News
South Australian oil and gas companies Santos and Beach Energy will push ahead with their $220 million Moomba carbon capture and storage project in the state’s north-east.
Business
Santos has reported a six-month profit to June 30 of $482 million (US$354 million) on the back of record production, record sales volumes and rebounding oil prices.
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The share price of SA oil and gas producer Beach Energy plunged almost 25 per cent in the first hour of ASX trade this morning, after the company announced an 18.4 million barrels of oil downgrade to its reserves in the north-east of the state.
Adelaide-based oil and gas companies Beach Energy and Cooper Energy have reported massive drops in profits for the first half of the financial year, citing low prices and investments in new projects for their lacklustre performances.
Adelaide-based oil and gas producer Beach Energy will pay $87.5 million to acquire all of Senex Energy’s Cooper Basin assets.
A US drilling company has sued Adelaide-based oil and gas producer Beach Energy for abruptly terminating a $US65 million ($A101 million) contract.
Adelaide-headquartered Beach Energy has posted a slimmer net profit, forecast lower production and cited tax payments for a sharp drop in operating cash flow in a report to investors this morning.
