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.
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.
Origin Energy, Australia, reports a 12% decline in APLNG revenue for the first quarter.
Origin Energy, Australia's largest energy company, reported a 12% drop in revenue from its Australia Pacific LNG stake for the first three months of the year. The fall was attributed to lower LNG prices and volumes. The power producer reported revenues from the APLNG joint venture -- a joint project with U.S. oil major ConocoPhillips, and China's State-owned Sinopec — of A$482 ($313.20) million for the three-month period ended September 30 compared to A$547 in the previous quarter. Prices for liquefied natural gases fell to multi-week lows during the third quarter due to a lackluster demand in Asia…
Why are rare earths important and what are they?
The U.S. Keep Chinese rare earths exports flowing. What are they? Rare earths is a grouping of 17 elements, including 15 metals that are silvery white, called lanthanides or lanthanoids. They also include scandium and yttrium. What are they used for? Rare earths, or the magnets that they can sometimes be made into, are found in small quantities but in important quantities in everything from iPhones to washing machines and the F35 fighter plane. These batteries are also used for electric vehicles (EVs), medical devices, oil refinement, and other military systems such as radar and missiles.
Nikkei reports that Japan's PM has rejected the US request to ban Russian imports of energy
The Nikkei daily, citing Japanese officials, reported that the Japanese Prime Minister Sanae Takaichi had told U.S. president Donald Trump during their meeting on Wednesday in Tokyo that it would be difficult to ban Russian LNG imports. Sakhalin-2 is a project in which Japanese companies Mitsui & Mitsubishi have stakes. Before Trump's Asia visit this week, the U.S. encouraged buyers of Russian oil, including Japan to stop imports and put sanctions on Moscow’s two largest oil exporters, Rosneft, and Lukoil in an attempt to push the Kremlin to enter into negotiations to end the Ukraine War.
Glencore reports lower production of copper in the first nine months
Glencore (GLEN.L), on Wednesday, reported a 17% drop in copper production during the first nine-months of the year. The company also tightened its guidance for 2025 due to lower ore grade at some of its mining operations. However, the third-quarter output was up. The company's statement said that the miner and traders own-sourced production of copper in the period from January to September fell by 17%, to 583 500 metric tons, compared to last year. However, its own-sourced cobalt production rose by 2,000 tonnes to 28,500 ton.
Rio Tinto warns of an uncertain future for Australia's largest aluminum smelter
Rio Tinto warned that Australia's biggest aluminium smelter Tomago may have to close down if it cannot source power at rates commercially viable beyond 2028, when its current electricity deal expires. Tomago Aluminium, the largest power user in New South Wales, was built to take advantage Australia's abundant and cheap coal. Rio Tinto stated that power accounts for more than 40% in Tomago’s operating costs. Both coal-fired options and renewables are expected to increase sharply once the existing contract expires. This could threaten Tomago’s commercial future.
China drives global underground gas storage growth, International Gas Union says
In a report published on Monday, the International Gas Union said that China would lead global underground storage expansion by 2025. It will add 6 billion cubic meters (bcm), or working gas volume, to increase its total capacity to 19,8 bcm. The world's underground gas storage capacity has increased by 10 billion cubic meters since 2022. China, which contributed the largest increase, is now in sixth position, behind United States, who have 138 bcm. Next are Russia, Ukraine and Canada, followed by Germany.
Singapore's power demand expected to increase in the next decade
The chief executive of Singapore's Energy Market Authority, who spoke on Monday, said that the expansion of advanced manufacturing and technology in Singapore, as well as the electrification of cars, will increase the growth of power demand in the next decade. EMA CEO Puah Kok Keong said that electricity consumption would grow between 2% to 5% by 2035. This compares with an average increase of 1.9% in the 10 years up until 2024. Singapore's power consumption is growing faster than that of its regional neighbours Australia or Japan, even though they are among the highest energy consumers per capita in the world.
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.
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%.
Williams invests $1.9 billion in Woodside's Louisiana Liquefied Natural Gas venture
The companies announced that U.S.-based Williams would spend $1.9 billion to develop LNG facilities and a pipe for Woodside Energy’s $17.5 billion project in Louisiana involving liquefied gas. Williams announced on Wednesday that the pipeline operator would take a 10% stake and simultaneously purchase an 80% ownership and operatorship in the Driftwood Pipeline for $250 million. Woodside expects to receive a total of $378m under the agreement. Australia's largest energy company said this in an announcement made separately on Thursday. Woodside has reduced its previous estimate of $11.8billion to $9.9billion.
Petrobras and Equinor have acquired the majority of blocks at Brazil's presalt auction
The oil regulator ANP announced on Wednesday that Brazil's Petrobras, the state-run oil company, and Norway's Equinor had won a block in Brazil's Pre-salt Area. They each acquired one and partnered up to acquire a third, according to ANP. Karoon Energy, based in Australia, also purchased a block. CNOOC of China and Sinopec have formed a consortium for the acquisition of another. The signing bonus was fixed in this auction, and the winning bidders were the ones who offered the largest percentage of oil that would be transferred to the Brazilian government.
JERA Nex BP halts US Beacon Wind Project as Costs Soar
JERA Nex BP is a joint venture formed by Japan's largest power generator JERA, and BP. It plans to halt the development of the U.S. Beacon off-shore wind power project, and layoff its U.S. workers in the next few months, according to a press release. The decision is the latest blow to the U.S. Offshore Wind Industry, which has already been hurt by rising costs due to supply chain disruptions, inflation, and President Donald Trump's opposition against such projects. JERA Nex BP stated that they…
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.
Woodside Energy reaches two-week peak after increasing 2025 production forecast
Woodside Energy shares rose to their highest level in two weeks on Wednesday, despite a 9.4% drop in revenue for the third quarter due to lower average realized prices. The largest independent energy company in the country expects its fiscal 2025 production will be between 192 and 197 millions barrels of oil-equivalent, higher than their previous forecast of 188 to195 mmboe. The company's shares rose up to 4.1%, reaching A$23.31 at 2316 GMT. If current trends continue, this will be the best day for the stock since late July, while the overall market fell 0.7%.
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.
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.
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…