y by 2020

By: Esmarie Iannucci     3rd November 2011 Australia’s liquefied natural gas (LNG) production could increase five times to 100-million ton a year by 2020, energy major Santos, which is building the $16-billion Gladstone project, said on Thursday. Speaking at the Australian Institute of Company Directors, in Brisbane, Santos MD and CEO... 

Australia seen as world’s LNG ‘supermarket’

By: Esmarie Iannucci     31st October 2011 Australia’s natural gas production is expected to triple to over 6 000 petajoules in the next decade, energy economics group EnergyQuest said on Monday. CEO Graeme Bethune said Australia was the world’s liquefied natural gas (LNG) “supermarket”, with more than 15 projects proposed for... 

Cougar says A$34m Qld lawsuit making progress

By: Esmarie Iannucci     31st October 2011 ASX-listed Cougar Energy would press ahead with its strategy of expanding into Asia, while seeking recovery for the shut down of its Kingaroy power plant project, in Queensland, the company said last week. Earlier this month, Cougar launched a A$34-million lawsuit against the Queensland... 

Santos sells off stake in Evans for $350m

By: Esmarie Iannucci     31st October 2011 Australian energy major Santos has sold its interest in the Evans Shoal project, offshore northern Australia, for $350-million to a major international exploration and production company operating in Australia. Santos said in a statement that it would receive a $250-million cash consideration... 

A$20bn pipeline boost seen from CSG and LNG expansion

By: Esmarie Iannucci     24th October 2011 The Australian pipeline industry would benefit from A$20-billion worth of pipeline infrastructure investments, which is expected to flow in tandem with the expansion of coal seam gas (CSG) and liquefied natural gas (LNG) projects in the country, the Australian Pipeline Industry Association (Apia)... 

Higher volumes, prices push up Woodside revenue

By: Esmarie Iannucci     21st October 2011 Australian oil and gas producer Woodside has reported an increase in sales revenue for the quarter ended September, helped by higher sales volumes and liquefied natural gas (LNG) prices. Sales revenue increased by 5% on the previous quarter, and jumped 27% on the previous corresponding period,... 

Santos reports higher Q3 output, sales

By: Esmarie Iannucci     20th October 2011 Australian oil and gas major Santos has increased its production volumes by 7% during the third quarter ended September, while sales volumes increased by 6%. Quarterly production increased to 12.7-million barrels of oil equivalent, on the back of increased oil and gas production at the Cooper... 

Cougar sues Qld govt for A$34m over Kingaroy

By: Esmarie Iannucci     17th October 2011 ASX-listed Cougar Energy will sue the Queensland government and three of its officials for more than A$34-million over the state’s decision to halt the development of the Kingaroy coal gasification trial site. The Queensland Department of Environment and Resource Management (DERM) in July banned... 

Origin secures $500m for Australia Pacific project

By: Esmarie Iannucci     7th October 2011 ASX-listed Origin Energy has successfully priced and allocated a $500-million senior unsecured notes offering in the US market to secure funding for the development of the Australia Pacific liquefied natural gas (LNG) coal seam gas (CSG) to LNG project. The notes would be issued by Origin Energy... 

Consol sells shale royalty for $193m

By: Creamer Media Reporter      26th September 2011 Consol Energy, the US coal and gas producer, on Monday said it agreed to sell its royalty interest in the Marcellus share operation to Antero for $193-million. The 7% royalty was not a part of the joint venture the company entered into with Noble Energy last month, meaning all of the sales... 

Bow directors recommend improved Arrow offer

By: Esmarie Iannucci     26th September 2011 The directors of ASX-listed Bow Energy on Monday advised shareholders to accept an improved offer from fellow-listed Arrow Energy. Arrow Energy increased its offer from A$1.48 a share to A$1.52 a share, following discussions between the two parties.  

Chevron pulls trigger on $29bn Western Australia LNG project 

By: Esmarie Iannucci     26th September 2011 US energy major Chevron on Monday announced the development of one of Australia’s largest-ever resources projects, as it gave the green light for a $29-billion liquefied natural gas (LNG) investment in Western Australia. This project, which would create 6 500 jobs at peak construction, would... 

First oil for Okha - Woodside

By: Esmarie Iannucci     26th September 2011 Australian oil major Woodside has started oil production at its Okha floating production storage and offloading vessel, 135 km off Karratha, in Western Australia. The ASX-listed Woodside said on Monday that the hook-up, testing and commissioning of the Okha facility had been completed, with the... 

Eastern Star recommends Santos offer

By: Esmarie Iannucci     26th September 2011 The directors of ASX-listed Eastern Star have recommended that shareholders accept a takeover offer from oil and gas major Santos. During July this year, Santos made a A$924-million takeover offer for Eastern Gas to acquire an 80% ownership of the company’s coal seam gas permits in the Gunnedah... 

Diesel delivers new benefits for mining clients

23rd September 2011 Global oil giant Shell Australia says its advanced fuel product, Shell Diesel Extra, is now available to the Australian mining sector. 

$25bn Wheatstone LNG project gets final environ approval

By: Esmarie Iannucci     22nd September 2011 The Australian government on Thursday approved US major Chevron’s $25-billion Wheatstone liquefied natural gas (LNG) project in the Pilbara. Environment Minister Tony Burke said that he had approved the project, but that the company would have to adhere to 70 conditions. 

Santos and Magellan announce NT asset swap agreement

By: Esmarie Iannucci     16th September 2011 Australian oil and gas major Santos and US-based Magellan Petroleum have agreed to swap assets in the Northern Territory gas fields. Santos would transfer its 48% interest in the Palm Valley Field and its 66% interest in the Dingo field to Magellan, while Magellan would transfer its 35% interest... 

