Oil & Gas

ANALYSIS: Plans for oil exploration in the Canning Basin announced over the weekend may deliver good news for Western Australia, but some of the claims surrounding the latest drilling program are extravagant to say the least.

Perth-based Indus Energy has withdrawn plans to buy South Australian company New Era Oil and Gas and re-list on the ASX, after it concluded it could not raise the $4 million required.

Telstra and Dutch multinational Fugro have opened a remote operations centre in Gnangara, which the partners hope could be used to service industries beyond oil and gas.

GR Engineering has emerged from an ASX suspension today to disclose that its bottom line will likely be impacted by two major subsidiaries of its client Northern Oil & Gas Australia going into administration last month.

Allseas Group has been selected to build a 260 kilometre pipeline linking the Barossa gas field to the Darwin LNG facility, with ConocoPhillips likely to make a final investment decision on the project before March 2020.

Family-owned fertiliser producer Baileys has been the given the green light as a carbon neutral certified business, as part of an overall strategy to become more environmentally friendly.

KPMG has been appointed as administrator to two subisdiaries of West Perth-based Northern Oil & Gas Australia, with contractor GR Engineering Services going into a trading halt as result of the action.

Australia’s petroleum tax system will fail to raise much revenue, yet big producers won’t be earning big profits either, according to oil industry consultant Juan Carlos Boue.

Alaska-focused oil and gas explorer 88 Energy, formerly Tangiers Petroleum, has announced it will raise $6.75 million through a share placement to fund operations at its flagship Project Icewine venture.