Subscribe free to our newsletters via your
. Energy News .




ENERGY TECH
Australia sees China chance in Chevron gas exit
by Staff Writers
Sydney (AFP) Aug 21, 2012


Australian officials on Tuesday welcomed Chevron's decision to bow out of Woodside Petroleum's massive Browse liquefied natural gas project as a chance for Chinese investors to buy in.

Chevron announced late Monday it would hand Royal Dutch Shell its interest in the Browse development in exchange for Shell's share in two gas fields in the Wheatstone LNG project further south and US$450 million in cash.

The US company already has a majority holding in Wheatstone, off Australia's mineral-rich Pilbara coast, and said increasing its stake was in line with its long-term LNG strategy.

Woodside, operator of the Browse joint venture and majority stakeholder, said Tuesday it would not oppose Chevron's deal with Shell, which it valued at US$2 billion.

The Australian energy firm sold down its own stake in Browse earlier this year, offloading a 14.7 percent interest in May to Japan Australia LNG, a joint venture of the Mitsui and Mitsubishi trading houses.

BHP Billiton and BP are the other partners in the project, which is valued at some US$30 billion and is expected to produce up to 50 million tonnes of LNG a year -- more than twice Australia's current total exports.

Western Australia state premier Colin Barnett welcomed Chevron's exit from Browse as opening the door to foreign investors, particularly in Asia, with Chinese parties indicating interest in taking a stake earlier this year.

"It reduces the number of participants from six down to five in the Browse Basin and leaves space for China to come in as an equity holder," Barnett told ABC radio.

"Chevron concentrating on its other two LNG projects, the Japanese coming in as a buyer, an investor, and the high prospect of the Chinese doing the same is all part of the shuffling and the re-arranging of ownership, which is good news for the development," he added.

Australia is on track to become the world's biggest LNG producer as cleaner energy alternatives to coal are sought, with analysts predicting it will overtake Qatar by 2020 as it unlocks reserves that could last a century.

Seven of the world's 10 major LNG projects are under construction in Australia, with Aus$176 billion of private Australian and foreign investment in gas projects since 2007.

Analysts expect Australia to pip the small Gulf emirate, which holds the world's third-largest gas reserves and last year saw LNG production capacity rise to 77 million tonnes per annum (mtpa), by 2020.

.


Related Links
Powering The World in the 21st Century at Energy-Daily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

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








ENERGY TECH
China's CNOOC H1 profit down 19%
Hong Kong (AFP) Aug 21, 2012
Chinese state-owned energy giant CNOOC Tuesday said its first-half net profit fell 19 percent year-on-year amid rising costs and a drop in production after the closure of a major oil field. Net profit for the six months to June fell to 31.87 billion yuan ($5.01 billion), down from 39.34 billion yuan a year ago, China's largest offshore oil and gas producer said in a filing to the Hong Kong s ... read more


ENERGY TECH
US carbon emissions in surprise drop

Rio+20: A Move Towards More Sustainable Transportation

Renewable Energy Ambitions, Independence and Donald Trump - An Interview with Alex Salmond Part A

Renewable Energy Ambitions, Independence and Donald Trump - An Interview with Alex Salmond Part B

ENERGY TECH
Australia sees China chance in Chevron gas exit

US says oil firms should respect Baghdad government

China's CNOOC H1 profit down 19%

Future increases in US natural gas exports and domestic prices may not be as large as thought

ENERGY TECH
US Wind Power Market Riding a Wave That Is Likely to Crest in 2012

Wind farms: A danger to ultra-light aircraft?

Off-shore wind power project considered

Obama whips up wind power attack on Romney

ENERGY TECH
Indian solar hit by climate financing

Speeding up the profitability of flat-roof solar installations

Eco Environments does the double with Cold Move solar PV project

SOLON Accelerates Shipping Innovative Solquick Rooftop Solution To Solar Installers

ENERGY TECH
France sends student to prison for nuclear line protest

IAEA: Fukushima slowed nuke growth

Tokyo's anti-nuclear protesters remember WWII

Belgian nuclear safety chief spells out fissure fears

ENERGY TECH
Argentina unhappy over EU biofuels curbs

New biorefinery finds treasure in Starbucks' spent coffee grounds and stale bakery goods

Fueling the future with renewable gasoline and diesel

Major advance made in generating electricity from wastewater

ENERGY TECH
Is China Going to Blast Past America in Space?

Hong Kong people share joy of China's manned space program

China's Long March-5 carrier rocket engine undergoes testing

China to land first moon probe next year

ENERGY TECH
Tornado numbers lower because of drought

Climate and Drought Lessons from Ancient Egypt

UN agency calls for global action plan on drought

Studies shed light on why species stay or go in response to climate change




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal 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. 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. Privacy Statement