Australia Oil and Gas Industry
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As per latest reports from Australia oil and gas industry, Santos, which is third biggest producer of oil and gas products in that country, has announced a drop of 8 percent in its year on year production for 2008. Santos assumes that in 2009 its production level would remain same.
Arrow Energy is a major name of oil and gas industry in Australia. It specializes in coal bed methane. It announced on 20th January 2009 that it has sold a stake of 10 percent in Arrow International, which is its overseas unit, to Royal Dutch Shell.
As per latest reports from Australia oil and gas industry, Santos, which is third biggest producer of oil and gas products in that country, has announced a drop of 8 percent in its year on year production for 2008. Santos assumes that in 2009 its production level would remain same.
Arrow Energy is a major name of oil and gas industry in Australia. It specializes in coal bed methane. It announced on 20th January 2009 that it has sold a stake of 10 percent in Arrow International, which is its overseas unit, to Royal Dutch Shell.
According to news from oil and gas industry of Australia, on January 2009 Arrow Energy entered into a preliminary deal with PT Energi Pasir Hitam Indonesia (Ephindo), which is a major energy company of Indonesia. This deal is regarding Sangatta coal bed methane block, which is located in East Kalimantan.
During January 2009 Arrow International has also signed a Memorandum of Understanding with Oil and Natural Gas Corporation of India. This new development in oil and gas industry at Australia is regarding combined exploration of coal bed methane assets.
It has also taken over Pure Energy, which is a well known explorer in Australia oil and gas industry. This acquisition has been worth $460 million and is newest in a line of acquisitions going on in growing coal bed methane sector of Australian oil and gas industry.
In another news from Australia oil and gas industry PTT Exploration & Production, which is a state owned organization from Thailand, has decided to buy out Coogee Resources for $170 million. It is an unlisted producer of Australia oil and gas industry. This deal has taken place during December 2008.
Australia oil and gas industry has received a shot in arm as its liquified natural gas sector has been provided with an exemption that is aimed at maintaining global competitiveness of this sector. This exemption is a part of a carbon emissions trading scheme that would be introduced in 2010 in Australia. As per latest Australia Oil and Gas Report for first quarter of 2009, Australia oil and gas industry would be accounting for 7.39 percent of oil produced in Asia Pacific region by 2013.
