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Oil and Gas News

India, Iran talks on Farzad B gasfields near breaking point 

By: Ajoy K Das     16th August 2017 The protracted negotiations between India and Iran on the Farzad B gasfields have come to a halt following a hardening of stance by both countries. No top level talks between officials of India and Iran have been held since the expiry of the last deadline of February, but official written... 

ONGC Videsh earmarks $1bn for oil production growth

By: Ajoy K Das     16th August 2017 ONGC Videsh, the overseas arm of Indian exploration and production (E&P) major ONGC, is aiming to complete a $1-billion capital expenditure programme during the 2017/18 financial year. This investment spread across exploration, development and production will enable ONGC Videsh to achieve oil... 

Woodside profits surge in H1

By: Esmarie Swanepoel     16th August 2017 ASX-listed Woodside Energy has reported a 49% increase in half-year net profit after tax to $507-million, as production reached 42.2-million barrels of oil equivalent. Production for the first half of 2017 was slightly lower than the 45.9-million barrels of oil equivalent reported in the... 

Origin widens losses in FY17

By: Esmarie Swanepoel     16th August 2017 Oil and gas producer Origin Energy has widened its statutory loss for the 2017 financial year, from A$628-million reported at the end of 2016, to A$2.22-billion. The company earlier warned of a A$1.2-billion post tax impairment on the second half of the 2017 financial year, driven by a... 

Pullback in US fracking sand use pressures producers

By: Reuters     16th August 2017 US shale oil companies are pulling back on the amount of sand they use to hydraulically fracture new wells, responding to rising prices of the material that are driving up costs. Investors worry a slowdown in sand use, combined with new mining capacity coming online, could lead to a glut of the... 

$690m impairment warning from Santos

By: Esmarie Swanepoel     15th August 2017 Oil and gas major Santos has warned of a $690-million non-cash impairment charge for the half-year ended June. The company on Tuesday told shareholders that the impairment resulted from changes to the carrying value of its assets, brought on by changing oil prices, exchange rates, discount... 

Santos to redirect gas to Pelican Point power station

By: Esmarie Swanepoel     14th August 2017 Oil and gas producer Santos reported on Monday that it had signed an agreement to redirect gas to the Pelican Point power station, to support South Australia’s energy needs. Starting in January next year, Santos will supply 15 PJ of electricity to the power station, through a mix of gas from the... 

Santos to redirect gas to Pelican Point power station

British Columbia govt outlines actions to block Kinder Morgan crude pipeline expansion

By: Henry Lazenby     11th August 2017 The newly installed coalition government of British Columbia has outlined its plans to stop an expansion of the Kinder Morgan oil pipeline that transports Alberta crude oil to Vancouver, on Canada's West Coast. Last year, the federal government, under Prime Minister Justin Trudeau, approved... 

British Columbia govt outlines actions to block Kinder Morgan crude pipeline expansion

Extent of African economies’ dependence on commodities ‘frightening’ – Deloitte

By: David Oliveira     11th August 2017 Amid hopes that the mining industry has finally reached the bottom of its steady decline since 2008, Africa’s primary industry focused economies may find some respite, however, the focus on natural resources is still a challenge many countries on the continent need to contend with. Speaking at... 

Growth aids new sales platform

By: Nica Schreuder     11th August 2017 There is cautious optimism worldwide in the future demand for valves, owing to investment in major industries, such as, besides others, mining and oil and gas, as well as related infrastructure, which has prompted growth in the valves industry this year. Industry players are hoping that this... 

Growth aids new sales platform
COMPLEXITY Despite the sophisticated nature of valves, ValveConnect emphasises that they are still commodity items accessible through an online platform

Interest returning to Africa in response to commodities resurgence

     11th August 2017 Interest in Africa’s mineral potential is returning and there is a growing confidence in the future of the resources sector in Africa and in Africa–Australia relations, says organiser of the Africa Down Under (ADU) conference, Australian magazine publisher, Paydirt Media.  

Interest returning to Africa in response to commodities resurgence
INTEGRAL EVENT The importance of Africa Down Under continues to be reflected in the number of high-profile attendees it welcomes to Australia’s mining capital each year

Local valves company employs competitive strategy

By: Nica Schreuder     11th August 2017 Over the past two years, the African valves market has experienced trying conditions when dealing with the mining industry; however, the business environment is now slowly recovering as a result of improved commodity prices, South African valves industry manufacturer AR Controls director Julien... 

Local valves company  employs competitive strategy
JULIEN VAN NIEKERK AR Controls has invested heavily in IncoValve & Controls to stimulate new product development

Mining to continue to support valves industry

By: Nica Schreuder     11th August 2017 Mining will remain the primary long-term source of revenue for the valves industry on the African continent, says valves and actuator technology manufacturer and supplier AR Controls director Julien Van Niekerk. He is confident that, with the cyclical nature of commodities, prices will improve... 

