Industry News

US-based CB&I has moved to acquire Petrofac's Asset Solutions business, a deal that could see the ownership of the contractor overseeing phase one of the Northern Endeavour's decommissioning program transition into new ownership, with the Perth-based team currently delivering work on the Commonwealth-led project.  

CB&I said it had entered a sale agreement to acquire Asset Solutions, describing the business as a provider of operations, maintenance and decommissioning services for onshore and offshore energy assets. 

The company's president and CEO, Mark Butts, said the two groups had "similar management philosophies and industry-leading safety performance", framing the acquisition as an expansion into integrated services and a more predictable reimbursable contracting model.

"With this combination, we see strong cultural alignment, diversification benefits, and clear opportunities to enhance performance and deliver stable cash flow generation," he said. 

Petrofac separately confirmed it had agreed to sell Asset Solutions to CB&I, with Petrofac group chief executive Tareq Kawash calling it "a great outcome" that would "support job security for 3,000 talented team members."  

Petrofac said the sale consideration was agreed on a debt-free, cash-free basis, and administrators expected net proceeds in the range of US$45 million to US$55 million, depending on deductions confirmed closer to completion.  

Completion remains subject to conditions, including approvals from certain secured and unsecured creditors, with Petrofac indicating those approvals were expected by the end of January 2026, ahead of a targeted close in Q1 2026.  

Petrofac's issues

In October cash-strapped Petrofac filed for administration after a restructuring plan aimed at securing new funding and tackling debt levels collapsed.

In November, the UK-based company said it was considering mergers and acquisitions (M&A) options for its main operating divisions, and in December US-based CB&I made its announcement that it would acquire the Petrofac's Asset Solutions business.

When Petrofac entered administration a spokesperson for the government Department of Industry, Science and Resources - which is in charge of the FPSO's decommissioning program - told ENB: "The Government is aware that the Petrofac group's parent company, Petrofac Ltd, has entered administration. The vast majority of the Northern Endeavour phase 1 decommissioning works have already been completed following the disconnection and removal of the FPSO. The department will continue to work with Petrofac Facilities Management Limited to ensure that all remaining phase 1 works are completed."

Petrofac said a meeting of Petrofac Facilities Management Limited's creditors would be held on 30 January 2026 to vote on a proposed Company Voluntary Arrangement (CVA) linked to the sale. Petrofac said the CVA was intended to compromise certain creditor claims to enable completion, while "trade creditors, employees and certain other parties are not affected", and operations would continue as usual during the process.  

John Pearson, CEO of Petrofac's Asset Solutions business, said the CVA was "the final step" and that the company was asking creditors to support it so the sale could be completed. Teneo's James Bennett, acting as a joint administrator of Petrofac Limited, described the transaction as "a very positive outcome" that would "secure the future" of Asset Solutions' operations and roles.

Northern Endeavour - the latest

The former FPSO is currently sitting in a shipyard in Singapore where it is being readied for its final voyage to MARS's decommissioning yard in Denmark. In the next few weeks it will be loaded on to the back of COCSO's Hua Rui Long.

Last month the the liquidators of the former owner of the Northern Endeavour were given more time to fight the government over the $1.1 billion they claim they are owned. claims is owed to him.

Liquidators for Timor Sea Oil and Gas Australia (TSOGA), a subsidiary of Northern Oil and Gas Australia – the Angus Karoll-owned operation which bought the Northern Endeavour from Woodside in 2015 - believe the federal government owes them money for agreeing to hand over 30% of NOGA's tenements to Timor-Leste and for effectively shutting down the business. This move they and Karoll believe was unfounded.

In a Sydney courtroom last month, after hearing there are "multiple funders" wiling to support the bid, Justice Stellios granted a request from the liquidators for more time to prepare their case and sort the required funding. The matter returns to court in April.

Source: Energy News Bulletin

The Finocchiaro CLP Government has welcomed 8 new apprentices beginning their career with Power and Water.

