Oil & Gas

Oil prices surged on Wednesday, shrugging off an unexpected build in US crude stockpiles and rebounding from a four-day slump as Russia's central bank expressed caution on plans to boost oil supply.

US crude futures fell more than $US1 on Tuesday on worries that Saudi Arabia and Russia will pump more crude to boost supplies after more than a year of reducing worldwide inventories.

Oil prices extended losses on Monday as Saudi Arabia and Russia said they may increase supplies while US production gains showed no sign of slowing.

Perth company GLX Holdings, which has attracted more than 40 of the world’s largest LNG buyers and sellers to its online trading platform, has recorded a notable milestone via Malaysian petroleum giant Petronas.

Rising oil prices will affect behavior and the cost of living across all sectors of society and industry.

Oil prices fell more than $US2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.

Oil benchmarks fell on Wednesday after an unexpected build in US crude and gasoline inventories despite strong demand, and as traders weighed a possible increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.

Brent crude prices settled slightly higher on Tuesday after a volatile session in which potential supply concerns surrounding Venezuela and Iran jockeyed with comments from President Donald Trump, who said he was not pleased with US-China trade talks.

West Perth-based Buru Energy has sold a 50 per cent share in its Ungani oilfield to Chinese-backed Roc Oil for $64 million, as part of a broader deal the company hopes will unlock its assets in the Canning Basin.

US crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela's oil output could fall further following the country's presidential election and potential sanctions on the OPEC-member nation.

US private equity firm Harbour Energy has raised its bid for Santos to about $US10.9 billion ($A14.5 billion) on condition the local energy firm increases its oil price hedging for the next two years.

Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming US sanctions on Iran.

Oil prices climbed above $US80 a barrel on Thursday for the first time since November 2014, before retreating on a stronger dollar and climbing US output to end unchanged.

US private equity firm Harbour Energy has made a binding offer for Santos that confirms an original price tag of $US10.4 billion ($A13.8 billion).

A renewed activist focus on the carbon sequestration efforts on Barrow Island is, like many populist arguments these days, abusing language to stir up emotions.

Oil prices have gained ground, shaking off the effects of a strengthening dollar, after an inventory report showed US crude and petrol stocks fell more than expected.

The board of Tap Oil has recommended shareholders reject a $29.8 million takeover from major shareholder Risco Energy Investments, saying the proposal is opportunistic and undervalues the company.

A bump in the oil price has reinvigorated the fortunes of several small oil and gas explorers in WA.

Oil prices settled a shade firmer after retreating from multi-year highs hit early in the day on Tuesday, supported by concerns that US sanctions on Iran are likely to restrict crude exports from one of the biggest producers in the Middle East.

Chevron Australia managing director Nigel Hearne has proposed a major shift in the development of WA’s offshore gas reserves, suggesting the industry should collaborate to build a multi-user pipeline to be shared by multiple LNG producers.

Shell Australia chair Zoe Yujnovich told today’s APPEA conference the oil and gas industry needed to be more active in defending its record, as protesters came together outside the Adelaide conference.

Oil prices rose on Monday as OPEC reported that the global oil glut has been virtually eliminated, while US crude's discount to global benchmark Brent widened to more than $7, its deepest in five m

Crude prices fell in a see-saw session on Friday, retreating after early gains as it looked likely that US allies would push to maintain a deal with Iran, which could keep that country's crude exports on global markets.

Carnarvon Petroleum has boosted its coffers with a $16 million capital raising to fund drilling at its Buffalo oil field in the North West Shelf, while also announcing a share purchase plan to raise up to $4 million.

Crude prices ended the session slightly higher on Thursday as investors weighed the potential disruption to oil flows from major exporter Iran in the face of US sanctions.

Perth company Western Gas is on the hunt for a partner for its Equus gas field project off the WA coast, and has revealed a new development plan, with first gas expected in 2023.

Antilles Oil and Gas has announced plans to acquire aged care technology company HomeStay, which counts Fastbrick Robotics chair Shannon Robinson among its directors.

Oil prices rose about three per cent on Wednesday and hit fresh three-and-a-half year highs after a bigger-than-expected drawdown in US oil inventories extended gains from the United States' decision to quit a nuclear deal with Iran.

Local telco Swift Networks has secured a five-year services contract in the oil and gas industry.

Oil prices recouped some losses to end about two per cent lower on Tuesday after President Donald Trump confirmed the US will withdraw from the Iran nuclear deal in a volatile session which saw prices slump as much as four per cent.

Oil prices rose for the fourth straight day to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.

Oil prices rose on Thursday, boosted by OPEC production cuts and the potential for new US sanctions against Iran, but gains were limited by growing US crude inventories.