Tropical Cyclone Iggy has strengthened to a category two storm and was moving towards Australia’s northwest coast on Friday, threatening the region’s rich mining fields after shutting down some offshore oil production facilities. Cyclone Iggy was upgraded from a category one storm and was about 600 km (370 miles) northwest of Exmouth at 0040 GMT and moving southeasterly, Australia’s Bureau of Meteorology said on Friday. Category two is the second…

Woodside Petroleum and Apache Corp said on Wednesday they have suspended some oil production off Australia’s northwest coast as a tropical low threatens to develop into a cyclone. A tropical low currently off the northwest coast could strengthen into a Category 1 cyclone by 1200 GMT (2000 local time) Wednesday and into a Category 2 cyclone late Friday, according to Australia’s Bureau of Meteorology. Woodside, Australia’s largest oil producer, said…

Japan’s Inpex Corp gave the go-ahead on Friday for a $34 billion liquefied natural gas export project that will make Australia the world’s top exporter of the fuel by 2017, overtaking Qatar. Inpex said the cost of the giant Ichthys project was higher than estimated by its partner, French energy company Total , and also 70 percent above initial figures calculated in 2008 because it now has more reliable information…

Chevron’s Australia unit said on Thursday it has discovered natural gas in offshore Western Australia, marking the company’s 12th offshore discovery in Australia since mid-2009. Chevron has more than $60 billion worth of liquefied natural gas export projects under construction in northwestern Australia and is positioning itself to become one of the country’s largest LNG suppliers. “Our on-going exploration success continues to add to our Australian resource base, further underpinning…