Minister for Essential Services Steve Edgington said the new workers would be spread across the Territory.

The 5 apprentices in Darwin, 2 in Alice Springs and 1 in Tennant Creek join 35 current apprentices across 4 fields, 9 graduates, 7 business trainees, and 2 water operation trainee who are already part of the Power and Water team.

Power and Water has partnered with GTNT to host apprentices and trainees for more than 30 years, with the partnership a huge success. In 2025, there were more than 400 applications for the Power and Water roles.

“Growing our workforce is part of the CLP Government’s Rebuild the Economy Strategy and remains a key focus as we move into 2026.

"Power and Water keeps the Territory running, which is why we’re investing in the people who will carry it forward,” Mr Edgington said.

Minister for Education and Training, Jo Hersey, said: “By investing in local talent and trades, we’re creating jobs and rebuilding the Territory economy.”

 “We’re reforming secondary education to create better career pathways to real jobs, by providing more school-based apprenticeships and vocational training opportunities in schools,” Mrs Hersey said.

Power and Water Early Careers Program Advisor, Peter Morrison-Evans, said it’s always exciting to welcome enthusiastic new people to the team.

‘Every new group brings fresh enthusiasm and ideas that strengthen how we operate and serve our communities,’ he said.

‘Watching their confidence and skills develop over the years is one of the best parts of this program. It’s a reminder of how much potential we have right here in the Territory.’

Power and Water launched a new recruitment process in 2024 as part of a strategic initiative to continuously build and maintain a high level of skilled, in-house expertise across the organisation. 

Shortlisted apprenticeship and trainee candidates participate in an assessment centre, where they are evaluated through group activities, individual practical tasks and written exercises. This gives a holistic view of their strengths and skills.

At 45, Power and Water administration officer Helen Marsh will be the oldest apprentice, but feels her maturity, patience and hunger to learn will stand her in good stead as she swaps her office gear for high vis.

‘I’ve been in admin for about 23 years, 13 of those with Power and Water here in Tennant Creek. I felt it was time to do something completely different, and this is a great opportunity for me to do that while staying in Tennant, which I love,’ she said.

‘It will be a big learning curve and feels daunting at times, but I’m excited about learning new things and being out in the field as a line worker. People within the organisation have been so supportive and I’ve received a lot of encouragement.’ 

Joshua Jipp, 24, has gained an apprenticeship as an electrician.  After six years working in mechanics and light vehicle technology he decided to make the change last year.

‘I originally went with mechanics because it was my hobby, but I found that I was losing my passion for working on my own cars,’ he said.

‘I’m really interested in electrics, and the problem-solving side fascinates me. It’s good when you can figure something out and then step back and look at the job you’ve done.’

The cohort of new apprentices will start their four-year nationally accredited apprenticeship program through the GTNT Group this month. They will learn specialised skills and training in electrical, mechanical and linework fields across Power and Water.

Source: Northern Territory Government Newsroom

The Northern Territory Environment Protection Authority has opened two public consultation processes as INPEX pursues their carbon capture and storage (CCS) aspirations tied to the Ichthys LNG project. 

With the firm's Ichthys CCS Project and the Bonaparte CCS Project already both being assessed at the federal level by the Department of Climate Change, Energy, the Environment and Water, the territory's environmental watchdog is now accepting public submissions until 10 February. 

The Ichthys CCS project includes plans to install a CO2 export pipeline on Middle Arm connecting the existing Ichthys LNG facility to an onshore inlet station for offshore transport and long-term storage under the separate Bonaparte CCS project. The referral also includes a tie-in at the Darwin LNG boundary and an option to direct CO2 to Darwin LNG "for sequestration under the Bayu Undan CCS Project managed by Santos."  

The referral sets out an indicative schedule subject to approvals includes site preparation and brownfields works from 2028, with CO2 pipeline pre-commissioning from 2030 and start-up/operation from 2030 and an operational life of about 30 years.  

