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Gas industry in shock, braces for write-downs

A wave of write-downs, project delays and job losses is looming across Australia’s battered oil and gas sector, which has been forced into crisis mode as oil prices plummet to levels not seen for almost six years.

Angela Macdonald-Smith
Angela Macdonald-Smith | Mark MulliganSenior resources writer
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Australia’s battered oil and gas sector faces asset write-downs, project delays and job losses from a fall in oil prices to almost six-year lows.

US benchmark oil prices slid another 4.2 per cent to dip below $US48 a barrel and have halved since the end of August.

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Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables. Connect with Angela on Twitter. Email Angela at amacdonald-smith@afr.com
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    Original URL: https://www.afr.com/companies/energy/gas-industry-in-shock-braces-for-write-downs-20150107-12juvk