The draft Australian LNG policy is a source of anger for the industry
The Australian government released on Monday a draft version of its rules for the export of liquefied gas for consultation. It was aiming to clarify its 20% domestic reservation rule, but instead received criticism for its opacity. The Domestic Supply Obligation rule (DSO) will be in effect from July 2027. It will only apply to contracts and?extensions to existing contracts that were signed after December 22,?last year?. However, it is clear the government wants to "respect" all contracts while bringing more gas to the market.
The Australian far-right party proposes a state oil company and oil fund similar to Norway
One Nation, the Australian populist group led by Pauline Hanson, said it wanted to create an offshore production licenses fund in federal waters and a sovereign wealth fund in the style of Norway. It announced its 'energy policy' at the Australian Energy Producers Conference in Adelaide. One Nation, the Australian populist party led by Pauline Hanson, has gained popularity in recent years, winning their first House of Representatives seats. Gina Rinehart has also backed them, donating a plane and hosting dinners.
Inpex, a Japanese company, will buy a stake in the Australian Browse gasfield from PetroChina
Inpex, a Japanese company, announced on Friday that it would buy PetroChina's 10% share in the Browse gas field offshore of Western Australia. This is the largest undeveloped gas resource for the country. The Japanese company did not reveal the price they paid for the Chinese giant’s 10,67% stake in Brecknock Calliance Torosa Gas Fields. The sale and purchase of goods would only be completed after regulatory approvals, and the agreement between joint venture partners. PetroChina purchased its stake in the Browse project operated by Woodside Energy from BHP for $1.63billion in December 2012.
Prices of EUROPE GAS rise after US-Iran talks fall short
Dutch and British gas rates?rose? on Monday, after U.S. and Iran talks failed to reach an agreement to end the war, jeopardizing the fragile two-week truce. The U.S. army also announced that it would begin a blocking of all maritime traffic into and out of Iranian ports and coastal regions on Monday. Data from the Intercontinental Exchange showed that the benchmark Dutch front-month contract for the TTF hub had increased by 8.8% to 47.50 Euro per megawatt hour at 0754 GMT. The British contract was up 9.2% to 119.83 pence/therm. Central Command of the United States announced that the U.S.
Chevron estimates repairs at Wheatstone gas plant will take weeks
The company stated on Sunday that it is likely to take several weeks for the Wheatstone Liquefied Natural Gas facility in Western Australia to fully resume production as they repair damage caused by the cyclone last week. The Australian LNG supply was disrupted by Cyclone Narelle, a disruption of more than 30,000,000 metric tons per annum. Saul Kavonic, MST Marquee analyst, said on Friday that the Middle East conflict and the cyclone Narelle have combined to disrupt more than a quarter of global LNG supply.
Energy Prices Jump After Iran Attacks Qatar LNG Plant
Energy prices surged on Thursday after Iran struck the world’s largest LNG complex, causing damage that Qatar said could take five years to repair, as the energy sector's worst fears about the war launched by the U.S. and Israel on Iran came true.QatarEnergy CEO Saad al-Kaabi told Reuters the state-owned gas company may have to declare force majeure on long-term contracts to Italy, Belgium, South Korea and China after the attack meant a loss of around 17% of Qatar's liquefied natural gas…
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after Meg O'Neill's unexpected departure for the top position at?BP. This comes at a time when the Australian company is trying to deliver on key projects in a?braced?for a glut of supply. Analysts say that the oil and gas company will continue to pursue its global growth strategy. This requires continued investment in new assets as well as continuity in mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation. It made it a global top-10 energy independent company and a powerhouse of gas.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after BP's?chief executive Meg O'Neill's unexpected departure for the top position at BP. This comes as the Australian 'firm' is trying to deliver key projects on a market that's braced for an oversupply. Analysts say that the oil and gas "producer" is expected to continue with its global strategy of growth, which requires sustained investment in both new assets and continuity within mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation. It made it a top-10 global energy independent company and a powerhouse of gas.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period, making it one of the top-10 independent global energy producers and a gas giant.
