Australia's Woodside pulls oil, gas stakes from sale

  • : Crude oil, Natural gas
  • 24/04/12

Australian independent Woodside Energy has decided against selling stakes in its offshore Macedon domestic gas venture and Pyrenees oil project, following a sales process that began in mid-2023.

Woodside said following completion of the sale process it has decided to retain its current ownership in both Carnarvon basin assets, adding that Macedon continues to be a critical supply source of gas to the Western Australian domestic market.

Singapore-listed oil and gas firm Jadestone Energy revealed in February it was a participant in the sale being managed by investment bank Morgan Stanley.

The fields were acquired as part of Woodside's takeover of BHP's petroleum division in 2022, producing about 28,000 b/d of oil equivalent during July-December 2023. Woodside holds a 64.86pc interest in Pyrenees and a 71.4pc stake in Macedon.


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24/06/17

Iran rebukes G7 over nuclear warning: Update

Iran rebukes G7 over nuclear warning: Update

Adds quotes from IAEA director general Dubai, 17 June (Argus) — Iran's foreign ministry has called on the G7 to distance itself from "destructive policies of the past" after the group issued a statement condemning Tehran's recent nuclear programme escalation. "Unfortunately, some countries, driven by political motives and by resorting to baseless and unproven claims, attempt to continue their failed and ineffective policy of imposing and maintaining sanctions against the Iranian nation," the foreign ministry's spokesperson Nasser Kanaani said on 16 June. Kanaani advised the G7 "to learn from past experiences and distance itself from destructive past policies". His comments were in response to a joint statement from G7 leaders on 14 June warning Iran against advancing its nuclear enrichment programme. The leaders said they would be ready to enforce new measures if Tehran were to transfer ballistic missiles to Russia. The G7's reference to Iran comes on the heels of a new resolution passed by the board of governors of the UN's nuclear watchdog the IAEA . The resolution calls on Iran to step up co-operation and reverse its decision to restrict the agency access to nuclear facilities by de-designating inspectors. Kanaani said "any attempt to link the war in Ukraine to the bilateral co-operation between Iran and Russia is an act with only biased political goals", adding that some countries are "resorting to false claims to continue sanctions" against Iran. Tehran will continue its "constructive interaction and technical co-operation" with the IAEA, Kanaani said. But the agency's resolution is "politically biased", he said. Not an "anti-Iran" policy In an interview with the Russian daily newspaper Izvestia published today, IAEA director general Rafael Grossi refused claims of political bias. "We do co-operate with Iran. I don't deny this. This is important for inspection. My Iranian colleagues often say that Iran is the most inspected country in the world. Well, it is, and for good reason. But this is not enough," Grossi said, adding that the IAEA does not adhere to an "anti-Iran policy". Grossi also stressed the need for countries to return to diplomacy with Iran, while expressing concerns over the expansion of its nuclear programme. "Russia plays a very important role in this diplomacy, trying to keep the Iranian programme within a predictable and peaceful framework. But again, everything needs to be controlled," he said. The IAEA's new resolution and the reference to Iran in the G7 statement could be the start of a more concerted effort to raise pressure on Tehran over its nuclear programme. "What is happening right now is the process of accumulation of resolutions, so that when the day comes and the IAEA makes a referral to the UN Security Council, there will be enough resolutions to make a case for action at the security council level," a diplomatic source told Argus . Iran is enriching uranium to as high as 60pc purity. Near 90pc is considered to be weapons grade, according to the IAEA. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Japex takes control of Norway-focused upstream venture


24/06/17
24/06/17

Japex takes control of Norway-focused upstream venture

Tokyo, 17 June (Argus) — Japanese upstream firm Japex has acquired a majority stake in Longboat Japex from London-listed independent Longboat Energy to take full control of the Norwegian oil and gas joint venture. Japex spent $2.5mn to buy the 50.1pc stake, which will completed during July-September this year, Japex said. It bought a 49.9pc stake in Longboat Japex from Longboat Energy in May last year, with the UK firm last year looking to raise extra funds through asset sales, farm-down deals or issuing new equity. By Reina Maeda Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Iran rebukes G7 after warning over nuclear escalation


