Opinion
Courts and shareholders are piling pressure on fossil fuel companies to cut emissions and there’s no turning back the climate activism, argue Jacqueline Peel, Ben Neville and Rebekkah Markey-Towler.
Business
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.
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The shortest shipping route from Europe to Asia remains blocked as tug boats struggle to free one of the world’s largest container ships after it ran aground in the Suez Canal, prompting a rise in oil prices due to supply delays.
Santos has delivered record oil and gas production and sales volumes in the September quarter. But despite the production boom, the struggling world oil price has kept its sales revenues down by more than 20 per cent on this time last year.
South Australia’s largest company has reported a $US133 million fall in sales revenue for the March quarter as oil prices begin to recover from record lows.
US crude oil futures collapsed overnight below $US0 for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $US37.63 a barrel as desperate traders paid to get rid of oil.
