Medical and Hospital News  
OIL AND GAS
Woodside takes control of Australian offshore gas field
by Daniel J. Graeber
Washington (UPI) Mar 11, 2018

Australian energy company Woodside Petroleum said it's cleared to take on Exxon Mobil's 50 percent interest in the Scarborough gas field off the nation's coast.

Rival energy company BHP Billiton cleared the way Monday for the acquisition after waiving its right to pre-emption on the deal. As a result, Woodside increases its stake in Scarborough to 75 percent.

"I am pleased BHP has agreed that Woodside will become operator of the Scarborough development," Woodside CEO Peter Coleman said in a statement. "The Scarborough joint venture will now be focused on finalizing the development concept prior to entering front-end engineering design and positioning for a final investment decision in 2020."

Woodside reported a net profit after tax of nearly $80 million, an 18 percent improvement over 2017. Free cash flow increased to $660 million and the company said its break-even point was well below the current price of oil, which was around $65 per barrel for the global benchmark, Brent, early Monday.

The Australian energy giant becomes the operator of the gas field off the coast of Western Australia. In return, BHP has the option to buy into the Scarborough development on terms similar to those reached with Exxon.

Net reserves in the Scarborough area, which consists of three natural gas fields, are more than 9 trillion cubic feet of dry gas. Upon completion of the acquisition, Woodside estimates its net share of resources more than doubles.

Production gains are anticipated across Woodside's global portfolio, though the Scarborough acquisition gives the company a larger presence in the regional gas sector.

BHP and Exxon had no public comments on the arrangement. A mining giant, BHP said last month it was anticipating bids for its onshore U.S. shale natural gas holding during the first half of the year.

BHP said underlying profit for the second half of 2017 improved 25 percent from the same period last year to $4 billion. Exxon reported $8.4 billion in earnings from exploration and production, but most of that was a result of U.S. tax reforms that went into force this year.


Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


OIL AND GAS
EU urges Germany to introduce air pollution toll
Frankfurt Am Main (AFP) March 7, 2018
German cities should fight air pollution by charging drivers tolls according to their vehicle's emissions, rather than slapping general bans on older models, European Transport Commissioner Violeta Bulc said Wednesday. After a top court last month ruled driving bans in some city zones for the most polluting diesel vehicles were legal, German commuters, politicians, environmentalists and the mighty car industry have been exchanging blows over potential blanket exclusions. Instead, "city toll syst ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Belgium distributes iodine pills in case of nuclear accident

At the UN, a diplomatic dance decides the fate of nations

New evidence of nuclear fuel releases found at Fukushima

Venezuela's woes spread to zoos as animals feed on each other

OIL AND GAS
Why Russia is one step ahead of US Army's plans for future GPS

Europe claims 100 million users for Galileo satnav system

Airbus selected by ESA for EGNOS V3 program

Pentagon probes fitness-app use after map shows sensitive sites

OIL AND GAS
Capturing brain signals with soft electronics

Scientists find world's oldest figural tattoos on Egyptian mummies

Seeing the brain's electrical activity

Buried at the stake: Underwater burial site yields skulls on poles

OIL AND GAS
India's endangered lion population increases to 600

Study suggests dogs understand objects they smell

Hummingbirds make cricket sounds at frequencies outside avian hearing range

Shipments of protected African species to Asia soar: study

OIL AND GAS
DARPA Names Researchers Working to Halt Outbreaks in 60 Days or Less

China confirms first human case of H7N4 bird flu

UV light can kill airborne flu virus, study finds

Playing 20 Questions with Bacteria to Distinguish Harmless Organisms from Pathogens

OIL AND GAS
China anti-graft drive sees 100 top officials tried in five years

Naps and noodle talk at Chinese parliament term limit 'debate'

China signals hardened stance on Hong Kong, Taiwan

US journalists fear China detained their families

OIL AND GAS
Off West Africa, navies team up in fight against piracy

India seeks custody of fugitive arrested in Hong Kong

Vietnam cops seize $2.5 mn heroin in China border drug bust

The roots of Italian mafia lie in the lemon industry, new research suggests

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.