12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Australia

Markets - Energy - Australia

BP scraps plan to drill off Australia's south coast MELBOURNE/LONDON: Oil major BP has scrapped plans to drill for oil and gas off the southern coast of Australia because it is too expensive in the face of low oil prices that have prompted heavy cost-cutting across the sector. The Great Australian Bight project has been condemned by environmental groups who say it would damage whale and sea lion breeding grounds, but BP's withdrawal can only be viewed as a partial victory for campaigners because the company and a number of others still hold exploration permits for the area. BP said the project, in which it is partnered by Norway's Statoil, would not be able to compete for capital investment with other opportunities in its global portfolio for the foreseeable future."This decision isn't a result of a change in our view of the prospectivity of the region, nor of the ongoing regulatory process," BP's head of exploration and production in ...

Markets - Energy - Australia

Asia Fuel Oil-380-cst extends gains as inventories decline SINGAPORE: Cash differentials for Singapore 380-cst fuel oil narrowed their discounts for a fourth consecutive session on Thursday, following a 4 percent decline in onshore inventories.Discounts for 380-cst fuel narrowed 33 cents on Thursday to $1.85 a tonne below Singapore quotes. Three 380-cst fuel oil cash deals were reported totalling 60,000 tonnes and another three deals of the same volume were reported for the 180-cst fuel, industry sources said.As on Wednesday, Coastal was on both ...

Markets - Energy - Australia

Spirited Australia, NZ dollars settle down for Brexit show SYDNEY/WELLINGTON: The Australian and New Zealand dollars consolidated recent gains on Wednesday with investors retreating to the sidelines a day before Britain votes on whether to stay in or leave the European Union.The vote still looks too close to call, traders said, and a win for the 'leave' side was likely to cause turmoil in global markets. Conversely, a 'remain' vote would remove a major cloud over the global economy and trigger a relief rally ...

Markets - Energy - Australia

OPEC changes nothing of substance, but at least they're being civil: Russell LAUNCESTON: There are two ways of looking at the OPEC meeting in Vienna, and neither is wrong. Firstly it was a success as the Saudis and Iranians managed to be relatively nice to each other, and secondly it was a failure because everybody can still pump as much oil as they feel like. The market expectations had been set so low for the Organization of the Petroleum Exporting Countries meeting yesterday in the Austrian capital ...

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 ...

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 ...