Fri, Apr. 1, 3:47 PM
- InterOil (IOC -1.6%) confirms receiving a request from a group of shareholders led by former CEO Phil Mulacek for a special meeting of shareholders to consider proposals for improving governance.
- The Mulacek-led group, which holds ~7.5% of IOC shares, says the board is too large and expensive for a company with no operations, and lowering the head count would make better use of resources.
- IOC often is discussed as a potential target for the likes of Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) - where IOC CEO Mike Hession was once an executive - Oil Search (OTCPK:OISHF), Total (NYSE:TOT) or Exxon Mobil (NYSE:XOM).
- Now read InterOil drilling update and 2015 results
Mon, Mar. 21, 2:48 PM
- Atwood Oceanics (ATW +3.3%) says its Australia subsidiary's drilling services contract with Woodside Energy (OTCPK:WOPEF, OTCPK:WOPEY) for the semisubmersible Atwood Eagle has been suspended.
- ATW says the remaining 165-day term is transferred to the semisubmersible Atwood Osprey for Woodside's utilization upon completion of the Atwood Osprey's current drilling program.
- Alterations of oil and gas offshore drilling contracts has been a recurring theme as low oil prices continues to cause producers to cut back.
Mon, Feb. 1, 10:44 AM
- The cost of Chevron’s (NYSE:CVX) Wheatstone liquefied natural gas project in Australia may rise another ~14% to $33B after its start date was delayed by some six months, Macquarie analysts say.
- CVX said last week it expects first LNG cargoes from Wheatstone by mid-2017, citing a delay in building parts of the project in Malaysia, but that it had succeeded in "mitigating further delays” and "all modules required for train one are now on site."
- A weaker Australian dollar likely will ease some of the pressure on Wheatstone, previously estimated to cost ~$29B, Macquarie says; the project will have an initial capacity of 8.9M tons/year.
- CVX owns a 64% stake in Wheatstone; other partners include Woodside Petroleum (OTCPK:WOPEF ,OTCPK:WOPEY).
- CVX -1.9%.
Tue, Jan. 26, 10:29 AM
- FMC Technologies (FTI +2.2%) opens higher after announcing a $180M contract with Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) for subsea production systems work at a part of the North West Shelf project off Western Australia.
- The contract includes subsea production trees, wellheads, manifolds, subsea and topside controls, and flowline connection systems, with deliveries expected to begin in 2016 and continue through to 2018.
- The GWF-2 project, which is expected to begin production in 2019, is the fourth major gas development for the North West Shelf project and is expected to develop 1.6T cf of raw gas.
Sep. 9, 2015, 9:53 AM
- Oil Search (OTCPK:OISHF) will reject a demand by suitor Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) to hold exclusive talks as part of its A$11.6B takeover offer, potentially paving the way for Exxon Mobil (XOM +1.5%) to emerge as a rival bidder, Sydney Morning Herald reports.
- XOM is the operator and largest shareholder in Oil Search's Papua New Guinea liquefied natural gas project, and is said to have held an informal meeting with Oil Search CEO Peter Botten in the country yesterday.
- Macquarie analysts believe that XOM, as operator of PNG LNG, is unlikely to make any due diligence process easy for Woodside given sensitivities around early work it is performing on the P'nyang and Elk-Antelope gas fields; Bernstein's Neil Beveridge expects upward revisions to Woodside's offer for Oil Search and counter bids possibly from XOM, "who would be the most likely competitor."
Oct. 16, 2014, 3:05 PM
- InterOil (NYSE:IOC) +4.4% after gaining 2.1% yesterday.
- The Australian said today IOC may be a target for Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
- Other possible targets include Ophir Energy (OTCPK:OPGYF, OTC:OPHRY) or Apache's (NYSE:APA) stake in the Kitimat LNG project in Alaska.
- October 14 looks like a possible short-term bottom in IOC.
Jun. 30, 2014, 10:57 AM
- Cheniere Energy (LNG +2.5%) hits a new all-time high after Australia’s Woodside Petroleum (WOPEF, WOPEY) agrees to buy 850K metric tons/year of liquefied natural gas from the second train of LNG's Corpus Christi export project.
- The agreement has a 20-year term beginning at the date of first commercial delivery of the second train, with an extension option of up to 10 years; deliveries from Train 2 are expected to occur in 2019.
- The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5M metric tons/year of LNG.
Mar. 28, 2014, 10:57 AM
- Woodside Petroleum (WOPEF, WOPEY) has delayed signing an expected agreement to partner with Noble Energy (NBL +1.8%) and take up to a $2.7B stake in Israel's Leviathan gas field, reportedly balking at a push by the Israeli government to cut the potential share of profits from liquefied natural gas exports to Asia.
- RBC Capital still sees a good chance that the deal will get done, adding that preliminary guidelines released by Israeli regulators for Leviathan are in-line with its previous expectations; the firm keeps an Outperform rating on NBL.
Feb. 6, 2014, 12:37 PM
- InterOil (IOC +3.4%) moves higher on a report suggesting that Woodside Petroleum (WOPEF, WOPEY) may enter into IOC's Papua New Guinea gas projects.
- In related news, Reuters reports the country has decided to raise A$1.68B to pay off a bond it issued to Abu Dhabi in 2009 instead of giving up a strategic stake in oil and gas producer Oil Search (OISHF, OISHY).
- Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Woodside are said to be eyeing a possible stake in Oil Search, which owns a 29% stake in the $19B PNG liquefied natural gas project.
Jul. 29, 2013, 2:07 PM
- Woodside Energy's (WOPEY.PK, WOPEF.PK) deal to take a 30% stake in Noble's (NBL -2.1%) Leviathan field off the Israeli coast is on the verge of collapse due to NBL's decision to build a pipeline to Turkey instead of developing an LNG plant, as well as the decreased amount of Leviathan gas that will be available for export, Globes reports.
- Shares also were downgraded to Neutral from Buy at BAML.
Jun. 25, 2013, 8:48 AM
Dec. 19, 2011, 2:29 AM
Aussie oil producer Woodside Petroleum (WOPEY.PK, -3.4% in Australia) may delay an investment decision to develop the Browse liquefied natgas venture because of rising costs. The project has an estimated price tag of $36B, and partners (including CVX, RDS.A, BP, BHP -2.5% in Australia) plan to ask for the deadline to be extended to H1 2013 from mid-2012.| Dec. 19, 2011, 2:29 AM