US oil futures surged nearly two per cent as they were bolstered by a fifth weekly crude inventory drawdown and strong domestic petrol demand amid ongoing global supply concerns over US sanctions on Iran that come into force in November.
Oil futures rose more than one per cent on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.
Oil prices were little changed as the market weighed deepening trade tension between the US and China that is expected to dent global crude demand and potential supply tightening due to Iran sanctions.
Oil prices pulled back on concerns additional US tariffs would be placed on Chinese imports, after an earlier rally triggered by worries that more sanctions on Iran might constrict supply.
The state government has formally commenced seeking a UNESCO World Heritage listing of the Burrup Peninsula, which is home to some of WA’s largest industrial facilities and signalled any new projects will need to meet the highest environmental standards.
Shares in MMA Offshore have fallen today, after the marine logistics company forecast a challenging year ahead as part of its 2018 financial report, which also included a $36.3 million loss.
Santos is set to become the dominant supplier of gas in the Western Australian domestic market after striking a deal to buy privately-owned Quadrant Energy for $US2.15 billion ($A2.95 billion).
International real estate services company Cushman & Wakefield has been appointed as facility manager of the new Woodside headquarters in Perth, with former Knight Frank director Bret Madden brought on to lead the on-site team.
The market has welcomed a strong annual profit report and positive outlook for Monadelphous, even though the engineering contractor has warned its construction revenue will fall after a big surge in work on the Ichthys LNG project in Darwin last financial year.
Global Energy Ventures is developing a plan to develop stranded gas fields in Malaysia using its floating compressed natural gas technology, after signing a letter of intent with Kuala Lumpur-based Tamarind Resources.
Shares in Carnarvon Petroleum have regained some of yesterday’s losses, after the oil and gas explorer revealed plans for its lesser known Buffalo project in the Timor Sea.
Paris-based upstream oil and gas engineering business Doris Engineering has set up shop in Perth as it prepares for the next wave of local major projects to get under way.
Nearly 140 major projects are either under way or planned for WA, new research by Business News has found. Click through to access the new list on the BNiQ Search Engine.
Woodside Petroleum has signed up engineering company Wood to prepare development plans for the Scarborough gas field, with the work to be split between offices in Houston and Perth.
Tap Oil major shareholder Risco Energy Investments has increased its takeover offer for the oil and gas company to $38.7 million on the back of BDO’s independent expert valuation.
Carnarvon Petroleum has announced another oil discovery at its Dorado-1 well in the Carnarvon Basin, with the company’s share price having more than quadrupled in the past month.
Marine services company Bhagwan Marine has expanded its fleet with the purchase of two specialist vessels that are larger than others in its current fleet.
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