Tag Archives: Oil & Gas Exploration and Production (NEC) (TRBC level 5)

The CEO of Woodside Australia said the Myanmar coup would not affect exploration plans | Instant News


MELBOURNE (Reuters) – Australia’s Woodside Petroleum sees the military coup in Myanmar as a “transitional issue” that will not affect its drilling in the Southeast Asian nation’s waters, its chief executive said.

FILE PHOTOS: Woodside Petroleum Chief Executive Peter Coleman attends an interview with Reuters in Hong Kong, China March 29, 2017. REUTERS / Bobby Yip

His comments came as Australia, India, Japan and the United States called for a speedy restore of democracy in Myanmar two weeks after the military toppled the elected government of Aung San Suu Kyi.

Woodside Chief Executive Peter Coleman said the company does not see a coup holding back gas exploration work this year, including pre-engineering work for the A-6 gas field, which Woodside plans to develop with France’s Total SA.

“Currently we see this as a transitional issue. You have a developing democracy working through their process, “Coleman told Reuters.

“I looked at it and said that in time the Myanmar people will finish it. Right now the military is committed to holding free elections in 12 months … We hope that’s what will happen, and we will be watching that closely. “

Woodside does not face diplomatic pressure to step down, Coleman said, adding it is highly unlikely that US sanctions will get in the way of Woodside’s work.

“The US sanctions are currently on individuals, and usually that’s where the US is,” he said in an interview on Thursday.

“I think Western governments are very careful about their current approach to Myanmar, understanding the more sanctions they provide the more they can push military governments towards China and others for support.”

Hundreds of thousands of people take to the streets nearly every day across Myanmar demanding the reversal of the February 1 coup. Police broke up the demonstration and one protester who was shot in the head last week was killed on Friday.

Many protesters have called for a boycott of companies doing business with the military. Coleman said Woodside had not been the target of any protests.

In a separate statement late on Friday, Woodside said Coleman’s comments were not meant to excuse “what happened in Myanmar”. The company has pledged to continue operations in the country while complying with anti-corruption regulations in the United States and Britain, and applicable sanctions, he added.

Reporting by Sonali Paul; Edited by Kim Coghill and Lincoln Feast.

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The CEO of Woodside Australia said the Myanmar coup would not affect exploration plans | Instant News


MELBOURNE (Reuters) – Australia’s Woodside Petroleum sees the military coup in Myanmar as a “transitional issue” that will not affect its drilling in the Southeast Asian nation’s waters, its chief executive said.

His comments came as Australia, India, Japan and the United States called for a speedy restore of democracy in Myanmar two weeks after the military toppled the elected government of Aung San Suu Kyi.

Woodside Chief Executive Peter Coleman said the company does not see a coup holding back gas exploration work this year, including pre-engineering work for the A-6 gas field, which Woodside plans to develop with France’s Total SA.

“Currently we see this as a transitional issue. You have a developing democracy working through their process, “Coleman told Reuters.

“I looked at it and said that in time the Myanmar people will finish it. Right now the military is committed to holding free elections in 12 months … We hope that’s what will happen, and we will be watching that closely. “

Woodside does not face diplomatic pressure to step down, Coleman said, adding it is highly unlikely that US sanctions will get in the way of Woodside’s work.

“The US sanctions are currently on individuals, and usually that’s where the US is,” he said in an interview on Thursday.

“I think Western governments are very careful about their current approach to Myanmar, understanding the more sanctions they provide the more they can push military governments towards China and others for support.”

Hundreds of thousands of people take to the streets nearly every day across Myanmar demanding the reversal of the February 1 coup. Police broke up the demonstration and one protester who was shot in the head last week was killed on Friday.

Many protesters have called for a boycott of companies doing business with the military. Coleman said Woodside had not been the target of any protests.

Reporting by Sonali Paul; Edited by Kim Coghill

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Australian stocks hit a 2-month low on vaccine launch woes, weighing on Wall Street | Instant News


* The Perth case ends 14 coronavirus-free days in Australia

* Benchmarks are set for the fourth consecutive session in red

* Energy stocks hit their lowest level in a month

February 1 (Reuters) – Australian stocks hit a two-month low on Monday, hit by concerns over the launch of a coronavirus vaccine and a sluggish economic recovery, following Wall Street’s defeat last week due to clashes between hedge funds and retail investors.