The separate Bonaparte CCS referral describes an offshore storage project within the G-7-AP permit area in Commonwealth waters, west of Darwin, proposing phased development with capacity "up to 8 Mtpa" initially and later increasing to "approximately 10 Mtpa", with potential total sequestration of up to 300 Mt of CO2 over a 30-year design life.  

While the Commonwealth referrals cover the broader transport-and-injection concept including an offshore CO2 pipeline described as approximately 260km and up to six injection wells, the NT EPA consultation notice for Bonaparte focuses on the Territory component, including an onshore inlet station on Middle Arm and the CO2 pipeline and associated subsea services out to the boundary of NT coastal waters.  

The Northern Territory Government has described Bonaparte CCS as a joint venture between INPEX, Woodside Energy and TotalEnergies, and says the Australian Government granted the project Major Project Status in July 2025.

Source: Energy News Bulletin

Perth-based Monadelphous has extended a strong run of contract wins, securing about $110 million in new work across offshore gas, decommissioning and grid-scale storage, a day after announcing major projects for BHP and Rio Tinto in the Pilbara. 

The engineering contractor has been awarded a four-year maintenance services contract with BW Offshore for the BW Opal floating production, storage and offloading vessel (FPSO), located about 300km north-north-west of Darwin. Work is due to start in the first quarter of this year. 

Monadelphous MD Zoran Bebic says the contractor has built a global offshore résumé, but its publicly disclosed oil and gas work remains heavily concentrated in Australian waters, spanning long-running maintenance, brownfields and decommissioning roles across the Browse, Bonaparte and Carnarvon basins and the Timor Sea.

"Over the past decade, we have continued to strengthen our reputation for the consistent and reliable delivery of offshore maintenance services to our customers, and are proud to work on some of the most significant energy facilities in the world," Bebic said, adding that the company was "pleased to be trusted by industry leaders for repeat work, and to be recognised for the depth of our expertise and capabilities across the asset life cycle."

BW Opal is the production hub for the Barossa LNG development, a joint venture led by Santos, SK E&S and JERA. The project is nearing the final stages of commissioning, with first gas targeted for the September quarter of 2025. 

Barossa represents one of the largest gas investments currently underway in Australia's north, with several billion dollars already committed to offshore production, subsea infrastructure and export pipelines feeding into Darwin. Once on stream, the BW Opal facility will anchor production from the field and underpin LNG exports into Asian markets over the coming decade. 

Monadelphous has also secured a contract with Santos in Papua New Guinea to demolish and dispose of the Hegigio Pipeline Bridge, a 500-metre suspended wire structure spanning the Hegigio Gorge in the Southern Highlands. 

The bridge, originally built by Oil Search (now merged into Santos) to carry oil pipelines serving the South-East Mananda field, was severely damaged in the 2018 earthquake and has since been earmarked for removal as part of broader decommissioning works. Monadelphous expects demolition activities to be completed in the second half of 2026. 

Rounding out the latest awards, Zenviron — Monadelphous' renewable energy joint venture — has won a contract from Flow Power to deliver the Bennetts Creek battery energy storage system in Victoria's Latrobe Valley. 

The 100MW/223MWh project will include balance-of-plant design, construction, installation and commissioning, with completion slated for late 2027. The battery is intended to support grid reliability in a region undergoing rapid transition as coal-fired generation exits the system. 

The latest wins reinforce Monadelphous' diversified exposure across traditional resources, offshore energy, and fast-growing renewable infrastructure, at a time when major producers and utilities continue to increase spending on maintenance, life-extension, and energy transition assets. 

