5 things you need to know today
Published on: Wednesday, December 07, 2016
- BHP Billiton has secured a stake in Mexico’s deep-water oil discovery – the Trion discovery in the Gulf of Mexico. BHP’s winning bid for an exploration and production contract with Petroleos Mexicanos (Pemex) in Mexico’s deepwater Trion block marks the state-owned oil giant’s first partnership with a private energy company (AAP). BHP Billiton outbid BP in an auction for the Mexican block. Trion has been estimated to have a recoverable resource of 485 million barrels of oil equivalent (boe). Pemex will have a 40% stake in the project and BHP will own the remaining 60% interest.
- Vocus Group has contracted Alcatel Submarine Networks (ASN) to help build the 4,600km Australia Singapore Cable (ASC). The ASC will allow the company to tap into the rising demand for data in the south-east Asian region, chief executive Geoff Horth says (AFR). The ASC is expected to take around 19 months to build with completion targeted by August 2018. “ASC was a key strategic consideration in Vocus’ decision to purchase Nextgen Networks, as it, in combination with Nextgen’s trans-Australian fibre network, creates a fully interconnected, high-capacity fibre network owned by Vocus from the East Coast of Australia through to Singapore, with direct connectivity into Indonesia” said a statement to the ASX.
- Amazon have recently launched as many as 10 trademarks for to secure protection for its most advanced online shopping products including Amazon Dash and Echo tools, reports The Australian. Amazon has been rumoured to be considering a tilt to Australia which could reportedly strip up to $4 billion in sales from local retailers. These trademark applications could potentially allow Amazon to launch its online shopping services by the middle of 2017.
- Origin Energy shares rose 2.5% yesterday to a 14-month high of $6.58 after the gas and power retailer announced it will divest its conventional upstream oil and gas business through an IPO on the ASX. The proceeds will be used to reduce the group’s debt and reaffirms MD Frank Calabria’s claim that his main immediate focus would be on debt reduction. Calabria has been in the top job at Origin Energy for less than two months. The new company will be listed on the ASX in 2017.
- At 0645 AEDT on Tuesday, the share price index was up 12 points, or 0.22 per cent, at 5,440.