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Oil and Gas News

Greece shortlists Glencore, Vitol in Hellenic Petroleum majority stake sale

By: Reuters     18th July 2018 Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday. Athens last month received five expressions of interest for a 50.1% stake that Greece and... 

BHP beats production expectations; warns of $650m Samarco charge

By: Esmarie Swanepoel     18th July 2018 Diversified giant BHP on Wednesday announced that the company had met or exceeded the production expectations for its commodities during the 2018 financial year, but warned of a $650-million financial impact related to the Samarco dam failure, in Brazil. “We have delivered a strong finish to the... 

BHP beats production expectations; warns of $650m Samarco charge
BHP CEO Andrew Mackenzie

Total’s acquisition of Engie LNG portfolio closes

By: Marleny Arnoldi     13th July 2018 Petroleum giant Total’s acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5-billion, has closed.  

Joburg to host ‘safe drilling’ event this month

By: Nadine James     13th July 2018 The DrillSafe initiative will host its inaugural Drill Safe Drill Rig & Safety Innovation Forum at the Glen Hove Conference Centre, in Johannesburg, on July 20.  The forum will explore innovations in to drilling equipment and the exploration work environment, explains DrillSafe founder and Colin... 

Joburg to host ‘safe drilling’ event this month
Photo by Creamer Media
SAFETY IS PARAMOUNT Colin Rice notes that almost every accident in an exploration drilling environment is related to human error

World's oil cushion could be stretched to the limit, IEA warns

By: Reuters     12th July 2018 The world's oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency (IEA) said on Thursday. The expected drop in Iranian crude exports this year due to renewed US sanctions, coupled with a... 

World's oil cushion could be stretched to the limit, IEA warns

Shell ramps up in Kitimat, raising Canada’s C$40bn LNG hopes

By: Bloomberg     9th July 2018 A flurry of activity in a remote Canadian town is raising optimism that Royal Dutch Shell and its partners are ready to go ahead with the nation’s largest infrastructure project: a C$40-billion liquefied natural gas terminal that could at last unlock energy exports to Asia. The action is... 

Shell ramps up in Kitimat, raising Canada’s C$40bn LNG hopes

ONGC’s Iran investment plans hit by India-US dialogue

By: Ajoy K Das     9th July 2018 Indian national oil exploration and production major ONGC Limited’s protracted investment plans in Iran were receding further into the realm of uncertainty ahead of the upcoming India-US bilateral meeting. A resolution for ONGC, which has inched closer to finalising an agreement with Iran on a... 

BP is front-runner to buy BHP's US shale unit

By: Bloomberg     8th July 2018 BP has emerged as the front-runner to buy BHP Billiton’s onshore oil and gas operations in the US, according to a person familiar with the matter. The London-based oil major has made the highest offer for the assets, which BHP prefers selling in a single package, said the person, who asked to... 

Japan's Mitsui may raise its stake in Vale – executive

By: Reuters     6th July 2018 Japanese trading house Mitsui & Co may boost its stake in Brazil's Vale SA if other shareholders sell part of their holdings, a senior executive said, giving it greater influence over the iron ore giant's management. Several Brazilian pension funds and BNDESPar, the investment arm of state... 

Custom lube vehicle boosts mine’s safety, productivity

6th July 2018 Earthmoving equipment distributor Hitachi Construction Machinery Africa, in conjunction with its Mozambique subsidiary dealership, Hitachi Construction Machinery Mozambique, has designed and provided a custom-built lubricant vehicle for diversified mining giant Vale to enhance the availability of... 

Custom lube vehicle boosts mine’s safety, productivity
ENGENDERING SAFETY Hitachi’s custom-built lubricant vehicle enhances safety and optimises equipment availability

Goldman says buy commodities as clock ticks toward trade war

By: Bloomberg     5th July 2018 Commodity bull Goldman Sachs Group Inc. has poured cold water on the notion that a trade war between the US and China represents a serious threat to raw materials, saying most of them aren’t likely to be significantly impacted, and after recent declines now’s the time to buy. The Wall Street... 

Analysts spring to Glencore’s defence as miner restores confidence with buyback scheme

By: Martin Creamer     5th July 2018 Research analysts have sprung to the defence of Glencore, which has rapidly restored confidence by announcing an immediate share buyback programme that communicates the formidable faith of management in the London- and Johannesburg-listed diversified mining and marketing company. In a note... 

