In today’s talking points the State government announces massive suburban rail loop for Melbourne, Russian-Chinese Energy Business Forum to be held in Beijing on November 29, Australian energy firm Santos to acquire Quadrant Energy for $2.15bn and China gets another shot at mideast energy after Total leaves Iran.
State Government Announces Massive Suburban Rail Loop for Melbourne
Victorian state government has proposed a new underground suburban rail network, including an airport express line. The proposed project is expected to be completed by the year 2050, and is a project that “all the great cities of the world are building.”
The proposed upgrade to Melbourne’s current infrastructure aims to deal with congestion and make it more convenient for people to leave their cars at home when travelling around the city.
The rail line will link employment precincts, hospitals and educational institutions to better serve the movements of the population. Premier Andrews will announce the costs and various elements of the project by November 24.
Source: The Age
Russian-Chinese Energy Business Forum to be Held in Beijing on November 29 – Rosneft CEO
The first Russian-Chinese forum of energy companies will take place in Beijing on November 29, with about 80 firms from the two countries having already confirmed their participation in the event, CEO of Russia’s Rosneft oil giant Igor Sechin told reporters on Monday.
In June, Russian President Vladimir Putin and his Chinese counterpart Xi Jinping agreed during talks in Beijing to organise a Russian-Chinese energy business forum.
The [forum’s] agenda will be devoted to the oil and gas field, electricity and coal industries as well as to the financial cooperation in the fuel and energy complex.
Australian Energy Firm Santos to Acquire Quadrant Energy for $2.15bn
Australian oil and gas firm Santos has agreed to acquire Quadrant Energy in a transaction valued at approximately $2.15bn. The acquisition will be funded by cash and new debt facilities. As of 30 June 2018, Santos had $.15bn cash on hand.
Santos managing director and CEO Kevin Gallagher said Santos: “This acquisition delivers increased ownership and operatorship of a high-quality portfolio of low-cost, long-life conventional Western Australian natural gas assets, which are well known to Santos, and importantly significantly strengthens Santos’ offshore operating capability.”
Quadrant Energy has natural gas and oil production, near and medium-term development, appraisal and exploration assets spread across 52,000km2, mainly situated in the Carnarvon Basin off shore Western Australia.
Source: Offshore Technology
China Gets Another Shot at Mideast Energy After Total Leaves Iran
The US sanctions against Iran, has given China a chance to secure a stake in Iran’s South Pars gas field. The company Total was unable to obtain an exemption by the US, which has presented new opportunities for China to increase their oil imports. Over forty percent of China’s oil imports comes from the Middle East. As China’s economic expansion has accelerated, so too has its demand for oil, which has almost doubled in the past ten years.
As China continues efforts to improve its air quality, there has been a huge shift away from coal toward the consumption of natural gas.