South Korea's POSCO Launches Takeover Bid for Australia's Senex Energy
Australian coal seam gas producer Senex Energy Ltd said it had received a $605 million takeover proposal from POSCO International Corp and was opening up its books to the South Korean trader with the aim of gaining a sweeter offer.The A$815 million or A$4.40 per share offer from POSCO International, the trading arm of steel giant POSCO, has already been twice-improved, Senex said."The Senex Board…
Woodside to Boost Vincent Crude Quality to Ride VLSFO Demand
Woodside Petroleum will improve the quality of Vincent crude by increasing its flash point from July so that it can be blended into very low sulphur fuel oil (VLSFO) and capture higher premiums, two sources told Reuters.Among crude grades, heavy sweet oil, with higher density and less sulfur, is most suitable for blending into VLSFO that meets the new marine fuel sulfur regulations dubbed IMO 2020.
Virus Lockdowns Pummel Global Gas Demand, Force LNG Output Cuts
Lockdowns to slow the coronavirus pandemic are pummelling gas demand in the world's biggest buyers of liquefied natural gas (LNG), pushing Asia's spot prices to record lows and forcing some suppliers to start cutting output. Economies worldwide have ground to a halt as virus containment measures have taken their toll, slashing gas demand for power generation, heating, cooking, vehicles and chemical manufacture.
ConocoPhillips Profit Beats Estimates
US oil and gas company ConocoPhillips' quarterly profit shot ahead of analysts' estimates on Tuesday, as higher shale production offset the impact from lower crude prices and higher exploration costs.Total production, excluding Libya, rose 98,000 barrels of oil equivalent per day (boe/d) to 1.322 million boe/d, with output from U.S. basins including Eagle Ford, Bakken and the Permian rising 21% in the quarter.The company's results kick off a quarter for U.S.
Santos Posts Record High Output
Australia's number two independent gas producer Santos Ltd on Thursday said third-quarter production and sales volumes peaked to record levels, benefiting from higher output from its Western Australia assets.Revenue of $1.03 billion was the second highest quarterly sales on record, the company said in a statement, while production surged 32% to 19.8 million barrels of oil equivalent (mmboe), beating…
Santos Profit Soars
Australia's No.2 independent gas producer Santos Ltd on Thursday posted a 89% jump in half-year profit, boosted by its acquisition of Quadrant Energy and strong output from its Cooper Basin fields in South Australia.Santos acquired Quadrant Energy last year in a $2.15 billion deal and in turn got an 80 percent stake in the promising Dorado oil find.The Adelaide-based gas producer on Thursday increased its forecast on savings from the acquisition to between $50 million and $60 million per ye
Santos Posts Record Production in Q2
Australia's No 2 independent gas producer Santos Ltd said on Thursday it had clocked record gas production in the second quarter on stronger output across its Western Australia gas assets.Production for the three months to June 30 rose to 18.6 million barrels of oil equivalent (mmboe) from 14.2 mmboe last year, the company said. The figure was higher than a Citi estimate of 17.78 mmboe.The company…
Santos Posts Record Production in Q1
Australia's No.2 independent gas producer Santos Ltd on Wednesday posted record quarterly production, boosted by its acquisition of Quadrant Energy assets, while sales revenue jumped 28 percent.Santos said production for the quarter ended March 31 rose to a record 18.4 million barrels of oil equivalent (mmboe), up from 13.8 mmboe last year.Revenue came in at $1.02 billion, the second-highest quarterly revenue on record…
Santos Sees Production Surge on Quadrant Acquisition
Santos Ltd, Australia's No. 2 independent gas producer, on Thursday said it expects 2019 production to rise by up to 32 percent boosted by the acquisition of Quadrant assets.The company expects to churn out 71 million to 78 million barrels of oil equivalent (mmboe) in 2019, Santos said in a statement.UBS estimates 2019 production to be 73.7 mmboe.The company posted annual production of 58.9 mmboe…
Eni Buys out Shell's Stake in Evans Shoal Gas Field
Italy's Eni announces the purchase of a 32.5% stake in the Evans Shoal gas field in the Timor Sea, Australia. The field is located offshore in the NT/P48 exploration permit in the north Bonaparte Basin, around 300km northwest of Darwin, where there is an existing LNG plant precinct. The undeveloped Evans Shoal field, discovered in 1998, holds expected gas in place of up to 7 trillion cubic feet.
