Energy

Energy giant Woodside Petroleum has reported a sharp fall in profit on the back of writedowns and says now is not the time to be reckless as it mulls over the future of its key Browse project.

Local manufacturer Matrix Composites & Engineering lost a fifth of its value on the ASX today after announcing it had received a cancellation notice for two contracts worth a combined $US21.8 million ($A30.5 million).

Engineering company Monadelphous Group has posted sharp falls in profit and revenue for the six months to December, but says there is a growing pipeline of work in its maintenance services division.

Marine services provider Bhagwan Marine has won a contract to provide its services to American company Foss Teras Marine on an oil and gas construction project in Russia.

Energy giant Woodside Petroleum's decision to search for gas off the coast of Myanmar has proved fruitful so far, with the company announcing its second discovery this year.

The state government has hit back at a number of claims made by a new power industry lobby group, calling its campaign a scaremongering tactic run by companies seeking to protect their taxpayer-funded incomes.

While proponents laud the benefits in capital recycling from an electricity network sale, there’s evidence it would lead to lower prices for users.

The state government has officially commissioned the $140 million Eastern Goldfields Pipeline, which will support the ongoing development of mining projects in the region and benefit operators of existing mines due to reduced costs

Shares in Perth-based gold and nickel explorer Nickelore doubled in price today after the company announced it would acquire a Brazilian renewable energy provider.

A new lobby group associated with influential players in the power industry has warned the state government it risks a voter backlash at the 2017 poll if proposed changes to the sector trigger higher prices to households.

AGL Energy has swung to a half-year net loss of $449 million after accounting for writedowns from its decision to exit natural gas exploration and production.

Some of Western Australia’s lowest income residents may soon be able to access solar panels and other energy efficient devices following the announcement of a $250 million national package aimed at improving existing and helping build greener community housing.

Geraldton-based Bhagwan Marine has grown its subsea services division with the acquisition of Delta Subsea for an undisclosed amount.

Global oil supply fell by 0.2 million barrels per day in January, while falling demand growth and resilience of high cost suppliers could lead to continued downward pressure on prices, according to the International Energy Agency.

AGL Energy is quitting its gas exploration and production activities due to the collapse in oil and gas prices.

Colleagues have paid tribute to Troy Resources chairman and Aquarius Platinum director David Dix, who passed away overnight.

Two niche operators in Western Australia's electricity market have accused the state government of being more concerned with protecting its own interests than creating a truly competitive industry

One of Perth’s leading solar power and lithium battery storage providers has struck a strategic alliance with a New Zealand power provider expected to be worth $40 million over the next five years.

The Chamber of Commerce and Industry of WA’s Energy Apprenticeships Group has kicked off with 16 process operator apprentices to begin their four-year training today.

Woodside Petroleum says its recently flagged write-downs of up to $US1.2 billion ($A1.7 billion) had taken into account possible delays at the Wheatstone LNG project near Onslow.

Perth-based Decmil Group has won a contract to provide temporary accommodation for ConocoPhillips workers at the Australia Pacific LNG facility on Curtis Island for an undisclosed sum.

Carnarvon Petroleum has acquired a 35 per cent stake in Quadrant Energy’s Barrow sub-basin oil project, and has committed $10 million towards a drilling program scheduled for June.

Shares in oil and gas company AWE have rallied on news it has sold its stake in the Sugarloaf project in the US for $US190 million ($A271 million).

Engineering group Clough has won a contract for work on Inpex’s Ichthys LNG project in the Browse Basin, with the value undisclosed.

Despite falling oil prices, projections are showing that local consumers and industry could be paying much more for gas in 10 years’ time.

Perth company Subsea Engineering Associates has won a contract to provide its services to the Baltic gas project in the Polish section of the Baltic Sea.

Economist and climate change adviser Ross Garnaut has called on the Barnett government to write down the value of coal-fired power stations and other ageing assets, warning that keeping them online threatened its ability to reduce power prices.

Beach Energy and Santos are the latest Australian oil and gas companies to flag big write-downs, with Beach announcing late today it would cut capital spending and make impairment charges of up to $650 million.

Woodside Petroleum expects to take a hit of up to $US1.2 billion ($A1.7 billion) as it writes down the value of its energy assets following the slump in oil prices.

Lower exploration and construction activity in the energy sector has led Canada-based contractor Enerflex to exit the Australian engineering, procurement and construction market, with most of its Perth operations to be made redundant, Business News understands.

Engineering firm Wood Group has continued its run of contract wins in the offshore oil and gas sector, with the latest contract being for Shell’s Prelude floating LNG project.

Western Australia's only onshore oil producer has suspended production after being hit by the low oil price and the high cost of trucking its output to Wyndham rather than the much closer port at Broome.