Analysts spring to Glencore’s defence as miner restores confidence with buyback scheme
Photo by Creamer Media
Glencore CEO Ivan Glasenberg

Record Qld exports driven by coal and LNG

By: Esmarie Swanepoel     5th July 2018 Queensland’s exports have risen to a record A$73.8-billion in the year to May, with coal and liquefied natural gas (LNG) exports driving the growth. Coal exports reached A$32.8-billion in the year to May, which was up more than A$5-billion on the previous year, reflecting the improvement in... 

Angola to recover overseas funds by year-end, Lourenco says

By: Bloomberg     4th July 2018 Angola plans to start recovering large funds held by citizens in overseas accounts toward the end of the year under a law meant to repatriate cash that was illegally moved abroad, President Joao Lourenco said. Lourenco said in December that the government wouldn’t ask any questions if wealthy... 

US probe darkens Glencore's horizons from Africa to Americas

By: Bloomberg     4th July 2018 The US corruption and money-laundering probe into Glencore Plc represents the sum of all fears for the world’s largest commodity trader and its billionaire CEO Ivan Glasenberg. The possibility that the Justice Department would add to the dizzying array of regulatory and legal headaches the Swiss... 

Moody’s warns of credit implications for Africa as China shifts to consumption-led growth

By: Simone Liedtke     3rd July 2018 China's shift to consumption-led growth will have mixed credit implications for African sovereigns, flattening the trade volumes of oil and ferrous metal exporters, while benefitting other exporters and tourist destinations, Moody's Investors Service said in a report published on Tuesday. "China... 

Lonmin sells Petrozim stake

By: Creamer Media Reporter      29th June 2018 Platinum miner Lonmin has entered into an agreement to sell its 50% interest in Petrozim Line to the National Oil Infrastructure Company of Zimbabwe for $14.75-million. This is in line with its strategy of selling noncore assets. 

Indian govt likely to backtrack on splitting GAIL

By: Ajoy K Das     29th June 2018 In an apparent reversal of its earlier plans, the Indian government is toying with a proposal to create more independent verticals within gas infrastructure major, GAIL India, instead of splitting the company. According to indications available, the government is to accede to demands of GAIL and... 

India's options limited as US mounts pressure to stop oil imports from Iran

By: Ajoy K Das     29th June 2018 With the Trump Administration mounting pressures on India to stop crude oil imports from Iran, the option of part barter and part payment in Indian currency to buy Iranian crude, may not work this time around. Unlike during earlier Western sanctions on Iran, India has devised a mechanism to... 

India's options limited as US mounts pressure to stop oil imports from Iran

Commodities face a twin threat, Morgan Stanley says

By: Bloomberg     29th June 2018 Commodities face a twin threat in the coming months, according to Morgan Stanley, which flagged burgeoning risks to consumption from a potential escalation in global trade tensions, especially for metals, as well as any slowdown in China. “Escalating global trade tensions bring a risk of demand... 

Aurora warns of Molopo writedown

By: Esmarie Swanepoel     29th June 2018 ASX-listed Aurora Funds Management was considering writing down its investment in fellow listed Molopo Energy. The company on Friday told shareholders that Aurora had formed the view that if Molopo’s transactions around the Orient oil and gas project could not be unwound, and the cash returned... 

Filtration company facilitates required high quality for fuel

By: Tasneem Bulbulia     29th June 2018 With clean, uncontaminated fuel being the key to optimal fuel system performance and longevity for modern diesel engines used in the mining industry, filtration designer and manufacturer Cummins Filtration is ensuring that its products and services cater to this. This entails the proper... 

Filtration company facilitates required  high quality for fuel
MARKET NEEDS Cummins Filtration offers products to support the rigorous requirements of modern high-pressure fuel systems

Company poised to capitalise on burgeoning grease market

By: Tasneem Bulbulia     29th June 2018 Lubricants specialist FUCHS Lubricants South Africa (FUCHS SA) expects that the demand for high-quality greases will grow “significantly” in all spheres of the market, and is, therefore, equipped to meet and exceed the mining market’s requirements for this through its newly commissioned grease... 

Company poised to capitalise on burgeoning grease market
ENHANCHED CAPABILITIES FUCHS SA’s newly-commissioned grease manufacturing plant will allow the company to increase its production of speciality greases

India permits oil exploration agencies to go beyond contracted geographical area

By: Ajoy K Das     28th June 2018 In a bid to offer explorers the option of maximizing production, India’s Petroleum and Natural Gas Ministry has permitted oil and natural gas exploration projects to extend operations beyond geographically demarcated contract areas in instances where discoveries are contiguous and stretch beyond... 

