InterOil's Moose-1 well has yielded significant results for the Toronto-based company and its partners, with 14 oil shows from 135m of gross pay from the sidetracked wellbore. The company also secured $12.2 million in funding to help with its upcoming multi-well drilling program in Papua New Guinea.
The action in the Surat Basin is set to move up a notch in the next few weeks as Sunshine Gas and Samson-International (operator) begin the appraisal of the Overston and Tardrum gas discoveries during a $10.55 million work program beginning in August.
Also in the Surat Basin, BHP Billiton has joined Queensland Gas Company's CBM operations and will be a partner of the gas sales agreement QGC recently struck with CS Energy, once a new framework agreement has been ratified.
The Australian Federal Government has also released nine new offshore exploration permits around the country looking to generate around $193 million in exploration activities over the next six years.
On the international scene, ties between Singapore and Indonesia have been strengthened with the inauguration of a second direct gas pipeline to Singapore by Indonesian President Megawati Sukarnoputri. The pipeline also secures a third source of cheap energy for the city state.
Things aren't as secure in the shaky isles as New Zealand's faltering Maui field and changing energy environment will see up to 100 staff laid off from late this year at two of Taranaki's largest companies - Methanex and Shell Todd Oil Services.
The potentially fragile electricity generation system in the country was highlighted again by news that Contact Energy is to build and operate a 155MW oil-fired power plant at Whirinaki for the New Zealand government.
China has no such problems as CNOOC, China's largest offshore oil producer and a small stakeholder in the North-West Shelf, sent a mild shiver down the back of gas exporters in the Asian region with significant natural gas discoveries in Eastern South China Sea.
Coles Myer's much vaunted entry into the Australian petrol retailing sector, through its acquisition of Shell's service station outlets, turned out to be have less spark than expected after it revealed its discount fuel offer would only match that of rival Woolworths, as opposed to bettering the offer.
The raft of ethanol subsidies announced last week to liven up the petrol industry might also prove disappointing following fears that the majority of the projects up for a handout may not be eligible under the subsidies criteria.
European buy-out firm Candover Investments Plc made one of the big moves on the corporate scene by offering more than $1 billion for the oil, gas and petrochemical businesses of Swiss-Swedish engineering group ABB.
Locally a 10 cent per share special dividend to the dissident minority shareholder group holding out against majority shareholder Aveng Ltd's Scheme of Arrangement offer to mop up McConnell Dowell has paid off, after approval was finally given to the deal during the week.
Finally the North West Shelf Venture reached a significant milestone during the week with the 1500th LNG cargo to its Japanese customers setting sail yesterday from Withnell Bay near Karratha in Western Australia.
