WorldOil A key element of Australia’s LNG ambitions is up for grabs After more than three decades, the project that kick-started Australia’s push to become a liquefied natural gas powerhouse faces a shakeup. ConocoPhillips completes Australian asset sale to Santos Production associated with the assets being sold averaged approximately 46 Mboepd for the first three months of 2020, and proved reserves were approximately 17 MMboe at year-end 2019. Australia revamps climate fund to encourage Big Oil investment The government plans to revamp the A$2 billion ($1.3 billion) Climate Solutions Fund, after an independent report published Tuesday found that stronger action was needed for the country to meet its climate commitments under the Paris Agreement. Australia inks deal with U.S. for access to Strategic Petroleum Reserve Australia said it will sign a deal with the U.S. this week giving it access to crude oil from to America’s Strategic Petroleum Reserve during an emergency. Equinor decides against Great Australian Bight exploration Equinor ASA has dropped plans for oil drilling deep in the ocean off Australia’s south coast following a sustained campaign from environmentalists who said the project posed too big a risk to the marine ecosystem. Regional report: Australia/Papua New Guinea Considerable potential remains in this gas-prone region As U.S. majors cool on Australia, Japan’s Inpex sees opportunity Japan’s largest petroleum exploration company, Inpex Corp., is looking at expanding its natural gas business in Australia, even as U.S. energy majors Exxon Mobil and ConocoPhillips scale back their operations in the country. Expro secures Ichthys LNG contract extension offshore Australia The contract will see Expro continue to supply a high rate 175 MMscf/day well testing package, which will include enhanced electronic emergency shut down (ESD) systems. Environmentalists say tapping Australian shale would worsen carbon emissions Opening up a potentially huge shale gas region in Australia’s Northern Territory would increase the country’s already-hefty greenhouse gas emissions making it a “particularly dangerous” contributor to climate change, according to a new study. Santos targets LNG growth with $1.4 billion ConocoPhillips deal Santos Ltd. agreed to buy ConocoPhillips’ northern Australia business for $1.4 billion in a deal that will boost the Adelaide-based oil and gas producer’s position in the growing Asian liquefied natural gas market.