Australian Supply Crunch Squeezes LNG Exporters
Spot LNG exports in government's cross-hairs; ConocoPhillips, Origin, Shell now in the firing line. The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by Nov. 1 whether to pull the trigger on its Australian Domestic Gas Security Mechanism…
Victoria Mulls Floating LNG Plan
Australia's Victoria state is working with AGL Energy to study building a liquefied natural gas (LNG) import terminal to beef up local gas supply, even as the country is set to become the world's largest LNG exporter. Victorian Premier Daniel Andrews is under pressure to bolster regional gas supplies after barring all onshore gas drilling, as the southeast Australian state looks to save manufacturing jobs threatened by soaring energy prices.
Australia Plans to Limit LNG Exports
Australia's conservative government unveiled a radical plan on Thursday to restrict exports of liquefied natural gas (LNG) at times when domestic shortages push up local prices, aiming to ease soaring energy costs for local manufacturers. The plan would allow Australia's resources minister to impose controls on LNG exports on advice from the market operator and regulator, as the government seeks to cap domestic gas prices, which have become a political hot potato. "It's not a threat.
SPE Lecturer Series Agenda, Speakers Finalized
The Society of Petroleum Engineers (SPE) Aberdeen Section has secured three international oil and gas industry experts to give a series of presentations over the next three months. Each year, as part of its mission to collect, disseminate and exchange technical knowledge, the Society of Petroleum Engineers (SPE) appoints a group of professionals who have been nominated by their peers to share knowledge and expertise through visits to local SPE Sections around the world.
Santos in the Red on LNG Project
Australia’s third-biggest oil and gas producer Santos Ltd reported a first-half net loss of $1.1 billion after taking a $1.05 billion charge on its Gladstone liquefied natural gas (LNG) export project in Queensland, reports Bloomberg. However, Santos Chief Executive Kevin Gallagher said the company may run its Gladstone liquefied natural gas plant (LNG) below its 7.8 million tonnes a year capacity, but said there was no plan to mothball one of its two production units, reports Reuters.
Santos Reports $1.93 bln Loss, Core Profit Misses Forecasts
Australian oil and gas producer Santos Ltd, which rejected a A$7.1 billion takeover last year, slid to a loss in 2015, hit by hefty writedowns, and its new boss said he was working on a strategy to shore it up against weak oil prices. Chief Executive Kevin Gallagher, who took the helm on Feb 1 days after the company's shares hit a 23-year low, said he was confident its assets, including stakes in liquefied natural gas (LNG) projects in Australia and Papua New Guinea…
GLOBAL LNG: Prices Steady in Subdued Market
Asian liquefied natural gas (LNG) prices were steady this week amid limited trading activity. The price of Asian spot cargoes for February delivery was pegged at $6.90 per million British thermal units (mmBtu), in line with the previous week. Traders eyed developments in Nigeria where Eni has declared force majeure on loadings from the country's LNG export plant due to pipeline sabotage. All other suppliers continued to ship, although traders said the pace of loadings had slowed.
Total Delivers First LNG Cargo from Gladstone
The first cargo of liquefied natural gas (LNG) from Australia's Gladstone project has been delivered to Korea Gas Corp, Total Chief Executive Patrick Pouyanne said on Thursday. The French oil and gas company holds a 27.5 percent stake in the project. Other partners include Australia's Santos Ltd , Malaysia's Petronas and Korea Gas Corp. The Gladstone project produces natural gas from coal seams and converts it into LNG for shipping to buyers, mostly in Asia.
Australian LNG Supply Weighs on Prices as Exports Pick Up
Asian liquefied natural gas (LNG) prices for November delivery extended losses as new Australian supply hit the market and demand remained subdued. The price of Asian spot cargoes for November delivery slid to $6.60 per million British thermal units (mmBtu), down from $6.80 the previous week and $10.10 at the start of the year. The price fall coincided with the continued pickup in Australian production.
Shell-BG deal May Shake up Rival's Australian LNG Plans
Tightening gas supplies in eastern Australia and a battle for gas to supply three liquefied natural gas plants will figure largely in watchdogs' review of Royal Dutch Shell's $70 billion takeover of BG Group. The deal may help break a deadlock over coal seam gas owned by Shell's Arrow Energy in Australia, which has been stuck in the ground after it scrapped plans to build an LNG plant in Queensland and entered talks to supply other LNG plants there.
