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Oil and Gas News

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... 

Korea’s Kogas aims to buy 25% of its gas from WA

By: Esmarie Iannucci     11th March 2011 Western Australian Premier Colin Barnette said on Friday that Korea Gas (Kogas) could take up to a 15% interest in the Wheatstone liquefied natural gas (LNG) project. In an interview with radio station 6PR, Barnette said that Kogas, which is Korea’s only natural gas importer, planned to buy 25%... 

A$150m Gladstone LNG civils contract awarded to Macmahon

By: Esmarie Iannucci     11th March 2011 ASX-listed project house Macmahon has been awarded a A$150-million civil works contract for the Gladstone liquefied natural gas (LNG) project, in Queensland. The subcontract involves the site preparation for the LNG plant and includes clearing, bulk earthworks, pavement, roads and drainage for a... 

Sasol, Talisman mull enlarged GTL plan as they pen second shale-gas deal

By: Terence Creamer     8th March 2011 Energy and chemicals group Sasol announced on Tuesday that it had signed a second R7,4-billion agreement with Talisman Energy, of Canada, to acquire a 50% interest in the Cypress A shale-gas asset, located in the Montney Basin of British Columbia. It also indicated that the two companies might... 

Australia’s gas output hits record, momentum set to continue in 2011

By: Esmarie Iannucci     8th March 2011 Australia set a new natural gas production record last year, driven by increasing global demand for liquefied natural gas (LNG), along with growth in domestic gas-fired power generation. Energy advisory firm EnergyQuest on Tuesday reported that Australian natural gas production reached a record... 

Shell says Karoo shalegas exploration could take nine years, involve $200m 

By: Terence Creamer     3rd March 2011 International energy group Shell expects its proposed exploration of shale resources in the Karoo, located in the south west of South Africa, may involve nine years of prospecting and more than $200-million worth of capital before it will be in a position to determine whether or not commercial... 

Queensland approves CNOOC’s A$50m farm-in agreement

By: Esmarie Iannucci     2nd March 2011 The Queensland government has given indicative approval for China National Offshore Oil Corporation subsidiary CNOOC Gas & Power to gain a 50% stake in five Exoma exploration permits. Exoma and CNOOC entered into a farm-in agreement last year, under which CNOOC would commit to spending at least... 

State mining company opens coal mine, declares oil-from-coal intent

By: Martin Creamer     26th February 2011 South African President Jacob Zuma launched the new ‘competitive’ State mining company, which will produce 800 000 t/y of energy coal at its first mine and synthetic crude oil from another in 2013. President Zuma turned the first sod at the new R130-million 200-employee Vlakfontein coal mine 100... 

Cyclone Carlos disrupts gas supply to WA mines

By: Esmarie Iannucci     25th February 2011 Gas provider Apache has cut off supply from its Varanus Island joint venture gas facility with Santos, to Western Australian customers owing to the weather conditions related to Cyclone Carlos. ASX-listed Jabiru Metals on Friday told the market that it had shut down the gas power station and... 

Queensland APLNG project gets environmental approval

By: Esmarie Iannucci     22nd February 2011 The A$35-billion Australia Pacific natural gas (APLNG) project – a joint venture between Origin Energy and ConocoPhillips – on Tuesday received environmental approval, Queensland treasurer and State Development Minister Andrew Fraser said. 

BHP Billiton enters ‘shale gale’ with Chesapeake buy

By: Martin Creamer     22nd February 2011 Diversified mining major BHP Billiton is taking part in the "shale gale" with its acquistion of Chesapeake Energy Corporation’s interests in the Fayetteville Shale, US, including the midstream pipeline system. Most of the $4,75-billion purchase price is expected to be paid for in cash. Shale... 

Woodside posts $1,4bn underlying profit

By: Esmarie Iannucci     21st February 2011 Petroleum and gas major Woodside has reported a 34,8% increase in its underlying profit for the 2010 financial year. The company posted underlying profit of $1,4-billion, compared with the just over $1-billion in the previous financial year. 

Santos posts $500m profit, production down

By: Esmarie Iannucci     17th February 2011 Oil and gas major Santos on Wednesday reported a 15% increase in its net profit to $500-million for the full year ended December. The underlying net profit for the year was also up by 46%, to $376-million, owing to higher product prices and lower exploration expense, Santos stated. 

Queensland launches LNG enforcement unit

By: Esmarie Iannucci     17th February 2011 Queensland’s new liquefied natural gas (LNG) enforcement unit is up and running, Natural Resources, Mines and Energy Minister Stephen Robertson announced on Thursday. The Queensland government has made a commitment to increase and focus enforcement capability and resources by creating the LNG... 

Production resumes at Apache’s Van Gogh oilfield

By: Esmarie Iannucci     9th February 2011 Global oil and gas miner Apache this week restarted production from its Van Gogh oilfield, off the coast of Western Australia, a month after its initial planned start-up. The operation was suspended in October for planned maintenance. 

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