Energy Business Recap: Chevron’s Oz CEO Speaks His MIND, Consol RECOVERS

Chevron Corporation’s (NYSE:CVX) Australia chief executive declares the liquefied natural gas industry at risk, due to increases in costs and weak labor productivity, remarking that the industry and local government should start discussions on resolving problems like labor costs and taxes.

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Dril-Quip Inc. (NYSE:DRQ) wins a $650 million, four-year contract from Petrobras (NYSE:PBR) for the provision of subsea wellhead systems and associated tools for the drilling of deepwater bores offshore of Brazil.

Consol Energy Inc. (NYSE:CNX) restart the output of coal at its Bailey and Enlow Fork mines in Pennsylvania, following a month being offline due to a structural failure at the Bailey Preparation Plant. One of the two collapsed belts at a newly installed above-ground conveyor system has come back into service, allowing the sites to operate at about 60 percent of capacity, with full production anticipated by the week of Sept. 3rd.

InterOil Corporation (NYSE:IOC) shares spiked on the news that Korea Gas has formed a consortium with Mitsui and Japan Petroleum Exploration through which to participate in IOC’s $5.4 billion liquid natural gas project in Papua New Guinea.

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