Latest news with #Woodside
Arabian Post
9 hours ago
- Business
- Arabian Post
Abu Dhabi Bid for Santos Sparks Energy Sovereignty Debate
Santos Ltd's board of directors has endorsed a US $18.7 billion cash offer from an Abu Dhabi-led consortium, pledging immediate relief for stretched gas markets but plunging Australia into a high-stakes national interest conflict. The bid, sponsored by ADNOC's investment arm XRG alongside ADQ and Carlyle, offers A$8.89 per share—a 28 per cent premium to Santos's market value—while assuming A$36.4 billion in enterprise debt. It marks the largest all‑cash takeover ever in Australia. Investors have reacted with caution: Santos shares rallied nearly 11 per cent upon news of the bid but remain significantly below the offer price, reflecting deep concern over regulatory approval. Analysts warn that the deal's fate now hinges on the Foreign Investment Review Board and Treasurer Jim Chalmers, whose approval will weigh economic gain against strategic control of critical energy infrastructure. ADVERTISEMENT Proponents emphasise that ADNOC's financial strength can catalyse development of Santos's undeveloped assets—including Narrabri and shale projects like Beetaloo—and help mitigate an anticipated east‑coast gas shortage by 2027. With ADNOC targeting 20–25 million tonnes per annum of LNG capacity by 2035, acquiring Santos's stakes in Gladstone, Darwin and PNG LNG represents a strategic alignment for both parties. However, a chorus of concern has emerged over the implications for domestic energy sovereignty. The high concentration of export‑oriented gas supply—over 70 per cent in Queensland—raises alarms that ADNOC might prioritise LNG sales over local consumption, deepening east‑coast supply pressures. RenewEconomy warns that 'if ADNOC's focus is primarily on LNG markets, it will likely seek to export as much gas as possible'. Australian Energy Producers, which counts Santos CEO Kevin Gallagher as a board member, has yet to publicly weigh in, but the Australian Energy Market Operator has flagged potential domestic shortfalls by late decade if projects like Barossa and Narrabri are delayed. Political figures are sharpening oversight. South Australia's energy minister, Tom Koutsantonis, invoked state power to oversee licence transfers, while Treasurer Chalmers cautioned that the deal 'would be a big decision' and pledged not to pre‑empt FIRB's findings. Historical precedents include the federal government blocking Shell's bid for Woodside in 2001 and the NSW Ausgrid sale in 2016—illustrating a willingness to restrict foreign control of strategic infrastructure. From Adelaide to Canberra, voices across politics and industry are watching keenly. South Australian Premier Peter Malinauskas stressed that the headquarters and local workforce must be retained; this position is reinforced by new state laws granting oversight over petroleum licence assignments. On the investor side, divergent assessments persist. UBS analysts see ADNOC's deep pockets as a positive, while others like Evans & Partners downgraded Santos stock, suggesting investors might prefer Woodside, citing superior oil market positioning. The bid aligns with Australia‑UAE economic ties following a free trade agreement, yet regulatory scrutiny is expected to be heightened due to the sovereign‑state nature of ADNOC. Approval would mark a milestone in Australia's economic evolution, yet rejection—or imposition of conditions like domestic supply carve‑outs—could serve as a policy catalyst in securing energy infrastructure for public benefit. This takeover bid places domestic energy security at the centre of policymaking, challenging Australia to find balance between foreign investment and safeguarding its energy future.
