Energy

Two petroleum industry executives with a strong Perth connection have struck a deal that will see Oil Search boost liquefied natural gas development in Papua New Guinea, after negotiating a $US2.2 billion ($A3 billion) deal to buy InterOil.

Energy giant Woodside Petroleum is excited about the exploration potential of Myanmar after increasing its estimates for two offshore gas discoveries.

Horizon Power will trial a new method of charging residents and businesses in Port Hedland for electricity, with the aim of giving customers more control over their power usage.

Loss-making engineering services company Ausgroup has breached a key financial covenant after its total equity fell below $160 million.

International firm Katalyst Data Management has opened a new data centre at its Perth operation in Leederville to service oil and gas companies in the Asia-Pacific region.

Oil and gas company Citation Resources has launched proceedings in the Federal Court against its former chairman Peter Landau after an investigation revealed issues concerning $2 million worth of transactions.

Local oil explorer Pura Vida Energy has slashed director salaries and accepted the resignation of chairman Jeff Dowling as it seeks to further cut costs to preserve cash holdings.

Treasurer Mike Nahan hopes to raise $16 billion from an expanded asset sales program, with Western Power and Horizon Power’s Pilbara transmission lines now targeted but two other assets unexpectedly removed from the government's sell-off list.

Treasurer Mike Nahan has poured cold water on a report that argued Western Power was a major cash spinner for the government, saying the corporation paid a net dividend of less than $30 million to the state last year.

Australian energy company AWE has knocked back a $421.4 million takeover bid from a private equity firm, labelling the offer opportunistic and below fair value.

GR Engineering Services’ oil and gas services business has won a second major contract in as many days, with Origin Energy signing the subsidiary on for a $50 million job.

GR Engineering Services has won a $90 million contract to operate and maintain a floating production storage and offloading facility in the Timor Sea for Northern Oil & Gas Australia.

Chevron is the latest major resources player in the state to announce a change in leadership, after selecting a successor to current managing director (Australia) Roy Krzywosinski, who will hand over the reins in June.

Energy giant Santos will hand at least 40 per cent of its underlying net profit back to shareholders as dividends despite a tough year due to falling oil prices.

Perth-based engineering services firm Oil & Gas Solutions has expanded its presence in Singapore with the acquisition of recruitment and staffing firm Jadeclover for an undisclosed sum.

The Fair Work Commission has ruled that fly-in, fly-out workers should not receive extra pay if demobilised from a job while on a rest and relaxation period.

Growing demand for energy and LNG’s role in efforts to reduce CO2 emissions were among the positive takeaways from the LNG 18 conference in Perth.

Energy giant Shell is talking with staff about job cuts and efficiency improvements as it assimilates the previously BG Group-owned QGC gas project.

Private Perth company Bombora Wave Power is seeking to raise $8 million for the first commercial deployment of its innovative technology.

Shares in oil and gas explorer 88 Energy have surged after the company completed an oversubscribed $25 million capital raising to fund ongoing work at its Icewine project in Alaska.

Woodside Petroleum has received a first strike against its remuneration report, with about 27.6 per cent of shareholders voting against it, while chairman Michael Chaney has flagged he may not step down at the next AGM as previously suggested.

March quarter revenue was down by nearly a third on the same period last year, Woodside Petroleum revealed today, although it flagged that it was continuing work with Hess on gas processing from the Equus field.

Chevron has signed a domestic gas sales deal with energy retailer Alinta Energy for the supply of about a quarter of planned production from its Wheatstone project near Onslow.

Foreign Minister Julie Bishop has told the LNG 18 conference that Australia’s increasing role as an energy exporter added significant weight to the country’s strategic influence, while touting the benefits for the industry of recently signed free trade agreements.

Resources Minister Josh Frydenberg said the federal government would be pushing states to remove moratoriums on unconventional gas extraction, including fracking, he told the LNG 18 conference today.

Residents at Alkimos Beach and White Gum Valley are set to participate in trials of solar energy technology and battery storage that could lead to large reductions in power bills.

Energy giant Woodside Petroleum has signed an agreement for the supply of liquefied natural gas to an Indonesian corporation for an undisclosed sum.

Total chief executive Patrick Pouyanne has flagged that the next batch of LNG projects may not be as far off as some think, speaking at the LNG18 conference today.

Woodside chief executive Peter Coleman told the LNG 18 conference in Perth today there could be opportunities for LNG producers to move further into downstream markets, particularly in developing countries, where demand for gas existed but barriers to entry had slowed take up.

Western Power advised its staff yesterday that an estimated 215 roles are no longer needed as the utility continues a three-year program that has already cut more than 300 jobs.

LNG 18 conference organising committee chair Grant King is positive about the industry's future, despite the low oil price environment and a predicted short-term oversupply, saying international demand growth for electricity will underpin a need for gas.

Consumers should expect to pay less for their electricity in the long term as a result of sweeping changes to Western Australia's energy market that aim to slash the cost of supply, Energy Minister Mike Nahan says.