05262016Thu
Last update: Thu, 26 May 2016 01am

Australia

Markets - Energy - Australia

Oil Search, InterOil should seek competition approvals for merger SYDNEY: Papua New Guinea may challenge the $2.2 billion merger between Oil Search Ltd and InterOil Corp if they fail to comply with anti-competition procedures, the country's corporate watchdog said Tuesday. The commissioner of Papua New Guinea's Independent Consumer and Competition Commission (ICCC), Paulus Ain, said he was concerned the parties were not coming to the ICCC for regulatory approvals. The merger would assemble a liquefied natural gas powerhouse in the country.Asked by Reuters in an email if the ICCC would take legal action to block the transaction, Ain said this was "an option available," but ICCC was first urging the parties to seek the relevant approvals."As good corporate entities, they should consider applying to ICCC for an independent assessment into the proposed acquisition," Ain said.The warning comes as InterOil's ex-chief executive, and other shareholders representing more than 7 percent of InterOil's shares, criticised the deal, saying it undervalues InterOil ...

Markets - Energy - Australia

Oil Search still open to takeover bid SYDNEY: Papua New Guinea oil and gas producer Oil Search Ltd says it is open to future takeover offers, despite rebuffing an $8 billion all-share bid from Woodside Petroleum last year. Oil Search shares sank 17 percent last September when Woodside abandoned the deal, after failing to win support from Oil Search.At Oil Search's annual general meeting in Port Moresby on Friday, chairman Richard Lee told shareholders the Woodside bid "significantly undervalued the company," according ...

Markets - Energy - Australia

France's Total CEO: priority in getting back into Iran is gas PERTH: The chief executive of France's Total SA said on Wednesday that the company's priority on getting back into Iran's energy sector was gas and petrochemicals "Gas is our priority for us there, and petrochemicals," Total Chief Executive Patrick Pouyann? told reporters at an international liquefied natural gas conference.He said the company has not signed any deals in Iran yet. Copyright Reuters, 2016 ...

Markets - Energy - Australia

Latin American oil producers to meet Friday in Quito - Ecuador president Latin American oil producers Ecuador, Colombia, Venezuela and Mexico are to meet on Friday to discuss an output freeze or other methods to bolster prices, Ecuador's President Rafael Correa told journalists on Tuesday.The gathering was originally expected at the start of March, but was delayed due to scheduling difficulties.Copyright AFP (Agence France-Presse), 2016 ...

Markets - Energy - Australia

Australia 'disappointed' Woodside shelved mega gas project SYDNEY: Australia's resources minister said Thursday he was disappointed energy giant Woodside has indefinitely shelved a more than US$40 billion gas project off the nation's west coast, hit by plunging energy prices.Woodside's chief executive Peter Coleman said that, after a comprehensive assessment of the Browse liquefied natural gas development, "the economic environment is not supportive of a major LNG investment at this time".Energy firms have been under the pump as diving prices for oil-related products, ...

Markets - Energy - Australia

Australia shares flat as investors swoop on bargains, commodities remain weak SYDNEY: Australian shares ended flat on Monday as gains from bargain hunting were curtailed by weakness in the prices of key commodities such as oil and iron ore. After opening in negative territory, the S&P/ASX 200 index recovered to close up 2.3 points at 5,109.The benchmark is down 5.6 percent so far this year.New Zealand's benchmark NZX 50 index rose 13.0 points or 0.2 percent to finish the session at 6,120.8.Copyright Reuters, 2015 ...

Markets - Energy - Australia

Australia's coal city backs green future SYDNEY: Australia's city of Newcastle, which claims the world's biggest coal export port, said Wednesday it will pull money out of fossil fuel industries as it invests in more sustainable enterprises.Newcastle City Council, which manages a Aus$268 million (US$191 million) investment fund for Australia's seventh largest city, voted late Tuesday to progressively move towards "environmentally and socially responsible investments"."Coal undoubtedly makes up a really significant portion of our local economy, but we're also increasingly becoming ...