Oil and gas software developer Stochastic Simulation has gone into liquidation, about five months after it went into receivership, with secured creditors likely to receive about 4 cents in the dollar in a best-case scenario.
Shares in three local energy companies have surged today after hitting hydrocarbons while drilling the Xanadu-1 offshore prospect in the Perth Basin, with Triangle Energy leading the charge, up nearly 60 per cent.
State-owned regional power provider Horizon Power has recorded a $35.4 million net profit for the year to June, while hitting its targeted reduction of government subsidies more than a year ahead of time.
State-owned power generator and retailer Synergy has recorded a loss of $12.6 million for the 2017 financial year on the back of lower sales revenue and a large impairment due to the early closure of its generation capacity.
Shares in West Perth-based energy hopeful Pancontinental Oil & Gas were up 33 per cent today after the company sold part of its stake in a Namibian offshore exploration licence to Africa Energy for $US7.7 million ($9.6 million).
Contract Power Group has won a contract to build, own and operate a power station at Pilbara Minerals’ Pilgangoora lithium project for at least seven years, while former Fortescue Metals Group delivery manager Dale Henderson has taken over as Pilbara’s project director.
The state government has strengthened its ban on fracking in Perth and the South West, while moving to appoint Environmental Protection Authority chairman Tom Hatton to run a scientific inquiry into the drilling technique.
An ambitious multi-billion dollar project to export solar power from the Pilbara into Indonesia would be technically viable, according to a pre-feasibility study released by the Pilbara Development Commission today.
Grattan Institute energy program director Tony Wood has said the state government should proceed, but move cautiously, toward full retail contestability in the local electricity market, speaking at the Energy in WA conference today.
Energy Minister Ben Wyatt hopes to introduce laws to ease network access rules for new electricity generators by mid 2018, while acknowledging concerns about Synergy's market power in an address today at the Energy in Western Australia Conference.
Sydney-based gas producer AWE plans to upgrade its resource estimate for the Waitsia gas field in the Perth Basin in coming months after a recent drilling campaign showed the field extends further eastward than initially thought.
SPECIAL REPORT: As WA households benefit from increased competition in gas retailing, the electricity sector wants to be able to compete with Synergy in providing to small customers, with some industry members calling for a reduction in the contestability threshold to 20 megawatt hours.
SPECIAL REPORT: More than $1.6 billion of renewable energy projects are proposed for the South West Interconnected System, but their success may hinge on how the government handles two regulatory issues.
Woodside Petroleum chief executive Peter Coleman said today that changes to the ownership of the North West Shelf Venture would be a natural progression as it became an infrastructure asset servicing offshore gas fields.
Some of the North West Shelf Venture partners might either sell their stake in the operation or take an equity interest in potential projects such as Browse as one potential solution to find backfill liquids for Karratha gas plant in the next decade, according to a report by Wood Mackenzie.