Despite offshore exploration spending hitting a new low, drilling activities are expected to ramp up, with BP’s exciting Ironbark-1 well targeting a potentially giant gas deposit off Western Australia and Santos probing an exciting shale formation in Northern Australia
More assets are expected to hit the market across Asia Pacific this year following the sustained drop in global oil prices and the COVID-19 pandemic, which has destroyed energy demand growth as economic activity contracts.
Australia’s Beach Energy Ltd. agreed to buy Origin Energy Ltd.’s conventional oil and gas business, Lattice Energy, for A$1.59 billion ($1.25 billion) in a deal set to triple the Adelaide-based company’s reserves.
Beach Energy today confirmed its efforts on the Stunsail Field resulted in a successful oil find.
Beach Energy has achieved first gas from its Udacha gas field in South Australia.
Rockhopper Exploration has outlined the details of its fresh bid for Beach Energy’s Egyptian assets.
Beach Energy and JV partner Cooper Energy have accepted an offer to convert the Basker, Manta and Gummy gas field permits VIC/L 26, 27 and 28 in the offshore Gippsland Basin into retention leases.
Beach Energy has appointed Matthew Kay as its new chief executive. Kay will take up the role on May 2, more than two months earlier than originally planned.
Drillsearch Energy said the Federal Court of Australia has approved the company’s $277million merger with Beach Energy.
The majority of Drillseach shareholders threw their support behind a merger with rival Beach Energy.
Beach Energy has appointed a new chief executive to lead the company. Matthew Kay will take over from July with more than 25 years’ experience in the oil and gas industry.
Shareholders of Drillsearch Energy Ltd. look set to approve a A$384million ($266million) takeover of the Cooper Basin oil and gas producer in Australia by Beach Energy Ltd. later this month, the Australian Financial Review reported.
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.
The chief executive of Beach Energy has resigned from the oil and gas firm. The company said Robert Cole will be replaced by Neil Gibbins on an interim basis until a new boss has been appointed.
Beach Energy has bought a 40% operating interest in the highly prospective oil producing ATP 1056 permit in Queensland, Australia from AGL Cooper Basin, a subsidiary of AGL Energy, for $850,000.
Rockhopper Exploration has agreed on an asset purchase deal with Beach Energy that will give it a number of assets in Egypt in a $22million deal. The move will see the company gain a 22% interest in the Abu Sennan concession and a 25% interest in the El Qa’a Plain concession. Rockhopper said the headline consideration for the deal is $22million payable to Beach Energy through a combination of cash and the issue of the Rockhopper consideration shares.
Irish oil producer Petroceltic International said it sold its Romanian unit to GVC Investment BV as it exits high-risk exploration ventures.
Beach Energy Ltd. is making progress in efforts to sell its oil and gas holdings in Egypt and seeking to sign a deal in the coming months as the Australian explorer hunts for acquisitions at home. “That process is maturing,” Managing Director Rob Cole said Tuesday in a phone interview, referring to a proposed sale in Egypt. “We’re seeing interest, and I hope to crystallize something in the coming months.” Beach is searching for acquisition opportunities in Australia to take advantage of rising gas demand on the east coast, he said.
An Australian energy company has announced the discovery of oil in a well in the south of the country.