East Timor President says that improved trust will drive long-stalled project
East Timor’s president is confident in what he called a new era goodwill between Canberra, Woodside Energy and his country. This will finally allow the development of an important gas project to proceed after years of delays. Woodside and East Timor have agreed to study a project of 5 million metric tons at the Greater Sunrise Fields, an area that contains an estimated 5.1 trillion cubic feet of gas. Australia has been talking about this since the 1980s, originally with Indonesia. Jose Ramos Horta…
Woodside and East Timor target first LNG from Greater Sunrise by 2032
East Timor and Australia's Woodside Energy have agreed to investigate sending gas from large, undeveloped Greater Sunrise field to a new plant that will produce liquefied gas in Southeast Asia. The plant could begin exporting gas in seven years. In a Tuesday joint statement, Woodside and East Timor’s Petroleum and Mineral Resources Ministry said that the agreement requires the two parties to examine the commercial and technological viability of a 5 million-metric-ton LNG project. The plan is to begin production as soon as 2032-2035.
Woodside signs Williams as an investor for Louisiana LNG construction to accelerate
Woodside Energy, a company based in Australia, has hired U.S.-based Williams to be an investor and operator of the Louisiana Liquefied Natural Gas Plant. This is to benefit from its infrastructure expertise and reduce costs as construction increases. Williams will receive a 10% stake of Louisiana LNG Holding Company and 80% ownership in the Driftwood Pipeline, which will provide feed gas for the $17.5 billion project. Williams, which operates over 33,000 miles (53.108 km) of pipe across 24 U.S. States, will pay Woodside $1.9 billion and contribute $378 million towards the project's costs.
Sherry Duhe, Santos' Finance Chief, resigns after one year in the role
Santos announced on Tuesday the resignation of CFO Sherry duhe, only one year after she assumed the position. The Australian gas producer is navigating a period of transition ahead of the start-up of its Barossa, and Pikka, projects. Duhe was appointed as Santos' new CEO in September of last year, amid speculation about a possible leadership change. Lachlan Harris, the current Deputy CFO of the company, has been appointed acting Finance Chief. Harris has experience in a variety of finance roles within the company.
ADNOC consortium withdraws bid of $18.7 Billion for Australia's Santos
After months of disagreements over valuation, Abu Dhabi National Oil Company has pulled its $18,7 billion bid to purchase Australian gas producer Santos. ADNOC may be slowing down its aggressive expansion overseas as it looks to invest the booming oil revenue in the country. This also shows the challenges foreign companies face when trying buy assets in Australia. ADNOC's overseas division XRG, Abu Dhabi sovereign fund ADQ, and private equity firm Carlyle's bid for Santos was the third unsuccessful bid to purchase Santos.
Analysts say that 'deep pockets' may help Abu Dhabi gain regulatory approval for Santos' bid.
Analysts say that the Australian regulators who are concerned about gas supplies in Australia will be closely monitoring Abu Dhabi National Oil Company's bid of $18,7 billion for Santos. However, they could be won over by promises to accelerate new projects. Analysts say that Santos' shares closed Tuesday at A$7.73, a far cry from the $5.76 per share (A$8.89), which was the proposed takeover bid for Australia's 2nd largest gas producer, announced on Monday. This indicates investors believe that the deal will be rejected by regulators.
ADNOC consortium offers $18.7 billion to takeover Australia's Santos
Santos, an Australian oil and natural gas company, said Monday that it would support a $18,7 billion bid by an international consortium led Abu Dhabi National Oil Company (ADNOC) to acquire the company. ADNOC has, via its investment arm XRG in conjunction with Abu Dhabi Development Holding Company, Carlyle and Abu Dhabi Development Holding Company, offered $5.76 ($8.89 A$) per Santos Share, a 28% increase over the closing price of Friday for the Australian firm. As oil prices rose to multi-week highs…
China's tariff retaliation is aimed at its modest US energy imports
China is the largest energy importer in the world, but its purchases of US crude oil, LNG and coal are relatively modest. This reduces the impact of Beijing’s Tuesday move to impose retaliatory duties on the imports of U.S. natural gas, LNG, and crude oil. China's Finance Ministry announced that, on February 10, it will impose tariffs of up to 15% on the imports of U.S. crude oil, LNG, and coal, and 10% on some autos and farm equipment. Data from the U.S. Energy Information Administration revealed that Chinese imports of U.S.
APPEC-Weak Oil Demand Affects Singapore Industry Gathering
Next week, the largest gathering of energy traders in Asia will be dominated by discussions about the weak demand for oil in Asia and China as well as the plans of OPEC+ producers in order to reduce supply. APPEC 2024 is organised by S&P Global Commodity Insights and will begin on Monday, in Singapore. More than 1,000 participants are expected to attend from more than 50 countries. They will discuss the outlook of oil and gas demand, supply and prices. The event takes place despite falling oil prices and fears of tensions escalating in the Middle East.