Page 9 - Oil&Gas-AustralAsia-2015-Issue-3
P. 9
A USTRALIA
Wesfamers takes a 13% stake Quandrant Energy
By Marie RYAN fertiliser company CSBP, however Mr interest to company AMB Holdings.
Goyder said the purchase was not made Quadrant managing director Brett Dar-
Western Australian group Wesfarmers to satisfy the group’s gas supply need. ley said he expects to add further assets
has made its first foray into the oil and “We look at sectors where we think as the company refocuses on WA gas,
gas industry purchasing a portion of there is growth and different investment an area management believes has been
Quadrant Energy for US$100 million. opportunities,” Mr Goyder said. overlooked by other players as they
Quadrant Energy was built out of the “This is a sector we like. But there are chase LNG export business.
ashes of Apache Energy’s departure no immediate plans for Wesfamers to The acquisition marked the biggest
from its offshore oil and gas assets that become an oil and gas operator.” investment by private equity in the
account for around 40 per cent of West- As part of the deal, which was expected Australian oil-and-gas sector, although
ern Australia’s domestic gas supply. to be completed this month, Wes- other new players have recently been
Quadrant’s assets include gas-process- farmers will have the right to appoint entering the sector, including media
ing facilities and associated infrastruc- a director to the Quadrant board with business Seven Group Holdings.
ture at Devils Creek, Varanus Island Wesfarmers executive general manager Kerry Stokes-controlled Seven acquired
and Macedon gas fields. business development Tim Bult taking cash-strapped junior Nexus Energy in
The Wesfarmers Group is a well-fi- the role. 2014 in a controversial and prolonged
nanced conglomerate of companies Quadrant, the former Apache Australia takeover battle and has also built 19.9
diversified across retail, property and business, was sold for $US2.1 billion by per cent stakes in Cooper Basin energy
finance and has been looking to further Canada’s Brookfield Asset Management players Beach Energy and Drillsearch
add to its portfolio with its 13 per cent (who holds a 50 per cent interest) and Energy, amid expectations it is posi-
stake in Quadrant. Macquarie Capital. The new company tioning itself to benefit from a consoli-
Wesfarmers managing director Richard began trading under its new name in dation of interests in Australia’s biggest
Goyder said it was an attractive invest- early June, with a new Australian board onshore petroleum province.
ment opportunity that exposed the led by Macquarie executive director Seven wants energy assets to form a
conglomerate to profit and appreciation Kate Vidgen. third pillar to its media and mining
from the assets. Macquarie was reported to be looking equipment business as it seeks to em-
The asset will form part of Wesfarmers’ to sell down further its stake in Quad- ulate success Wesfarmers has achieved
chemicals, energy and fertilisers divi- rant, after already selling a minority using a conglomerate structure. §
sion, which includes the agricultural
BP makes more redundancies ByMarieRYAN
UK based supermajor BP has cut staff its local terminals and depots would “As a result of these changes, a num-
for the second time in less than 18 be run under joint ventures where BP ber of support positions based at our
months with large round of redundan- would retain ownership but hand over Melbourne office will no longer be
cies in recent weeks. daily control to third parties. required. Employees impacted by these
The supermajor refused to say exactly That deal will see UGL operate and changes have been kept informed and
how many roles had been made redun- maintain BP’s terminal network in Aus- supported throughout the ongoing
dant but said a recent change in strategy tralia, while Toll, Lowes Petroleum and process,” the spokesperson said.
for its downstream oil and gas assets in Great Southern. “These changes will help to secure BP’s
Australia and New Zealand prompted A BP spokesperson said those changes position, particularly given the rapidly
the decision. were being implemented during the changing downstream landscape in
The company announced in May that second half of 2015 and were the cause Australia and the challenging external
of the recent job cuts. environment.” §
A Awww.oilandgasaustralasia.com JULY/AUGUST 2015 OIL & GAS ustral SIA 07
Wesfamers takes a 13% stake Quandrant Energy
By Marie RYAN fertiliser company CSBP, however Mr interest to company AMB Holdings.
Goyder said the purchase was not made Quadrant managing director Brett Dar-
Western Australian group Wesfarmers to satisfy the group’s gas supply need. ley said he expects to add further assets
has made its first foray into the oil and “We look at sectors where we think as the company refocuses on WA gas,
gas industry purchasing a portion of there is growth and different investment an area management believes has been
Quadrant Energy for US$100 million. opportunities,” Mr Goyder said. overlooked by other players as they
Quadrant Energy was built out of the “This is a sector we like. But there are chase LNG export business.
ashes of Apache Energy’s departure no immediate plans for Wesfamers to The acquisition marked the biggest
from its offshore oil and gas assets that become an oil and gas operator.” investment by private equity in the
account for around 40 per cent of West- As part of the deal, which was expected Australian oil-and-gas sector, although
ern Australia’s domestic gas supply. to be completed this month, Wes- other new players have recently been
Quadrant’s assets include gas-process- farmers will have the right to appoint entering the sector, including media
ing facilities and associated infrastruc- a director to the Quadrant board with business Seven Group Holdings.
ture at Devils Creek, Varanus Island Wesfarmers executive general manager Kerry Stokes-controlled Seven acquired
and Macedon gas fields. business development Tim Bult taking cash-strapped junior Nexus Energy in
The Wesfarmers Group is a well-fi- the role. 2014 in a controversial and prolonged
nanced conglomerate of companies Quadrant, the former Apache Australia takeover battle and has also built 19.9
diversified across retail, property and business, was sold for $US2.1 billion by per cent stakes in Cooper Basin energy
finance and has been looking to further Canada’s Brookfield Asset Management players Beach Energy and Drillsearch
add to its portfolio with its 13 per cent (who holds a 50 per cent interest) and Energy, amid expectations it is posi-
stake in Quadrant. Macquarie Capital. The new company tioning itself to benefit from a consoli-
Wesfarmers managing director Richard began trading under its new name in dation of interests in Australia’s biggest
Goyder said it was an attractive invest- early June, with a new Australian board onshore petroleum province.
ment opportunity that exposed the led by Macquarie executive director Seven wants energy assets to form a
conglomerate to profit and appreciation Kate Vidgen. third pillar to its media and mining
from the assets. Macquarie was reported to be looking equipment business as it seeks to em-
The asset will form part of Wesfarmers’ to sell down further its stake in Quad- ulate success Wesfarmers has achieved
chemicals, energy and fertilisers divi- rant, after already selling a minority using a conglomerate structure. §
sion, which includes the agricultural
BP makes more redundancies ByMarieRYAN
UK based supermajor BP has cut staff its local terminals and depots would “As a result of these changes, a num-
for the second time in less than 18 be run under joint ventures where BP ber of support positions based at our
months with large round of redundan- would retain ownership but hand over Melbourne office will no longer be
cies in recent weeks. daily control to third parties. required. Employees impacted by these
The supermajor refused to say exactly That deal will see UGL operate and changes have been kept informed and
how many roles had been made redun- maintain BP’s terminal network in Aus- supported throughout the ongoing
dant but said a recent change in strategy tralia, while Toll, Lowes Petroleum and process,” the spokesperson said.
for its downstream oil and gas assets in Great Southern. “These changes will help to secure BP’s
Australia and New Zealand prompted A BP spokesperson said those changes position, particularly given the rapidly
the decision. were being implemented during the changing downstream landscape in
The company announced in May that second half of 2015 and were the cause Australia and the challenging external
of the recent job cuts. environment.” §
A Awww.oilandgasaustralasia.com JULY/AUGUST 2015 OIL & GAS ustral SIA 07
