Oil & Gas

Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming US sanctions on Iran.

Oil prices climbed above $US80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing US output to end unchanged.

US private equity firm Harbour Energy has made a binding offer for Santos that confirms an original price tag of $US10.4 billion ($A13.8 billion).

A renewed activist focus on the carbon sequestration efforts on Barrow Island is, like many populist arguments these days, abusing language to stir up emotions.

Oil prices have gained ground, shaking off the effects of a strengthening dollar, after an inventory report showed US crude and petrol stocks fell more than expected.

The board of Tap Oil has recommended shareholders reject a $29.8 million takeover from major shareholder Risco Energy Investments, saying the proposal is opportunistic and undervalues the company.

A bump in the oil price has reinvigorated the fortunes of several small oil and gas explorers in WA.

Oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.

Chevron Australia managing director Nigel Hearne has proposed a major shift in the development of WA’s offshore gas reserves, suggesting the industry should collaborate to build a multi-user pipeline to be shared by multiple LNG producers.

Shell Australia chair Zoe Yujnovich told today’s APPEA conference the oil and gas industry needed to be more active in defending its record, as protesters came together outside the Adelaide conference.

Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while US crude's discount to global benchmark Brent widened to more than $7, its deepest in five m

Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that US allies would push to maintain a deal with Iran, which could keep that country's crude exports on global markets.

Carnarvon Petroleum has boosted its coffers with a $16 million capital raising to fund drilling at its Buffalo oil field in the North West Shelf, while also announcing a share purchase plan to raise up to $4 million.

Crude prices ended the session slightly higher on Thursday as investors weighed the potential disruption to oil flows from major exporter Iran in the face of US sanctions.

Perth company Western Gas is on the hunt for a partner for its Equus gas field project off the WA coast, and has revealed a new development plan, with first gas expected in 2023.

Antilles Oil and Gas has announced plans to acquire aged care technology company HomeStay, which counts Fastbrick Robotics chair Shannon Robinson among its directors.

Oil prices rose about three per cent on Wednesday and hit fresh three-and-a-half year highs after a bigger-than-expected drawdown in US oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

Local telco Swift Networks has secured a five-year services contract in the oil and gas industry.

Oil prices recouped some losses to end about two per cent lower on Tuesday after President Donald Trump confirmed the US will withdraw from the Iran nuclear deal in a volatile session which saw prices slump as much as four per cent.

Oil prices rose for the fourth straight day to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.

Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new US sanctions against Iran, but gains were limited by growing US crude inventories.

After overhauling Tap Oil’s board earlier this year, major shareholder Risco Energy Investments has made a $29.8 million takeover offer for the Perth-based oil and gas company.

Oil prices slid more than one per cent on Tuesday as the US dollar remained near a four-month high, but worries that US President Donald Trump will pull out of the Iran nuclear deal underpinned the market.

Oil prices rose on Monday, bouncing off early losses after Israeli Prime Minister Benjamin Netanyahu said Israel had proof that "Iran lied" about its nuclear capabilities, and that he was sure US President Donald Trump would do "the right thing" in reviewing the country's nuclear deal with western powers.

Oil prices edged lower on Friday, although Brent still gained for a third straight week amid supply concerns should the United States reimpose sanctions on Iran.

Oil prices gained on Thursday as the risk of renewed US sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong US dollar.

Long-running plans by Vikas Rambal’s Perdaman Industries to build a multi-billion dollar urea manufacturing plant in Western Australia have received a fillip, with his group signing a gas supply agreement with Woodside Petroleum.

Consulting group Energy Quest has cast doubt over the long-held expectation that Australia will overtake Qatar as the world’s largest LNG producer, in part because of the anticipated decline in production at Woodside Petroleum's North West Shelf project.

Oil prices rose on Wednesday despite data showing rising US inventories, holding within sight of three-year highs reached the previous day on geopolitical tensions including the prospect of fresh sanctions on Iran.

Japanese group Mitsui & Co has begun the compulsory acquisition process of Waitsia gas field operator AWE, after increasing its stake in the oil and gas company above the 90 per cent threshold last week.

Oil prices rebounded from an early slide to finish higher and strengthen further in post-settlement trade, as investors feared US sanctions could dampen Iran's output.

Perth-based data management company Tape Ark has completed a world first for the oil and gas exploration industry by demonstrating real-time seismic data acquisition using cloud storage rather than traditional tapes.