The Advertiser
10 hours ago
- Business
- The Advertiser
Australian shares dip as Trump floats Iran deadline
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm. The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
Perth Now
13 hours ago
- Business
- Perth Now
Australian shares dip as Trump floats Iran deadline
The Australian share market is trading lower as Middle East strive continues and amid Donald Trump's two-week window to decide whether the US will join Israel's conflict with Iran. The S&P/ASX200 fell 56.2 points, or 0.67 per cent, to 8,466.9, as the broader All Ordinaries slipped 53.9 points, or 0.62 per cent, to 8,687.5. The slump came as the Middle East conflict weighed on investor sentiment and as thin trading conditions due to a US bank holiday sent European equities and US futures lower, market analyst Kyle Rodda said. All signs pointed to a weak finish for the ASX this week. "Like last week where hostilities were boiling over, market participants may be reluctant to hold onto risk exposure over the weekend when a historic US strike on Iran nuclear facilities is an uncomfortably high possibility," Mr Rodda said. Only two of 11 local sectors were trading higher by lunchtime, with both energy and IT stocks up 0.2 per cent. Financials weighed heavily on the bourse, down 1.3 per cent and wiping out Thursday's gains as the big four each lost between 1.2 per cent and 2.2 per cent. The slip came as expectations for a Reserve Bank interest rate cut in July fell from 86 per cent to 78 per cent. Likewise, rate-sensitive consumer-facing stocks were the next worst performing sectors, with discretionaries down 0.9 per cent and staples sinking 0.7 per cent. As attacks in Israel and Iran escalated overnight, oil prices spiked almost three per cent to $US77.50 a barrel, their highest level since January, before settling $US75.83 a barrel after Trump's deadline eased fears of an imminent US attack. Woodside was up a modest 0.5 per cent to $25.77 a share by midday. Materials stocks edged 0.1 per cent lower, as iron ore prices edged higher to take some pressure off large cap miners BHP, Rio Tinto and Fortescue. Gold continues to consolidate tightly to trade at around $US3,380 ($A5,125) an ounce. Australian gold miners were mixed, but larger players Northern Star and Newmont edged higher, while Evolution slipped 0.2 per cent days after multiple UBS downgrades indicated the sector's easy gains could be behind it. The Australian dollar is buying 64.76 US cents, up slightly from 64.71 US cents on Thursday at 5pm.
ABC News
17 hours ago
- Politics
- ABC News
Murujuga traditional owners 'sidelined' in government's North West Shelf approval
A group of Murujuga traditional custodians is calling on the federal government to immediately release the conditions attached to its 40-year extension of Woodside's North West Shelf gas project. Federal Environment Minister Murray Watt waved through the approval three weeks ago, allowing Australia's largest oil and gas facility to continue operating in Western Australia's Pilbara region until 2070. Ngarluma woman Samantha Walker penned a letter to the government on Tuesday last week, gathering signatures from multiple traditional owners and elders with connections to the landscape. "Our people have not consented to the proposal," she wrote. Mr Watt gave Woodside 10 days to respond to the approval's "strict" conditions, which he indicated focused on the protection of ancient Aboriginal rock art. Last Friday, the gas giant breezed past that deadline and neither Woodside nor Mr Watt could confirm the date negotiations would be finalised when asked by the ABC. Ms Walker said she was "alarmed" that the right of reply was afforded solely to Woodside. "We understand there are statutory requirements, however, the approvals process has sidelined Murujuga Ngurrara-ngarli [Murujuga traditional owners]," she wrote. "They have a process with Woodside and the government, but they don't take into account our cultural processes, which we have as well, which is very saddening." Ms Walker repeated calls for Mr Watt to visit Murujuga — the Aboriginal name for the Burrup Peninsula — where Woodside's main processing plant is located, about 1,500 kilometres north of Perth. The area is home to some of the world's oldest known rock art, the preservation of which became a flashpoint amid the extension decision. The Murujuga Aboriginal Corporation (MAC) administers cultural matters involving the peninsula on behalf of five language groups: the Ngarluma, Mardudhunera, Yaburara, Yindjibarndi, and Wong-Goo-Tt-Oo peoples. The corporation was formed in 2006 and granted joint management of Murujuga National Park in exchange for extinguishing native title rights to land earmarked for industrial development. The chair of MAC, Peter Hicks, flew to Canberra this week to meet with Mr Watt. Mr Hicks said he was confident findings of a two-year rock art monitoring program, carried out by MAC and the WA government, showed the North West Shelf project was not currently harming the ancient petroglyphs. The rock art is central to the organisation's bid to have Murujuga listed by the