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Investment Conference provides a key update on the state of PNG resource sector

ALL roads will lead to Sydney in early December when the PNG Chamber of Mines & Petroleum hosts the 15th Papua New Guinea Mining & Petroleum Investment Conference The key figures behind the PNG resource sector will be in attendance to provide a crucial update on the state of the country’s mining and petroleum sectors. They will be joined by PNG’s political leaders who will provide the government’s view of

Woodside brings Greater Western Flank Phase 2 online six months ahead of schedule

Woodside has announced that the Greater Western Flank Phase 2 (GWF-2) Project off the north-west coast of Australia has commenced gas production. The company’s CEO Peter Coleman said the North West Shelf (NWS) JV owned project has been delivered $630 million below the expected cost of approximately $2.0 billion (100% basis) and six months ahead of schedule. “The project team has done an outstanding job executing and delivering GWF-2, which

Surviving the rollercoaster ride

By Angus Sedgwick* Over the past five years, Australian businesses providing services to the oil & gas industry have ridden a “boom and bust” rollercoaster like almost no other sector. The highs and lows that the industry has experienced have given many a CFO a splitting headache, and have highlighted the importance of effective cash flow management. It is no secret that cash flow problems are the biggest killer of

Wood Mackenzie says upstream companies shifting from ‘survive’ to ‘thrive’

Oil and gas companies are set to enter 2018 in their best shape since oil prices collapsed. In its 2018 Upstream Outlook, released today, global natural resources consultancy Wood Mackenzie believes many will now focus on demonstrating they can thrive in a low price environment. Tom Ellacott, Senior Vice President, said: “Now that the belt-tightening is done, companies are looking to deliver profitable growth and build for the future. We

NWS JV agrees to take outside gas

WOODSIDE has confirmed that the North West Shelf Venture Project participants have agreed to take gas outside of their own assets through the LNG facility on the Burrup Peninsula in WA’s Pilbara region. Announcing the company’s latest quarterly results, Woodside CEO Peter Coleman said the NWSP participants had achieved a major milestone by proposing non-binding key terms to process gas through the Karratha Gas Plant to other resource owners. Woodside said

ANTONOV appoints Air Cargo Partners as its local GSA

ANTONOV Airlines has appointed Air Cargo Partners Worldwide (ACP) as its General Sales Agent (GSA) in Australia. The GSA representation, part of ongoing expansion for the heavy lift, super-heavy lift, and project cargo specialist, will be managed by Ken Lyons, Sales and Development Manager, ACP Worldwide. ACP Worldwide has five offices in the region comprising Melbourne, Sydney, Perth, Brisbane and an office in Auckland. ANTONOV operates a fleet of seven

Evolving LNG trading models – a voyage of discovery and transparency

By Bernadette Cullinane and Nye Hill  of Deloitte Australia Countries including Singapore, Japan, South Korea, and China all have ambitions to become the LNG trading hub in Asia. As a key prerequisite to become a successful trading hub, countries are trying to create more transparent, trusted and reliable price discovery benchmarks. To achieve this, exchanges along with pricing agencies are launching indices to break the decades-long reliance on oil-linked pricing. Currently,

US$3.5 billion Leviathan gets green light

Noble Energy, Inc. has announced that it has sanctioned the first phase of the US$3.5 Leviathan natural gas project offshore Israel, with first gas targeted for the end of 2019. Noble Energy is the operator of the Leviathan Field, which contains 22 trillion cubic feet (Tcf) of gross recoverable natural gas resources. Leviathan is Noble’s third major natural gas development offshore Israel. “Bringing Leviathan online will expand Israel’s supply of

Exxon acquisition of InterOil finally done

After months of an on again off again takeover deal, major PNG gas reserves holder InterOil Corporation has reported that its acquisition by ExxonMobil has been completed. The takeover had been held up by dissident shareholder and former CEO Phil Mulacek had successfully had the deal blocked in a Yukon Court. But after more strong shareholder support and a successful court appeal InterOil has finally been able to announce the

OPEC production fell significantly in December

WHILE a number of oil market watchers have continued to raise doubts over OPEC’s commitment to reducing its crude oil output levels, new figures from S&P Global Platts show that the Organisation’s production numbers fell significantly in December – a month before the scheduled start-up of its proposed production reduction programme. In late November 2016 OPEC ministers completed a deal to freeze production at around 32.5 million b/d, beginning January