Oil & Gas Industry News

Oil Price

Oil prices retreated from three-and-a-half-year highs (approx $75/bbl) as investors waited on an announcement by President Donald Trump on whether the U.S. will reimpose sanctions on Iran.
U.S. withdrawal from the Iran agreement could lead to additional tightness in the oil market.

Source-CNBC

Company News

On 14 February 2018, Woodside announced the acquisition of an additional 50% interest in WA-1-R, which contains the majority of the Scarborough gas field.

In addition in March 2018, Woodside entered into an agreement with BHP where agreements were made to waive its pre-emption rights in relation to Woodside's acquisition and for Woodside to become the Scarborough operator.

Woodside's preferred development concept for Scarborough is through a brownfield expansion of it's existing Pluto LNG facility in Karratha.

This should be seen as an exiting development for gas projects in Western Australia in recent years

World News

Oil pares losses after NYT report that Trump told Macron US will leave Iran nuclear deal
As a result Ooil prices fell ahead of President Donald Trump's decision on whether to withdraw the United States from the Iran nuclear deal.
Trump is expected to announce that he will no longer suspend sanctions aimed at Iran's oil exports, a move that equates to a U.S. exit from the nuclear deal.
Some traders say Trump will leave his administration wiggle room to continue negotiating a revised nuclear deal with European allies.

-- We will have to watch this space to see what happens

Source - CNBC

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