Death of LNG projects may lift market from rout
The demise of LNG projects such as Woodside Petroleum planned $40 billion Browse facility due to a plunge in energy prices is probably what will lift the market out of its current rut.
Woodside
Woodside scraps $40billion LNG project after price collapse
Woodside Petroleum Ltd. and partners including Royal Dutch Shell and BP scrapped plans to develop the $40 billion Browse liquefied natural gas project in Australia after the plunge in oil and gas prices.
Woodside appoints former Shell executive
Woodside has appointed former Shell executive Ann Pickard as non-executive director.
Wood Group lands another design contract for GWF-2 in Australia
Wood Group has secured a contract with Woodside to provide the detailed design of the Greater Western Flank Phase 2 (GWF-2) flowline system offshore Western Australia.
Woodside makes oil find in emerging Myanmar
Woodside Petroleum confirmed a viable oil find for its exploration campaign in Myanmar.
Woodside Petroleum approves $2billion natural gas project
Woodside Petroleum and its partners have approved a $2billion natural gas project off Australia's northwest coast which is looking to develop more than 1.6trillion cubic feet of raw gas. The decision signals the second phase of the Greater Western Flank project, which will mark the fourth major gas development in seven years in the venture, operated by Woodside.
Wood Group wins second FEED contract for Woodside in Australia
Wood Group has secured a second front-end engineering design (FEED) contract for the proposed Browse floating liquefied natural gas (FLNG) Development offshore Western Australia.
Woodside ditches Oil Search takeover bid
Woodside Petroleum has ditched its $8billion takeover offer for Oil Search.
Woodside boss plays waiting game in Oil Search bid
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.”
Oil Search quarterly sales decline 30% as energy prices slide
Oil Search Ltd., the target of a takeover bid from Woodside Petroleum Ltd., posted a 30 percent decline in third-quarter sales after a drop in energy prices. Revenue fell to $379 million from $538.2 million a year earlier, according to a statement from Oil Search on Tuesday. Sales dropped 3 percent from the June quarter. Output rose to a record 7.42 million barrels of oil equivalent, the company said.
Santos to reduce headcount by 200 as it aims for $73million savings
Australian oil and gas producer Santos has revealed it will reduce its headcount by around 200, or 6% of its staff, as it looks for A$100million ($73million) in additional savings to ride out weak oil prices.
OneSubsea wins Woodside contract for Greater Enfield in Australia
OneSubsea - the Cameron and Schlumberger company - has been awarded a front-end engineering and design (FEED) contract for the Greater Enfield Area Development offshore northwest Australia.
Oil Search rejects Woodside’s $8 billion offer as too low
Oil Search Ltd. rejected Woodside Petroleum Ltd.’s $8 billion takeover bid, saying the proposal undervalues the company’s liquefied natural gas expansion plans in Papua New Guinea. “The feedback we got from all the major shareholders we consulted with confirmed that the proposal was one that should be rejected,” Oil Search Chairman Rick Lee said on a conference call Monday. “The proposal on whatever basis you apply was significantly undervaluing Oil Search and certainly not one that encouraged us to consider it further.” Woodside’s bid of one share for every four Oil Search shares, which implied a 14 percent premium, was too low to win investors’ support, according to Sanford C. Bernstein & Co. and UBS Group AG. The offer last week valued Oil Search at A$11.65 billion ($8.1 billion) and would have been the biggest energy takeover in Asia. Oil Search fell as much as 3.1 percent to A$7.22 in Sydney trading, while Woodside slid as much as 3.5 percent to A$27.43.
