Results from the highly anticipated Buffalo-10 well drilled by Carnarvon Energy (ASX:CVN) and Advance Energy (LON:ADV) offshore East Timor have disappointed. Drilling at the redevelopment project was targeting a potential oil bonanza, which now seems unlikely.
Australia’s Woodside (ASX:WPL) and BHP Group (ASX:BHP) today signed a binding share sale agreement for the merger of BHP’s oil and gas portfolio with Woodside.
Woodside (ASX:WPL) has taken a final investment decision (FID) on the giant $12 billion Scarborough and Pluto liquefied natural gas (LNG) project in Australia.
The Conservation Council of Western Australia says the proposed Woodside-led Scarborough liquefied natural gas (LNG) project could contravene federal environmental protection laws, reported the Australian Financial Review.
It was supposed to be a big win for climate activists: another of the world’s most powerful mining companies had caved to investor demands that it stop digging up coal.
BHP Group will transfer some $3.9 billion worth of oil and gas decommissioning liabilities to Woodside if the pair’s merger goes through successfully. The liability is much smaller than expected helping to ease investor concerns at Woodside.
Australia’s offshore environment and safety regulator NOPSEMA has ordered BHP to clean up three offshore fields following years of “limited action” and equipment sinking to the seabed, reported BoilingCold. This will add to the decommissioning burden Woodside will inherit if it absorbs BHP’s oil and gas assets as part of a deal announced last month.
Oil and natural gas explorers in the US Gulf of Mexico and Louisiana refineries have shut production as Hurricane Ida crashed ashore.
A strategic merger between BHP and Woodside has been on the deal dream list in oil and gas circles going back three decades. Yesterday the pair confirmed that they will enter into a merger of their respective oil and gas portfolios in an all-stock deal that creates an LNG powerhouse.
Woodside and BHP today confirmed a mega-merger deal that will establish one of the world’s top independent oil and gas companies. Woodside said it would issue new shares to BHP shareholders in exchange for the mining giant’s petroleum business.
Santos chief executive Kevin Gallagher said today that a binding merger deed with Oil Search should be signed next month. The merger would make the combined companies one of the largest in the region and in the top 20 globally.
Woodside today confirmed it is in discussions with BHP over a potential merger involving BHP’s entire petroleum business. This merger “would create a new international super independent built for scale and resilience, with a long-term focus on LNG but exposure in the medium term to high-margin, deepwater oil,” said Andrew Harwood, Asia Pacific research director at Wood Mackenzie.
Woodside is in advanced talks to buy BHP Group’s petroleum division for about A$20 billion ($14.7 billion), the Australian Financial Review (AFR) reported on Sunday, citing people familiar with the matter.
BHP Group is considering getting out of oil and gas in a multibillion-dollar exit that would accelerate its retreat from fossil fuels, according to people familiar with the matter.
Santos is seeking buyers for a share in its $2 billion Dorado oil project offshore Western Australia and energy consultancy Rystad Energy expects BHP will be looking closely at the asset.
Australia is on the verge of its largest-ever wave of decommissioning as offshore development wells reach the end of their producing life. This is both adding headaches for producers and creating a multi-billion dollar opportunity for plugging and abandonment (P&A) suppliers.
East Timor could pocket just over $600 million if the Buffalo-10 exploration well, due to be drilled late October, is successful. The operator, Australia’s Carnarvon Petroleum, as well as UK partner Advance Energy, said yesterday that they have secured a jack-up drilling rig for the probe at the historic Buffalo field offshore East Timor.
Australia’s Carnarvon Petroleum is one step closer to seeing what BHP and Nexen left behind at the historic Buffalo field offshore East Timor. An exploration well is set to be drilled in late 2021 following the completion of a farm-out deal with UK-listed Advance Energy.
ExxonMobil believes its latest field development will likely be the largest domestic gas project for eastern Australia this decade after the $400 million West Barracouta project started up in the Gippsland basin.
Investors are in the dark about the financial implications of emissions from Woodside Petroleum’s proposed Scarborough liquefied natural gas (LNG) development at the North West Shelf offshore Western Australia, according to the Institute for Energy Economics and Financial Analysis (IEEFA)
UK-listed Advance Energy has successfully raised the capital to acquire a 50% stake in the Buffalo project off East Timor. Drilling at the redevelopment project later this year is targeting a potential oil bonanza.
The Argos platform for the BP-operated $9 billion Mad Dog 2 project has arrived in the US after completing its 16,000-mile journey from South Korea.
More than A$50 billion ($40.5 billion) of necessary decommissioning work needs to be carried out on Australia’s offshore oil and gas infrastructure, over half of which must be started within the next ten years.
BHP Group on Tuesday said it sees a clear opportunity in oil and gas to enjoy strong returns over the medium term and is ready to seek counter-cyclical deals in a world where many energy companies have cut back on exploration and new projects.
TechnipFMC’s independent engineering consultancy Genesis Oil and Gas Consultants is expanding and dividing its business, separating its oil and gas business from its energy transition and diversified services.