The gender pay gap in Australia has improved slightly but women are still paid 18.6% lower than men
A government report revealed that the gender pay gap in Australia has shrunk slightly, but women still earn nearly a fifth of what men do. The biggest disparities are found in the mining, construction and finance industries. The Workplace Gender Equality Agency's survey showed that 72.2% had a gender gap in favour of men, while 21.3% of employers had an equal gap between the two groups within +/-5%. The remaining employers had a gender gap in their favour. The median wage gap in March 2024, which was 19% the previous year, was now 18.6%. About 56% of businesses reduced their pay gap.
Inpex CEO: Buyers' interest in Indonesia's Abadi Liquefied Natural Gas exceeds planned production
Inpex Corp., Japan's largest oil and gas exploration company, said it received interest in buying liquefied gas from its $20 billion Abadi project in Indonesia, which exceeds the planned output. Inpex expects the long-delayed LNG project to drive growth. It is aiming to make a final investment decision by 2027. He said that Inpex would proceed with the marketing and finance talks. Inpex holds a 65% share in the Abadi Project in eastern Indonesia. Shell will purchase Shell's remaining 35% in 2023. Abadi said that 90% of its long-term contracts for the Ichthys project in Australia were with Japanese buyers.
The massive Simandou iron ore mine could end Australia's golden age of iron ore, or it can start a new one. Russell
It is overused to the point of being meaningless. But the Simandou mine, located in Guinea, West Africa is a game changer. It is expected that the full 120 million tons of cargo per year capacity will be reached fairly quickly. The four Simandou blocks are impressive for their size and infrastructure challenges. They boast a 620-kilometre rail line (384-mile) as well as a new port that has dedicated vessels to transship bulk carriers offshore. Simandou, however, is not just a technical marvel. It will also meet about 10% of China's annual seaborne imports, which are the largest in the world.
The massive Simandou iron ore mine could end Australia's golden age of iron ore, or it can start a new one. Russell
It is overused to the point of being meaningless. But the Simandou mine, located in Guinea, West Africa is going to change the iron ore seaborne market. It is expected that the full 120 million tons of cargo per year capacity will be reached fairly quickly. The four Simandou blocks are impressive for their size and infrastructure challenges. They boast a 620-kilometre rail line (384-mile) as well as a new port that has dedicated vessels to transship bulk carriers offshore. Simandou, however, is not just a technical marvel.
Woodside Energy's profit for the year is at its lowest level in three years due to low oil and gas prices
Woodside Energy, a major oil and gas company, reported on Tuesday its lowest annual profit in the last three years, due to lower realized prices. However, it maintained its production forecast for 2025, based on expectations that demand for liquefied gas will be strong. The energy markets were affected by geopolitical events that occurred in the past year. Slowing global growth, and a softening of demand from China's top consumer also pushed down commodity prices. Woodside's average realized price for its products is $63.60 per bar of oil equivalent. This is a 7% decrease from last year.
Russell: Asia LNG imports to fall to 22-month low due to Europe's surge in prices
In February, Asia's LNG imports will likely drop to their lowest level in almost two years while Europe's are expected to reach the second highest levels on record. Buyers are turning away from expensive spot cargoes that have prices that are at least 50% higher this year than they were last year. The milder than usual winter in much of North Asia also slowed down demand and allowed European buyers the opportunity to bid on cargoes to replenish the continent's depleted stocks. According to commodity analysts Kpler, Asia is expected to import 20.7 million tons of super-chilled LNG in February.
ExxonMobil’s Esso, Mitsui and Woodside to Invest $200M in Gas Project Off Australia
ExxonMobil’s Australian subsidiary Esso Australia Resources and its partners have announced a nearly $200 million investment in the Kipper 1B project which will bring online additional gas supply from the Gippsland Basin.The project, which was approved by Esso Australia, and its co-venturers, MEPAU A (Mitsui), and Woodside Energy, will utilize the Valaris' jack-up rig VALARIS 107 to drill and install one subsea well into the Kipper field, and involve significant upgrades to the West Tuna platform.Drilling into the Kipper field is set to begin later this year…
Russell: Asia LNG imports to fall to a 22-month low due to Europe's surge in prices.
In February, Asia's LNG imports will likely drop to their lowest level in almost two years while Europe's will surge to the highest levels ever recorded. Buyers are turning away from expensive spot cargoes that have prices at least 50 percent higher than they were last year. The milder than usual winter in much of North Asia also dampened the demand and allowed European buyers bid on cargoes to replenish the continent's dwindling inventories. According to commodity analysts Kpler, Asia is expected to import 20.7 million tons of super-chilled LNG in February.
Nine Entertainment is the top gainer among Australian shares.
Australian shares rose Friday on the back of gains in energy and mining stocks, as well as strong commodity prices. Nine Entertainment was the biggest gainer, after Domain Holdings Australia, which owns 60%, received a purchase offer. As of 0026 GMT, the S&P/ASX 200 was up by 0.1% to 8,333.1. The benchmark index has lost 2.6% in the first week. Iron ore prices rose overnight, causing miners to gain as much as 1.5 percent. BHP Group and Rio Tinto gained between 0.2% and 1,6% on Friday. The strong oil price has led to a 1.5% increase in energy stocks.
Australia's Santos posts 16% drop in annual profit on lower prices, slashes dividend
Santos, an Australian oil and natural gas company, reported a lower-than expected annual profit and declared a smaller payout on Wednesday. The lower realized prices and decreasing production were to blame. The oil and gas market remained volatile throughout the year. Supply chain disruptions caused by geopolitical concerns and a slowdown in demand from China, the United States' largest trading partner, hurt sales and production. The average realized oil price for the year fell by 3%, to $84.76 a barrel. Prices for LNG also dropped 3%, to $12.31 a million British thermal units.