Woodside bids for oil search in Asia’s biggest energy offer
Woodside Petroleum Ltd. offered A$11.65 billion ($8.1 billion) in stock for Oil Search Ltd. as it aims to take advantage of a collapse in oil prices in what would be the biggest energy deal between non-related companies in the Asia-Pacific region. Woodside offered one share for every four Oil Search shares, which amounts to a premium of about 14 percent based on Oil Search’s closing price on Monday. Oil Search rose 16 percent to A$7.835 and Woodside slid 2.9 percent to A$29.68 as of 1:12 p.m. Sydney time. Oil Search was one of the few oil and gas companies to report a jump in profit in the first half, driven by its Papua New Guinea liquefied natural gas project. “The market is sending a pretty clear signal that Woodside’s offer is undervaluing the Oil Search stake in the PNG LNG project, which is really one of the most competitive LNG investments in the whole Asia Pacific region,” Angus Nicholson, a market analyst at IG Markets Ltd. in Melbourne, said by phone. “Not to mention Woodside will need PNG government support, so that could be tricky.”
Energy industry deals depend on more oil pain, Woodside says
Acquisitions in the energy industry will depend on at least a few more months of weakness in oil prices, according to Australia’s Woodside Petroleum Ltd.
BAM Clough secures Woodside marine services contract
Woodside Energy has awarded the joint venture BAM Clough the marine installation services contract for the Karratha gas plant life extension integrated marine campaign project in Western Australia.
Wood Group Kenny wins $6million Woodside contract
Wood Group has won a new contract to carry out front end engineering and design (FEED) work for the proposed Woodside Browse Floating Liquefied Natural Gas (FLNG) development. The 12 month contract for the project offshore Western Australia, is worth $6million and will be carried out by Wood Group Kenny (WGK). The company will perform all design engineering for the insulated production flowline system required for the assets offshore gas-condensate fields from their offices in Perth. The three assets – Brecknock, Calliance and Torosa – are 300km from the Kimberley coast.
Global Maritime Group awarded mooring contract for Woodside
Global Maritime has been awarded a contract to provide mooring and rig positioning services to the Australian oil and gas company Woodside.
Woodside Petroleum signs Myanmar contracts
Woodside Petroleum has signed production sharing contracts for a number of offshore blocks awarded to the company in the 2013 Myanmar Offshore bid round. The company holds operated equity interests of 55% and 45% in offshore blocks AD-5 and A-7 in the southern Rakhine Basin. The non-operating interests are held by BG Exploration and Production and Myanmar Petroleum Exploration and Production.
Drifting rig moved away from LNG plant
A submersible drilling unit which drifted towards a liquefied natural gas (LNG) plant has been moved away from the infrastructure. Woodside Petroleum temporarily shut down its $15billion plan after the Atwood Osprey rig drifted near to its flowlines. The move was made after the rig, which had been drilling at Chevron's Wheatstone LNG project, was torn from its moorings in a cyclone.
Woodside shuts down LNG plant
Woodside Petroleum has been forced to shut down its $15billion Pluto liquefied natural gas (LNG) plant after a submersible drilling rig began to drift near to its flowlines. The Australian operator said the move was taken after the rig was torn from its moorings in a cyclone. The rig had been drilling at Chevron’s Wheatstone LNG project nearby.
Woodside Petroleum gets ACCC approval for Apache acquistion
Woodside Petroleum’s proposed $3.75billion acquisition of Apache’s interest in three projects will not be opposed by the Australian Competition and Consumer Commission (ACCC). The company is looking to acquire interests in the Wheatstone, Balnaves and Kitimat Projects. The first and second project are located in the Northern Carnarvon Basin, offshore Western Australia, while the Kitimat Project is located in British Columbia, Canada.
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.
Woodside Petroleum delays Browse FLNG schedule
Woodside Petroleum has pushed back its schedule for the Browse FLNG (Floating Liquefied Natural Gas) project as it looks to take advantage of lower costs. The company said a revised schedule had been agreed. Woodside has already completed basis of design and key preparation work for the proposed development.
Australian partners to invest $1.2billion in Persephone project
The North West Shelf (NWS) operator Woodside Petroleum and its partners have approved the $1.2billion Persephone project. It is the third major gas development for the NWS project, which is off the north-west coast of Australia. The project will involve a two well, 7km subsea tieback from the Persephone field to the existing North Rankin complex.