Falling for the fourth consecutive session, the S & P / ASX 200 index was down 0.7% to 6,561.8 by 0019 GMT, its lowest since December 1.

The country reported Perth’s first locally acquired COVID-19 case after two weeks, leading to a five-day lockdown in the city.

Sentiment also waned after drugmaker’s Johnson & Johnson vaccines proved less effective than their counterparts at preventing the virus.

“We are still in the midst of a pandemic and the vaccine situation is not as fast and effective as many would expect,” said Nick Twidale, chief executive – APAC at FP Markets.

Global markets have been terrified since retail traders embarked on a buying frenzy sparked by social media last week, driving up the price of shares highly staked by Wall Street hedge funds.

Domestic and financial miners are doing well and will likely bear the brunt of the uncertainty that comes as investors realize a vaccine may take longer than expected to have an impact, Twidale added.

Financials slumped as much as 2.2% being the biggest drag on the benchmark, with the “Big Four” banks losing between 1.8% and 2.9%.

Industrial giants Woodside Petroleum and Santos led the losses on the energy sub-index, which hit a one-month low on weaker oil prices.

Silver miners, including Argent Minerals and Boab Metals, made huge profits as retail investors rushed towards stocks linked to the precious metal and raised commodity prices.

New Zealand’s benchmark S & P / NZX 50 index fell 0.8% to 13,021.01, with the financial and utilities sectors being the worst performers.

Reporting by Arpit Nayak in Bengaluru; Edited by Rashmi Aich

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Analysis: Sovereign wealth, giant public pension caught in the US-China technology battle | Instant News


LONDON (Reuters) – Some of the world’s largest sovereign wealth funds and public pension funds are caught in rising technology-related tensions between the United States and China, according to a Reuters analysis of their archival data and public disclosures.

FILE PHOTO: General view of the Norwegian central bank, where the Norwegian sovereign wealth fund is located, in Oslo, Norway, 6 March 2018. REUTERS / Gwladys Fouche / File Photo

These range from the sovereign wealth funds of Norway and Singapore to the Swiss central bank and the US $ 1.1 trillion TIAA, which was founded more than a century ago by Andrew Carnegie as the American Teacher Insurance and Annuity Association.

US investors are barred from owning stakes in more than 40 Chinese companies seen as having military ties in a series of moves since November as US President Donald Trump seeks to strengthen his hardline policies toward Beijing.

That prompted Nuveen’s TIAA unit to sell stakes in blacklisted companies including China Telecom, China Mobile and China Unicom, as well as microchip giant SMIC, state oil company CNOOC and cellphone and gadget maker Xiaomi.

Other US public pension funds are expected to follow.

CalPERS, the largest fund, holds Hong Kong-listed ‘H’ shares in several companies, including a 1.1% stake in China Telecom and 0.2% of China Mobile and China Unicom respectively, according to Refinitiv data. CalPERS, which has been criticized by Republican politicians for its investment in China, did not respond to a request for comment.

Florida State Administration, which manages $ 200 billion in assets and has small stakes in China Telecom, China Mobile and Xiaomi, according to Refinitiv data, told Reuters it would comply with the ban.

“Those sanctions really bite US institutions,” said Elliot Hentov, head of policy research at State Street Global Advisors.

And the ripples aren’t just felt in the United States.

A number of sovereign wealth funds (SWF) have been affected as the New York Stock Exchange and index providers MSCI, S&P Dow Jones, and FTSE Russell have removed blacklisted companies from the benchmark, causing some share prices to drop more than 20%.

Norway’s $ 1.3 trillion SWF, the world’s largest, owns a 0.2% -0.6% stake in China Telecom, China Mobile, Xiaomi, CNOOC and China Unicom Hong Kong as part of its $ 35 billion Chinese equity portfolio. more broadly, according to the most recent disclosure running through early 2020. It said it would not comment on specific holdings.

Singapore’s GIC, which is referred to as an “independent country investor”, owns 10% of Hong Kong-listed China Telecom’s ‘H’ shares and owns about 1.4% of mainland’s SMIC, A- and H-shares, Reuters calculations based on stock exchange filings shows. GIC declined to comment.

