Oil & Gas

Oil prices have soared after oil producers agreed to modest crude output increases to compensate for losses in production at a time of rising global demand.

Global benchmark Brent crude has fallen more than two per cent ahead of a meeting of the Organisation of the Petroleum Exporting Countries, where producers were expected to boost output to stabilise prices.

WorleyParsons has been awarded a contract extension for engineering services at Chevron’s Gorgon and Wheatsone LNG projects, while NRW Holdings has received a $93 million extension to its Stanmore Coal contract.

Oil has fallen ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.

ConocoPhillips has set up a design competition between two engineering groups led by Technip Oceania and MODEC for the key facilities at its Barossa gas project in the Timor Sea while WorleyParsons subsidiary Intecsea has been awarded a separate contract for subsea infrastructure.

Oil prices have risen in volatile trade as market participants lower their expectations for how much OPEC might increase production and investors assess the impact of a trade dispute between the United States and China.

Oil prices have fallen more than $US2 a barrel after two of the world's biggest producers indicated they might increase output at next week's OPEC meeting, while US exports were threatened by potential Chinese tariffs on crude oil and refined products.

Chevron has today announced that the second processing train at its Wheatstone project in the Pilbara has started production of liquefied natural gas, meaning all five trains at its two giant Western Australian projects are now in production.

Oil prices are mixed, with Brent slipping and WTI gaining, as a stronger US dollar weighs and a key supply-setting meeting of the Organization of the Petroleum Exporting Countries looms.

Oil prices have turned positive after a bigger-than-expected decline in US crude inventories along with surprise drawdowns in petrol and distillates indicated strong demand in the world's top oil consumer.

Oil prices have closed mixed, with US crude settling higher before falling in post-settlement trading, and Brent slipping as investors prepared for a key meeting of the OPEC producer group next week.

The Chamber of Minerals and Energy of WA today confirmed the appointment of Paul Everingham as its new chief executive, while uranium miner Paladin Energy has recruited a former Newcrest Mining executive to lead the company.

Oil prices are little changed as comments from the Iraqi oil minister casts doubt as to whether the Organization of the Petroleum Exporting Countries will decide to boost output at its upcoming meeting.

Global benchmark Brent crude has surged nearly $US2 a barrel, lifted by concern about a steep drop in exports from Venezuela and worries OPEC may not raise production at its June meeting.

Oil prices have fallen on worries that global supply is climbing after US inventories rose unexpectedly and Saudi Arabia and other big producers signaled that they may increase output.

Brent crude have reversed losses, after hitting its lowest price in nearly a month following a report the US government asked Saudi Arabia and other major exporters to increase oil output.

Australis Oil & Gas has secured a $US75 million ($98 million) credit facility with Macquarie Bank to fund drilling within the Tuscaloosa Marine Shale in the US.

Oil prices have fallen about two per cent, with US crude touching its lowest level in nearly two months, breaking below technical support levels as investors keep selling amid growing US production, possible global supply growth and nagging trade tensions.

The state government has backed plans for a 700-bed workers camp at Karratha, despite opposition from the local community, after Woodside Petroleum launched a website that is meant to boost local employment on future gas projects.

Marine logistics company MMA Offshore has secured a three-year contract to charter one of its vessels with a subsidiary of UK-based contractor Subsea 7.

The board of China-focused Sino Gas & Energy Holdings has backed a takeover offer from US private equity group Lone Star, which values the gas producer at $530 million.

Oil prices surged on Wednesday, shrugging off an unexpected build in US crude stockpiles and rebounding from a four-day slump as Russia's central bank expressed caution on plans to boost oil supply.

US crude futures fell more than $US1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.

Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while US production gains showed no sign of slowing.

Perth company GLX Holdings, which has attracted more than 40 of the world’s largest LNG buyers and sellers to its online trading platform, has recorded a notable milestone via Malaysian petroleum giant Petronas.

Rising oil prices will affect behavior and the cost of living across all sectors of society and industry.

Oil prices fell more than $US2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.

Oil benchmarks fell on Wednesday after an unexpected build in US crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.

Brent crude prices settled slightly higher on Tuesday after a volatile session in which potential supply concerns surrounding Venezuela and Iran jockeyed with comments from President Donald Trump, who said he was not pleased with US-China trade talks.

West Perth-based Buru Energy has sold a 50 per cent share in its Ungani oilfield to Chinese-backed Roc Oil for $64 million, as part of a broader deal the company hopes will unlock its assets in the Canning Basin.

US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation.

US private equity firm Harbour Energy has raised its bid for Santos to about $US10.9 billion ($A14.5 billion) on condition the local energy firm increases its oil price hedging for the next two years.