EUROPE GAS: Prices firm on LNG storage and concerns
The prices of Dutch and British gas contracts were mostly firmer on Friday. This was due to low storage levels and the cold weather that has been continuing. Also, there are concerns about Iran and its geopolitical implications for liquefied gas shipments. LSEG data show that the January contract?at TTF hub?was up 0.48 euros at 40.45 'euros?per MWh on its last trading day, or $14.12/mmBtu by 0947 GMT. However, the main focus is now on the March contract which has gained 0.47 euros to 38.85 Euro/MWh. The Dutch day-ahead contracts was down by 0.06 euros at 40.35 Euro/MWh. The British gas day-ahead price rose by 1.57 pence, to 103.57 p/therm.
Australia reaches new renewable milestone over 50%
The Australian Energy Market Operator (AEMO), a'statement made on Thursday,' said that Australia had achieved a clean energy milestone in the quarter ending December, despite a rise of over 2,2% in power demand from a year earlier. The gas-fired generation has fallen to its lowest levels since 2000. Meanwhile, the total electricity production across the National Electricity Market grew 3.1% from one year ago to just under 25,000 megawatts. The share of generation from renewables increased by 5 percentage points compared to a year earlier, and now exceeds 50%. The NEM excludes Western Australia and the Northern Territory.
Australia and Timor call for progress on Greater Sunrise Gas Field
On Wednesday, East Timor's Xanana Gushmao and Australia's Anthony Albanese said that the Greater Sunrise -gas project should begin "as quickly as possible" with Australia pledging a third of state revenues to its neighbour. Albanese signed a partnership agreement on Wednesday with Gusmao, during his first visit to Australia's northern neighbor. The agreement covers deeper defence ties, border security, and economic development. The visit coincides with the tiny Catholic nation's?push to build a Liquefied Natural Gas plant on its southern coast, instead of?piping gas to an Australian plant in Darwin.
Australia PM Albanese discusses security and gas with East Timor during his visit to the country
In his first official visit to East Timor, Prime Minister Anthony Albanese is expected to highlight Australia's desire for stronger security and energy relations when he speaks in the?parliament of East Timor on Wednesday. The visit comes at a time when the tiny Catholic nation - also courted by China - continues to push for a liquefied gas plant to be built on its south shore, rather than in the Australian city Darwin. Albanese is scheduled to address the East Timor Parliament and meet with its President Jose Ramos Horta and Prime Minster Xanana Gulmao.
Darwin LNG begins shipments on the Kool Blizzard with its first cargo
Ship-tracking data revealed that the Darwin liquefied gas plant (DLNG), operated by Australian oil producer?Santos since restarting operations, had exported its first shipment. The shipment is currently heading to Sakai in Japan. Darwin LNG stopped shipments at the end of 2023, as its previous gas supply, the Bayu Undan Field in the Timor Sea was running out. The Barossa project, owned by Santos and SK E&S and JERA, is now supplying the plant with natural gas. The Kool Blizzard, a tanker that left the Darwin LNG facility in Australia's Northern Territory (Australia) on January 25th, picked up the first cargo after the restart.
Australia now offers three new offshore wind licenses
The government announced on Friday that Australia had offered offshore wind licenses for projects off the coast of Western Australia's southern coast. These projects could bring 4 gigawatts (GW) of clean energy to the state's isolated power system. The offer comes after several other offshore wind project on the east coast Australia have been pulled in the last 18 months, slowing down the sector's progress. The state has extended the subsidy for a coal mine by five more years, citing energy security. Bunbury Offshore Wind was awarded two final feasibility?licenses…
Australian state approves Kimberley fracking plan, drawing anger
The state's environmental protection agency approved a controversial fracking proposal in Western Australia's remote, ecologically sensitive Kimberley region on Tuesday. This angered environmental campaigners. Bennett Resources, an American-based private subsidiary, Black Mountain Energy, presented its Valhalla Plan in 2021 for fracking?upto?20 wells. Later, it increased the amount water needed per well from 40 to 100 millions litres. A report by an Independent Expert Scientific Committee commissioned by the Federal government last year indicated that there was uncertainty about whether groundwater can be protected from hazardous chemical.
Origin Energy, Australia's coal-fired power station in NSW, will continue to operate until 2029
Origin Energy announced on Tuesday that it will extend the operation all four?units?of its Eraring Power?Station?toApril 2029 to support energy supplies in New South Wales. Eraring's 2,880-megawatt coal-fired power plant was scheduled to close in August 2027. A December report from the Australian Energy 'Market Operator (AEMO), however, said that Sydney could experience blackouts if the plant is retired as planned. Australia aims to meet 82% of its energy needs with'renewable sources' by 2030. Origin CEO Frank Calabria said in a press release that the decision to continue operating Eraring until April 2029 would give more time to deliver renewables…
Australian Rio Tinto Investor raises concerns about merits of possible Glencore deal
The Australian investor who is Australia's largest and oldest has joined the chorus of local concerns over Rio Tinto's possible acquisition of Glencore. He questioned the merits of the proposed tie-up?and its timing. "A lot M&A at top of market has not created value over the long-term." We're curious to know why people think that this time will be different, he said. Rio Tinto confirmed that it was in talks with Glencore on Friday about a possible merger. This could result in?the largest mining company of the world, worth more than 200 billion dollars.
