Australlia’s Woodside loses $ 4.37 billion due to falling oil and gas prices
July 18, 2020
Australian oil and gas producers have lost billions of dollars in recent months due to the devaluation of hydrocarbons and the actions of majors such as Shell and BP.
“After paying cash and non-cash losses and paying $ 2.76 billion in taxes, a budget of $ 1.16 billion for gas exploration and evaluation is set for up to half a year ending June 30, 2020,” Woodside said.
In the contract written for the sale and purchase of Corpus christi LNG, after paying taxes, Woodside will receive $ 447 million.
Woodside has a long-term contract to buy US gas Corpus Christi, which says its proximity and co-operation with the company will have a positive impact on the global gas market and reduce margins around North America and other gas markets.
Another statement said that about 80 percent of the damage to Woodside was due to falling oil and natural gas prices, which are expected to be felt by 2025.