Sources: Woodside Australia is in talks with three partners about Louisiana LNG.
Multiple sources have confirmed that Woodside Energy is in talks with several potential investors to buy stakes in the Louisiana liquefied gas plant. These include Tokyo Gas, Japan’s JERA, and Saudi Aramco’s MidOcean Energy. This sale of stakes is a test of market expectations for LNG following Donald Trump's return to the U.S. Presidency. Trump said that trade partners should purchase more U.S. Energy and has issued several executive order in his first week in office to boost domestic oil and natural gas production.
Prices of EUROPE GAS close lower due to easing supply concerns
On Monday, the benchmark Dutch wholesale gas prices for the first month fell as a result of easing fears about supply. This was at a time when European leaders were meeting to discuss strategies on any possible peace agreement between Ukraine & Russia. The benchmark front-month contract for the Dutch TTF hub was almost 6% lower, closing at 47.72 Euros per megawatt-hour (MWh), compared to the level it closed on January 20. Meanwhile, the April contract was 5.6% lower, closing at 48.05 Euros/MWh. Other contracts also fell. The British month-ahead contract closed at 118.04 cents per therm, 4.80 pence less.
Trump announces that the US will increase its military sales to India and eventually provide F-35 Jets
Donald Trump, the U.S. president, said that the United States would increase its military sales to India beginning in 2025. It will also eventually provide F-35 jet fighters. "We will increase military sales to India many billions dollars." Trump told reporters that we're also clearing the path to eventually provide India with F-35 stealth aircraft. Trump didn't provide a timetable, but it usually takes years to complete foreign military sales. This is especially true for cutting-edge technologies like the stealthy F-35.
Inpex, a Japanese company, targets FID in 2027 for Indonesia's Abadi Liquefied natural gas project
Inpex Corp., Japan's largest oil and gas exploration company, announced on Thursday that it plans to make its final investment decision on the Abadi project for liquefied gas in Indonesia by 2027, as part of efforts to increase LNG supply. The company has a three-year plan that will run through 2027. It plans to invest 11.8 trillion yen (11,7 billion dollars) in areas of growth, including the flagship Ichthys project in Australia. "Natural Gas and LNG have relatively low greenhouse gas emission intensity compared to fossil fuels…
Origin Energy's profit exceeds expectations on the back of strong LNG earnings
Origin Energy, an Australian power company, beat analysts' expectations on Thursday. This was due to higher LNG sales and gains from LNG trading. These factors offset a sharp drop at the energy markets division. Origin Energy, along with AGL Energy and Energy Australia as one of Australia's "Big Three" retailers of electricity, will spend A$1.5 billion to A$1.7 billion between fiscal 2025 and the majority of that money will go towards building storage batteries. Frank Calabria, Chief Executive Officer of Origin said: "Origin delivered a solid first-half performance...
Japan's JERA is seeing increased competition for US LNG from Asia and Europe
JERA, Japan's largest power generator, expects the competition for U.S. LNG to grow as Asia and Europe increase their demand. There are many buyers. Asian and European buyers really want U.S. Energy. There are many competitors," JERA Asia's CEO Izumi Ka told the India Energy Week Conference on the sidelines. After the Trump administration lifted the moratorium in January on new LNG export permits, companies in the U.S. are moving forward with plans to expand or create new export capacity. Trump's decision may pave the path for an additional 100 million metric tonnes per year (tpy), of LNG, by 2031.
Australia adopts tax incentives for critical minerals
Australia's Parliament has passed laws to give production tax breaks on critical minerals and renewable hydrogen, in an effort to boost energy transition plans, as the country aims for net zero emissions and reduce its dependence on China by 2050. The centre-left Labor Government said that the law passed on Tuesday will provide tax incentives of up to 10% for the processing and refining cost for 31 essential minerals for the fiscal years ending in June 2028 until 2040. A tax incentive of A$2 (1.26 USD) per kilogram of renewable hydrogen will be provided.
ChampionX executive: New U.S. tariffs on metals will increase oilfield equipment prices.
A company official told reporters on Tuesday that ChampionX anticipates the new U.S. tariffs on imports of steel and aluminum will increase equipment costs for oilfield services firms. U.S. president Donald Trump increased tariffs on imports of steel and aluminum on Monday, to a flat rate of 25% "without any exceptions or exclusions". He hopes this will help struggling industries in the United States. However, it also risks igniting a multifront trade war. Steve Davoren's Regional Business Development Director…
Macquarie, Australia's Macquarie Bank, has'very little exposure' in Trump's war on green energy
Macquarie Group, the top Australian investment bank, downplayed on Tuesday its exposure to U.S. green power sector that has been disrupted by executive orders issued by President Donald Trump. It posted a flat profit for the third quarter. The bank that makes a third its profit in Americas said it has reviewed its U.S. investments and found minimal exposure since Trump signed executive orders banning or freezing government benefits for sustainable energies. Macquarie's CEO Shemara Wikamanayake said on a conference call with analysts that the U.S. had very few investments.
Taiwan buys Alaskan Natural Gas to avoid US Tariffs
The economy ministry announced on Monday that Taiwan was "quite interested in" natural gas from Alaska, and would continue to evaluate the feasibility of purchasing it. This is as the government tries to reduce the trade surplus and avoid tariffs with the United States. Donald Trump, the U.S. president, said on Friday that he planned to announce reciprocal duties on many countries by this week. This is a major step in his offensive to reshape international trade relationships to ways he believes are in America's favor. Taiwan has a large surplus in trade with the United States.
