ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet). The company stated that this is the first well in the Otway Exploration Drilling Program for the development of new gas for Australia’s eastern domestic market. Eastern and southern Australia will face a shortage of gas before the end decade.
AGL Australia to reduce jobs as part of Clean Energy Push
AGL, Australia's largest energy producer, announced on Friday that it would cut jobs in order to transition towards cleaner energy. It also plans to close its coal-fired plants by the mid-2030s. A spokesperson for AGL said: "We need to make sure that our current business is productive and competitive on this market, while continuing to invest in the business of tomorrow. The Australian newspaper reported that the total number of roles cut could reach 300. A spokesperson for AGL did not specify how many of the 4,200 total jobs that AGL employs would be eliminated.
Australian shares rise as miners and financials gain on the easing of US-China trade tensions
Australian shares rose Monday as signs of easing U.S. China trade tensions boosted risk sentiment worldwide. However, investors' caution before key domestic inflation data which could undermine bets on a rate cut in the near future capped gains. The S&P/ASX 200 Index rose by 0.41%, to 9,055.60 indices. Financials and miners, the two sectors that are heavily weighted on the benchmark index, were the main contributors. China is Australia's biggest trading partner, and it is a major buyer of iron ore and coal, among other commodities. This makes its economic ties crucial to the resource-rich bourse.
SNB divests from extractive industries with new divestment.
Swiss National Bank sold its stake in Anglo Australian miner Rio Tinto, adding to a recent series of divestments by companies in the extractive industries. LSEG data show. Unsere (Our) SNB is a group of 200 SNB shareholders that includes environmental groups. They claim the Rio Tinto divestment represents the entire stake in the SNB and values it at $227 millions. The SNB sold the 3.8 millions shares between June 2 to July 21. Rio Tinto and SNB declined comment. According to an analysis of LSEG company filings based on data, the SNB sold oil and gas stocks worth more than twice what it invested in the sector since 2024.
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.
Woodside rallies to cap losses; miners and tech drag Australian shares down
Australian shares dropped for the second session in a row on Thursday. Mining and tech stocks were to blame, but losses were mitigated by Woodside Energy's surge following new investment in Louisiana LNG. S&P/ASX 200 Index fell 0.4% at 8,993.5 by 0002 GMT. The benchmark closed Wednesday 0.7% lower. After three sessions of gains, technology stocks dropped by 1.2%. U.S. stocks closed lower overnight after a wave mixed earnings reports from corporates dampened sentiment. Block Australia shares dropped 2.3% while WiseTech, a software services provider, fell 1.3%.
Santos ex-finance chief blames 'untenable' leadership environment for exit
Sherry Duhe, former chief financial officer of Santos Australia, says that she quit the company after only a year because it was "untenable" in terms of leadership and due to her disagreements with Kevin Gallagher. Santos announced Duhe’s departure on 14 October, less than one month after a bid of $18,7 billion for the company by Abu Dhabi National Oil Company failed. In response to a question about the reasons behind her departure, Duhe shared the message she sent out to Santos employees and other parties regarding her decision to depart. Kim Lee is Santos’ executive vice president of people and brand.
Russell: The US-Australian critical minerals deal highlights the gap with China
It is not the game changer needed to reduce Western dependence on China. But it is a first important step. U.S. president Donald Trump and Australian prime minister Anthony Albanese signed a deal in Washington on Monday that could see up to $8 billion invested in projects for the development and refinement of metals essential to industries such as defence, advanced manufacturing, and energy transition. You can dismiss this as political hyperbole and spin, given China's dominance in the majority of global supply chains for critical minerals. China produces 90% of rare earths refined, 90% of graphite and just over 80% of cobalt.
Russell: The US-Australian critical minerals deal highlights the gap with China
It is not the game changer needed to reduce Western dependence on China. But it is a first important step. U.S. president Donald Trump and Australian prime minister Anthony Albanese signed a deal in Washington on Monday that could see up to $8 billion invested in projects for the development and refinement of metals essential to industries such as defence, advanced manufacturing, and energy transition. You can dismiss this as political hyperbole and spin, given China's dominance in the majority of global supply chains for critical minerals. China produces 90% of rare earths refined, 90% of graphite and just over 80% of cobalt.
