Australasia

Australasia

BG Group sells Australian pipeline for $5billion

10/12/2014

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.

Australasia

China buying REC Solar for $640million to avoid trade dispute

24/11/2014

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.

Australasia

Western Australia: Buru Energy drills first well in Apache farm out deal

21/11/2014

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.

Australasia

Sonardyne strengthens presence in Australasia

20/11/2014

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.

Australasia

New discovery for CNOOC

19/11/2014

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.

Australasia

Pan Orient sells share in onshore Thailand block

05/11/2014

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.

Australasia

Cambay Field discoveries higher than expected

31/10/2014

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.

Australasia

Technip wins Indonesia contract

29/10/2014

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.

Australasia

BHP records 9% increase in production

22/10/2014

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.

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