LNG

New Zealand has reversed a ban on oil and gas exploration introduced by the previous government and will offer incentives for energy and mining company investments similar to those in other pro-fossil fuel energy nations.

AGL Energy, the Australian power company whose plans for an LNG import terminal in the state of Victoria were thwarted by regulators and which fought off takeover interest from various quarters before having an environmental extremist take a big stake in the company, swung to a fiscal first-half net profit from a previous loss.

Beach Energy increased sales in the fiscal first half and was on scheduled to have first natural gas from an LNG feed-gas project in Western Australia and first gas from an East Coast venture while the company painted a gloomy picture of the energy business in New Zealand.