Chevron inks Wheatstone offtake agreement

By: Esmarie Iannucci     16th September 2011 The Australian subsidiary of US-based energy major Chevron has signed a sale and purchase agreement (SPA) with Japan’s Kyushu Electric Power Company for the delivery of liquefied natural gas (LNG) from the Wheatstone project, in Western Australia. Under the binding agreement, Chevron, along with... 

Senate gives nod to single offshore petroleum regulator

By: Esmarie Iannucci     16th September 2011 The federal government has succeeded in its reform agenda for the offshore petroleum industry, after the Senate passed the legislative package which would establish a single national regulator for offshore petroleum activities. Resources and Energy Minister Martin Ferguson said that the... 

Queensland readies for increased gas production

By: Esmarie Iannucci     12th September 2011 The Queensland state government has reported that its gas market would continue to grow, fuelled by increased demand to meet domestic and industrial gas supply, electricity generation and the emerging liquefied natural gas (LNG) export industry. In its 2011 Gas Market Review Report, released on... 

Linc Energy launches 5% share buy-back

By: Esmarie Iannucci     12th September 2011 ASX-listed liquefied natural gas (LNG) firm Linc Energy has announced its intention to conduct an on-market buy-back of up to 5% of the company’s fully paid ordinary shares as a capital management strategy. CEO and MD Peter Bond said on Monday that the company remained focused on delivering its... 

Company offers underground oil sampling service

9th September 2011 Oil analysis company WearCheck has introduced a new oil sampling service focused specifically on the mining industry. 

Market analyst predicts financial market slump that will wreak havoc on commodities

By: Jonathan Faurie     2nd September 2011 Global market analyst Natixis Commodities Markets (NCM) warns of a ‘rocky road’ ahead for the global financial markets, which could wreak havoc on commodities as demand will slow.  

BHP wraps up Petrohawk acquisition

By: Esmarie Iannucci     26th August 2011 Diversified major BHP Billiton has completed its acquisition of US-based Petrohawk Energy Corporation, with the company saying it annual petroleum production would now grow by some 10%. The acquisition was completed through a short-form merger under Delaware law of its wholly owned subsidiary... 

Dart looks to spin off international assets

By: Esmarie Iannucci     25th August 2011 ASX-listed Dart Energy on Thursday told shareholders that it would undertake a “substantial restructure” of the company, including listing its international portfolio of coal bed methane projects on the Singapore Stock Exchange, following a strategic review. The explorer said that as part of the... 

Arrow Energy makes power play for Bow

By: Esmarie Iannucci     22nd August 2011 The share prices of ASX-listed Bow Energy on Monday increased by almost 63%, on news of a non-binding indicative and conditional takeover offer from coal seam gas explorer Arrow Energy. Under the proposal, Arrow Energy, which is jointly owned by PetroChina and Royal Dutch Shell, would acquire... 

Santos profits up by 155%, new projects on track

By: Esmarie Iannucci     19th August 2011 Australian oil and gas major Santos has lifted its net profit for the six months ended June by 155%, to $504-million, compared with the previous first half. Underlying net profit for the first six months of the year was up by 12% to $236-million, compared with the $210-million in the previous... 

Noble enters $3.4bn shale gas venture with Consol

By: Matthew Hill     18th August 2011 NYSE-listed Consol Energy, the US coal and gas giant, on Thursday said it would sell a 50% stake in its Marcellus Shale assets in the east of the country for $3.4-billion to oil and gas producer Noble Energy. The deal is effective July 1, and is expected to close in September. 

Woodside ‘well positioned’ to fund growth, underlying profit rises

By: Esmarie Iannucci     17th August 2011 Australia’s petroleum major Woodside has reported an increase in underlying profits and revenue for the first half of the 2011 financial year. Underlying net profits rose 3.6% to A$842-million during the first six months of the year, up from A$813-million in the previous corresponding period,... 

APIA disputes Barnett’s claims about WA LNG production

By: Esmarie Iannucci     16th August 2011 Western Australia’s offshore gas production was unlikely to replace the gas produced in the eastern states, the Australian Pipeline Industry Association (APIA) said on Tuesday in response to comments made by Premier Colin Barnett. APIA also disputed the notion that gas produced in Western... 

Big increase in Queensland LNG output expected

By: Esmarie Iannucci     16th August 2011 Within the next nine years, Queensland was expected to produce more liquefied natural gas (LNG) than Australia’s current total production, said energy economics group EnergyQuest Queensland’s LNG capacity was expected to reach at least 25-million tons by 2020. 

WA to retain 15% domestic gas reservation policy − Barnett

By: Esmarie Iannucci     10th August 2011 Western Australian Premier Colin Barnett said on Wednesday that the state government would retain its 15% domestic gas reservation requirement for all gas projects, and would implement measures to improve the gas market. The Premier tabled the state government’s formal response to the... 

Santos earmarks A$500m for NSW drilling programme

By: Esmarie Iannucci     5th August 2011 Gas major Santos would spend around A$500-million over the next three years in drilling for coal seam gas in New South Wales, following the proposed acquisition of Eastern Star Gas. Speaking to the American Chamber of Commerce in Australia on Thursday, Santos CEO and MD David Knox said that the... 

Record production lifts Origin revenue to new high

By: Esmarie Iannucci     29th July 2011 ASX-listed Origin Energy has reported record production and sales revenue for the quarter ended June, driven by increased production at its Australia Pacific liquefied natural gas (LNG) project. Origin said on Friday that it had delivered record yearly production of 135 petajoules equivalent, up... 

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