• 4 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 6 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 8 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 9 hours German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 11 hours Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 12 hours Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 1 day Oil Prices Rise After API Reports Major Crude Draw
  • 1 day Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 1 day Gazprom Speaks Out Against OPEC Production Cut Extension
  • 1 day Statoil Looks To Lighter Oil To Boost Profitability
  • 1 day Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 1 day Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 1 day Whitefish Energy Suspends Work In Puerto Rico
  • 1 day U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 2 days Thanksgiving Gas Prices At 3-Year High
  • 2 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 2 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 2 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 2 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 2 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 5 days Shell Oil Trading Head Steps Down After 29 Years
  • 5 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 5 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 5 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 5 days Venezuela Officially In Default
  • 5 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 6 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 6 days Rosneft Announces Completion Of World’s Longest Well
  • 6 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 6 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 6 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid
  • 7 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 7 days Africa’s Richest Woman Fired From Sonangol
  • 7 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 7 days Russian Hackers Target British Energy Industry
  • 7 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
The Hidden Cost Of Electric Cars

The Hidden Cost Of Electric Cars

As countries across the globe…

Global Energy Advisory November 17, 2017

Global Energy Advisory November 17, 2017

The IEA’s World Energy Outlook…

Australia's Mining Boom Over?

Australia's Mining Boom Over?

Australian officials are sparring over the status of the country’s mining industry, with Resources Minister Martin Ferguson telling the media that the nation’s mining boom is officially over with the news that BHP Billiton Ltd. has delayed approval of its Olympic Dam expansion that Deutsche Bank AG estimated at A$33 billion ($34.7 billion).

“You’ve got to understand, the resources boom is over,” Ferguson told Australian Broadcasting Corp. radio yesterday. “It has got tougher in the last six to 12 months.”

BHP is the world’s largest mining company, and its announcement earlier this week that it would not likely approve any spending on major projects this fiscal year due to a decline in metal prices is bad news for Australia, whose economy has soared with major investment projects in iron ore, coal and natural gas.

With general elections due next year, BHP’s announcement will hit Prime Minister Julia Gillard’s government hard, making it nearly impossible to balance the country’s deficit and bring the budget into a surplus status by the stated goal of mid-next year.

The key opposition Liberal National coalition will benefit most from the so-called end of the mining boom. 

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment
  • Div on August 28 2012 said:
    Its also partly because of delays and cost blowouts thanks to the state & federal government, oh and also the greens. Nowhere else in the world is a golden goose so unwelcomed then in Australia.
  • Witold Bialkowski on August 27 2012 said:
    Well, these things are cyclical. It shouldn't come as a surprise to anyone who has studied history that these things do come to an end every 10-20 years. China was the main factor, again not a surprise with over 1.3 billion people & growing aggressively, however all good things come to an end. As far as I am concerned the questions are: Will India & Africa make up for lower/negative Chinese economic growth? If not, will Australia gradually privatise health care in order to balance its national budget over the next 3.5 decades?
  • Bob Berke on August 27 2012 said:
    BHP announced this weekend (8/27), that it would sell its uranium mines, estimated to be the largest in the world, to Cameco for $430 million, another ominous sign of the mining peak.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News