Australia's share market has rallied from a near eight-year low with the US Federal Reserve taking drastic action to shore up markets and new coronavirus cases seeming to plateau in Italy.
Santos is confident a suite of financial measures introduced today will help it withstand the impacts of COVID-19, while MMA Offshore has withdrawn its guidance as the virus crisis hits the energy sector.
Engineering and construction contractor Monadelphous no longer expects its revenue to grow by 10 per cent this financial year, saying the economic slowdown and uncertain outlook meant it was unable
Santos has already offloaded a portion of the Darwin LNG operation for $US390 million ($620 million) to South Korean SK E&S, in line with plans flagged during an acquisition of ConocoPhillips' northern Australian assets in October.
The Australian stock market has shed more than $100 billion as it sinks to its lowest level in over a year, following US markets lower after a rise in the number of coronavirus cases.
SPECIAL REPORT: Bushfires on Australia's east coast will put pressure on emissions policy at a time when decisions are being made on major projects needed to boost the economy in the west.
Developing the Dorado oil project will cost up to $2.2 billion, with front-end engineering and design to start next year, Santos revealed today, while forecasting $60 million of investment in Western Australia in 2020.
Santos has upgraded its 2025 production outlook to 120 million barrels of oil equivalent from 100 mmboe, indicating a cumulative annual growth rate of more than eight per cent.
Modec International has been selected to build a floating production platform for the Barossa gas project, beating a consortium of Technip and Samsung, with gas to be piped to backfill the Darwin LNG plant.
Premier Mark McGowan has firmly urged BHP and Chevron to reach agreements with Woodside Petroleum so the giant Browse and Scarborough gas projects can proceed.
Santos has struck a deal to pay up to $US1.44 billion ($A2.12 billion) for ConocoPhillips' interests in northern Australia, including its majority stake in the Darwin LNG plant and its interest in three major gas fields off the coast of Western Australia and the Northern Territory.
Allseas Group has been selected to build a 260 kilometre pipeline linking the Barossa gas field to the Darwin LNG facility, with ConocoPhillips likely to make a final investment decision on the project before March 2020.
SPECIAL REPORT: Four prospective domestic gas projects will be key to ensuring adequate supply in WA in the next decade, despite new facilities recently starting up.
Worsley Alumina has locked in gas supply deals with Chevron and Woodside Petroleum today, as Santos chief executive Kevin Gallagher warns of a looming price spike.
ConocoPhillips has awarded the first engineering contract for its Barossa offshore project to Technip Oceania for the supply of the subsea production system and associated installation support.
Australia's No.2 independent gas producer Santos Ltd has posted record quarterly production, boosted by its acquisition of Quadrant Energy assets, a day after it announced an '"exciting" gas discovery in the North West Shelf.
SPECIAL REPORT: Major new engineering contracts show momentum is building for $60 billion of oil and gas projects in WA, but the issue of carbon policy has once again created an obstacle.
Woodside Petroleum and Santos, Australia's top two independent gas producers, are being urged by activist investors to set carbon emissions targets to help limit climate change.
Regional tours have become a regular fixture on the calendars of Western Australia's biggest arts companies, but ensuring the programs' longevity remains a financial challenge for many.
Santos, Australia's second largest independent gas producer, has reported a more than doubling in full-year underlying profit following the acquisition of Quadrant assets and higher realised prices
Carnarvon Petroleum has launched a $50 million share placement, with the funds set to primarily progress the commercialisation of the Dorado oil discovery, as part of its Phoenix project, located in the North West Shelf.
The country's number two independent gas producer, Santos, expects production to rise by up to 32 per cent this year, boosted by the acquisition of Quadrant assets.
Alumina producer Alcoa of Australia has signed three supply deals with BHP Group, Woodside Petroleum and Chevron to provide about 23 petajoules of gas between them annually from 2020 for its Western Australian refineries.
The competition watchdog has cleared Santos' planned $2.9 billion takeover of Quadrant Energy despite concerns from some businesses in the Goldfields region about reduced competition for gas supplies.
Santos is set to become the dominant supplier of gas in the Western Australian domestic market after striking a deal to buy privately-owned Quadrant Energy for $US2.15 billion ($A2.95 billion).
SPECIAL REPORT: With shipments at Shell's Prelude FLNG facility still to get under way, one Perth businessman is hoping to reignite use of the technology for stranded gas fields.
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.
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.
