Woodside adamant $1.1bn spend in Israel no bar to local projects | The Australian:
Macquarie Equities analyst Adrian Wood said it appeared that Leviathan had now "leapfrogged" the Australian projects given Woodside was planning spending of $US1.1bn on the Israeli LNG development this year.
But Mr Coleman denied this, saying Woodside was also moving forward with Browse, Sunrise and the Pluto expansion and it was natural to have projects in various phases of development.
He said Browse was on track for a final investment decision by June 30, and Woodside had recently started sharing cost estimates with its joint venture partners Shell, BP and MIMI.
Most analysts expect Woodside and its partners to abandon the option of building an LNG plant at James Price Point and to begin studying the viability of processing the Browse gas through a floating LNG facility using technology being pioneered by Shell.
Woodside said this year's capex estimate, which will be dominated by the Leviathan investment, did not include any spending that may be made on Browse.
He said Woodside was taking "significant steps" to drive down the costs of building LNG projects, in yet another sign that the cost of building Browse as an onshore development could be prohibitive. Woodside's exploration spend in "mature" regions would drop from 73 per cent to 50 per cent in coming years.
Macquarie Equities analyst Adrian Wood said it appeared that Leviathan had now "leapfrogged" the Australian projects given Woodside was planning spending of $US1.1bn on the Israeli LNG development this year.
But Mr Coleman denied this, saying Woodside was also moving forward with Browse, Sunrise and the Pluto expansion and it was natural to have projects in various phases of development.
He said Browse was on track for a final investment decision by June 30, and Woodside had recently started sharing cost estimates with its joint venture partners Shell, BP and MIMI.
Most analysts expect Woodside and its partners to abandon the option of building an LNG plant at James Price Point and to begin studying the viability of processing the Browse gas through a floating LNG facility using technology being pioneered by Shell.
Woodside said this year's capex estimate, which will be dominated by the Leviathan investment, did not include any spending that may be made on Browse.
He said Woodside was taking "significant steps" to drive down the costs of building LNG projects, in yet another sign that the cost of building Browse as an onshore development could be prohibitive. Woodside's exploration spend in "mature" regions would drop from 73 per cent to 50 per cent in coming years.
Photo Damian Kelly
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It's the spending graph that goes with this story that really shows what they are up to.
ReplyDeleteAnd this on top of Pickards recent announcement that their Arrow project looks likely to be a $20 billion + stand alone plant.
Sunrise decision before Saturday.
The one train Pluto miracle is making them some money.BUT.
It cost them over $15 billion.
There are ongoing operating and maintainance costs.
If they dont get going with the expansion the train will be worn out before it's paid for.
Without a doubt Browse at JPP will take up too much of their time and energy,and way too much of Woodside and Shells capital.
As you blogged yesterday,why not just get it over and done with,drag the corpse out of cold storage and bury the damn thing,once and for all.
I'm sure the flower shop lady could make up a wreath and pin it on the Woodside door.
They wont like this.More worry.
DeleteOrigin Energy's Australia Pacific LNG project in $2bn blowout
ORIGIN Energy's Australia Pacific LNG project at Gladstone is the latest Australian mega-project to experience a cost blowout, with estimated development spending jumping almost $2 billion.
Origin, which today also said it was slashing 850 jobs this financial year to cut costs, said a review had increased capital cost estimates of the giant project to $24.7bn, up from $23bn announced when a second stage was approved last June.
"Origin today confirmed that it has no intention to raise equity to fund its investment in Australia Pacific LNG, irrespective of the outcome from the dilution process," chief executive Grant King said.
The blowout was blamed on the onshore part of the project, where thousands of wells are being drilled in central Queensland.
Changes to well and gathering location expectations, stricter regulatory requirements and increased consultations with farmers all contributed, Origin said.
Origin's share of funding for the project, in which it has a 37.5 per cent stake, has jumped from $3.6bn to $4.4bn, which will raise concerns the company will need to raise equity.
Origin said in other parts of its business, it had cut 500 jobs in the first half of 2012-13 and had plans to cut 350 more as it moved to reduce costs.
The company also booked a larger-than-expected fall in first-half profit but cut its annual earnings guidance.
In its second profit downgrade this financial year, Origin forecast a 10-15 per cent fall in annual underlying profit, down from its most recent guidance of a 5-10 per cent fall.
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Are all cops racist?
Policeman says Aboriginal man on assault charge did not throw punch
A POLICE officer has admitted a young Aboriginal man accused of assaulting police never threw a punch, reversing his earlier claim.
Constable Luke Mewing took the witness stand today at the Police Integrity Commission, which is looking into the alleged assault of Corey Barker, 24, by five officers and accusations that he assaulted one of them.
Mr Barker was charged with punching Senior Constable David Hill while in custody at Ballina police station, on the NSW north coast, in January 2011.
"That evidence was just wrong, wasn't it?" counsel assisting the PIC hearing Stephen Rushton, SC, said.
"I guess so," Const Mewing said.
"You knew that it was wrong when you gave it," Mr Rushton said.
"I believed it at the time that I saw (the incident)."
Const Mewing made a written statement and gave evidence in Ballina Local Court saying Mr Barker had punched his colleague.
Mr Barker was charged with assaulting police and other charges relating to his attempt to intervene in a violent street confrontation between two of his friends and police.
After his arrest, the officers claimed he punched Sen Const Hill while they were walking him from a holding cage to a cell at the rear of the station.