Santos' GLNG facility will stop purchasing Australian domestic gas by 2027
Santos' Gladstone Liquefied Natural Gas plant (GLNG) in Australia will cease buying gas produced domestically to meet export contracts, according to its CEO on Tuesday. This could help ease the supply shortages on Australia's east coast. GLNG's CEO Stephen Harty stated that the company spent about A$1billion ($650m) a year on developing its own tenements, building its own supply and eventually would cease all domestic purchases of gas. "We have been on the path of phasing out purchases for a while, and we've had great success…
East Timor is expecting construction of the first large solar power plant to begin next year
East Timor's state utility chair said that construction on its first large-scale solar power plant will begin in 2026, and it should be operational a few months later. This will help the country reduce expensive diesel imports. Itochu Corp. of Japan and Electricite de France will develop a 72-megawatt photovoltaic power plant in Manatuto and a battery energy storage system of 36-MW. They will also supply electricity to Electricidade de Timor-Leste under a contract lasting 25 years. EDTL Chairman Marito Fereira said that the…
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. Saul Kavonic…
EDP accelerates solar and battery projects in Australia following government awards
The Portuguese utility EDP said that it expects to speed up its solar and storage battery projects in Australia, after receiving government awards for revenue generation over the long term. EDP Renewables Australia, a subsidiary of EDP, was awarded two generation revenue schemes through the government's Capacity Investment Scheme. These projects will add over 1.7 gigawatts to the energy mix in Australia by adding solar and battery storage. EDP anticipates that the Punchs Creek Project located in Toowoomba, Queensland will reach financial close in 2026. The plant is expected to be commissioned in early 2029.
Motorsport-Taylor Hansen and the inaugural hydrogen-powered Extreme H World Cup
The inaugural Extreme H World Cup, powered by hydrogen, was held in Saudi Arabia. On Saturday, Australian Molly Taylor won the championship and Kevin Hansen of Sweden took second place. After three days of competition, the pair driving for Saudi-owned Jameel Motorsport won the eight-car final at Qiddiya in the first FIA sanctioned hydrogen-powered motorsport event. Hansen stated that it was the most important achievement of his life. It feels amazing. I have never felt so much pressure to win a race before: on pole for a Saudi Team, one race.
The Extreme H World Cup is the pioneer of hydrogen racing in Saudi Arabia
Timo Scheider is a two-time German Touring Car Champion in a career which includes Le Mans 24 Hours, rallycross and the Le Mans 24 Hours. But on Thursday in the Saudi Arabian Desert, he became a pioneer in motorsport. The 46-year old self-described petrolhead was one of sixteen drivers from eight teams competing in the offroad Extreme H World Cup, the first FIA sanctioned hydrogen powered race event in the world, in Qiddiya. "The world is changing and we are trying to decide what the best decision and direction is for us all. I believe hydrogen will play an important, major role in our future.
Wall Street Journal, October 8,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Intercontinental Exchange, the owner of the New York Stock Exchange, said that it would invest as much as $2 billion in Polymarket. This deal values the popular crypto-based predictions market at approximately $8 billion. It is a vote of confidence for the growth prospects of the platform. California has passed tougher rules to prevent corporate investors, such as private equity firms, from interfering in healthcare decisions.
Australia is set to earn more gold than any other resource
Australia announced on Tuesday that it expects gold to be its second-most valuable resource export this financial year after iron ore, dislodging the liquefied gas. Concerns over geopolitical instabilities fuel demand for safe-haven metal. The Department of Industry's September quarterly report stated that Australia's gold imports will increase by A$12 Billion ($7,9 Billion) to A$60 Billion in the current financial period ending June 2026 as it exports more gold for higher prices. This would be a huge increase in Australia's LNG export earnings…
Australia's renewables drive powers a 'golden rush' of big battery bets
Investors in Australia’s battery energy storage industry are taking advantage of the chaos on the spot markets. They have been emboldened by Australia’s efforts to expand its renewable energy infrastructure. Investors in the sector are now funding projects that do not have a fully-guaranteed long-term revenue. The first two battery projects exposed to the market this year were funded. As the demand for renewable energy grows, analysts say that more flexible financing will make money available in this sector. This demand is aided in part by Australia's rapid expansion of its solar…
Australia Gas Market Interventions Fail, Regulator Finds
The Australian Competition and Consumer Commission said that the government's recent efforts to increase gas supplies and lower prices in Australia have largely been unsuccessful and could even be increasing the risk of shortage, according to the regulator. In a recent report, the Australian Competition and Consumer Commission (ACCC), said that several market interventions undertaken in response to a global energy crisis in 2022 had "not led to a material improvement of market outcomes". These measures included changes to Australia's Domestic Gas Security Mechanism…
Australian shares fall as central bank keeps rates unchanged
The Australian share market fell on Tuesday, as financials and energy stocks were dragged down after the central banks kept interest rates unchanged as expected. They also struck a cautious policy tone that tempered risk appetite while clouding short-term easing expectations. The S&P/ASX 200 Index fell 0.2% to 8,848.8 after earlier rising up to 0.3% at a high of four weeks. The benchmark ended a five-month streak of gains, dropping 1.4% in the month of September. This was its worst performance since March. Reserve Bank of Australia has left its key rate at 3,6% and indicated that further reductions are unlikely, unless the economy falters.