B07 Oil and Gas Extraction

BP’s grim warning on carbon emissions

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 7-Oct-19

BP’s chief economist Spencer Dale says everyone has a responsibility when it comes to steering the world towards a goal of zero net carbon emissions. He says energy companies like BP have a role to play in achieving cleaner energy, but that they cannot get too far ahead of governments and society. Dale adds that investing in new oil and gas fields is still important in terms of meeting energy demand in developing nations, while he says there is a growing mismatch between current emissions output and the wishes of society.

CORPORATES
BP PLC

Oil Search taps Wulff as legend Botten retires

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 16 & 22 : 2-Oct-19

Oil Search’s incoming CEO Keiran Wulff has downplayed suggestions that the Papua New Guinea-focused LNG producer may become a takeover target after Peter Botten steps down. Wulff says that succession planning has been in the works for some time, given that Botten has been at the helm for 25 years. Wulff, who currently heads Oil Search’s operations in Alaska, will succeed Botten in February. However, Botten will remain at Oil Search until August to ensure a smooth transition.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, CREDIT SUISSE (AUSTRALIA) LIMITED, RBC CAPITAL MARKETS, ALLAN GRAY AUSTRALIA PTY LTD, EXXONMOBIL CORPORATION

Activists call for blanket cap on Qld LNG exports

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 21 : 26-Sep-19

The Australia Institute and the Lock The Gate Alliance are among the activist groups that have urged the federal governance to impose a cap on Queensland’s LNG exports. They contend that such a cap would put downward pressure on domestic gas prices. Another option that has been advocated by some activists is to amend the Australian Domestic Gas Security Mechanism to include a price trigger. The federal government is reviewing the ADGSM, which has not been utilised to date.

CORPORATES
THE AUSTRALIA INSTITUTE LIMITED, LOCK THE GATE ALLIANCE INCORPORATED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, ENERGY USERS ASSOCIATION OF AUSTRALIA, ORIGIN ENERGY LIMITED – ASX ORG, AGL ENERGY LIMITED – ASX AGL, ESSO AUSTRALIA PTY LTD, BHP GROUP LIMITED – ASX BHP, REMAPAK PTY LTD, CLAYPAVE PTY LTD

ExxonMobil to exit Bass Strait gas and oilfields

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Original article by Perry Williams
The Australian – Page: 17 : 19-Sep-19

Oil major ExxonMobil is to put its 50 per cent stake in the Gippsland Basin Joint Venture on the market. ExxonMobil holds its 50 per cent interest in the GBJV through Esso, with BHP owning the other 50 per cent. It has been suggested that ExxonMobil could secure up to US2.5 billion ($3.65 billion) for its share of the GBJV, which houses offshore oil and gas assets in Bass Strait and the Longford and Long Island Point plants in Victoria. There is speculation that BHP might seek to put its share of the GBJV up for sale as well as a result of ExxonMobil’s announcement.

CORPORATES
EXXONMOBIL CORPORATION, ESSO AUSTRALIA PTY LTD, BHP GROUP LIMITED – ASX BHP

Saudi attack to send oil prices soaring

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Original article by Vesna Poljak,{SHARE}Peter Ker
The Australian Financial Review – Page: 1 & 13 : 16-Sep-19

Federal energy minister Angus Taylor has stated there are no immediate threats to Australia’s oil supplies, following attacks on Saudi Arabia’s energy infrastructure on 14 September. The drone attacks, by Iranian-backed Yemen Houthi rebels, are the most serious thus far on Saudi oil infrastructure, according to Ben Cleary from the Tribeca Global Natural Resources Fund. Saudi Arabia reported that over five million barrels oil production a day would be foregone immediately following the attacks, equivalent to between five and six per cent of global output. The attacks are tipped to spark a surge in oil prices when trading resumes on 16 September.