The PIC has been told CCTV footage does not bear out that version of events, but it does show the officers slamming Mr Barker into a wall and wrestling him to the ground where he was kicked and kneed.
Const Mewing was not shown the CCTV footage, which was previously thought to be damaged, before he made his written statement or gave evidence in the local court.
"Do you now accept that, in fact, the CCTV shows Mr Barker did not assault Sen Const Hill?" Mr Rushton asked.
"Yes, I do now," he replied.
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Just no end to it.
So much for the boom - doom and gloom.
ReplyDeleteFORTESCUE Metals Group's first-half profit was hit by last year's slump in iron ore prices, sliding 40 per cent, but it was its decision to scrap an interim dividend that shocked the market.
Andrew Forrest's iron ore miner, in which he has about a 33 per cent stake, blamed its high level of capital investments to deliver on its expansion promises for the move.
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Seeing is believing.
Will it all go to one of his own charities to suit his tax advantage.FMG will pay no tax for years,same for him?
(have you got your chunder bag ready?)
MINING billionaire Andrew Forrest and his wife Nicola have become the first Australians to pledge half their wealth to charity after joining a philanthropic movement launched by Microsoft founder Bill Gates and legendary investor Warren Buffett.
Mr Forrest's stake in iron ore miner Fortescue Metals Group is worth more than $5 billion, meaning his pledge is worth at least $2.5bn based on his present net worth.
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The Forrests alluded to their strong Christian faith in their work in creating jobs for Aborigines and in their recent involvement with Walk Free, a group seeking to fight modern slavery worldwide.
"For us, giving time and money has been incredibly demanding, only possible with the love and support of our family and the latitude of our friends," they wrote.
"Guided by the same principles of the book which inspired the successful leadership of our companies, the New Testament, we chose to help those least fortunate.
"In our country, this is our first Australians, and globally those suffering the unbearable yoke of modern slavery and forced labour. Our aim is to significantly improve people's lives and happiness through their own independent sustainability."
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DO FISHING FOLK NEED TO RE FOCUS?
A marine heatwave off WA that flattened several fisheries and has been linked to a spate of shark attacks is likely to become more frequent, according to Australia's top science agency.
At a symposium in Perth today, the CSIRO will claim a sharp increase in ocean temperatures two years ago was caused by extreme climatic conditions in the Indian and Pacific oceans. The findings were released in a report published in a scientific journal on Friday.
Stocks including crabs, abalone and scallops were devastated off the Mid West and Gascoyne coast during the summer of 2010-11 when water temperatures soared up to 5C above normal.
Until recently scientists had been unsure of the causes behind the episode, which has also been blamed for widespread coral bleaching at Ningaloo and a significant increase in shark activity.
The CSIRO believes the event was driven by abnormally warm sea surface temperatures in the Pacific and Indian oceans leading to one of the strongest Leeuwin currents on record.
Lead author of the report Ming Feng dubbed the heatwave the "Ningaloo Nino" and said governments needed to "prepare for a future in which similar events may occur more frequently under global warming".
"Understanding the factors that influence the formation of events like the 2011 Ningaloo Nino is a vital first step in preparing for impacts from extreme warming events in the future," Dr Feng said.
Michael McPhaden, a US-based co-author of the report, said the events of 2010-11 highlighted how changes in the world's climate could have unforeseeable consequences.
"Nature always finds a way to surprise us and the Ningaloo Nino is just the latest episode in this continuing saga," Dr McPhaden said.
The remarks by the CSIRO come after the WA Fisheries Department said in December that the effects of the marine heatwave had been more serious than first expected and were still being felt.
Fisheries Minister Norman Moore said there was "no doubt" environmental factors had affected WA's fisheries in recent years.
However, he was hopeful the "heat pulse" two years ago was an aberration.
Andrew Forrest seems to believe all the people in this world are total idiots. He may well,along with Bill Gates who holds huge Monsanto shares attempt to convince native people,'s and the taxpayer he is being ,philanthropic and magnanimous, helping people.NO that does not appear correct. Tax avoidance, and destruction of cultural mythology for profit appears somewhat more accurate..A MONSTROUS MEGALOMANIAC OF AN EGO------False Pretence"s, that's what it looks like----AGAIN!!!
ReplyDeleteAwesome site peoples! I have been reading the daily (what the scumbags are up to now) posts everyday for months now. Keep up the good work
ReplyDeleteJust on ABC Kimberley (1015 Thu.)
ReplyDeleteThe president of the Onslow Chamber of Commerce on why local companies cannot make money from these projects.(Wheatstone)
Just shows what a load of liars we have here,from the BCC to the Shire to the KLC.
There may be a transcript later,or a link.
He said Wheatstone was destroying the town,people with property were selling up to get the high prices,BUT THAT WAS THE ONLY MONEY BEING MADE.
Local companies had to set up expensive health and safety plans,had to have new vehicles,and near new gear,and these contracts didn't go long enough to even pay that off.
The town was dieing,he was leaving.
So much for the JPP bullsh#t.
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Followed by the most stupid fracker saying fracking would have no effect at all on the Kimberley.
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UNBELIEVABLE!!!
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Nice post! Thank you for sharing this useful information with us!
ReplyDeleteI heard that most of the business owners are hiring a good financial planners for their investments but they need to choose the trustworthy and reliable.
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