australia – Oil & Gas 360

Australia set to join global clean energy subsidy race with new green fund, AFR reports

February 16, 2024

Nasdaq SYDNEY – Australia plans to unveil a range of financial incentives to drive investment in the local clean energy sector and keep money and talent from being pulled overseas by subsidies in the U.S. and Europe, the Australian Financial Review reported on Friday. Like countries across the developed world, Australia is responding to the massive raft of clean energy

$11-billion takeover bid for Australia’s top utility collapses

December 4, 2023

Oil Price Not enough shareholders of Australia’s top energy retailer, Origin Energy, backed on Monday a takeover bid from a Brookfield-led consortium of investors, leading to a collapse of a proposed $11-billion deal. A total of 68.92% of the votes cast by Origin Energy’s shareholders were in favor of the bid, short of the required 75% majority necessary to approve

U.S. and Australia sign clean energy pact

May 22, 2023

Oil Price The United States and Australia agreed this weekend on a clean energy manufacturing pact with a focus on the energy transition and emissions reduction. The so-called Climate, Critical Minerals, and Clean Energy Transformation Compact establishes climate and clean energy as a central pillar of the Australia-United States Alliance, the White House said, reporting the signing of the pact

Germany, Austria blast EU’s “greenwashing” of natural gas projects

January 3, 2022

World Oil (Bloomberg) –Germany and Austria came out strongly against the European Union proposal to classify some natural-gas and nuclear projects as sustainable investments, with both countries accusing the bloc of “greenwashing.” In Berlin, the Greens — who joined Germany’s new ruling coalition following September’s election — criticized the regulatory plan as damaging the credibility of the EU green rulebook,

Australia’s Commonwealth Bank taken to court over oil and gas financing policies

September 2, 2021

Nasdaq SYDNEY – A Commonwealth Bank CBA.AX investor has sued the lender, demanding to see internal documents on its decisions to finance fossil fuel projects to ensure it has complied with its own environmental framework. Lawyers for retail investor Guy Abrahams, who publicly shamed the country’s largest lender in 2017 over its lack of climate-change risk disclosures, say the bank is not hewing closely

Australia shies from backing net zero by 2050 ahead of Biden climate summit

April 20, 2021

Reuters CANBERRA – Australian Prime Minister Scott Morrison stopped short of endorsing a 2050 target for net zero greenhouse gas emissions ahead of U.S. President Joe Biden’s climate summit this week. In a speech on Monday, he said only that Australia, the highest per capita carbon emitter among the world’s richest nations, will achieve net zero “as quickly as possible

Australia moves into top three countries for renewable investment: research

November 24, 2020

Reuters LONDON – Australia has moved into the three most attractive countries in the world for renewables investment for the first time due to rapid solar photovoltaic (PV) deployment, research showed on Tuesday. In a bi-annual index of the top 40 renewable energy markets worldwide by consultancy EY, the United States held on to top spot, followed by China. Australia

Australia state unveils $23 billion energy roadmap in renewables push

November 9, 2020

Reuters SYDNEY – Australia’s New South Wales (NSW) state said on Monday it would shift toward renewable energy from coal and aimed to lure A$32 billion ($23.3 billion) of private investment into the sector in the next decade. Australia’s most populous state said it would cut red tape and speed up approvals for businesses to invest in renewable energy projects,

Rio Tinto exits seen reverberating across boardrooms

September 11, 2020

Reuters SYDNEY/LONDON – The departure of Rio Tinto Chief Executive Jean-Sebastien Jacques over the destruction of ancient Aboriginal heritage sites in Australia has put mining executives globally on notice – ignore cultural and social issues at your peril. Tens of billions of dollars have been poured into companies based on environmental, social and governance (ESG) factors giving ethically-minded investors greater

Exxon weighs global job cuts after unveiling Australian lay-off

September 2, 2020

Fox Business Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off program in Australia. Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic. The company has slashed capital spending this year by 30% to around

Chevron says expects to restart Train 2 of Gorgon LNG plant in early September

July 28, 2020

Reuters SINGAPORE – Chevron Corp expects to restart Train 2 of its Gorgon liquefied natural gas (LNG) plant in Australia in early September after completing repairs, a company spokesman said on Tuesday. Gorgon is carrying out the repair work after a routine inspection of the train’s propane heat exchangers during planned maintenance found weld quality issues, the spokesman said. The

Chevron buys Australia’s Puma Energy for nearly $300 million

December 19, 2019

Houston Chronicle U.S. energy giant Chevron will buy Australia’s Puma Energy for about $292 million to provide more fuel distribution support in the Asia-Pacific region. Chevron, which has a large refining presence in Asia and large liquefied natural gas hubs in Australia, will scoop up Puma’s network of 100 storage terminals, 3,000 retail fueling sites and its roughly 8,000 employees,

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