News

  • Renewables drive down wholesale prices

    NEWS

    Gas prices up, but renewables drive down wholesale prices

    In the first quarter of 2024, Australia's shift towards renewable energy generation continued to impact the country's electricity landscape, with renewable sources contributing 39 per cent to the grid, up from ... more

  • LNG remains top choice for lower-carbon shipping

    NEWS

    LNG remains top choice for lower-carbon shipping

    Liquefied natural gas (LNG) continues to be the fuel of choice for lower-carbon shipping, according to analysis by Rystad Energy, despite the rise in orders for vessels equipped with dual-fuel methanol and ammo... more

  • US reimposes Venezuela oil sanctions with door open for special licenses

    NEWS

    US reimposes Venezuela oil sanctions with door open for special licences

    The Biden Administration has announced the reimposition of sanctions on the oil industry in Venezuela, maintaining its stance that without a fair election, there will be no extension of the relief. This move... more

  • Woodside reports successful reserves update as a result of merger with BHP

    NEWS

    Woodside’s Q1 2024 report highlights production and revenue challenges

    Woodside Energy recently released its financial report for the first quarter of 2024, revealing a 7 per cent decrease in quarterly production and a 12 per cent drop in revenue compared to the previous quarter. ... more

  • Gas prices up, but renewables drive down wholesale prices
    24 Apr, 2024
  • LNG remains top choice for lower-carbon shipping
    22 Apr, 2024
  • US reimposes Venezuela oil sanctions with door open for special licences
    22 Apr, 2024
  • Woodside’s Q1 2024 report highlights production and revenue challenges
    22 Apr, 2024
Woodside’s chairman encourages shareholder participation in 2024 AGM

Woodside encourages shareholder participation in 2024 AGM

16 Apr, 2024
Woodside Energy’s chairman Richard Goyder — in a letter to shareholders — has urged active participation in the upcoming 2024 Annual General Meeting (AGM) scheduled for 24 April 2024. The AGM, to be held both online and in person at Crown Perth, will provide shareholders with the opportunity to engage with the board, submit questions, and cast votes on crucial agenda items. Reflecting on Woodside's 70-year history, Goyder highlighted the company's transformation into Australia's largest energy company with a strong global presence. Notable milestones include the successful merger with BHP's petroleum business in 2022 and the appointment of Meg O’Neill…
Woodside reports successful reserves update as a result of merger with BHP

Woodside to retain Macedon and Pyrenees oil and gas assets

12 Apr, 2024
Woodside Energy has decided to retain ownership of the Macedon and Pyrenees oil and gas assets located off the coast of Western Australia. The company had initially planned to sell its interests in these assets but has now decided to keep them following a review. The Macedon and Pyrenees assets were acquired by Woodside through its merger with BHP Petroleum in 2022. These assets currently produce around 29,000 barrels of oil equivalent per day, with the majority being natural gas. Woodside had appointed Morgan Stanley to handle the sale process, expecting the assets to generate approximately $232 million per year…
Woodside Energy Releases 2023 Social Contribution Impact Report

Woodside Energy releases 2023 Social Contribution Impact Report

10 Apr, 2024
Woodside Energy has released its 2023 Social Contribution Impact Report, showcasing its commitment to supporting community development globally and investing in opportunities important to host communities. The report highlights Woodside's investment of A$33.3 million in strategic partnerships, philanthropic programs, employee volunteering, and mandatory contributions, aimed at measuring the impact of these initiatives. Woodside CEO Meg O’Neill stated: “Woodside understands the importance of supporting the communities where we live and work. “Our 2023 Social Contribution Impact Report emphasises our commitment to investing in strategic partnerships that aim to create strong and sustainable communities." The report focuses on measuring impacts and highlights…
Uncertainty looms over Venezuela's oil industry

Uncertainty looms over Venezuela’s oil industry

10 Apr, 2024
Rystad Energy's Senior Vice President, Jorge León, stated that the future of Venezuela's oil industry remains uncertain as the deadline for US sanctions relief on Venezuela ends on April 18, 2024. The potential outcomes hinge on whether the US decides to reimpose sanctions or keep them lifted. If sanctions are not reimposed, Venezuela could see its oil production surpass one million barrels per day (bpd) as early as December this year — reaching 1.12 million bpd by the end of 2025. However, if sanctions are reinstated, production is expected to remain flat at around 890,000 bpd. The decision regarding sanctions…
Australian gas industry continues to deliver for domestic market

Australian gas industry continues to deliver for domestic market

10 Apr, 2024
The Australian Competition and Consumer Commission (ACCC) has confirmed that Australia’s gas industry remains committed to supplying the domestic market. However, its Gas Inquiry March 2024 Interim Report has once again highlighted that southern states are relying on gas from the north to meet their energy needs. According to the report, the gas industry played a crucial role in providing reliable and affordable energy to Australian homes and businesses. The report, which examined the third quarter of 2024, estimated that east coast supplies would be in surplus by 6 petajoules (PJ). Despite this surplus, New South Wales and Victoria, which…
Mitsui & Co. to commence new CCS project in Malaysia

Mitsui & Co. to commence new CCS project in Malaysia

08 Apr, 2024
Mitsui & Co., Ltd. has announced the signing of memorandums of understanding (MOUs) with Mitsubishi UBE Cement Corporation (MUCC) and Resonac Corporation for joint studies aimed at establishing a carbon capture and storage (CCS) value chain. The project includes the capture, transportation, and storage of CO2 at an offshore site in Malaysia, developed jointly with Malaysia's state-owned oil company and a global multi-energy company. Under the MOUs, MUCC and Resonac will conduct studies on the separation, capture, liquefaction, and temporary storage of CO2 emitted at MUCC's Ube Cement Plant and Resonac's Oita Complex. Mitsui will study the transportation and storage…
supply

WA’s domestic gas market in flux as supply sources mature

28 Mar, 2024
With gas demand slowly outstripping supply, Western Australia’s once well-supplied domestic gas market is now tight, and further volatility is expected until new volumes come online later in the decade, according to a new report from Wood Mackenzie. The Western Australia’s Domestic Gas Supply / Demand Balance 2024 report shows that gas and renewables will replace coal-fired generation in Western Australia during the 2030s. This shift is likely to raise the state’s demand for gas by approximately 10 per cent. “The region’s largest customers for gas are the mining and mineral processing industries, and they are on a decarbonisation journey.…