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Woodside Petroleum

Asia

East Timor rethinks flawed Greater Sunrise LNG plan

East Timor is reassessing its ambitious petroleum development plans, which include the Woodside Petroleum-operated Greater Sunrise project, after discovering the economic analysis behind its proposed schemes is inaccurate.

Oil & Gas

PNG-focused Oil Search is a takeover target

Despite a recently announced planned capital raising, Australian-listed Oil Search, which has major stakes in Papua New Guinea’s emerging LNG sector, is a prime takeover target, as mergers become more likely in a low oil price world.

Oil & Gas

MMA strikes $50million deal with Woodside Energy

MMA has signed a contract with Woodside Energy worth $50million to provide three vessels to support the company in Australia’s north west region. The company made the announcement as it revealed its yearly results which it said saw a lower than expected first four months of trading due to the low oil price environment. MMA said EBITDA is expected to be in the region of up to $85million for the full year but said it was making the estimate with a “low level of visibility of demand” for the second half of the financial year.

Markets

Oil Search cancels meeting with Woodside to discuss takeover bid

A meeting to discuss Woodside Petroleum Ltd.’s $8 billion takeover bid for Oil Search Ltd. was called off amid speculation that the offer for the Papua New Guinea- focused explorer is too low to succeed. The meeting scheduled for Sunday was postponed at Oil Search’s request, according to a statement from Woodside, the Australian oil producer. Oil Search is expected to reject Woodside’s bid as early as Monday, the Australian Financial Review reported Sunday, without citing sources.

Markets

Woodside to reduce spending by 20% after decline in oil price

Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, cut its spending plans by about 20%, joining global energy companies in trimming costs after a plunge in crude prices. Woodside expects to spend about $6.2 billion in 2015 with low oil prices expected to continue for an “extended period,” the Perth-based company said today in a presentation after posting a 38% gain in full-year profit. It wrote down the value of oil and gas assets last year by $196 million.