Other holders are the Canadian pension fund Caisse de Depot et Placement du Quebec (CDPQ), British Columbia Investment Management, CPP Investment Board, PGGM Vermogensbeheer, an independent pension fund based in the Netherlands and APG Asset Management.

Non-US investors are not legally obliged to make any changes and many will see the value of their Chinese investment soar in recent years.

China’s equity market is at a 13-year high and the market capitalization of a major technology index has doubled from two years ago.

“We view our investment in China – an important country in the global economy – with a long-term perspective,” CDPQ told Reuters, declining to comment on specific investments.

Graph: Increased Chinese equity investment from the Norwegian sovereign wealth fund –

GAME WEIGHT

While China’s increasing weight in global markets is driving state funds to hold onto a larger Chinese portfolio, recent cyber espionage bans and claims of 5G company Huawei and the social media dance craze app TikTok show how technology is now a major geopolitical battleground. .

With no indication of a new approach by US President Joe Biden, China Telecom, China Mobile, Xiaomi and CNOOC shares have fallen between 12% and 22% since being blacklisted in November or this month.

SMIC has bucked the trend with double digit gains.

“Some of the shares that are being released may be taken from owners of bargain-hunting assets outside the US,” said Winston Ma, a former managing director of the sovereign wealth fund China Investment Corp. “However, it may be difficult for them to absorb all of them.”

Graph: Gains mixed for Chinese companies amid blacklist uncertainty –

It wasn’t just Washington’s actions that caused trouble.

Beijing shocked markets in November when it suspended Ant Group’s $ 37 billion IPO plan by a few days and just as the Trump administration pushed through with its ban.

Alibaba, which owns a third of Ant, saw its market value shrink by more than a quarter. These are the top 10 global stocks and are widely held by government funds and pension funds.

US Stock Exchange Commission data sec.report/CIK/0001582202 suggests the Swiss central bank has doubled Alibaba’s stake in the past two years to $ 1.4 billion from the company’s $ 650 billion stake in September.

The November fall will remove about $ 350 million from that holdings. Alibaba shares recovered nearly half of their January losses after escaping a US blacklist.

Graph: Ownership of China Mobile by sovereign wealth funds, pension funds –

Graph: Ownership of Xiaomi Corp by sovereign wealth funds, pension funds –

Graph: Ownership of China Telecom Corp by sovereign wealth funds, pension funds –

Additional reporting by Terje Solsvik in Oslo, Brenda Goh in Shanghai, Anshuman Daga in Singapore, Maiya Keidan in Toronto and John Revill in Zurich; Edited by Catherine Evans

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The BP well is empty due to the promising prospect of Ironbark gas off the coast of Australia | Instant News


FILE PHOTO: The BP logo is seen at a gas station in Kloten, Switzerland October 3, 2017. REUTERS / Arnd Wiegmann / File Photo

MELBOURNE (Reuters) – BP Plc said on Tuesday that it had found no oil or gas in the Ironbark-1 exploration well off Western Australia, in what has been seen as a multi-trillion cubic foot gas prospect.

The results mark a major disappointment for BP’s partners over the prospect, which is seen as a potential gas supplier to the North West Shelf liquefied natural gas (LNG) refinery, of which BP is a co-owner, in five to 10 years.

“BP Australia can confirm that no significant hydrocarbons were found in the Ironbark exploration well in Western Australia,” the company said in an emailed statement.

It said the well, which was drilled to a total depth of 5,618 meters, would be closed and abandoned, but there were no further comments.

“Fucking. A very disappointing result for all of us,” said New Zelaand Oil and Gas Chief Executive Andrew Jefferies in a statement.

“Ironbark is a world-wide prospect with a very prospective address, and requires drilling. We got answers, but that’s not what we wanted, “he said.

NZOG and Cue Energy Resources said it would take several months to understand the implications of Deep Mungaroo’s game.

Partners in the permit are BP, operator with a 42.5% stake, Cue with 21.5%, Beach Energy with 21% and NZOG with 15%.

Cue shares plunged 59%, NZOG shares fell 30%, and Beach shares ended down 4.3%.

Reporting by Sonali Paul; Edited by Michael Perry

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