Energy

Queensland's three LNG projects on Curtis Island are now all in production.

Origin starts up APLNG in Queensland

Angela Macdonald-Smith 10:44 AM   Origin Energy has begun production at its Australia Pacific LNG project in Queensland after more than seven years of planning and construction.

Woodside venture signs off on $US2b gas development

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Angela Macdonald-Smith 10:24 AM   Woodside Petroleum and its North West Shelf venture partners have given the green light for a $US2 billion investment to enable more gas to be extracted for its LNG and domestic gas business in WA.

Crude slips as OPEC output at three-year high

Futures have fallen more than 10 per cent in New York since OPEC's December 4 decision to effectively abandon its output target.

Mark Shenk 6:23 AM   Oil traded near the lowest close in more than six years as speculation that OPEC will keep markets oversupplied outweighed a drop in US crude stockpiles.

Shell reviews NZ assets for possible sale

Shell has flagged some $US30 billion of asset sales over the next three years.

Angela Macdonald-Smith   Royal Dutch Shell is mulling a complete exit from New Zealand, putting all its oil and gas assets in the country under review for a possible sale that would probably fetch billions of dollars.

Origin Energy to sell Tesla batteries

Origin Energy will be the first local supplier of the Tesla Powerwall battery.

Angela Macdonald-Smith   Origin Energy has sealed a deal to become the first local supplier of Tesla's much-hyped Powerwall home storage system.

US oil records lowest close since February 2009

Crude supplies at Cushing, Oklahoma, the delivery point for WTI futures and the nation's biggest oil-storage hub, rose 423,000 barrels to 59.5 million, the highest since May.

Mark Shenk   Oil dropped to the lowest in more than six years as investors discounted a decline in US crude inventories.

Freeport suspends dividend, may sell assets

Freeport's actions are "a necessary evil in the current environment", Cowen and Co analyst Anthony Rizzuto said in a note to clients.

Freeport-McMoRan has become the latest miner to suspend its dividend, cut capital spending and production amid the rout in commodity prices.

Gas to replace coal as power stations axed - forecast

The biggest change in gas consumption over the next two decades is expected to come from increased use in electricity generation.

Brian Robins   Gas is set to replace coal in electricity generation over the next two decades.

Oil stocks stabilise after heavy sell-off

OPEC's refusal to place a check on output is hurting local oil stocks.

Angela Macdonald-Smith   Local oil stocks stabilised on Wednesday after a horror run on the sharemarket despite the Brent crude oil benchmark dipping under $US40 a barrel for the first time in almost seven years.

Metgasco investors revolt over $25m NSW settlement deal

The Supreme Court has overturned a moratorium on drilling in the Northern Rivers region in favour of Metgasco.

Angela Macdonald-Smith   Metgasco shareholders who are set to vote against a $25 million settlement deal with the NSW government next week are putting the gas explorer's future at risk, according to chairman Len Gill.

US oil settles at February 2009 low

Oil has slumped about 40 per cent since Saudi Arabia led OPEC's decision a year ago to maintain output and defend market share.

David Marino   Oil dropped to the lowest level in almost seven years following OPEC's decision to abandon the group's production limits.

Oil sinks on fears of intensifying global glut

The global oversupply is being compounded by OPEC's failure last week to agree a production ceiling.

Oil prices resumed their slide, with US crude falling below $US37 per barrel and Brent below $US40 for the first time since early 2009.

Oil, iron ore hammer global resource producers

China's slowing trade has intensified concern over the scope of the nation's slowdown.

Kelly Gilblom and Jeremy Herron   Resource producers led a global rout in equities and the currencies of commodity-producing nations plunged, amid fresh signs of a slowdown in China.

Woodside ends Oil Search pursuit

Citi expects that the timing of Woodside Petroleum's Browse floating LNG project in Western Australia will have to be put back.

Angela Macdonald-Smith   The decision by Woodside Petroleum to call off its $11.6 billion proposal to buy Oil Search has fired up expectations that the Perth-based player will rapidly redirect its acquisition ambitions to other targets

Santos hammered as oil prices roil energy stocks

Santos executive chairman Peter Coates faces an uphill task to restore shareholder value.

Angela Macdonald-Smith   The latest dive in crude oil prices has sent Santos shares plummeting to their lowest for more than 11 years and left investors that took up shares in the recent $2.5 billion rights offer already nursing a hefty loss.

No OPEC oil cap preserves Saudi power base

Saudi Arabian Oil Minister Ali al-Naimi says OPEC will "continue its pivotal role in production and investment no matter how much prices fall".

Perry Williams   One of Saudi Arabia's most influential oil men has defended the push to abandon OPEC output targets, saying the country's power base might erode by placing a cap on supply.

Oil slumps after OPEC fails to act

Ali Bin Ibrahim al-Naimi, Saudi Arabia's petroleum and mineral resources minister, speaks to journalists in Vienna, Austria.

​Crude oil futures tumbled to their lowest in nearly seven years after OPEC failed to address the growing global supply glut.

Clover Moore tells Paris that government needs to get out of the way

Sydney lord mayor Clover Moore at the Paris climate summit this week.

Peter Hannam   While the prognosis can be apocalyptic for some, cities such as Sydney say they are making inroads on cutting emissions - and could do more given more leeway.

LNG in 'far worse' state than oil

Australia's wave of new LNG projects are all starting production within the next couple of years.

Angela Macdonald-Smith   The crude oil market is seen as being in dire straits, but liquefied natural gas is much worse, according to experts.

Whitehelm targets 'overlooked' mid-cap infrastructure

Whitehelm Capital sees wind farms offering attractive investment prospects.

Angela Macdonald-Smith   Whitehelm Capital is eyeing further mid-cap infrastructure assets in Australia and overseas, after advising three investors of the acquisition of 49.9 per cent of the Worsley cogeneration power plant in Western Australia.

Solar chief hits out at China over coal at Paris launch of global solar pact

Smog concerns aren't stopping the coal industry in China.

Peter Hannam   The head of one of the world's biggest solar companies has accused China of embarking on a "mindboggling" binge on new coal-fired power plants, undermining its commitment to roll back fossil fuel use.

Woodside's pursuit of Oil Search splits market

Woodside CEO Peter Coleman's strategy for Oil Search has confused some investors.

Angela Macdonald-Smith   Woodside Petroleum's insistence that it will not pay cash for its target Oil Search has been questioned by the country's top-ranked oil and gas equities analyst as the Perth-based player's $11.6 billion takeover pursuit continues to confuse the market.

OPEC offers no hope for end to oil slump

'Why should OPEC alone sacrifice its part in the market?'

Grant Smith, Angelina Rascouet and Wael Mahdi   OPEC signaled no respite from the global oil glut that has driven prices to a six-year low.

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OPEC holds firm on output, oil drops

Saudi Arabia, OPEC's biggest producer and architect of the current policy, has remained opposed to a production cut.

Bloomberg   OPEC has informally set a record oil-output ceiling of 31.5 million barrels a day, a sign that the battle for global market share remains intact.

Gas trading reforms welcomed but won't solve supply

Gas trading reforms have been welcomed by industry but won't solve the shortage.

Angela Macdonald-Smith   Gas pipeline owners and buyers have given a cautious welcome to draft reforms of natural gas trading arrangements in the eastern states, pointing out that the overhaul could achieve little unless supplies increase.

New Santos CEO to rebuild shareholder value

New CEO Kevin Gallagher has promised to reform contracting arrangements at Santos.

Angela Macdonald-Smith   Santos has advised that its new chief executive, the former Clough managing director Kevin Gallagher, will take up the role on February 1.

Sydney company helps light up California

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Angela Macdonald-Smith   Infratech Industries has notched up its first export sale for its innovative floating solar power system to a city in California.

Oil rebounds as OPEC meeting looms

Russian oil output in November hovered near a post-Soviet-era record set the previous month.

Mark Shenk   Oil rebounded from the lowest price in more than six years in London as the OPEC prepares to meet. Gains accelerated as the euro rose.

Daily gas price planned to develop futures market

Australian Energy Market Commission chairman, John Pierce believes the recommendations would provide greater flexibility in how gas is bought and sold, and give consumers greater visibility on pricing but objections are expected.

Angela Macdonald-Smith   The eastern states' gas market would be radically overhauled under draft recommendations by an industry regulator.

Santos shares edge higher despite investor doubts

Santos executive chairman Peter Coates still has to convince shareholders that the equity raising was the best way to cut debt.

Angela Macdonald-Smith   Santos shares made a steady return to trading after the company wrapped up its $2.5 billion equity raising but has failed to shake off concerns among some investors and analysts that the raising has unnecessarily given away value.