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

Australia rocked by late wickets after Bangladesh post 260

first_imgDHAKA (Reuters) – Australia bowled out Bangladesh for 260 and then suffered a spectacular top-order collapse of their own to leave them reeling at 18 for three after the spin-dominated opening day of the first Test on Sunday.On a day of fluctuating fortunes, Bangladesh slumped to 10-3 before Shakib Al Hasan and Tamim Iqbal raised 155 runs to help them post a competitive total at the Shere Bangla National Stadium.Australia witnessed a similar collapse in their reply and slumped to 14-3 as Bangladesh roared back into the contest in the eventful final session when eight wickets fell.Matt Renshaw was batting on six at stumps with skipper Steve Smith on three. Australia now face a daunting task on a spin-friendly track where slow bowlers have claimed nine of the 13 wickets that fell on the opening day.After opting to bat, Bangladesh were left gasping for breath after Pat Cummins reduced them to 10-3 inside four overs with a terrific display of fast bowling.The paceman gave an indication of things to come with his third delivery, which flew off the shoulder of Soumya Sarkar’s blade and soared over the agitated slip fielders.Two balls later, the batsman was caught in the gully by Peter Handscomb.Cummins returned to have Imrul Kayes and Sabbir Rahman off successive deliveries, the leaden-footed batsmen perishing caught behind without scoring.With two left-handers at the crease, Smith pressed off-spinner Nathan Lyon into service but Shakib and Tamim, playing their 50th tests, refused to retreat into a defensive shell and batted positively.Both batsmen used their feet against the spinners, steadying the innings and reaching half-centuries in the process.Glenn Maxwell’s part-time off-spin finally earned Australia the breakthrough with Tamim lobbing one to David Warner at backward point to fall for a 71 which included three sixes off Lyon’s bowling.Lyon then claimed the important wicket of Shakib with an extra bit of bounce from the track when the batsman edged him to Smith in the slips. Shakib’s 84 included 11 boundaries.Australia’s spin duo of Lyon (3-79) and Ashton Agar (3-46) shared six wickets between them to bowl out the hosts for a modest total.The strong start Australia expected from their openers, however, did not materialise.Warner fell lbw to Mehedy Hasan for eight, a delivery after successfully reviewing and overturning a similar leg-before appeal.Usman Khawaja then ran himself out chasing a non-existent single and nightwatchman Lyon fell lbw to Shakib to further complicate Australia’s crisis.BANGLADESH 1st inningsTamim Iqbal c Warner b Maxwell 71Soumya Sarkar c Handscomb b Cummins 8Imrul Kayes c Wade b Cummins 0Sabbir Rahman c Wade b Cummins 0Shakib Al Hasan c Smith b Lyon 84Mushfiqur Rahim lbw b Agar 18Nasir Hossain lbw b Agar 23Mehidy Hasan c Handscomb b Lyon 18Taijul Islam lbw b Lyon 4Shafiul Islam c Hazlewood b Agar 13Mustafizur Rahman not out 0Extras (b-15 lb-3 nb-2 w-1) 21Total (all out, 78.5 overs) 260Fall of wickets: 1-10 S. Sarkar,2-10 I. Kayes,3-10 Sa. Rahman,4-165 T. Iqbal,5-188 S. Al Hasan,6-198 M. Rahim,7-240 M. Hasan,8-246 Nas. Hossain,9-246 T. Islam,10-260 Sh. IslamBowling: J. Hazlewood 15 – 5 – 39 – 0, P. Cummins 16 – 1 – 63 – 3(nb-2 w-1),N. Lyon 30 – 6 – 79 – 3, A. Agar 12.5 – 2 – 46 – 3,G. Maxwell 5 – 0 – 15 – 1.AUSTRALIA 1st inningsD. Warner lbw b M. Hasan 8M. Renshaw not out 6U. Khawaja run out (Rahim, Sarkar) 1N. Lyon lbw b Al Hasan 0S. Smith not out 3Extras 0Total (for 3 wickets, 9 overs) 18Fall of wickets: 1-9 D. Warner,2-14 U. Khawaja,3-14 N. LyonTo bat: P. Handscomb, G. Maxwell, M. Wade, A. Agar, P. Cummins, J. HazlewoodBowling: Shafiul Islam 2 – 0 – 8 – 0, Mehidy Hasan 4 – 2 – 7 – 1,Shakib Al Hasan 3 – 1 – 3 – 1.last_img read more