United Nations as a World Heritage site. This goal was thrown into doubt by a UNESCO draft decision calling for the area's industrialisation to be halted, triggering protests from the federal government. While Ms Walker backed the embattled World Heritage push, she said more consultation on the North West Shelf project and its impact was needed. "Broader consultation means speaking with the whole community, all of the families, the connections who have a connection to the place," Ms Walker explained. "The minister needs to speak to us, according to our cultural protocols," she said. She argued that the violation of traditional owners' informed consent was grounds for a human rights complaint, and current economic arrangements between Woodside and traditional owners had become obsolete. "It is severely remiss of the Commonwealth to consider approving a major project while relying on an outdated agreement that is in urgent need of modernisation," Ms Walker said. Mr Watt did not respond to specific questions put to him by the ABC. Samantha Hepburn, a professor at Deakin Law School, said it was not typical for proponents to miss response deadlines, although this case was "unique" given its magnitude and the extent of public interest. Dr Hepburn believed Mr Watt possessed the legal discretion to make the conditions public and would be "justified" in doing so because the approval was so controversial. "We see a broad range of the community very, very concerned about the impact that this extension is likely to have and wanting to make sure that the conditions are capable of addressing those concerns," she said. The decision to extend the major gas project is currently facing court challenges on several fronts. Dr Hepburn said publicising the conditions would be a show of good faith ahead of federal environmental law reform, the subject of high-level talks hosted by Mr Watt on Thursday. "Showing a preparedness to be responsive to the concerns, I think, is a very, very important thing that the government has the opportunity to [do]," she said. Ms Walker said she had only received a response from WA Senator Dorinda Cox, who could not be reached for comment.
West Australian
a day ago
- Health
- West Australian
Angela Pownall: I got rid of my gas cooktop because research shows it's harmful to our health
Australia may have cemented its love affair with gas with the recent extension of Woodside's North West Shelf project in WA until 2070, but at home I've said goodbye to gas. I hadn't given much thought to my gas cooktop until recently. It was old and a bit grubby but its replacement certainly wasn't at the top of my to-do list around the home. Until I read a new US study which found that high gas stove usage at home without proper ventilation 'greatly increases cancer risks.' Even more worrying is the finding that children's cancer risk by gas stove exposure is almost double than that for adults. Scientists from Stanford University measured the emissions from gas cooktops in 87 American kitchens. They also tracked the pollutants' spread to other rooms and measured how long they lingered in other parts of the house, including bedrooms which was of particular concern, given we spend a third of our lives in bed. High-efficiency ventilation was found to substantially reduce benzene exposure, but the report authors said there is no safe limit for long-term exposure. Research findings like this are not new, with the Stanford report citing previous studies showing that exposure to gas and propane stoves is harmful to human health under certain conditions. And that combustion produces numerous pollutants, including nitrogen dioxide (an irritant that causes respiratory disease and aggravates asthma), carbon monoxide (which reduces the blood's ability to carry oxygen), formaldehyde and benzene (which are both known human carcinogens). With a toddler at home, the guilt of my ignorance about this weighed heavily on me. Thankfully it was a quick and easy process to swap over to an electric cooktop, and switch off my gas supply. According to Energy Consumers Australia, disconnecting from the mains gas network will save me nearly $400 a year on my energy bill . Energy Consumers Australia's latest survey showed only 24 per cent of West Australians are planning to cancel their gas supply within the next 10 years — the lowest in the country. But I suspect many more would consider it if they were aware of the health risks of gas cooktops. Why aren't our government health departments and health promotion organisations alerting the public to these dangers? The ACT and Victorian governments have implemented policies to prevent new residential mains gas connections. While stating this is being done to reduce fossil fuel emissions, there will be long-term health benefits for generations of residents. Unfortunately WA is not moving in the same direction. WA Premier Roger Cook said in 2023 WA would not follow Victoria in banning gas connections to new homes. It's a stance that needs to change in response to mounting evidence that gas cooktops pose an unnecessary risk to health, particularly that of our children.
