Australian renewables and batteries to outstrip gas by 2025
Falling renewables and battery costs will mean the displacement of gas as the leading source of energy generation in South Australia by 2025, a new report said.
gas Australia
Woodside to review spending, write down assets on oil plunge
Woodside Petroleum Ltd (WPL), Australia’s second-largest oil and gas producer, will write down the value of some assets by as much as $400 million and review its spending plans after the plunge in crude prices. Output this year should decline to between 84 million barrels of oil equivalent and 91 million barrels, from 95.1 million barrels in 2014, due to a planned shutdown at its Pluto gas project, aging fields and Gulf of Mexico asset sales, the Perth-based company said today in a statement. Energy companies including Woodside have been hit by the biggest drop in oil since 2008 as the Organization of Petroleum Exporting Countries resisted calls to cut output even as the US pumped at the fastest rate in more than 30 years.
Karoon Gas snaps up Petrobas rig
Karoon Gas Australia has taken possession of the Olinda Star semi-submersible drilling rig from Petrobas. The rig, which is currently in the Campos Basin, is expected to be on location in the Santos Basin within the next few days.