BP Plc, Europe’s second-largest oil company, expects to start its proposed deep-water drilling campaign off southern Australia in late 2015 or early 2016 and to obtain a drilling rig before the end of this year.
Element Financial Corp. Chief Executive Officer Steven Hudson says selling repackaged leases to life insurance companies helped his Canadian firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago.
Australia’s $65 billion of projects to export liquefied natural gas from the east coast are set to push up domestic prices, opening the way for record investment at home in competing energy sources to produce power.
PTT Exploration & Production Pcl may lose the right to drill in Australia after a review of the company’s plans to prevent a repeat of its 2009 Montara oil spill off the northwest coast, the energy minister said.
Australia’s resource tax rate will be 40 percent and won’t be set at different levels for various commodities, Resources Minister Martin Ferguson said as companies look for a compromise on how the levy will be applied.