The Australian Petroleum Production and Exploration Association Conference (APPEA) took place this week in Brisbane, Australia. Many were surprised to see the coalition retain power in the recent federal election, keeping Scott Morrison the Prime Minister. Jessica Morales spoke to Bernadette Cullinane, the oil, gas and chemicals leader for Deloitte Australia as well as the global LNG leader for Deloitte.
Australia recently became the leader in LNG exports. We asked what investors and energy watchers in North America need to understand about industry opportunities in Australia. Cullinane said there are three areas to point out. LNG and infrastructure investment, the Northern Territory and hydrogen.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Sustained lower oil prices may lead to Permian consolidation, the return of tough times to other shale plays and U.S. E&Ps helping rebalance global inventories.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.