CSG lobby targets new NSW premier
The oil and gas industry lobby group is set to press new NSW Premier Mike Baird on the need to proceed with the development of the coal seam gas sector, which it says has gone backwards over the past several years, according to the Australian Financial Review.
Australian Petroleum Production & Exploration Association chief executive David Byers said his organisation was looking forward to “a constructive dialogue regarding the state’s energy policy, the oil and gas industry, and its economic potential”, in particular for rural and regional communities in the state.
“Gas industry investment is driving the revitalisation of regional Queensland and delivering tens of thousands of jobs, yet for a range of reasons the industry has gone backwards significantly in NSW in the past few years and the state continues to import 95% of its supply,” Byers said.
Barclays to pull out of commodity trading
Barclays, one of the world’s biggest commodities traders, plans to exit large parts of its metals, agricultural and energy business in a move set to be announced this week, according to the Australian Financial Review.
The shake-up comes as commodity trading experiences a sharp slide in revenues and attracts greater scrutiny from regulators, which has already led to the withdrawal of several big banks from the area.
Antony Jenkins, Barclays chief executive, is preparing a strategic update for investors on May 8 and is expected to slash several thousand jobs by cutting Barclays’ exposure to areas that do not generate returns above their cost of capital.
These are likely to be moved into an internal “bad bank” and sold or closed down.
But the retreat from parts of its commodities business is due to be announced today. Barclays declined to comment.
Rio’s Oyu Tolgoi woes deepen
Mongolia has stepped up criticism of Rio Tinto over continuing delays to expansion of the pair’s $US11.5 billion ($A12.3 billion) Oyu Tolgoi copper and gold mine, revealing that a big divide still stands in the way of the profitable second stage of the giant mine, according to The Australian.