Australian shares drop as miners and banks fall on holiday thin trade
Australian shares dropped on Monday. The final trading week of the year began on a quiet note as banks and miners led the losses. They eased from recent highs, as holiday turnover exaggerated movements across the market. Investors returned to the market after their Christmas and Boxing Day holidays, and turnover was about half of its 30-day average. The index is up more than 7% for this year, and it's on track to achieve a third consecutive annual increase. It has risen by roughly 24% from 2022 when the last time that it logged a decline in a single calendar year.
Australia requires LNG exporters to retain a minimum for the home market
Australia's new scheme will require exporters of liquefied?gas to keep up to 25% of their output for domestic use. The plan was announced on Monday in an effort to curb price spikes and fill a supply gap that has been predicted. The government of Anthony Albanese, a centre-left Prime Minister, said that it would work closely with exporters to create a system which limits the amount of domestic gas. A minimum allocation at local level is between 15 and 25 percent. The government announced the number of a policy that it had flagged for 2025, amid warnings of a gas shortage on Australia's east coast where 27 million people live.
Australian regulator expects a balanced gas market on the east coast in Q2; South will rely on Queensland
Australia's east-coast gas market will be in balance by the second quarter of 2026. Southern states are likely to rely heavily on?gas stored in Queensland and surpluses from Queensland to meet demand, according to the competition regulator. According to the Australian Competition and Consumer Commission's (ACCC) latest gas inquiry report, the east coast market will have a balance between supply and demand of 15 petajoules (PJ) and an 8 PJ deficit in the second quarter 2026. The'southern states' are also expected to require an extra 26 PJ over the same period. The gap between the gas supply and demand from southern sources has widened over recent years.
Lachlan Harris, an insider at Santos Australia, is named finance director
Santos announced on Friday that it had appointed Lachlan Harri as its new 'CFO'. The Australian gas producer is currently navigating a period of transition tied to the Barossa, and Pikka project. Sherry Duhe, the former CFO who left the position in October after just a year, was replaced by the new CFO. Analysts pointed out at the time that Duhe's departure left Santos without a clear succession, since she was widely seen as a potential successor to CEO Kevin Gallagher if he chose to step down. Lachlan Harris, since October's appointment as acting CFO, is responsible for the financial management of the company.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after Meg O'Neill's unexpected departure for the top position at?BP. This comes at a time when the Australian company is trying to deliver on key projects in a?braced?for a glut of supply. Analysts say that the oil and gas company will continue to pursue its global growth strategy. This requires continued investment in new assets as well as continuity in mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
Meg O'Neill, BP's new CEO, will be the first woman ever to lead an oil company.
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based 'oil major'. She made an immediate impression when she took over at Australia's Woodside Energy and secured a deal which doubled the company's production portfolio. Woodside's acquisition of BHP petroleum assets, in a merger of then-$28billions, in '2021' boosted the Perth-based firm with an international presence during a period of industry consolidation. It made it a global top-10 energy independent company and a powerhouse of gas.
Woodside's new CEO must navigate LNG projects with high costs through glut risk
Woodside Energy is facing a leadership shake up after BP's?chief executive Meg O'Neill's unexpected departure for the top position at BP. This comes as the Australian 'firm' is trying to deliver key projects on a market that's braced for an oversupply. Analysts say that the oil and gas "producer" is expected to continue with its global strategy of growth, which requires sustained investment in both new assets and continuity within mature fields. After project delays and rising costs, it will be important to advance the Louisiana LNG project. The Louisiana LNG project, valued at $17.5 billion, will be Woodside's key project.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the London-based oil giant. She made an immediate impression when she took over at Australia's 'Woodside Energy', securing a deal which doubled the production portfolio. Woodside's acquisition of BHP’s petroleum assets by 2021 in a merger of then-$28 billion?bulked-up the Perth-based firm with an international presence during a time of industry consolidation. It made it a top-10 global energy independent company and a powerhouse of gas. Woodside shares have, however, underperformed their larger rivals over the past five years.
The new BP CEO has a long-lasting legacy at Australia's Woodside
Energy industry veteran Meg O'Neill was tapped by BP as the leader of a shake-up within the venerable London based major. She made an immediate impact when she took over at Australia's Woodside Energy and secured a deal which doubled the production portfolio. Woodside's acquisition of BHP petroleum assets by 2021 in a merger of then-$28 billion boosted the Perth-based firm with an international presence?during an industry consolidation period, making it one of the top-10 independent global energy producers and a gas giant.
Australian shares continue to fall on the back of the mining slump, Woodside falls on CEO's surprise departure
The Australian share market was set to record a fourth consecutive day of losses, led by the miners. Meanwhile, energy stocks fell as Woodside Energy dropped after it announced its departure. As of 2322 GMT, the S&P/ASX 200 was down 0.2% at 8,567.70. The benchmark closed Wednesday 0.2% lower. Woodside Energy's stock fell as much as 2,6%, its lowest level for nearly two months, after the Australian firm announced that Chief Executive Officer Meg O'Neill will be joining BP as executive director. The sub-index for energy fell as much as 1.5% and reached its lowest level since October 22.
Tokyo Gas CEO: More than half of investments in overseas markets will be directed to the US within 3 years.
Tokyo Gas, Japan’s largest city gas provider, will direct more than half the 350 billion yen ($2.3billion) it has set aside for overseas investments in the next three years to the U.S., according to CEO Shinichi Sasayama. Tokyo Gas announced a plan in?October to invest 1.3 trillion yen by March 2029. This included 350 billion yen to fund overseas projects, such as U.S. Shale Gas Development. Sasayama said in an interview that "North America was our top priority" in terms of our overseas strategy. He cited a combination of a growing U.S.