Mining to continue to  support valves industry
WHAT GOES AROUND COMES AROUND Commodity prices are expected to improve and give rise to a massive mineral-processing plant expansion across Africa

Prospex seeks to tap into Romania’s hydrocarbon potential with gas acquisition

By: Mariaan Webb     10th August 2017 Aim-quoted investment firm Prospex Oil & Gas has acquired a foothold in Romania’s oil and gas industry with the acquisition of an interest in the EIV-1 Suceava concession. Prospex bought 50% of the concession, which is located in north-east Romania, for €750 000 and entered into a joint operating... 

Prospex seeks to tap into Romania’s hydrocarbon potential with gas acquisition

Zeta launches takeover bid for New Zealand Oil & Gas

By: Mariaan Webb     10th August 2017 ASX-listed investment firm Zeta Resources has launched a partial offer for New Zealand Oil & Gas (NZO), which, if successful, will give the company majority control. Zeta is the takeover target’s largest shareholder and said on Thursday that it intended to offer other shareholders 72c a share. 

Origin Energy warns of A$1.2bn impairments

By: Esmarie Swanepoel     10th August 2017 Oil and gas producer Origin Energy has warned of a A$1.2-billion post tax impairment for the second half of the 2017 financial year. The company told shareholders on Thursday that it expected an impairment charge on the Australia Pacific liquefied natural gas (APLGN) project, which would result... 

Franco-Nevada stocks rise as revenue ratchets up; on the prowl for new precious metals, oil & gas deals

By: Henry Lazenby     9th August 2017 The NYSE-listed stock of royalty and streaming company Franco-Nevada on Wednesday gained nearly 5% following the company on Tuesday reporting increased revenues and profit for the three months ended June. The Toronto-based company that does not operate mines, develop projects or conduct... 

Franco-Nevada stocks rise as revenue ratchets up; on the prowl for new precious metals, oil & gas deals

GAIL throws lifeline to Kochi LNG as it restarts gas pipeline construction

By: Ajoy K Das     8th August 2017 Gas infrastructure major GAIL India has started work on a stalled 438 km gas pipeline, throwing a lifeline to the Kochi liquefied natural gas (LNG) terminal, languishing at less than 10% capacity utilisation. GAIL last week officially restarted work on constructing the pipeline connecting Kochi... 

DRA makes top origination appointment

By: Martin Creamer     3rd August 2017 Multi-disciplinary global engineering group DRA has appointed Pierre Julien to lead the company’s global origination team as executive VP origination. With more than 22 years of senior level industry experience, Julien has been tasked with identifying and accessing new business channels, seeking... 

DRA makes top origination appointment
Photo by Duane Daws
DRA Group Holdings CEO Wray Carvelas (left) with Mining Weekly Online's Martin Creamer in Johannesburg.

Vedanta markets dollar bonds for debt refinancing

By: Reuters     3rd August 2017 Vedanta Resources, the UK-listed Indian mining and energy group, is marketing a new issue of US dollar bonds to refinance outstanding debt. Vedanta is offering seven-year bonds, callable after four years, to yield around 6.375%, according to a term sheet. 

BP's West Africa partner Kosmos to list in London by end-September

By: Reuters     2nd August 2017 Kosmos Energy, which is exploring for gas offshore Senegal and Mauritania with oil major BP, will list on the LSE by the end of September in a bid to attract more European investors, it said on Wednesday. Kosmos, which has been listed in New York since 2011, announced a major gas find in... 

NUM, ANC ‘very encouraging’ – Royal Bafokeng Platinum 

By: Martin Creamer     1st August 2017 Royal Bafokeng Platinum CEO Steve Phiri said on Tuesday that he was “very encouraged” by the stance taken the day before by the National Union of Mineworkers (NUM) and the ruling African National Congress (ANC). “We can only improve the situation if we work together and not against each other,”... 

NUM, ANC ‘very encouraging’ – Royal Bafokeng Platinum
Royal Bafokeng Platinum CEO Steve Phiri is interviewed by Mining Weekly Online’s Martin Creamer on the tough current passage of the struggling platinum industry. Video and Video editing: Darlene Creamer 1.8.2017

Kubayi refutes CEF board suspension report 

By: Creamer Media Reporter      1st August 2017 Energy Minister Mmamoloko Kubayi on Tuesday refuted a media report stating that she had suspended the Central Energy Fund (CEF) board. The Minister confirmed, however, that board members had been handed letters in July 26 requesting “an explanation on concerns”. No details were provided, however,... 

Kubayi refutes CEF board suspension report
Energy Minister Mmamoloko Kubayi

Aveng ends talks to sell steel arm, settles QCLNG project dispute

By: Reuters     31st July 2017 South African construction group Aveng said on Monday it has ended talks on the sale of its Aveng Trident Steel business due to a failure to reach agreement on price. Work for South Africa's construction industry has slowed sharply as government contracts stall and weak commodity prices hit... 

Origin reports substantially higher production and sales revenue

By: Esmarie Swanepoel     31st July 2017 Oil and gas producer Origin Energy on Monday reported a 12% quarter-on-quarter production increase and said its full-year production surged by 40%. During the fourth quarter, ended June, Origin produced 89.2 PJe, compared with the 79.7 PJe produced in the third quarter, while full-year production... 

