Australian oil and gas stocks soar after Saudi Arabia attack

  • Sep 15, 2019
  • Brisbane Times

The ASX's energy contingent finished 4 per cent up on Monday, buoyed by investors looking for energy security outside of oil and Saudi Arabia.

The weekend drone strikes on one of Saudi Arabia’s largest oil processing facilities and fields was felt right throughout energy stocks, with some juniors jumping as high as 26 per cent and bigger companies, such as BHP and Woodside, soaring between 6 and 8 per cent.

Smoke fills the sky at the Abqaiq oil processing facility in Saudi Arabia on Saturday. Credit:AFP

Western Australia-based junior Warrego Energy jumped 9.6 per cent in the morning to 34 cents, finishing at 32 cents.

The company's chief executive and managing director Dennis Donald, who has spent more than 40 years in the oil and gas industry, said the attacks pushed investors to look for energy security beyond oil, and Australia was a natural choice.