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Total raises cost overruns issue as it reduces Ichthys LNG stake by 4%

FRNCE’S Total has signed an agreement to divest a 4% interest in the Ichthys LNG project in Australia to operating partner INPEX for an overall consideration of US$1.6 billion. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26%. “This transaction is part of our constant portfolio review to optimize our capital allocation,” said Arnaud Breuillac, President, Exploration & Production at Total. “Ichthys

Federal Treasurer confirms APA takeover quashed

FEDERAL Treasurer Josh Frydenberg has confirmed that the Australian government has turned back the bid of the consortium led by CK Asset Holdings Limited in its bod to acquire leading Australian gas pipeline operator APA Group. Minister Frydenberg last night advised CK of his final decision that its current proposed acquisition of APA Group would be contrary to the national interest, after issuing a previous warning. “I have formed this

Tidewater announces successful completion of merger with GulfMark

OFFSHORE support specialist Tidewater Inc. has successfully completed its business combination with GulfMark Offshore, Inc. Tidewater and GulfMark stockholders overwhelmingly supported the business combination, with relevant proposals being approved by over 99% of the votes cast by Tidewater stockholders and GulfMark stockholders, respectively, in person or represented by proxy, not including abstentions, at the companies’ respective stockholder meetings earlier today. All necessary conditions to the closing have been satisfied and

ACCC clears way for Santos’ Quadrant Energy acquisition

SANTOS has been notified that there will be no ACCC opposition to its acquisition of highly successful offshore Western Australia explorer Quadrant Energy. Already one of Australia’s leading oil and gas producers, Santos announced in August 2018 that it proposed to acquire 100% of Quadrant Energy for US$2.15 billion plus potential contingent payments. Santos says that the condition precedent for completion of the acquisition of Quadrant has now been satisfied

Treasurer Frydenberg believes CK takeover of pipeline owner APA against national interests

AUSTRALIA’S Treasurer Josh Frydenberg has advised a Chinese consortium led by CK Asset Holdings Limited this his preliminary view that its proposed acquisition of leading Australian pipeline owner APA Group would be contrary to the national interest. “I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business. I intend

APPEA says PRRT changes on exploration charges is troubling

THE Australian oil and gas industry has raised concerns about the effects new tax changes may have on the future of exploration activities. Australian Petroleum Production and Exploration (APPEA) chief executive Dr Malcolm Roberts says changes to the petroleum resource rent tax (PRRT) announced by the Federal Government must be assessed carefully. “Attracting investment in natural gas and oil production has never been more important for Australia,” said APPEA Chief

Strike to build on Perth Basin strength with UIL acquisition

ASX-listed juniors Strike Energy Limited and UIL Energy Limited have entered into a binding Takeover Implementation Deed (TID) pursuant to which Strike Energy (or its wholly owned subsidiary) will make a conditional off-market takeover offer to acquire all of the issued shares of UIL Energy. The two companies believe the combination will create a compelling opportunity to build a material domestic gas business in the Perth Basin, to complement Strike

Beach to sell 40% of Victorian Otway interests for $344 million

BEACH Energy Limited and Eyal Ofer’s O.G. Energy Holdings Ltd, a member of the Ofer Global group of companies, have entered into a binding agreement whereby O.G Energy will acquire 40% of Beach’s Victorian Otway assets for $344 million in cash. Through their wholly-owned subsidiaries Lattice Energy Limited and OGOG (Otway) Pty Ltd (OGOG), Beach and O.G. Energy have signed a sale and purchase agreement under which OGOG will acquire

Santos aiming for over 100 mmboe of production by 2025 

SANTOS has outlined plans to grow production to more than 100 million barrels of oil equivalent (mmboe) by 2025, almost doubling current levels of production. The company’s managing director and CEO Kevin Gallagher said the successful delivery of the Transform-Build-Grow strategy presented to the market in 2016 had now positioned the company for disciplined growth. Mr Gallagher said since the beginning of 2016, Santos’ strategy has delivered: • A diversified

Cooper Energy signs new Otway Basin Gas Supply Agreement

Cooper Energy has announced that the Casino Henry Joint Venture has signed a new gas sales agreement with Origin Energy Retail Limited. The new agreement provides for supply from the joint venture to Origin Energy from 1 January 2019 to 1 January 2020 at current market prices. The joint venture has also entered into a new agreement with Lochard Energy for processing at the Iona Gas Plant for a minimum