Shares in a West Perth-based oil producer with operations in Kazakhstan have increased 70-fold this week, despite the company shutting down production and the collapse in global oil markets, leading to an ASX intervention.
A historic overnight collapse in oil markets has not significantly shaken bigger ASX-listed energy producers today, but it does foreshadow continuing uncertainty for one of Western Australia’s largest export industries.
The Environmental Protection Authority has released its greenhouse gas guidance which maintains its goal of net zero emissions by 2050 but will be flexible in how it is applied, after receiving feedback on a draft it released in December.
National LNG export revenue could fall by as much as 40 per cent in 2021 because of a collapse in the oil price, and the industry is unlikely to emerge as Australia’s saving grace as it did during the Global Financial Crisis.
Triangle Energy Global has contracted GR Engineering Services for maintenance work at its Perth Basin operations, while at the same time introducing cost-savings measures to limit the impact of COVID-19.
Buru Energy said today it has maintained production at its Ungani oil project in the Kimberley but has joined other resources companies, including Australian Vanadium, in cutting salaries, directors fees and other spending to preserve cash during the COVID-19 pandemic.
Woodside Petroleum will delay investment decisions on the Scarborough and Browse LNG developments after a big fall in oil prices amid the escalating COVID-19 pandemic, but three projects under way will continue.
Decisions on two LNG projects worth a combined $22 billion are likely to be delayed from this year to 2021, according to analysts Wood Mackenzie, while many producers have cut back to only essential staff.
Santos is confident a suite of financial measures introduced today will help it withstand the impacts of COVID-19, while MMA Offshore has withdrawn its guidance as the virus crisis hits the energy sector.
BHP will hire 1,500 temporary workers across the country on six month contracts, with at least 400 to be at Western Australian iron ore operations, Business News understands, while Woodside has pledged to cut payment times for contractors.