ENERGY INDUSTRIES – AUSTRALIA

Chevron plans first Gorgon LNG shipment

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 25 : 12-Mar-15

Chevron’s Jay Johnson has indicated that production at the Gorgon LNG project in Western Australia will commence in the September 2015 quarter. Exports are slated to begin by the end of 2015. Johnson adds that the sharp downturn in the crude oil price will not unduly affect the profitability of the $US54bn ($A70.5bn) Gorgon project, noting that it will operate for at least four decades

CORPORATES
CHEVRON CORPORATION, EXXONMOBIL CORPORATION, ROYAL DUTCH SHELL PLC, WESTERN AUSTRALIA. ENVIRONMENTAL PROTECTION AUTHORITY

‘Zero-down’ finance heats up solar rivalry

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 18 : 6-Mar-15

AGL and Origin Energy are expanding their solar energy divisions. AGL is launching an offer of a solar panel installed for free, with a fixed monthly fee payable for a minimum amount of solar power. The company says "power purchase agreements" are very popular in overseas markets. Origin Energy is already running a similar program in Adelaide

CORPORATES
AGL ENERGY LIMITED – ASX AGL, ORIGIN ENERGY LIMITED – ASX ORG, SUNGEVITY AUSTRALIA PTY LTD, SUNPOWER CORPORATION

Borda exit from Santos surprises market

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Original article by Angela Macdonald-Smith, Joe Aston
The Australian Financial Review – Page: 15 : 4-Mar-15

Santos chairman Ken Borda will step down at the oil and gas producer’s annual meeting in April 2015. Borda succeeded Peter Coates as chairman in May 2013, and the latter will take up the role again. Santos has downplayed speculation that there have been tensions between Borda and CEO David Knox. Nik Burns of UBS says investors would have preferred Borda to remain in the role for another year to oversee the group’s investment in the Gladstone LNG project

CORPORATES
SANTOS LIMITED – ASX STO, UBS HOLDINGS PTY LTD, DEUTSCHE BANK AG, GLENCORE PLC

Oil Search prospects defy oil price collapse

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 17 : 25-Feb-15

Australian-listed Oil Search has posted a 2014 net profit of $US353.2m ($A454.5m), which is 72 per cent higher than previously. The oil and gas group’s full-year accounts include a write-down of nearly $US130m. Shareholders will receive a final dividend of $US0.08 per share, plus a special dividend of $US0.04 per share. Oil Search shares closed $A0.01 higher at $A8.29 on 24 February 2015

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, TOTAL SA, BERNSTEIN RESEARCH, EXXONMOBIL CORPORATION

Woodside fuelled up for more acquisitions

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 21 & 26 : 19-Feb-15

Oil and gas producer Woodside Petroleum has posted a net profit of $US2.41bn for the 2014 calendar year, an increase of 38 per cent. The group’s underlying net profit of $US2.42bn was 42 per cent higher than previously, while revenue rose by 25 per cent to $US7.44bn. Shareholders will receive a final dividend of $US1.44 per share. CEO Peter Coleman says Woodside has sufficient capital to consider further large acquisitions should appropriate opportunities arise

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, APACHE ENERGY LIMITED, ALPHINITY INVESTMENT MANAGEMENT PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CHEVRON CORPORATION, BERNSTEIN RESEARCH

Cooper Energy loses $58m on write-down

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 23 : 17-Feb-15

Australian-listed Cooper Energy has posted a 2014-15 interim loss of $A58m. The result was marred by a write-down of its assets in Tunisia, which now have a carrying value of zero. Cooper Energy has been seeking to offload these assets for some time. The group’s underlying net profit for the half-year fell from $A13.6m previously to just $A900,000. It expects full-year oil production to be between 500,000 and 560,000 barrels

CORPORATES
COOPER ENERGY LIMITED – ASX COE, SANTOS LIMITED – ASX STO, ORD MINNETT GROUP LIMITED

Woodside urges end to Sunrise deadlock

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 : 9-Feb-15

Rui Araujo is widely tipped to succeed outgoing East Timor Prime Minister Xanana Gusmao. Deakin University’s Damien Kingsbury says Araujo might be more amenable to negotiations regarding the Sunrise gas field in the Timor Sea, which has been the subject of a maritime boundary dispute between Australia and East Timor. Woodside Petroleum wants the impasse to be resolved so it can move forward with its $US13bn ($A17bn) Sunrise gas project

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, DEAKIN UNIVERSITY, EAST TIMOR. OFFICE OF THE PRIME MINISTER, FRETILIN, AUSTRALIA. NATIONAL SECURITY COMMITTEE, ROYAL DUTCH SHELL PLC, CONOCOPHILLIPS, INTERNATIONAL COURT OF JUSTICE, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE

Seven ‘too small to take out Beach’

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Original article by James Thomson
The Australian Financial Review – Page: 20 : 4-Feb-15

Seven Group Holdings has built up a 13.4 per cent stake in Beach Energy, after initially purchasing 3.5 per cent of the group’s shares in late January 2015. The share raid has prompted speculation of a takeover play, but Tim Mann of Morningstar believes that Seven Group lacks sufficient financial firepower to effect a takeover. Martin Kronborg of Credit Suisse suggests that the move may be in expectation that Beach will attract another suitor

CORPORATES
SEVEN GROUP HOLDINGS LIMITED – ASX SVW, BEACH ENERGY LIMITED – ASX BPT, MORNINGSTAR PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, WESTRAC HOLDINGS PTY LTD, BAILLIEU HOLST LIMITED

China claims Woodside withheld gas

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Original article by Angus Grigg, Angela Macdonald-Smith
The Australian Financial Review – Page: 1 : 29-Jan-15

Woodside Petroleum’s Chinese customers have accused the Australian company and its partners of delaying LNG shipments. The Chinese side claims that the North West Shelf Gas consortium is holding back gas in an attempt to force the clients to renegotiate the terms of a deal signed in 2002 and raise the price. At an investor briefing in August 2014, Woodside CEO Peter Coleman said the contract was running at a "cash loss"

CORPORATES
WOODSIDE PETROLEUM LIMITED – ASX WPL, NORTH WEST SHELF AUSTRALIA LNG PTY LTD, JAPAN AUSTRALIA LNG (MIMI) PTY LTD, TRI-ZEN INTERNATIONAL PTE LTD, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, BP PLC, ROYAL DUTCH SHELL PLC, CHEVRON CORPORATION, MITSUI AND COMPANY LIMITED, MITSUBISHI CORPORATION, BHP BILLITON LIMITED – ASX BHP

Santos in ‘active’ talks on CSG project deal

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 22-Jan-15

Santos plans to sell roughly 30 per cent of its proposed $A2 billion coal seam gas project in Narrabri, New South Wales. The Australian-listed energy group has an 80 per cent stake in the contentious development. It is holding talks with gas ­buyers, manufacturers and global companies. Santos’s vice president of eastern Australia, James Baulderstone, says the project will not proceed without more investors, but the slump in the crude oil price presents "challenges" in the negotiations

CORPORATES
SANTOS LIMITED – ASX STO, ENERGYAUSTRALIA PTY LTD