Australia Natural Gas Export Overbuild Is Collapsing

first_imgAustralia Natural Gas Export Overbuild Is Collapsing FacebookTwitterLinkedInEmailPrint分享The Guardian:Australia’s natural gas export boom, which is causing soaring gas prices and pushing up carbon emissions, appears to be rapidly shedding value.Santos wiped more than $1bn off the value of its liquefied natural gas plant in Queensland on Tuesday, just a week after Origin announced a similar devaluation.The devaluations were predicted by commentators, who pointed out previous devaluations of the projects relied on overly-optimistic forecasts.The Santos share price dipped a further 2.39% on Tuesday morning after a drop of more than 85% since its peak in 2008.“This industry has torn up its shareholders’ wealth and now it’s tearing up the nation’s wealth,” said Bruce Robertson from the pro-renewables Institute for Energy Economics and Financial Analysis.On Tuesday Santos announced it was expecting to wipe more than A$1bn off the value of its GLNG plant on Curtis Island in Queensland.Just last week Origin announced a post-tax $815m devaluation of its APLNG facility on Curtis Island – a figure that implies more than a billion-dollar devaluation before tax.Along with another facility on Curtis Island owned by Shell, the three plants are responsible for Australia’s LNG export boom, which has been vacuuming Australia’s gas and caused domestic prices to skyrocket.Each plant has been shedding value since construction began. Shell’s plant was US$7bn over budget, and then suffered a $5.4bn pre-tax devaluation in 2015. Between Santos and Origin, the two plants have now been devalued by about $6bn.More: Australia’s gas export industry sheds value while tightening local supplylast_img read more

CAF Confederation Cup: Enyimba too strong for TS Galaxy

first_imgRelatedPosts Kano Pillars to play CAF Confederation Cup home matches away from home Perfect start for Nigeria’s Enyimba in CAF Confederation Cup CAF CC: Akwa United beat Al-Ittihad on penalties  TS Galaxy CAF Confederation Cup’s group stage hopes hang in the balance after going down 2-0 to Nigerian side Enyimba at Enyimba International Stadium on Sunday evening.The GladAfrica Championship side got to this stage of the tournament after thrashing CNaPs Sport 4-1 on aggregate in the preliminary round, while the Nigerian giants got the second bite of the cherry after being knocked out of the CAF Champions League by Al Hilal Omdurman in the first round.Galaxy were under siege in the early stages as Enyimba opened the scoring in the seventh, thanks to Victor Mbaoma, who struck home a cross inside the box, getting his first goal for the club.Dan Malesela’s charges were growing in the game halfway through the first stanza, impressing with their possession game and their first chance came three minutes before the break after Tshegofatso Nyama went through on goal but he struck his shot wide from close range.The Rockets were finding chances early in the second stanza, with the match stretching from end to end but the People’s Elephants got the second goal just after the hour-mark after Martins Usule nettted with a cracking strike.The game was opening up more in the latter phase, Enyimba carving out their opportunities, but goalkeeper Ludwe Mpakumpaku kept the score-line respectable as the visitors went down 2-0 in the end.Masalesa’s men will have a chance to overturn the tie when the sides clash in the second-leg next Sunday on South African soil. Tags: CAF Cofederation Cuplast_img read more