BG Group has agreed to sell its Australian pipeline business for $5billion to the APA Group. The subsidiary, QCLNG Pipeline, owns a 543 kilometre underground pipeline network which links BG group’s natural gas field in southern Queensland to a two-train export facility. It was constructed between 2011 and 2014 and has a value of $1.6billion.
A Chinese company offered NOK4.34billion ($640million) to buy REC Solar ASA, one of the last makers of solar panels in Western hands, a move that may help circumvent trade disputes in the US and Europe. The deal by a unit of China National Chemical Corp. would follow a surge in demand for solar panels, absorbing much of the production that companies supported by the government in Beijing built in the past decade. Authorities in Brussels and Washington have imposed restrictions on Chinese solar panel imports after accusations from competitors that products were sold below cost. That has required Chinese companies that dominate the panel manufacturing industry to establish subsidiaries with factories abroad that are outside sanctions.
Buru Energy has started drilling operations on the first well at EP 390 in Western Australia following a farm out deal with Apache. Work on the Commodore 1 well began today and is the first to be drilled since the agreement was made in November last year. Buru said the cost of the well will be funded by Apache under the terms of the farm out which includes a commitment by Apache to fund a $25million exploration program on EP 390, 438, 471 and 473.
Sonardyne has appointed Scope Engineering as its agent as it looks to expand its investment in the offshore industry across Australia, New Zealand and surrounding territories. Scope Engineering delivers a range of marine engineering anf fabrication services as well as third party technology solutions for offshore monitoring and inspection surveys. It will collaborate with the company on commercial opportunities within subsea asset monitoring, exploration and reservoir surveillance, ocean science, vessel positioning and offshore drilling.
China oil giant CNOOC has made a discovery in the Eastern South China Sea. The discovery well Lufeng 14-4-4 was drilled and completed at a depth and completed at a depth of 4,098 meters and encountered oil pay zones with a production level tested at 1,320 barrels per day.
The Bombay High Court yesterday ruled in favor of the Indian unit of Royal Dutch Shell Plc, Europe’s largest oil producer, in a $1.4 billion tax dispute, bolstering sentiment among overseas investors.
Pan Orient Energy has sold a 50% interest in its subsidiary which operates its L53/48 Thailand concession to Sea Oil for $42.5million including a working capital adjustments of $2.4million. The deal is expected to be closed by January, with a $4million break free payable by Sea Oil if shareholder approval is not obtained.
Australian explorer Oilex has announced significant progress at its Cambay Field in India. The company said the hydrocarbon liquid to gas ratio (LGR) found during flowback at the Cambay Field was an estimated 250% higher than expected. During flowback it has been 100 bbls (oil barrels) of liquids per MMscfd (Million Standard Cubi Feet Per Day) of gas.
Technip has been awarded a substantial contract by Chevron Indonesia for the Bangka development. The French energy company will provide a range of services including procurement, construction, installation and commissioning.
Oil tankers are becoming prime targets for armed pirate attacks in Southeast Asia.
Australian explorer Roc Oil has appointed a new non-executive director to its board as a nominee of Transcendent Resources Limited (Fosun). Bin Zhao will become a board member of the wholly-owned subsidiary, after approval of the Fosun offer was made earlier this month.
Statoil has agreed a 100% equity share in Australia’s Northern Carnarvon Basin.
Australian oil and gas giant BHP Billiton has reported a 9% increase in production during its third quarter results for 2014. Petroleum production increased by 7% to 67.4MMboe (Million Barrels of Oil Equivalent) as onshore US liquids volumes rose by 49% to 11.5 MMboe.
Expro has secured a $50million contract for work offshore Australia.
A marine intelligence company said piracy in the waters around South East Asia could rise within the coming months.
Pirates released a Vietnamese oil tanker and its 18 crew members yesterday after siphoning part of its diesel cargo, according to the coast guard.
Gas explorer Arrow Energy has been given approval by the Austrailian government for its environmental impact assessment. The company’s proposal for the central Queensland pipeline, which is expected to be about 500km long, will take coal seam gas (CSG) from Moranbah in the Bowen Basin to Gladstone.
Wood Group PSN has boosted its brownfield project portfolio with its latest contract win.
China’s biggest energy companies stand to benefit from Russian President Vladimir Putin’s offer yesterday to sell a stake in the country’s second-biggest oil project to “Chinese friends.”
With real estate in short supply, developers of solar power projects in Japan are beginning to look beyond the island nation’s land surfaces.
PetroChina the nation’s biggest oil and gas producer, met forecasts with a 4% increase in first-half profit after it sold natural gas at higher prices.
Myanmar will expand its sources of clean energy through an agreement with ACO Investment Group, a U.S.-based private-equity fund focusing on Asian emerging markets, to develop two solar-energy plants.
Diving-equipment technology firm Divex has secured a "multi-million pound" contract to supply a saturation diving system to Keppel Singmarine.
Dutch oil giant Shell has struck a new gas discovery at its majority owned deep-water block SK318 offshore Malaysia.
Sinopec has recorded a 7.5% profit increase for the first half of the year.