Source: Energy News Bulletin

Highlights

• Falcon Oil & Gas Australia Limited (FOGA) has secured a key approval from its shareholders for the sale by Falcon Oil & Gas Ltd. (Falcon) of Falcon’s 98.1% interest in FOGA to Tamboran Resources Corporation (Tamboran).
• The acquisition of Falcon’s 98.1% interest in FOGA will provide Tamboran with the option of compulsorily acquiring the 1.9% interest in FOGA held by minority shareholders. 
• The acquisition forms part of a broader transaction announced on September 30, 2025, whereby Tamboran will acquire all the subsidiaries of Falcon, subject to certain shareholder and regulatory approvals. 
• Following closing of the broader transaction, Tamboran intends to proceed with the compulsory acquisition of the 1.9% interest in FOGA at a price per share no less than the price being paid to Falcon as part of the broader transaction. 
• Shareholder votes from Tamboran and Falcon to approve the broader transaction are expected to be held in February 2026. The broader transaction is expected to be complete by the end of February 2026 following Falcon obtaining a final court order in British Columbia, Canada.

Source: Tamboran Resources Corporation 

• Carpentaria-5H has achieved a peak gas flow rate of 11.2 TJ/day, the second-highest 30-day average flow rate in the basin of 7.1 TJ/day and an exit flowrate of 6.3 TJ/day, confirming a very low rate of decline over the 30-day clean-up test. 
• Beetaloo Energy has implemented basin-leading flowback methodologies to preserve fracture conductivity and maximise long-term well productivity. This approach utilises a restricted choke that extends the clean-up period, which has delivered a more than five-fold increase in fracture conductivity compared with the previous Carpentaria wells. 
• Clean-up of the frac fluid from the fracture system is ongoing with the gas-to-water ratio continuing to improve throughout the 30-day test period with over 23 percent of the frac fluid recovered to date. Once frac fluid clean-up was achieved at the prior two Carpentaria wells, materially higher gas flowrates were observed, with Carpentaria-3H recording a 30 percent increase in gas flow rate during the post clean-up IP30 flow test. 
• Independent resource certifiers Netherland, Sewell & Associates have estimated 10 PJ of 2C recoverable gas resources per well location in the area surrounding Carpentaria-5H. 
• Based on flowback data analysis conducted by Subsurface Dynamics, a North American shale reservoir engineering specialist, Beetaloo Energy estimates that the Carpentaria-5H well has developed an effective fracture network, characterised by materially longer effective half-lengths relative to the previous two Carpentaria wells and higher apparent shale permeability in the Carpentaria region. Beetaloo Energy believes these outcomes may support improved gas recovery and overall project economics. 
• A further extended flow test is expected to commence in Q1 2026 to fully assess well deliverability once clean-up is complete.
  

“We are highly encouraged to have achieved one of the highest flow rates in the history of the Beetaloo Basin while C-5H is still cleaning-up, demonstrating that the well is likely to be a strong long-term producer. We have deployed a disciplined flow-back strategy with a consistent choke setting since the second day of the test period, to maintain fracture conductivity for long-term well performance while the well dewaters. Total gas recovery is also likely to be enhanced by the 60% increase observed in permeability across the Carpentaria region.

As has been seen with C-2H and C-3H, there is the potential for a material uplift in flow rates once the well is further cleaned-up.

Clean-up is continuing and we intend to commence a second flow test in Q1 2026.

Civil construction works at the Carpentaria Gas Plant are now well advanced, and we look forward to commencing gas plant installation in Q2 2026.

With all required approvals now in place, we look forward to commencing pilot gas sales into the local NT market in 2026.

As 2025 comes to a close, we express our gratitude to the Beetaloo Energy team, our shareholders and all stakeholders, and we look forward to a big year ahead as we bring the Beetaloo Basin into pilot gas sales next year, which will benefit all Territorians.” ⎯ Alex Underwood, Managing Director

Source: Beetaloo Energy Australia Announcement 

As part of the Finocchiaro CLP Government’s commitment to rebuilding the economy, Minister for Trade, Business and Asian Relations Robyn Cahill today announced Expressions of Interest are open for Territory businesses to join the NT Government’s delegation to Energy Exchange Australia (EXA) in Perth, 10 – 12 March 2026.