CORPORATES
AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY

Gas find off Victoria lifts hopes for supply from late 2021

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: Online : 7-Sep-19

Cooper Energy and Mitsui have reported a new gas find off the coast of Victoria, with the Annie-1 discovery being located near to an existing gas plant and pipeline. Cooper Energy MD David Maxwell indicated that drilling results indicated a discovery in line with expectations before the well was drilled, which suggests a ‘best estimate’ of 70.5 billion cubic feet, and possibly as much as 137 bcf. Supply from Annie-1 could commence as soon as late 2021.

CORPORATES
COOPER ENERGY LIMITED – ASX COE, MITSUI AND COMPANY (AUSTRALIA) LIMITED

Potential $50b wave of gas M&A deals around the corner

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 27 : 30-Aug-19

David Low of Wood Mackenzie says mergers and acquisitions activity in Australia’s oil and gas sector could increase in coming years. He identifies Cooper Energy and Senex Energy as being among the smaller companies that could become takeover targets, while Oil Search could also potentially attract suitors following its recent share price weakness. Low adds that international companies such as ConocoPhillips and Eni could opt to divest some or all of their assets in Australia.

CORPORATES
WOOD MACKENZIE, COOPER ENERGY LIMITED – ASX COE, SENEX ENERGY LIMITED – ASX SXY, OIL SEARCH LIMITED – ASX OSH, CONOCOPHILLIPS, ENTE NAZIONALE IDROCARBURI SPA, COMET RIDGE LIMITED – ASX COI, GALILEE ENERGY LIMITED – ASX GLL, WOODSIDE PETROLEUM LIMITED – ASX WPL, SANTOS LIMITED – ASX STO, QUADRANT ENERGY PTY LTD

Staggering WA find raises cheap LNG hope

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 21 : 29-Aug-19

Warrego Energy MD Dennis Donald is bullish about the potential resource at the West Erregulla-2 gas discovery in Western Australia. Warrego and joint venture partner Strike Energy recently announced encouraging results from a drilling at the West Erregulla-2 well in the North Perth Basin. Donald says it may be part of a much larger onshore conventional gas resource that could prove to be more economical to develop for LNG production than some offshore gas fields.

CORPORATES
WARREGO ENERGY LIMITED – ASX WGO, STRIKE ENERGY LIMITED – ASX STX, BEACH ENERGY LIMITED – ASX BPT, MITSUI AND COMPANY LIMITED, AWE LIMITED, RBC CAPITAL MARKETS, WESFARMERS LIMITED – ASX WES, CSBP LIMITED

Second NSW gas terminal critical

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Original article by Perry Williams
The Australian Financial Review – Page: Online : 14-Aug-19

The New South Wales government is to give ‘critical status’ to a second proposed LNG import terminal for that state on 14 August. The $590 million gas plant on Newcastle’s Kooragang Island is being developed by South Korean company EPIK, and was proposed in December 2018. The first NSW LNG import terminal to be awarded ‘critical status’ is the Andrew Forrest-backed project at Port Kembla, which is due to become operational in late 2020. The EPIK terminal could be operational by 2022-23, and has the potential to supply up to 80 per cent of NSW’s gas needs.

CORPORATES
EPIK, AGL ENERGY LIMITED – ASX AGL

Chevron starts carbon storage

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Original article by Paul Garvey
The Australian – Page: 20 : 9-Aug-19

Chevron Corporation has commenced its carbon dioxide injection program at the Gorgon LNG project, two years behind schedule. The initiative is expected to reduce Gorgon’s carbon emissions by about 40 per cent, with some 100 million tonnes of carbon dioxide to be injected into rocks beneath Barrow Island over the life of the $US54bn ($79.74bn) project. Conservation Council of Western Australia director Piers Verstegen says Chevron should offset the carbon dioxide that it has emitted since March 2017, when the carbon dioxide injection program had been slated to begin.

CORPORATES
CHEVRON CORPORATION, CONSERVATION COUNCIL OF WESTERN AUSTRALIA INCORPORATED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE