Friday, June 22, 2012

Woodside loses major gas supply deal

Woodside loses major gas supply deal: Woodside Petroleum has let lapse a supply agreement for its Browse project worth up to $45 billion.

Woodside said the agreement with CPC Corporation of Taiwan, signed in November 2007, was allowed to expire on June 21 with the agreement of both companies.

The deal was for the sale of two to three million tonnes of liquefied natural gas (LNG) from the Western Australia-based Browse project for a period of 15 to 20 years.



    "Shell May Replace Total in Shtokman: Report


    Published: June 22, 2012 at 4:23 AM ET


    LONDON (Reuters) - Russia will change the composition of a consortium to develop the giant Shtokman gas field, bringing in oil major Royal Dutch Shell in place of France's Total and keeping Norway's Statoil, a report said on Friday."

    "Shtokman, one of the world's biggest gas field, has been discovered in the Soviet times but the development of the remote Arctic deposit has been repeatedly delayed by changes of development plans and cost estimates.

    The latest blow to the field development has come from a shale gas revolution in the United States, which made exports of liquefied natural gas to the continent unattractive, while gas consumption in Europe also fell due to the economic downturn. "

  2. "It is the second time a supply deal for the Browse project has expired. In 2009, PetroChina let its arrangement with Woodside lapse."
    "The European oil giant is currently spending more than $30 billion in Australia, and wants use more foreign staff on its gas projects.

    “I think in order to actually stay competitive and work for the revenue flow into the country, we need to make sure we can invest in a competitive way and for that we need to make the best out of it and bring some people in,” Mr Voser told the ABC. "

    "Statoil has farmed into Petrofrontier's four existing Exploration Permits (EP 103, 104, 127 and 128) as well as pending exploration permits (213 and 252) in the South Georgina Basin in Australia's Northern Territories in a Joint Venture project.

    This is an early entry at scale into over 13 million acres of immature, but potentially highly prospective play at low cost, with high risk but also with significant upsides.'

  3. Amazing how simple it can be to communicate with people and have them understand a certain topic, you made my day.