EXA is Australia’s premier oil, gas and energy service event, showcasing opportunities in decarbonisation, wind, carbon capture, technology and innovation. The event connects industry leaders to strengthen supply chains and drive investment.

“We are positioning the Territory as a leading hub for energy and resources by fostering a competitive and confident business environment. The Northern Territory has a dynamic service and supply sector and a proven reputation for supporting major onshore and offshore gas development and energy projects. Events like EXA strengthen our supply chains, increase the Territory’s participation in significant projects and connect local capability with global opportunities,” Ms Cahill said.

The Northern Territory Government has led delegations to EXA for more than 16 years. In 2025, 14 organisations attended, including the Energy Club NT, Industry Capability Network NT and the Chamber of Commerce NT, with delegates reporting new contracts and business leads.

Northline Sales Manager Jason Morgan also mentioned: “Following EXA we provided over a dozen quotes, opened two new accounts and hosted a Melbourne-based company in Darwin interested in using our facilities for distribution to Southeast Asia.”

Expressions of interest close Sunday, 18 January 2026. Apply via Energy Exchange Australia 2026: Northern Territory Business Delegation – Fill in form

For more information contact Industry.Strategy@nt.gov.au

Source: Northern Territory Government Newsroom

Territory businesses and tradies will benefit from another practical red-tape reduction, with the Finocchiaro CLP Government removing unnecessary Certificate of Compliance requirements for certain low-risk electrical work from 1 January 2026.
 
As part of the Government’s response to the Saying Yes to Business report by the Approvals Fast Track Taskforce, routine like for like electrical replacements that do not alter wiring, electrical load or circuit protection will no longer require a Certificate of Compliance, allowing electricians to spend less time on paperwork and more time on the job, without compromising safety. 
 
Attorney-General Marie-Clare Boothby, said the reform strikes the right balance between safety and practicality.
 
“We promised commonsense Government and that’s exactly what we’re delivering,” Ms Boothby said.

“We’ve listened to small businesses and tradies who’ve told us that the current system just isn’t working. Even the most routine, low-risk electrical work imposes an unnecessary burden, without improving safety outcomes.”
 
“This change is about maintaining the highest safety standards and compliance, while lowering the impact of red tape on small and family businesses.”
 
The reform delivers on Recommendation 6D of the Approvals Fast Track Taskforce, which called for a review of the Electrical Safety Act to identify low-risk electrical work that could safely be exempt from Certificate of Compliance requirements. Under the change, like-for-like replacements that do not alter wiring, load or circuit protection will no longer require a CoC, allowing NT WorkSafe to focus its compliance resources on higher-risk electrical work.
 
The reform is one of 48 priority actions being fast-tracked within the first 12 months of the Approvals Fast Track Taskforce response, aimed at halving approval times and improving certainty across key sectors including construction, hospitality, and tourism.
 
Chair of the Approvals Fast Track Taskforce and former Property Council of Australia NT President, Mark Garraway, welcomed the reform.
 
“This is exactly the kind of practical change industry was calling for,” Mr Garraway said. “It improves certainty, reduces unnecessary regulation and allows government to focus on what really matters — safety and productivity.”
 
Ms Boothby said the reform reflects the CLP Government’s broader commitment to rebuilding the economy while maintaining strong safeguards.
 
“We promised a year of action, delivering certainty and security for industry, including the Territory’s building and construction sector,” she said. “That means backing businesses, cutting red tape, and never compromising on safety. This reform delivers on all three, as we work to rebuild the economy.

Source: Northern Territory Government Newsroom

The Finocchiaro CLP Government has given the green light for early planning work on a new North to East gas pipeline connecting Beetaloo gas directly to the East Coast.

