News Wrap

IN THIS morning’s News Wrap: Queensland LNG ventures deny gas shortfall; AGL to review troubled CSG operations after latest setbacks; and Evolution keen to swoop on big miner divestments.

Lou Caruana

Queensland LNG ventures deny gas shortfall

Queensland’s LNG producers have dismissed an analysis they will run short of gas for their $75 billion of projects in Gladstone, but doubts around future supplies have been augmented by comments from one of the country’s biggest offshore producers, according to the Australian Financial Review.

ExxonMobil Australia chairman Richard Owen said uncertainty over how much gas the Queensland CSG-based LNG ventures would produce was resulting in delays to investment in bringing new supplies to market.

AGL to review troubled CSG operations after latest setbacks

Energy giant AGL has announced a comprehensive review of its troubled CSG operations, bowing to community and government pressure, according to the Sydney Morning Herald.

The review of the company's upstream gas business will examine the management structure and practices to ensure AGL can “deliver on its goals of safely exploring for and producing gas resources for AGL's customers”, AGL said in a statement on Wednesday.

Evolution keen to swoop on big miner divestments

The trend for major miners to divest assets has not ended yet, according to one of Australia's more acquisitive miners and “collaborative deals” could be a way to catalyse M&A activity amid the industry downturn, according to the Sydney Morning Herald.

Evolution Mining managing director Jake Klein said the gold miner was still on the lookout for acquisition opportunities, and had an extra $100 million facility at its disposal if it needed to stretch for an acquisition in the near future.

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