Australian developers scale up investments
High prices bolster Australian upstream developments
Australia’s largest upstream companies—Woodside, Santos, Oil Search and Beach Energy—have been buoyed by this year’s surge in oil and gas prices, encouraging a major ramp-up in planned investments. Investment bank Jarden predicted in June that the four firms would more than double their annual spend on new projects, rising from an average of $2.9bn over the last five years to $6bn between now and 2026. The four remain committed to new production projects. That growth will also be accompanied by consolidation, as Woodside and Santos prepare to wrap up their mergers with Australian conglomerate BHP’s petroleum division and Oil Search respectively within the next six months. Woodside Woodside h
Also in this section
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive
12 April 2024
Iran has announced multibillion dollar spending programmes aimed at domestic companies, inspired by recent export success