Woodside Petroleum Ltd., Australia’s second-biggest energy producer, may step up its hunt for acquisitions after scrapping a deal to buy a stake in Israel’s Leviathan natural gas project for as much as $2.6 billion.
Escalating costs to build liquefied natural gas plants on land in Australia, where energy workers earn the highest salaries in the world, are driving developers out to sea in search of billions of dollars in savings.
Woodside Petroleum Ltd. rose in Sydney amid speculation Australia’s second-biggest oil and gas producer is close to resolving how Royal Dutch Shell Plc will dispose of its remaining stake in the company.
Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, may pull out of a deal to invest in Israel’s largest natural gas field, freeing up as much as $1 billion to return to investors, Deutsche Bank AG said.
AGL Energy Ltd. fell the most in almost two years in Sydney after failing to buy power assets from Australia’s New South Wales state amid reports rival Origin Energy Ltd. and a unit of CLP Holdings Ltd. succeeded.
ConocoPhillips , Origin Energy Ltd.’s partner in an Australian liquefied natural gas venture, said it aims to make a decision to proceed with the development at about the same time as rival projects in Queensland state.
Chevron Corp., the second-largest U.S. energy company, agreed to sell Tokyo Electric Power Co. 3.1 million metric tons of liquefied natural gas annually from its proposed Wheatstone project in Western Australia.
Caltex Australia Ltd. , the country’s biggest oil refiner, fell the most in more than a year in Sydney on concern that margins on producing fuels may remain weak and that recent stock gains were excessive, analysts said.