Oil & Gas

Oil dips 8% despite talk of output cut

Oil prices have slumped up to nearly eight per cent to the lowest in more than a year, posting the seventh consecutive weekly loss, amid intensifying fears of a supply glut even as major producers consider cutting output.

Solid grounds for optimism on exports

ANNIVERSARY SPECIAL: Via a mix of good fortune and planning, WA has positioned itself as supplier to the fast-growing economies of Asia rather than a competitor. This article is part of a special series to mark Business News' 25-year anniversary.

Oil prices fall on rising US inventories

Oil prices dipped overnight after US inventories swelled to their highest level since December adding to concerns about a global crude glut but OPEC talk of an output cut limited losses.

Continuity, diversity drive success

ANNIVERSARY SPECIAL: The ranks of WA’s largest public companies have changed dramatically over the past two decades, but Wesfarmers has been a constant near the top. This article is part of a special series to mark Business News' 25-year anniversary.

Oil rebounds but glut worries persist

Oil prices rose about $US1 a barrel a barrel overnight, bouncing from the lowest levels in months, after US government data showed strong demand for refined fuel, but concerns remained over rising global crude supply.

SNC-Lavalin wins Perdaman contract

Vikas Rambal’s Perdaman Industries has signed up Canadian engineering company SNC Lavalin as lead contractor on its $4 billion Karratha urea project, one day after announcing a gas supply deal with Woodside Petroleum.

WA construction work on the rise

A new report shows construction work in Western Australia has increased for the first time in five years, while warning that local industry must future-proof itself from capacity and capability risks.

Message from Woodside CEO Peter Coleman

The expansion plans that Woodside has announced this year will make a major contribution to Western Australia’s economic and energy security for decades to come.

Oil slumps 7% amid gloomy trade outlook

Oil prices have tumbled about seven per cent, with US crude plunging to its lowest level in more than a year, caught in a broader Wall Street sell-off that was fed by rising concerns about slowing global economic growth.

Woodside Fifo camp approved

Woodside Petroleum has struck a revised deal with the City of Karratha to build a 604-bed workers camp, but the planning approval time-frame for the project remains uncertain.

Brent crude slips as investors fear glut

Brent crude futures fell in choppy trade, under pressure from growing supply but supported by a reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.

Oil lifts, but still down for sixth week

Oil ended the week slightly firmer after volatile trading, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.

Ichthys opens LNG plant

Japanese outfit Inpex today officially opened the onshore LNG processing facilities at its $46 billion Ichthys project in Darwin.

Costs make gas game a play for the long term

ANNIVERSARY SPECIAL: Foreign investment, free trade and a skilled workforce have helped WA tap its enormous oil and gas reserves, to the benefit of the entire country. This article is part of a special series to mark Business News' 25-year anniversary.

Oil rebounds 2% on talks over supply cut

Oil has bounced nearly two per cent, recouping some of the previous session's heavy sell-off, on the growing prospect that the Organisation of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up the market.

Coleman tips hydrogen power by 2030

Woodside Petroleum has urged governments across Australia to back its ambitious growth projects, which include $30 billion on LNG projects along with development of industrial-scale hydrogen power.

Treasurer rejects gas pipeline purchase

Treasurer Josh Frydenberg has rejected a Chinese consortium's proposed $13 billion purchase of APA Group, saying the deal would result in an undue concentration of foreign ownership of the country's gas transmission pipelines.

New MD for Chevron Australia

Petroleum giant Chevron today announced that Australian boss Nigel Hearne will move to the US, to be replaced by company veteran Al Williams.

NWS strikes LNG deal with Browse JV, Chevron

The Woodside-operated North West Shelf Venture has struck a preliminary deal to process LNG for the Browse project and Chevron’s Clio-Acme gas fields.

Gas, oil tax changes to rake in $6bn

The federal government expects to raise $6 billion over the next decade from changes to the taxation of Australia's big oil and gas producers.

Whitebark in $5m Xanadu sale

A sluggish approvals process for seismic work at the Xanadu prospect in the Perth Basin has led Whitebark Energy to sell its stake in the project in a $5 million deal, with the money to head to Canada instead.