Australian Oil Production on a Large Scale Unlikely to Happen Soon
Bloomberg reported that large-scale oil and gas production in Australia likely will not happen for up to a decade unless companies focus on higher-priced oil and liquids.
Articles Tagged "australia"
Australia Suggests Oil and Gas Exploration Locations
Bloomberg reported that the Australian government has put forward 27 areas that could be explored for oil and gas. The locations suggested are off the coasts of the Northern Territory, Western and South Australia, and Victoria and Tasmania.
China and Shell to Explore Canadian Oil Sands
As China demonstrates its political clout at the G20 summit in Seoul, the country continues to make headlines in economic and energy news as the China National Petroleum Company (CNPC) has made an agreement with Shell to develop oil sands. CNPC, the parent of PetroChina, reported that its president, Jiang Jiemin and Royal Dutch Shell Plc (NYSE:RDS.B)CEO Peter Voser signed a memorandum of agreement in Beijing on "integrated co-operation" of oil and gas projects in Canada and coal bed methane development in China.
Advantage: Crude
Even as investors are mulling mixed signals over crude supply numbers from the Energy Information Administration, there are clear indications that the Gulf state leaders have no plans to stop pricing oil in dollars. The rumour had traders hitting the panic button.
PetroNet LNG will purchase 1.5 mln tonnes of LNG from Australia
Petronet LNG, India’s leading liquefied natural gas importer, will sign an agreement to purchase 1.5 million tonnes of LNG from Australia in August. For full story, click here
Indo-Aussie Petro Has Combined Trying to Get Out Of Oman Exploration Deal
A consortium of Oilex of Australia, Videocon Industries, Gas Authority of India, Bharat Petro Resources and Hindustan Petroleum are re-evaluating their commitment to exploration block no 56 in Oman, which it won in 2006 from the Sultanate of Oman for around Rs 220 crore. For full story, click here
Downward Pressure On Oil Price
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
Galoc oil field’s 1st crude cargo seen by November
Australian oil & gas explorer Otto Energy Limited said that the production of 20,000 barrels per day will be established in the Galoc oil field in Palawan by November. Otto’s statement said: While the well test data is still being analysed, overall performance is consistent with expectations and a steady state production of 18,000- 20,000 barrels [...]
