B07 Oil and Gas Extraction

Investors lurk for North West Shelf shake-up

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 19 : 4-Jul-19

Saul Kavonic of Credit Suisse says that some of the partners in the North West Shelf venture could potentially divest their stakes in coming years. The NW Shelf project plans to commence processing third-party gas to offset the depletion of its own gas reserves. Woodside Petroleum has a 16.7 per cent stake in the NW Shelf project and is its operator; CEO Peter Coleman used a recent site tour to flag the possibility that the oil and gas group could eventually review its interest in the project and whether it could make better use of its capital.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CREDIT SUISSE (AUSTRALIA) LIMITED, BHP GROUP LIMITED – ASX BHP, HAYBERRY GLOBAL FUND

Woodside deal to miss deadline

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 25-Jun-19

The parties involved in the North West Shelf venture were hoping to reach agreement on the processing of third-party gas by the end of June. However, venture partner Shell recently indicated that a delay in reaching a final agreement is possible, and Woodside Petroleum CEO Peter Coleman has confirmed that this is likely to be the case. However, he said a decision on final approval for the US20 billion ($28.8 billion) Browse project remains on target for the end of 2020.

CORPORATES
SHELL COMPANY OF AUSTRALIA LIMITED, WOODSIDE PETROLEUM LIMITED – ASX WPL, BP PLC, BHP GROUP LIMITED – ASX BHP, CHEVRON CORPORATION, SAUDI ARAMCO, ENN GROUP

Canberra puts its foot on the gas

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Original article by Nick Evans, Paul Garvey
The Australian – Page: 17 & 28 : 20-Jun-19

The federal government will put pressure on Woodside Petroleum and its Browse LNG joint venture partners to commit to developing the gas project. The current retention lease expires in mid-2020, and Resources Minister Matt Canavan has warned that the Browse partners risk losing the licence if they cannot demonstrate that they are ready to make a final investment decision. Fortescue Metals Group is among the companies that could potentially take up the Browse lease if Woodside and its partners are forced to relinquish it.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, FORTESCUE METALS GROUP LIMITED – ASX FMG, ROYAL DUTCH SHELL PLC, BP PLC, PETROCHINA COMPANY LIMITED

Woodside expects reduced output

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Original article by Perry Williams
The Australian – Page: 20 : 12-Jun-19

Oil and gas producer Woodside Petroleum has advised that its production for 2019 will be at the lower end of its previous guidance of 88-94 million barrels of oil equivalent. Woodside has attributed the revised guidance to a delay in resuming production at the Pluto LNG plant due to maintenance issues. RBC Capital Markets estimates that a two per cent reduction in annual output would reduce Woodside’s earnings by around three per cent.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, RBC CAPITAL MARKETS, BHP GROUP LIMITED – ASX BHP

Challenge to Australia’s gas dominance

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Original article by Perry Williams
The Australian – Page: Online : 4-Jun-19

Australia displaced Qatar as the world’s biggest LNG exporter in late 2018, but gas buyers say this status may be short-lived as more producers enter a competitive market. James Vigil of Japan-based JERA says LNG producers need to be competitive with regard to factors other than price, such as the terms and conditions of their supply deals and the length of their contracts. Meanwhile, Qatar plans to ramp up its LNG production, while the US has a rapidly growing LNG export trade.

CORPORATES
JERA, THE TOKYO ELECTRIC POWER COMPANY INCORPORATED, CHUBU ELECTRIC POWER COMPANY INCORPORATED, WOOD MACKENZIE, CHEVRON CORPORATION, AGL ENERGY LIMITED – ASX AGL, EXXONMOBIL CORPORATION, MITSUBISHI CORPORATION

Forrest’s AIE leads LNG import race

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Original article by Matthew Stevens
The Australian Financial Review – Page: 30 : 30-Apr-19

Australian Industrial Energy has secured regulatory approval to use Port Kembla in New South Wales as the location for its proposed LNG import terminal. At this stage, AIE, which is 50 per cent owned by Andrew Forrest’s Squadron Energy, does not have a CEO. Choosing a CEO is likely to be one of its two main goals before making a final decision on whether to proceed with its LNG terminal, along with securing some firm customers.

CORPORATES
AUSTRALIAN INDUSTRIAL ENERGY PTY LTD, SQUADRON ENERGY, MARUBENI CORPORATION, JERA, AGL ENERGY LIMITED – ASX AGL

Woodside CFO upbeat on prospects for Kitimat LNG

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 23-Apr-19

Woodside Petroleum and Chevron plan to increase the proposed capacity of their Kitimat LNG project in British Columbia from 10 million tonnes a year to 18 million tonnes, and add a third production train. Woodside CEO Sherry Duhe says it is too soon to know whether Chevron’s acquisition of Anadarko Petroleum will impact on the Kitimat project. She has also downplayed concerns about a fall in LNG spot prices in Asia, citing factors such as increased global supply and a warmer-than-expected winter in the northern hemisphere.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, CHEVRON CORPORATION, ANADARKO PETROLEUM CORPORATION, ENN GROUP, CANADA. NATIONAL ENERGY BOARD, CITIGROUP PTY LTD

Santos warns of PRRT tax hit

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Original article by Paul Garvey
The Australian – Page: 20 : 18-Apr-19

Santos has posted sales revenue of $1.01bn for the March quarter, which is 28 per cent higher than previously, while free cash flow rose to a record $327m. Santos has also advised that it produced 18.4 million barrels of oil equivalent during the quarter, which is up 33 per cent year-on-year. Meanwhile, Santos has indicated that its earnings could be adversely affected by changes to the petroleum resource rent tax that take effect on 1 July.

CORPORATES
SANTOS LIMITED – ASX STO, ROYAL DUTCH SHELL PLC, CONOCOPHILLIPS, QUADRANT ENERGY PTY LTD, RBC CAPITAL MARKETS

Santos makes major gas discovery off WA

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 17-Apr-19

Santos has had promising results from a drilling program at its Corvus-2 well in the WA-45-R permit, which it acquired via the takeover of Quadrant Energy. Wood Mackenzie has suggested that the Corvus-2 discovery may hold 2.5 trillion cubic feet of gas and 25 million barrels of condensates. Meanwhile, Oil Search has reported revenue of $US398.1m for the March quarter, which is 21 per cent lower than the three months to December. Production fell by three per cent, to 7.25 million barrels of oil equivalent.

CORPORATES
SANTOS LIMITED – ASX STO, OIL SEARCH LIMITED – ASX OSH, WOOD MACKENZIE

Woodside chief steps up call for carbon pricing

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Original article by Glenda Korporaal
The Australian – Page: 22 : 4-Apr-19

Woodside Petroleum CEO Peter Coleman has told the LNG 2019 conference in Shanghai that the industry can take a leading role in reducing global greenhouse gas emissions. Amongst other things, he says LNG can replace fuels that generate higher emissions, including in the road transport and shipping industries. Coleman also argued the case for a global price on carbon, but cautioned that policies aimed at reducing carbon emissions will fail if they are regarded as having a negative impact on jobs and prosperity.

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, BHP GROUP LIMITED – ASX BHP, SHELL COMPANY OF AUSTRALIA LIMITED, CHEVRON CORPORATION, HUDONG-ZHONGHUA SHIPBUILDING (GROUP) COMPANY LIMITED