Axpo, a Swiss company, is looking at opportunities in Japan's power and LNG trading
Axpo, a Swiss power producer and trader, is looking at opportunities in Japan's electricity and liquefied gas (LNG), as the changes in Japan's power sector have created a demand for spot LNG and hedging. Japan has set an ambitious target of renewables accounting for 36%-38% of its total electricity mix by 2030. In 2016, the power market was liberalised, leading to a more liquid futures exchange for electricity. Marco Saalfrank is a member of Axpo’s management board. He said that Japan has nine different price zones.
NZ's Contact Energy will build a new geothermal plant for $421 million
Contact Energy, a New Zealand-based energy producer, will spend NZ$712 ($421.65 millions) on a new geothermal plant of 101 MW, Te Mihi Stage 2. The firm announced this Wednesday that it aims to replace Wairakei's geothermal powerstation, which is more than 70 years old. Contact has announced that it will continue to operate the power plant built in the 1950s until mid-2027. Contact will be able retain 67MW of capacity at Wairakei Station from mid-2027 to mid-2031. The cost of this extension is expected to be NZ$74million.
Australia suffers wide losses when central bank keeps rate at 12-year high
The Australian share market continued to decline on Tuesday, after the central bank maintained the key policy rate in a 12-year-high level. This was done in order to maintain a restrictive policy until the core inflation rate is brought under control. By 0352 GMT, the S&P/ASX 200 Index had fallen 0.4% to 8,131.4. The benchmark index was trading at a 0.3% decline ahead of the policy announcement. The benchmark closed Monday 0.6% higher. In line with the poll, the Reserve Bank of Australia (RBA), kept its interest rate at the same level. It reiterated that restrictive policy was needed until core inflation decreased as desired.
WiseTech shares soar after the CEO of WiseTech takes on a new role.
Australian shares rose Friday, with mining and technology stocks leading the way. WiseTech surged after its former CEO moved into a consultant role, and Whitehaven Coal soared on higher-than-expected quarter output. As of 2347 GMT, the S&P/ASX 200 rose 0.3% to 8231.3. The benchmark is expected to lose 0.6% per week, the biggest loss since late September. Even as iron ore fell, miners gained 0.3%, and they were on course for a weekly increase of 0.1%. This is their first gain in four weeks. BHP gained 0.2% and Rio Tinto 0.9%. Fortescue, however, continued to lose money, dropping 0.1%, after it announced higher costs on Friday.
Ravindra, a Bengaluru-born cricketer with New Zealand roots, celebrates a special Ton
Rachin Ravindra, a New Zealander, pumped his hands and smiled to acknowledge the applause that followed the 100-run he scored in the first Test against India. Bengaluru's fans cheered him on like he were one of them. The 24-year old had every right to bask in the praise after nearly single-handedly defeating India with his knock of just 134. He helped New Zealand score 402 and a 356-point lead after they smashed the hosts by 46 runs on Thursday. It was a rare moment of emotion for the normally reserved Ravindra.
Ampol, Australia's top stock loser, reaches record highs on the benchmark
The Australian share market reached a new record on Tuesday. This was due to the broad gains made by heavyweight miners as iron ore prices rose. However, Ampol, Australia's largest fuel retailer, suffered the biggest losses after a lower production figure. S&P/ASX 200 Index rose 0.6% by 2329 GMT to 8,305.5 after reaching a record-high of 8,307.2. The benchmark index rose 0.5% Monday. Ampol, which is the biggest loser in the benchmark index, has fallen as much as 5 percent to its lowest level in mid-January 2023. This was after it recorded a 42 percent drop in its third-quarter production from its Lytton refining plant in Queensland.
Australian shares rise as energy stocks and banks shine
Investors digested and assessed the impact of the latest U.S. Inflation print on global interest rate outlooks. As of 1236 GMT, the S&P/ASX 200 was up 0.6% to 8,035.1 points. The benchmark closed Wednesday's session 0.3% lower. Market watchers have ruled out a Federal Reserve rate cut of 50 basis points (bp) next week and instead bet on a reduction of 25 bp. Most sub-indices in Sydney traded in positive territory. The "Big Four" banks saw a 0.8% increase in their rate-sensitive financials. Energy stocks are trading near 1% higher, with major sector players Woodside Energy and Paladin Energy both up nearly 1%.
Financials drag Australia's shares down; US inflation data is in focus
Australian shares finished marginally lower on Tuesday, as losses among financial stocks outweighed gains by miners. Investors were cautious in advance of an important U.S. inflation report that could affect the Federal Reserve's next interest rate decision. The S&P/ASX 200 ended 0.4% lower, at 7978.7. The markets are weighing up whether the Fed will opt for a 25 basis point rate cut or a 50 basis point reduction during its policy meeting on September 17-18. Mathan Somasundaram is the CEO of DeepData Analytics. He said that Australian markets are closely correlated with the U.S., and are particularly influenced by U.S.
Britain announces that the Trans-Pacific Trade Agreement will come into effect by December 15
The British Government announced on Thursday that its agreement to join Comprehensive and Progressive Agreement for Trans-Pacific Partnership will enter into effect by December 15th this year, after receiving the final ratification needed. CPTPP, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, is a free-trade agreement signed in 2018 by 11 countries: Australia, Brunei (Burma), Canada, Chile, Japan Malaysia, Mexico New Zealand, Peru Singapore, Vietnam. The UK is the sole European member of CPTPP, and it was the first country to join the agreement since its creation.
New Zealand passes law to reverse oil and gas exploration ban
New Zealand announced on Monday that it will pass laws before the end of the year to reverse an offshore oil and natural gas exploration ban and to take urgent steps to eliminate regulatory hurdles for importing liquefied gas (LNG), amid energy shortages. The right-of centre government wants to attract investment into the oil and gas industry in the country. This law will end the ban on exploration that has been in place since 2018 outside of onshore Taranaki. Energy prices have risen to the highest level among developed economies due to severe shortages in the past few weeks, according to Prime Minister Christopher Luxon.
New Zealand Refiner to Shrink. May Turn into Fuel Import Terminal
Refining NZ said on Thursday it is considering shutting New Zealand's only oil refinery and turning it into a fuel import terminal in the long run, but first will reduce its operations to cut costs and breakeven into 2021.Refining NZ's Marsden Point refinery has been under pressure due to competition from mega refineries in Asia and rising power and gas costs in New Zealand. Its woes worsened this year as COVD-19 lockdowns hammered fuel demand for planes and ships.In an update on a strategic review on the plant's future…
New Offshore Acreage Licensing to Drop 60% in 2020, Rystad says
Newly licensed offshore oil and gas exploration acreage is likely to fall by about 60% and onshore acreage by 30% compared with 2019 levels, Rystad Energy has said, as the Norwegian energy market analytics company expects more than half of the world’s planned licensing rounds to be canceled this year due to the combined effect of the COVID-19 pandemic and the low oil prices."This year was slated to be another remarkable year for exploration with about 45 countries launching at least 52 lease rounds, about 60% of them in offshore areas.
Brent, WTI Fall as Coronavirus Spreads
Brent fell by 10% on Monday, and U.S. crude to below $30, as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China's factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus.Brent crude was down $3.58, or 10.6%, to $30.27 a barrel by 1231 GMT. The front-month price had risen $1 earlier in the session.U.S. West Texas Intermediate (WTI) crude was at $29.24, down $2.49 or 7.8%.To combat the economic fallout of the pandemic, the Fed on Sunday cut its key rate to near zero…
Beach Energy Eyes Offshore New Zealand
Australian oil and gas exploration and production company Beach Energy Limited has signed an agreement with OMV GSB Oil Exploration to acquire a 30% participating interest in exploration permit (EP) PEP50119 in the Great South Basin, offshore New Zealand.Under the agreement, Beach will acquire a 30% participating interest in the permit in exchange for funding a 30% share of the Tawhaki-1 well cost and the associated work program and budget. The estimated capital exposure is approximately $25 million net to Beach.The transaction is subject to New Zealand government and regulator approval…
Airswift Eyes APAC Growth
Airswift, the global workforce solutions provider for the energy, process and infrastructure sectors, announced two senior hires to build upon recent successes in the Asia Pacific (APAC) region. Fueled by the region’s energy and infrastructure markets, the appointments follow 20% year-on-year growth for the company.Based in Brisbane, Ryan Carroll has been appointed as Regional Director, Australia & New Zealand, where he will be responsible for all in-country operations. Carroll has four years’ recruitment experience in Australia across industries such as civil engineering…
Xodus Hires Rivers
Energy consultancy Xodus Group said it has appointed Stephen Rivers as Subsea & Pipelines Manager for Asia-Pacific as the company targets strategic growth and new projects in the region. He will be based in in Perth, Australia.Rivers’ previous roles have included Engineering Director for Peritus International Pty Ltd and Senior Vice President for INTECSEA for Australia and New Zealand.With more than 30 years' in the oil and gas industry, Rivers commenced his career in subsea pipeline construction in the North…
How to Determine Which Countries Have the Best Energy Policies
Which countries have the best energy policies? This is an interesting, and rather obvious, question, considering that every country’s energy practices impact the world in one way or another. But it’s one you don’t often hear asked.That is probably because it’s hard to compare countries in any sensible and fair way, given the differences in population, size, economy and resources.Still, the world needs to know who does it best. The challenge is to measure performance against a set of agreed indicators, that governments…
July: Earth's Hottest Month Ever Recorded
According to the latest monthly climate report from the U.S. National Oceanic and Atmospheric Administration (NOAA), July 2019 was hottest month on record for the planet and Polar sea ice melted to record lows.Much of the planet sweltered in unprecedented heat in July, as temperatures soared to new heights in the hottest month ever recorded. The record warmth also shrank Arctic and Antarctic sea ice to historic lows.The average global temperature in July was 1.71 degrees F above the 20th-century average of 60.4 degrees…
EM&I Bags Japanese FPSO Operator Contract
International asset integrity specialist EM&I Group received an order from a major Japanese FPSO operator for an FPSO based offshore New Zealand.The order initially for tank inspection during which time EM&I’s ‘NoMan’ robotic tank inspections that avoid confined space entry and working at height while increasing tank availability and achieving a 90% reduction in the man hours normally required.The provider of asset integrity, inspection and repair & maintenance services to the oil, gas and energy industries, said in a press release that if the tank inspection reveals a requirement for repairs, EM&I will be invited to undertake thes
Subsea Integration Alliance Wins Esso Contract
Exxon Mobil subsidiary Esso Australia Pty Ltd. awarded integrated subsea engineering, procurement, construction, installation and commissioning (EPCIC) contracts to Subsea Integration Alliance, which comprises OneSubsea, a Schlumberger company, and Subsea 7.The work scope includes engineering, procurement, construction and installation of two production wells in a water depth of approximately 45m that will be tied-back to the Longford onshore gas plants. Project management and engineering will be provided by OneSubsea and Subsea 7 from local offices in Perth and Melbourne, Australia.