The pipeline permit (Pipeline Permit 9) has been granted to APT Management Services Pty Ltd, a subsidiary of APA Group, allowing APA to carry out surveys and plan the route for a proposed multi-user pipeline called the North to East Australia Pipeline (NEAP).

Minister for Mining and Energy Gerard Maley said the permit is an early planning step that puts the Territory in a stronger position for the future.  

“This permit allows APA to get boots on the ground to work out the best route for a pipeline from the Beetaloo to the east coast,” Mr Maley said.

“The Beetaloo Sub-basin has enormous potential, and granting this pipeline permit allows APA to undertake the surveys and investigations needed to move the NEAP forward,” Mr Maley said.

The permit covers around 580 kilometres across the Northern Territory, with a survey corridor up to two kilometres wide and access tracks up to one kilometre wide. APA will now be able to undertake work over 12 months to examine the feasibility of the proposed route corridor and building scope.

Once this work is complete, APA can apply for a separate pipeline licence, which will have a significantly reduced corridor width, before any construction could begin.

Mr Maley said the decision builds on APA’s growing investment in the Territory, including the $70 million Sturt Plateau Pipeline, which the NT Government approved earlier this year.

The 37-kilometre Sturt Plateau Pipeline is close to completion and will connect Tamboran Resources’ Shenandoah South gas development to the existing Amadeus Pipeline. Tamboran is also building the Sturt Plateau Compression Facility, with the two projects together representing more than $250 million in investment.

“These projects show that industry has confidence in the Territory,” Mr Maley said.

“Good planning today supports energy security, reliability and affordability for Territorians.”

Under the Energy Pipelines Act 1981, a pipeline permit is the first step in the approvals process. A full pipeline licence would still be required before any pipeline could be built or operated.

Source: Northern Territory Government Newsroom

Overview

Central Petroleum Limited (ASX: CTP) (“Central”) and its Mereenie and Palm Valley Joint Venture partners (collectively “JVs”) have entered into a binding Letter of Intent (“LOI”) with the Northern Territory’s Power and Water Corporation (“PWC”) to:

Drilling Program Early Works

The JVs will immediately begin early works for a four-well drilling program. This includes activities such as ordering long-lead items, progressing civil works, and selecting a drilling rig. The program will involve drilling two wells at Mereenie and another two at Palm Valley, with drilling targeted to commence in mid-2026.

Gas Supply Arrangements

The JVs and PWC have finalised ‘in-principle’ terms for long-term, firm gas supply under term sheets covering uncontracted firm gas production at market pricing from the Mereenie and Palm Valley fields of up to 25.5 PJ (Central share) through the end of 2034, which includes additional production from the four-well program. The gas supply term sheets are non-binding and conditional, requiring final internal approvals from each JV participant and PWC.

The intention is for the parties to formalise and execute binding Gas Sale Agreements (“GSAs”), consistent with these term sheets, by 20 February 2026. Arrangements have been agreed under the LOI where the JVs can be reimbursed by PWC for costs associated with the drilling program’s early works in the event binding GSAs are not executed by 20 February 2026.

Project Readiness

The intended supply arrangements are designed to quickly deliver significant new gas volumes to the Northern Territory, while also enhancing gas supply security for customers throughout the region. Preparations for the new wells are already well-advanced, with key approvals in place or underway. By initiating the drilling program’s early works now, the JVs can target mid-2026 for the commencement of drilling. The additional gas production can be quickly supplied to the market after drilling, as the wells will utilise available production capacity at the existing Mereenie and Palm Valley gas fields.

Central, via subsidiaries, has a 25% interest in the Mereenie field, along with other Mereenie JV participants (Echelon Mereenie Pty Limited, Horizon Australia Energy Pty Ltd, and Cue Mereenie Pty Ltd) and a 50% interest in the Palm Valley field, with other JV partners (Echelon Palm Valley Pty Limited and Cue Palm Valley Pty Ltd ). 

Source: Central Petroleum Announcement