Record first half revenue for Oil Search has put the company in a strong financial position leading into final negotiations over the proposed PNG-Queensland gas pipeline. Fuelled by rising production and strong prices, second quarter operating revenue rose 41% on the previous three months to $133.5 million, forcing revenue for the first half up nine per cent to $161.6 million.

Methanex Corporation, the world's largest methanol trader, has announced an increase in its dividend to shareholders. The quarterly dividend will increase by 33% from US$0.06 to US$0.08 per share and will apply from the September 30 dividend.

Stuart Petroleum has blown its previous production records away despite some rain induced shut-ins, with a massive 166% uplift in full year production to 328,100 barrels of oil up from 123,000 barrels for the previous year. Subsequently sales revenues also increased by 147% to $14.7 million.

On the other side Santos continues to feel the impact of the New Year's Day Moomba gas plant fire with production, sales volumes and revenues remaining down for the June quarter despite massive development spending and large improvements on the March returns. Production for the three month period was 11.6 million barrels of oil equivalent (mmboe) compared with 13.8mmboe in the previous corresponding period. Sales volumes were also down from 13.8mmboe to 12.0mmboe.

The natural decline of several key production assets has left Woodside in a less than positive mood about reaching its annual forecast target this year, but according to the company there is light at the end of the tunnel with several major projects receiving development approval during the last quarter. Production for the first half of 2004 was down to 28mmboe with the company admitting that a strong second term would be needed to reach the forecasted target of 58mmboe.

It may be early days yet but Amity Oil has reported that its Whicher Range-5 fraccing program is progressing well and has already begun to flow gas freely.

The Scalybutt-1 wireline logging program, which included sidewall cores and a velocity survey, has confirmed the presence of hydrocarbons in the western flank of the producing Woollybutt Oil Field.

After a golden start to its life on the ASX, Innamincka Petroleum has come back to earth a little after its Yarrow-2 well was deemed to tight for commercial production, forcing the company to reduce the productive area of the Yarrow Gas Field.

The Takapou-1 well in offshore Taranaki licence PEP 38482 was plugged and abandoned last week without encountering any commercially significant hydrocarbons.

New South Wales coal bed methane (CBM) hopeful Sydney Gas has begun its initial 10 well drilling program (of the next 70 production well program) within Stage II of the Camden Gas Project.

Yolla-4 has confirmed most of its pre-drilling expectations after preliminary interpretation of the wireline logs and pressure data from the BassGas venture indicated that it has encountered three main gas zones in the Eastern View Coal Measures.

In its relentless development of the Carnarvon Basin, the Harriet Joint Venture has spudded the Bambra-5H production well in TL/1, 1.8km northwest of the Harriet Bravo Platform.

Exploration minnows Oilex and Roma Petroleum have been forced to postpone their Connolly-1 well in Central Queensland due to mechanical problems.

Santos and ConocoPhillips have joined forces again to explore another Timor Sea prospect. Under a new farmout agreement ConocoPhillips will acquire 60% in the NT/P61 licence area in the Timor Sea and will partly fund drilling the Caldita-1 well.

Newly-listed junior CH4 Gas has started the new financial year on the right foot by almost doubling its Bowen Basin natural gas reserves. The company's total proved and probable (2P) reserves have increased from 106PJ to 193PJ, an 82% increase, while its proved, probable, possible (3P) reserves have increased from 537PJ to 807PJ.

Origin Energy has won the battle for a controlling stake in Contact Energy, agreeing to pay almost NZ$1.675 billion for Californian Edison Mission Energy's 51.2% shareholding in the kiwi company.

Investors and analysts have been left reeling by news that the Russian Government is willing to wipe almost US$28 billion off the value of Yukos buy selling subsidiary Yuganskneftegaz for as little as US$1.75 billion.

The newest player in the Cooper Basin Entek Energy has extended its $3.5 million Initial Public Offering (IPO) in order, it says, to give investors from the eastern states a chance to take advantage of the offer.

Court-enforceable undertakings given by Singapore Power (SingPower) have somewhat assuaged the Australian Competition and Consumer Commission's concerns over the Asian firm's bid to buy TXU's Australian energy assets. While the ACCC remains uneasy with the vertical integration plans of SingPower – raising 'significant concerns', it said its concerns had been addressed by the offer of (confidential) court-enforceable undertakings.

Woodside Energy has confirmed it would take up a 10% stake in the Mauritanian offshore northern Block 7, operated by modest UK explorer - Dana Petroleum – which also farmed out a 38.5% interest in Block 8 to surprise entrant to the region, the German-based Wintershall group. It is still to advise its shareholders.

Planet Gas, part of Australia's burgeoning coal bed methane (CBM) sector, has tripled the size of its US acreage by purchasing several leases from O'Neal Resources of Denver, Colorado.

Origin Energy has been able to dramatically increase its interest in Victoria's Otway Basin after securing a lucrative $25.75 million deal with domestic giant Santos. Under the deal Santos divested its operated interests in the onshore Basin including a 90% interest in the exploration permit EP 154(a) and (b), a 100% interest in the exploration permit EP153 and commensurate interests in several production permits, all pipeline infrastructure and the Heytesbury processing facility.

BHP Billiton is in the driver's seat for the development of a new oil province on the North West Shelf following a second successful drilling campaign with the Atwood Eagle in the region. The company's joint venture with Woodside released a positive report from the Stybarrow appraisal drilling campaign in the Exmouth Sub-basin (permit WA-255-P(2)), which follows an Apache Energy report last week on the success of the Ravensworth-2 well.

Mermaid Marine and Apache Energy have agreed on terms for the construction of a new multi-purpose field support vessel that will provide dive support, survey work and associated oil and gas related services for five years.

The Electricity Networks Association is stepping up its campaign against government-imposed regulation of its industry - releasing figures that show sharp power price increases are because of generator-retailers hiking charges, not lines companies.

The US Grand Jury has subpoenaed Halliburton Co in an investigation over its Cayman Island-based KBR (formerly Kellogg Brown & Root) unit's work in Iran; US firms are not allowed to conduct any work or business in the Islamic republic.