Gina Rinehart will spend up to $1.1 billion to acquire Mineral Resources’ Lockyer gas project and half of its remaining onshore assets in WA,ending weeks of speculation.
The state’s first new gasfield to begin production in a decade,off the coast of Port Campbell,is now thought to hold much less gas than first forecast.
Experts say time has run out to develop new sources of supply to avert crippling shortages on the east coast.
Beach Energy shares plummeted in early trading on Monday,with its chief executive conceding extreme disappointment over quality issues in the late-stage WA project.
The Kerry Stokes-backed oil and gas producer will lay off 30 per cent of its workforce and overhaul its executive leadership team in a bid turn the company around.
Analysts say oil and gas majors Woodside and Santos can overcome competition concerns.
The WA government has quietly announced that no onshore gas fields will receive the economic advantage of access to international markets that the Waitsia field owned by Japan’s Mitsui and Kerry Stokes-backed Beach Energy gained in 2020.
The Kerry Stokes-backed gas producer has flagged fresh troubles at its key growth project,just days after the abrupt exit of its CEO.
The Kerry Stokes-backed Beach Energy has flagged ongoing challenges making investments in future east coast gas drilling projects.
One of the eastern seaboard’s biggest gas suppliers has flagged support for new rules requiring gas producers to set aside certain volumes for domestic buyers.
Kerry Stokes-backed Beach Energy has held back its oil and gas targets for next year as it grapples with regulatory changes and delays to a key project.