Crude oil prices are slightly lower, extending the previous session's losses as the escalating China-US trade dispute casts doubt over the outlook for oil demand.
Woodside Petroleum has signed up engineering company Wood to prepare development plans for the Scarborough gas field, with the work to be split between offices in Houston and Perth.
Tap Oil major shareholder Risco Energy Investments has increased its takeover offer for the oil and gas company to $38.7 million on the back of BDO’s independent expert valuation.
Oil prices slid about three per cent on Wednesday as a trade dispute between the United States and China escalated further and after Chinese import data showed a slowdown in energy demand.
Carnarvon Petroleum has announced another oil discovery at its Dorado-1 well in the Carnarvon Basin, with the company’s share price having more than quadrupled in the past month.
Oil futures have gained after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the US prepares to reinstate sanctions against major exporter Iran.
Oil prices have strengthened, with US crude gaining nearly 2 per cent after traders saw an industry report suggesting domestic crude stockpiles would soon decline again.
Oil prices fell about 2 per cent as a surprise increase in US crude stockpiles fed concerns about global oversupply, while investors worried that trade tensions could hit energy demand.
Marine services company Bhagwan Marine has expanded its fleet with the purchase of two specialist vessels that are larger than others in its current fleet.
Oil prices rose with US crude futures jumping more than two per cent, as traders continued to focus on supply disruptions and a possible hit to crude output from US sanctions on Iran.
Junior explorers Magnetic Resources, Golden Rim Resources and Real Energy will tap investors in separate capital raisings worth a combined $12.3 million.
SPECIAL REPORT: With shipments at Shell’s Prelude FLNG facility still to get under way, one Perth businessman is hoping to reignite use of the technology for stranded gas fields.
Oil prices have risen for the second consecutive day after US government data showed domestic crude inventories fell to their lowest levels since February 2015, easing worries about oversupply that have weighed on markets in recent weeks.
West Perth-based oil junior Triangle Energy has revealed a leak at its Cliff Head oil platform, about 300 kilometres north of Perth, although the company said the spill was substantially less than 10,000 litres.
Oil prices have risen as the market shifts focus to the possibility of increased Chinese demand, drawing attention away from oversupply worries and trade tensions between China and the United States.
Shares in Carnarvon Petroleum have received another boost today after the company said it had discovered more oil and gas at Dorado-1 in the Carnarvon Basin.
Oil prices have edged lower as the focus turned to oversupply worries, moving away from escalating tensions between the US and Iran, which had driven prices higher early in the session.
Oil prices rose at the end of last week as a weakening dollar and lower expected August crude exports from Saudi Arabia supported the market, offsetting concerns about US-China trade tensions and supply increases.
Global benchmark Brent crude dipped on Thursday as concerns about mounting supply returned after a brief rally earlier in the session on comments that Saudi Arabia's exports would fall in August.
The much anticipated Browse LNG project has taken a step forward with partners arriving at an early stage agreement on pricing to pipe gas through an existing Karratha plant, while a proposed second train at Pluto LNG now looks likely to be much larger.
Oil prices rose on Wednesday after US government data indicated bullish demand for gasoline and distillates, which overshadowed a surprise build in US crude inventories and US crude oil production hitting 11 million bpd for the first time.
Perth-based Southern Cross Electrical Engineering has secured a number of new contracts across the country in the commercial, resources and telecommunication sectors.
Brent crude has strengthened, recouping some of its losses from the previous session as market focus returned to concerns about spare capacity following a warning from the International Energy Agency (IEA).
Global benchmark Brent crude oil has had its biggest one-day drop in two years as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply.
Tap Oil has urged shareholders to reject a $29.8 million takeover bid from major shareholder Risco Energy Investments, after independent expert BDO valued the company well above the offer price.
