Morne Engelbrecht

Confirmation of Santos and Beach Energy's $220 million carbon capture and storage project in South Australia has been followed by the swift departure of Beach's chief executive, Matt Kay.

Kerry Stokes-backed Beach Energy has entered into an agreement with BP Singapore to sell 3.75 million tonnes of LNG from the Waitsia Stage 2 project.

Shares in Kerry Stokes-backed Beach Energy plummeted more than 13 per cent during trading with the market seemingly underwhelmed by the oil and gas business’ production outlook.

Warrego Energy has agreed to a takeover offer from Kerry Stokes-backed Beach Energy, bypassing a competing offer from its joint venture partner, the John Poynton-chaired Strike Energy.

The board is set for Gina Rinehart’s Hancock Energy to take control of Perth Basin desirable Warrego Energy after Kerry Stokes-backed Beach Energy declined to match a $342 million cash offer.

Kerry Stokes-backed Beach Energy has reported a drop of more than 10 per cent in its estimated Perth Basin gas reserves after undertaking a drilling campaign at Waitsia.

Costs to develop Beach Energy and Mitsui & Co's Waitsia gas project could climb to $850 million, as Webuild prepares to take over the old Clough contract.

Billions of dollars of investment could be in the pipeline for Perth Basin as the state faces a crippling gas shortage within a decade.

Beach Energy has reported quarterly production and revenue gains, while offering a vague update on progress at the Waitsia stage two project in the Perth Basin.

Brett Woods will lead Beach Energy from next year following the immediate departure of the oil and gas company’s current chief executive.