A multi-million takeover offer for Australian company Liquefied Natural Gas Ltd (LNGL) has fallen through, sending its shares down by more than 35 per cent today.
Australis Oil & Gas is taking action to preserve cash reserves through a number of cost-reduction measures as it deals with the current low oil price and impacts of COVID-19.
The two biggest Perth-based resources companies have furthered their interest in hydrogen, with one focused on export potential and the other investigating a more metropolitan project.
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.
Engineering company Worley has secured further work at a number of Chevron’s Australian assets, as well as new contracts with Shell and an Indonesian oil and gas company for a new sulfuric acid plant.
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.
Oil and gas explorer Otto Energy is looking to raise up to $17.5 million, despite current market conditions, to fund the development of its well in the Gulf of Mexico.
Woodside Petroleum has cut the number of people working at its Karratha gas plant, with the decision flowing through to hundreds of contractors at companies such as Monadelphous and UGL.
Domestic gas reservation schemes have earned a rebuke from the Productivity Commission, while it has called for an end to drilling bans and warned on the massive cost of approval delays.
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a suite of financial measures introduced today will help it withstand the impacts of COVID-19, while MMA Offshore has withdrawn its guidance as the virus crisis hits the energy sector.
Lynas Corporation and Galaxy Resources have suspended operations in response to tighter overseas government controls, while explorer Whitebark Energy has also felt the impacts of COVID-19.
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.
Santos has already offloaded a portion of the Darwin LNG operation for $US390 million ($620 million) to South Korean SK E&S, in line with plans flagged during an acquisition of ConocoPhillips’ northern Australian assets in October.
The federal government today announced significant investments in the energy sector, with the awarding of $69.5 million to two new cooperative research centres, and the launch of the Future Battery Industries Cooperative Research Centre.
Premier Mark McGowan has called for federal support to get a new research centre for hydrogen and LNG exports off the ground, while there’s work under way to attract investment in new industries using domestic gas.
In celebration of International Women’s Day, inductees of the WA Women’s Hall of Fame and the winners of the Chamber of Minerals and Energy of WA Women in Resources Awards were announced over the weekend.
Western Australia's liquefied natural gas sector has been largely unaffected to date by the COVID-19 crisis, but a new report shows travel restrictions and declining oil prices could slow development of major projects, including Woodside Petroleum and BHP's $16 billion Scarborough joint venture.
