Woodside Petroleum Ltd. Chief Executive Officer Peter Coleman sees more time, not money, as the key to securing a takeover of Oil Search Ltd. “You don’t always have to sweeten deals,” Coleman said in an interview with Bloomberg TV’s Angie Lau on Monday. “What happens is that over time, expectations come together. You’re starting to see some M&A activity in Australia post the approach we made to Oil Search and you can see that peoples’ view of the world is starting to get a little closer.”
Beach Energy has agreed to buy Drillsearch creating an $842.7million energy company in Australia. The move comes amid a decline in oil prices and will create what could be the region’s biggest onshore oil producer and natural-gas supplier. Drillsearch has been valued at about $384million in the deal which its chairman says will help provide growth in the challenging market.
Halliburton Co.’s proposed purchase of Baker Hughes Inc. faces further regulatory scrutiny after Australia’s competition watchdog raised concerns that the $34.6 billion deal would shrink the number of suppliers for oilfield goods and services, particularly for offshore drilling. The Australian Competition & Consumer Commission delayed its decision until Dec. 17 and asked for further comments from market participants, according to a statement from the regulator on Friday. The businesses have significant competitive advantages in providing services as they benefit from extensive product ranges, economies of scale and scope as well as industry experience, the ACCC said. Halliburton and Baker Hughes last month flagged the sale of additional business units in an effort to satisfy antitrust concerns over the takeover. The world’s second- and third- largest oilfield service companies have been seeking to complete the deal by either Dec. 15, or 30 days after both certify compliance with US Justice Department requests, whichever is later.
A decision on Shell's takeover of BG Group by Australia's competition watchdog has been postponed until the middle of November. The move follows an earlier deferral last month by the Australian Competition and Consumer Commission (ACCC). It said last month that market participants had expressed concerns the takeover may harm gas supply competition in eastern Australia.
Falcon Oil and Gas is to bring forward horizontal drilling by a year following a successful second drilling programme in Australia’s Beetaloo shale basin.
Pilot Energy said it has confirmed the potential for millions of barrels of oil from its WA-507-P permit after an independent audit. The company previously announced the potential for multi-Tcf gas discoveries within the North Carnarvon basin off the coast of Australia.
MEO Australia has reached a commercial settlement to allow a 30% joint venture participant withdraw from its farm-in to the WA-488-P exploration permit. The company said the deal had been reached with Rex Bonparte after it was recently informed of changes to its management strategy. Rex plans to focus on its key discovery assets in Norway and Oman instead.
SBM Offshore has been awarded the Front-End Engineering and Design (FEED) contract by Technip for the Browse FLNG project in Australia. The move will see the company carry out work for three large-scale turret mooring systems associated with the project.
Santos said the first cargo from the Gladstone liquefied natural gas project left today as Australia looks to overtake Qatar as the world’s top LNG exporter. The launch was good news for Santos which has been racing to sell assets in a bid to reduce its $8.8billion of debt.
Real Energy said a director has resigned from his position with the company. Michael Mager will leave his role with the Australian firm with immediate effect. Earlier this week AWE Limited announced its chief executive would be stepping down from his role.
AWE Limited’s chief executive will step down next year after more than five years in the top job with the company. The firm said a new search has already begun to find Bruce Clement’s successor to the role. Chairman of the firm Bruce Phillips paid tribute to Clement for his leadership in “reshaping” the company into a more “diversified oil and gas producer”.
Solar power became Australia’s largest source of renewable energy in 2014, with a cumulative installed capacity of 4 gigawatts (GW), overtaking wind power.
Metgasco has signed a contract with Terrex to acquire new seismic in its Northern Rivers petroleum exploration licence in Australia. The program is expected to take about four days to complete and has already been given the approval of the New South Wales government. The purpose of the seismic program is to provide more definition of the northern extent of the Greater Mackellar conventional / tight gas exploration prospect.
Oil giant Chevron has said it will pay its fair share of tax in Australia, after a report accused it of tax avoidance on its largest global project – the Gorgon LNG project.
Shell’s $70billion deal to buy BG Group has been queried by Australia's competition regulator who has delayed approval after fears it could reduce the supply of natural gas to local customers and raise prices.
Malcolm Turnbull assured Australia that its government remained strong despite an internal party revolt that made him the nation’s fourth leader in little more than two years. The former communications minister was sworn in as Australia’s 29th prime minister after a surprise ballot of his conservative Liberal Party colleagues voted 54-44 on Monday night to replace prime minister Tony Abbott only two years after he was elected. Mr Turnbull’s elevation has cemented a culture of disposable leaders as the new norm in Australian politics since the 11-year tenure of John Howard ended in 2007. “There’s been a change of prime minister, but we are a very, very strong government, a very strong country with a great potential and we will realise that potential working very hard together,” he said as he left his Canberra home this morning.
Australian Prime Minister Tony Abbott is facing a challenge to his leadership after a communications minister launched a bid for the top office. Former tech entrepreneur Malcolm Turnbull said he would be seeking the leadership of the Liberal Party after being urged “by many people” to run after criticism of the current Prime Minister’s performance.
Stena Drilling has been fined $231,000 by an Australian court following the death of two workers on an offshore drilling unit. The company had previously pled guilty to breaching its duty to provide a safe workplace. It followed the deaths of floorman Peter Meddens and toolpusher Barry Denholm who had been working on the Stena Clyde mobile offshore drilling unit.
3D Oil has blamed bad weather for the delay in drilling the Sea Lion-1 exploration well offshore Australia.
An oil company has pleaded guilty to breaching its duty to provide a safe workplace after the death of two workers on a rig. Stena Drilling Australia is expected to be sentenced next month after entering the plea at a Magistrates Court in Victoria. It followed the deaths of floorman Peter Meddens and toolpusher Barry Denholm who had been working on the Stena Clyde mobile offshore drilling unit.
Aubrey McClendon, the wildcatter who pioneered the US shale revolution by going where big oil companies wouldn’t, is at it again. This time in Australia.
Santos Ltd., Australia’s third-largest oil and gas producer, posted an 82 percent slump in first-half profit after a fall in oil prices. Net income fell to A$37 million ($27 million) in the six months ending in June, from A$206 million a year earlier, the Adelaide-based company said Friday in a statement. That compared with an estimate of A$41 million from Macquarie Group Ltd.
Santos Ltd. Chief Executive Officer David Knox will step down after seven years in the role as the Australian oil producer reviews its options amid a plunge in crude prices, the company said Friday. Knox will depart once a successor has been named, the Adelaide-based company said in a statement after reporting an 82 percent drop in first-half profit. The slide in oil prices has put pressure on Santos as the company prepares to start its $18.5 billion liquefied natural gas project in Queensland state. The Australian energy producer has cut spending and jobs while flagging the possibility of asset sales as it copes with the oil market downturn. Santos shares have fallen 62 percent in the last year.
Work has begun on two test wells that could unlock Australia's biggest undeveloped onshore gas field .
Chevron has awarded a contract for work on its Barrow Island assets in Australia to engineering company Monadelphous. The move has given the company a jobs boost with 500 people expected to be employed to perform work under the three-year agreement.