Santos' new CFO shines spotlight on succession in top jobs
The Australian energy giant Santos announced on Thursday that Sherry Duhe, a former Woodside and Newcrest executive, has been appointed as its chief financial officer. This announcement comes amid heightened market speculation regarding a possible change in the top position. Duhe will replace Anthea McKinnell as chief financial officers. McKinnell leaves Santos after more than half a century. Kevin Gallagher, CEO of Santos in 2021, signed a controversial A$6 Million incentive package which forced him to stay at the oil-and-gas firm until 2025.
ExxonMobil Looks to Sell Australian Assets
Exxon Mobil Corp said on Wednesday it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.The sale could fetch up to $3 billion, however decommissioning costs for the ageing fields could dent the price tag, analysts and bankers said.The Gippsland Basin joint venture, off the state of Victoria, has long been the mainstay oil and gas supplier for southeastern Australia…
Ocean Monarch Mobilises to Otway
Australian upstream oil and gas exploration and production company Cooper Energy announced the semi-submersible drilling rig Ocean Monarch, operated by Diamond Offshore, has commenced mobilisation from the Gippsland Basin to the Otway Basin where it is to drill 2 offshore gas exploration wells.According to a press release, the wells, Annie-1 and Elanora-1, will be the first offshore gas exploration wells drilled in the Otway Basin in seven years.Cooper Energy (Operator and…
Sapura Energy Bags Multiple Contracts
Malaysia’s oilfield services player Sapura Energy said it has has clinched contracts worth a total of MYR 1 billion ($242 million) for several new oil patch deals and one – the company’s first – offshore wind contract.The 10 new contracts are for its engineering and construction and drilling segments across Malaysia, Thailand, Taiwan and Australia, said a press release from the company.In addition, the company has been selected for a frame agreement with Petroliam Nasional Bhd (Petronas) for fixed offshore structure works…
Sole Offshore Construction Phase Completed
Installation and testing of the 67 km control umbilical connecting the Sole gas field with the Orbost Gas Plant has been completed, marking the conclusion of the offshore construction phase of the Sole Gas Project, operator Cooper Energy said in an update on Monday.The offshore project, which was 93% complete at the end of February, is expected to be fully completed, ready and available to deliver gas from the Gippsland Basin offshore Victoria to APA Group’s Orbost Gas Plant by end-May 2019.
Cooper Energy: Sole Pipeline Test Fails
Australia-based Cooper Energy says testing of the newly installed Sole pipeline in the eastern Gippsland basin offshore Victoria, southeast Australia has revealed localized damage."Laying of the 65 km pipeline to link the recently completed Sole production wells offshore Victoria to the Orbost Gas Plant has been completed by the contractor. The pipeline has been laid on the seabed, is unconnected to the gas fields and not carrying hydrocarbons," said a press release from the…
Vryhof Bags Anchoring Contract with Cooper Energy
Deep Sea Mooring (DSM) and Vryhof Anchors, both Vryhof businesses, have secured a contract to provide full-scale mooring and anchoring services to Australian energy company Cooper Energy. The announcement also sees Vryhof businesses secure contracts in Cooper’s main target drilling area - offshore Victoria, Australia - for the first time. The contract will result in full-scale engineering, pre-lay mooring design and analysis from Deep Sea Mooring that will be provided to Diamond Offshore’s semi-submersible drilling unit - the Ocean Monarch.
Subsea 7 Awarded Subsea Work Off Australia
Subsea 7 S.A. said it has been awarded a “sizeable” contract by Cooper Energy Ltd for the Sole Development Project, offshore Australia. Subsea 7 defines a sizeable contract as being between $50 million and $150 million. The Sole gas field is located in the eastern part of the Gippsland Basin, approximately 40km offshore Victoria, Australia. The contract scope consists of the subsea tie-back of the Sole well to the Orbost Gas Plant, including the fabrication and installation of 64km of pipeline…
Beach Exit from BMG JV
Beach Energy Limited (ASX: BPT, “Beach”) and Cooper Energy Limited (ASX: COE, “Cooper Energy”) have accepted an offer from the National Offshore Petroleum Titles Administrator (“NOPTA”) to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 (“BMG joint venture”) in the offshore Gippsland Basin into Retention Leases. Beach has also advised Cooper Energy of its intention to withdraw from the BMG joint venture, with effect from the end of the current permit year. The withdrawal will be undertaken in accordance with the joint operating agreement.
Risky Business: High-Yield E&P Energy Bonds
Investors betting that oil prices will recover are starting to support the battered prices of high-yield bonds from exploration and production (E&P) energy companies. But market strategists warn they could face steep losses ahead if the price of oil remains under pressure - particularly if they are not more selective about which credits to buy. West Texas Intermediate, a benchmark for crude pricing, has fallen more than US$20 a barrel since June, from over US$105 at the time to US$82.65 this week.