Origin reports substantially higher production and sales revenue

Karoon hunts for JV opportunities in Brazil

By: Esmarie Swanepoel     31st July 2017 ASX-listed Karoon Gas has struck a deal with German oil and gas company DEA Deutsche Erdoel to hunt for oil and gas assets offshore Brazil. “This agreement is significant in the context of realising Karoon’s strategic ambitions to acquire meaningful oil production in Brazil. Having such a... 

Halliburton to pay $29.2m to settle US charges tied to Angola

By: Reuters     28th July 2017 Oil giant Halliburton Co will pay $29.2-million to settle civil charges it violated federal anti-bribery rules related to books, record-keeping and internal accounting controls while doing business in Angola, US regulators said Thursday. The Securities and Exchange Commission said Halliburton's... 

APLNG hits another milestone

By: Esmarie Swanepoel     28th July 2017 Australian oil and gas resources major Origin Energy on Friday reported that it had completed the 90-day operational phase of the two-train project finance lenders' test at the Australia Pacific liquefied natural gas (APLNG) project, in Queensland. Origin noted that all other elements of the... 

Explosion-proof monitor launched locally

     28th July 2017 Industrial solutions provider RTS Africa Engineering has launched the Hy-Optima 2700 from US hydrogen analyser and leak detector manufacturer in South Africa, providing an advanced explosion-proof instrument for monitoring hydrogen levels in the oil and gas refining industries. “Ultimately, with... 

Explosion-proof monitor launched locally
SAFETY FIRST The Hy-Optima 2700 features a cast-iron casing that will safely contain any explosive events that should result from hydrogen entering the instrument and igniting

ANC’s Mining Charter response ‘very constructive’ – Anglo

By: Martin Creamer     27th July 2017 The response of South Africa’s ruling African National Congress (ANC) party at its recent policy conference, that further discussion is required on the controversial Mining Charter Three, to ensure that investment and employment levels are not negatively affected, has been described as “very... 

ANC’s Mining Charter response ‘very constructive’ – Anglo
Mark Cutifani

Glencore’s half-year showing prompts analyst gusto

By: Martin Creamer     27th July 2017 Thursday’s half-year production report from diversified mining and marketing company Glencore, which is seen as offering particular leverage to copper and zinc’s currently attractive fundamentals, elicited favourable analyst comment. “Glencore remains our sector top pick,” Barclays Equity... 

Glencore’s half-year showing prompts analyst gusto
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Beach Energy unveils expanded capital programme

By: Esmarie Swanepoel     27th July 2017 Oil and gas producer Beach Energy on Thursday announced the launch of a multi-year capital spend programme, designed to appraise undeveloped reserves and prospective resource potential in the Cooper basin. The company told shareholders that in 2018, some A$220-million to A$260-million would be... 

Aurora makes a play for Molopo Energy

By: Esmarie Swanepoel     27th July 2017 ASX-listed Aurora Funds Management has announced plans to make a takeover offer of 18c each for the shares in fellow-listed Molopo Energy. Under the proposed bid, Molopo shareholders will be able to elect to receive the bid consideration in either cash, which will be capped at A$5-million in... 

Tullow Oil stays in red as weak oil prices drag down asset values

By: Reuters     26th July 2017 Tullow Oil reported a deeper-than-expected operating loss for the first half as lower oil price expectations forced it to book hefty impairment charges, but the market welcomed news it had raised a cost-saving target by $150-million. London-listed Tullow, whose main operations are in Africa,... 

Pacific Northwest LNG megaproject cancelled following review, ‘changed market conditions’ 

By: Henry Lazenby     26th July 2017 The Pacific NorthWest liquefied natural gas (PNW LNG) project has been cancelled by its shareholders, following an in-depth review and changed market conditions. Malaysia-based Petronas, the majority shareholder of the project, made the announcement on Tuesday, leaving the project, which has a... 

Pacific Northwest LNG megaproject cancelled following review, ‘changed market conditions’

Sasol expects FY earnings to fall as much as 21%

By: Reuters     25th July 2017 South African petrochemicals group Sasol said on Tuesday it expected its full-year headline earnings to fall as much as 21%, hit by lower oil prices and a stronger rand currency. Sasol said headline earnings per share for the year to end June are expected to decrease by between 11% and 21% from... 

TSX falls, weighed by Barrick and other gold miners

By: Reuters     24th July 2017 Canada's main stock index fell on Monday, as gold miners broadly weighed and Barrick Gold lost nearly 5% after a company it majority owns, Acacia Mining, was hit with a bill for $190-billion in unpaid taxes in Tanzania. Railway stocks, big banks and pipeline and other energy stocks also put... 

Opec moves to cap Nigerian oil output, boost compliance

By: Reuters     24th July 2017 Opec moved on Monday to cap Nigerian oil output and called on several members to boost compliance with production cuts to help clear excessive global stocks and support flagging prices. Opec has agreed with several non-Opec producers led by Russia to cut oil output by a combined 1.8-million... 

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