Cooper Basin News
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Geodynamics Ltd., an explorer seeking to produce power from hot underground rocks, is starting a search for new partners to develop its project in central Australia after Origin Energy Ltd. decided to pull out.
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Senex Energy Ltd., Asia’s worst gas exploration stock in the past year, is rebounding after Chevron Corp.’s investment in an Australian shale competitor stoked optimism that it may be the next target.
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QIC Global Infrastructure, which manages A$7 billion ($7.4 billion) in energy, water, utilities and airport investments, agreed to buy a pipeline in Australia from APA Group for A$401 million.
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APA Group, whose pipelines deliver more than half of Australia’s natural gas, expects to receive final bids shortly for a pipeline that may fetch about A$400 million ($420 million).
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Chevron Corp., the second-largest U.S. energy company, agreed to pay as much as $349 million to join Beach Energy Ltd. in an Australian natural gas exploration campaign in its first shale investment in the country.
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Beach Energy Ltd. said the Cooper Basin region in Australia’s outback, where it’s searching for natural gas with Chevron Corp., will be a “major onshore petroleum province.”
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The following is a selection of the most important news affecting the oil market.
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Surging prices for shale gas and oil properties in the U.S. are turning owners of deposits as far away as Australia into potential takeover targets.
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Santos Ltd. , Australia’s third- largest oil and gas producer, reported an 11 percent decline in second-quarter output as floods in central Australia disrupted operations in the Cooper Basin.
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BG Group Plc, the U.K. natural-gas producer exploring for shale gas in the U.S., plans to extend its search to Australia as global demand grows for the cleaner- burning fuel.
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