24/06/17
24/06/17

Iran rebukes G7 after warning over nuclear escalation

Dubai, 17 June (Argus) — Iran's foreign ministry has called on the G7 to distance itself from "destructive policies of the past" after the group issued a statement condemning Tehran's recent nuclear programme escalation. "Unfortunately, some countries, driven by political motives and by resorting to baseless and unproven claims, attempt to continue their failed and ineffective policy of imposing and maintaining sanctions against the Iranian nation," the foreign ministry's spokesperson Nasser Kanaani said on 16 June. Kanaani advised the G7 "to learn from past experiences and distance itself from destructive past policies". His comments were in response to a joint statement from G7 leaders on 14 June warning Iran against advancing its nuclear enrichment programme. The leaders said they would be ready to enforce new measures if Tehran were to transfer ballistic missiles to Russia. The G7's reference to Iran comes on the heels of a new resolution passed by the board of governors of the UN's nuclear watchdog the IAEA . The resolution calls on Iran to step up co-operation and reverse its decision to restrict the agency access to nuclear facilities by de-designating inspectors. Kanaani said "any attempt to link the war in Ukraine to the bilateral co-operation between Iran and Russia is an act with only biased political goals", adding that some countries are "resorting to false claims to continue sanctions" against Iran. Tehran will continue its "constructive interaction and technical co-operation" with the IAEA, Kanaani said. But the agency's resolution is "politically biased", he said. The IAEA's new resolution and the reference to Iran in the G7 statement could be the start of a more concerted effort to raise pressure on Tehran over its nuclear programme. "What is happening right now is the process of accumulation of resolutions, so that when the day comes and the IAEA makes a referral to the UN Security Council, there will be enough resolutions to make a case for action at the security council level," a diplomatic source told Argus . Iran is enriching uranium to as high as 60pc purity. Near 90pc is considered to be weapons grade, according to the IAEA. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

S Africa's ANC, DA agree to form government


24/06/14
24/06/14

S Africa's ANC, DA agree to form government

Cape Town, 14 June (Argus) — South Africa's African National Congress (ANC) and Democratic Alliance (DA) political parties today agreed to form a government while the first sitting of the new parliament was underway. The agreement, which includes the Inkatha Freedom Party (IFP), paves the way for ANC leader Cyril Ramaphosa to be re-elected president. The parties will assume various positions in government broadly in proportion to their share of seats. The government of national unity (GNU) agreement is the result of two weeks of intense negotiations after the ANC lost its long-held majority in the national election on 29 May. It secured 40.2pc of the vote, and the centre-right, pro-market DA retained its position as the official opposition with 21.8pc. The deal scuppers the possibility of an alliance between the ANC and the two largest left-wing parties, MK (uMkhonto weSizwe) and the Economic Freedom Fighters (EFF), which credit ratings agency Fitch warned could pose risks to macroeconomic stability . MK party unseated the EFF in the election to come third, winning 14.6pc of the vote. The EFF secured 9.5pc, and the IFP came a distant fifth with 3.85pc. The MK and EFF are populist parties that campaigned on agendas including wide-scale land expropriation without compensation, nationalisation of economic assets — including mines, the central bank and large banks and insurers — halting fiscal consolidation and aggressively increasing social grants. The GNU parties agreed the new administration should focus on rapid economic growth, job creation, infrastructure development and fiscal sustainability. Other priorities include building a professional, merit-based and non-partisan public service, as well as strengthening law enforcement agencies to address crime and corruption. Through a national dialogue that will include civil society, labour and business, parties will seek to develop a national social compact to enable South Africa to meet its developmental goals, they said. The GNU will take decisions in accordance with the established practice of consensus, but where no consensus is possible a principle of sufficient consensus will apply. By Elaine Mills Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Renewable natural gas not ‘major’ for climate: Chevron


24/06/13
24/06/13

Renewable natural gas not ‘major’ for climate: Chevron

New York, 13 June (Argus) — The growth of renewable natural gas (RNG) production is great news for the climate, but "to say that it is having a major impact by itself is difficult," the president of Chevron's global gas division said this week at an industry gathering. The US oil major, which has invested in RNG facilities in California , Michigan and elsewhere in recent years, has also boosted its conventional gas production on the heels of a crude-focused acquisition of a Denver-based producer. "I don't want to get called out (for) greenwashing or whatever because the volume is just very small compared to the overall portfolio," Chevron gas division president Freeman Shaheen said at the Northeast LDC Gas Forum in Boston, Massachusetts. Advocates for RNG hail the fuel, comprising methane from landfills and animal waste projects that is processed into pipeline-quality gas, as a boon for the climate. This is not only because its use displaces conventional natural gas produced in hydrocarbon drilling — so-called ‘fossil gas' — but because its production takes methane that would have been released directly into the atmosphere and burns it as fuel, releasing CO₂ — a less potent greenhouse gas — instead. But RNG today comprises just 0.5pc of the North American gas market. Even with continued policy support and technological development, Wood Mackenzie projects it will grow to just 4 Bcf/d (113mn m³/d), or 3pc of the market, by 2050. This is why some policymakers, such as Massachusetts' utilities regulatory, have rejected gas distributors' calls to decarbonize the gas system with RNG. The energy industry simply has not invested enough in RNG over the past several decades for it to reach the scale needed to play a bigger role in cutting emissions, Shaheen said. By Julian Hast Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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