Radebe initiates bilaterals with Moz and Namibia on cross-border gas prospects

By: Terence Creamer     27th June 2018 Energy Minister Jeff Radebe initiated bilateral discussions with Mozambique this week regarding the further development of the cross-border gas infrastructure linking South Africa’s energy and chemicals sectors to Mozambique’s vast natural gas resource. Well over 100-trillion cubic feet (tcf) of... 

Radebe initiates bilaterals with Moz and Namibia on cross-border gas prospects
Ministers Jeff Radebe and Gugile Nkwinti with SADC deputy executive secretary Dr Thembinkosi Mhlongo

IEA sees gas demand growth of 1.6% a year, China to become largest importer

By: Esmarie Swanepoel     27th June 2018 A new report by the International Energy Agency (IEA) has shown that global gas demand will grow at an average rate of 1.6% a year, reaching just more than 4.1-trillion cubic metres in 2023. This forecast compares with demand of 3.74-tillion cubic metres in 2017, the IEA noted in its ‘Gas 2018’... 

IEA sees gas demand growth of 1.6% a year, China to become largest importer

South Africa to align energy plans with SADC gas master plan

By: Terence Creamer     26th June 2018 Energy Minister Jeff Radebe has promised greater alignment between South Africa’s energy plans, included the new Integrated Resource Plan (IRP) for electricity, with a regional gas master plan, which is currently under development within the the 16-country Southern African Development Community... 

South Africa to align energy plans with SADC gas master plan
Photo by Dylan Slater
Energy Minister Jeff Radebe

New gas pipeline opened in Queensland

By: Esmarie Swanepoel     26th June 2018 The resources industry has welcomed the completion of the 50-km Reedy Creek Wallumbilla pipeline, which connects Australia Pacific Liquefied Natural Gas’ (APLNG’s) Reedy Creek processing facility with the Wallumbilla gas supply hub in Queensland’s Surat basin. The Australian Petroleum Production... 

Jindal Steel South Africa units file for business protection

By: Bloomberg     26th June 2018 South African units of Jindal Steel & Power filed for a local form of bankruptcy protection known as business rescue this month. Jindal Mining SA, Jindal Africa Investments and Eastern Solid Fuels filed notice of the voluntary proceedings on June 12, according to documents posted on Jindal... 

AEMO sees no gas supply gaps to 2030

By: Esmarie Swanepoel     22nd June 2018 The latest Gas Statement of Opportunities (GSOO) by the Australian Energy Market Operator (AEMO) has found that market intervention, new supply and lower demand have avoided a potential energy shortfall. The AEMO in late 2017, warned of a substantial shortfall in gas for the east coast of... 

AEMO sees no gas supply gaps to 2030

China continues to encourage foreign mining investment

By: Rebecca Campbell     22nd June 2018 In early April the People’s Republic of China established a new Ministry, that of Natural Resources (MNR). The creation of the new Ministry was part of a programme to restructure the country’s State Council (Cabinet). The MNR took over all the responsibilities of the previous (and now... 

China continues to encourage foreign mining investment

Indonesia may finalise new mining law by month-end

By: Nadine James     22nd June 2018 News of a new Indonesian mining law first emerged in 2016, and the draft legislation has been revised several times since, US-based international law firm Bryan Cave Leighton Paisner partner and foreign legal consultant Marius Toime noted in a legal opinion last month. Some of the country’s major... 

Senex and Jemena strike deal to fast-track project for east coast gas supply

By: Esmarie Swanepoel     18th June 2018 ASX-listed Senex Energy has struck an agreement with infrastructure operator Jemena to partner on the accelerated development of Project Atlas, in Queensland, to deliver first gas to the domestic market by late 2019. Under the agreement, Jemena will build, own and operate a gas processing... 

Santos awards Barossa contracts

By: Esmarie Swanepoel     18th June 2018 Oil and gas major Santos has awarded three major engineering contracts on the front-end engineering and design (FEED) phase of its Barossa offshore project. Santos on Monday said that separate engineering contracts for the proposed floating production storage and offloading facility (FPSO) have... 

Second LNG train at Wheatstone starts up

By: Esmarie Swanepoel     15th June 2018 Liquefied natural gas (LNG) production from the second train at the Wheatstone project, near Onslow in Western Australia, has started. US major Chevron said on Friday that the Wheatstone project is expected to produce 8.9-million tonnes a year of LNG over an estimated 30-year mine life, adding... 

Second LNG train at Wheatstone starts up

A$13bn takeover bid for APA Group

By: Esmarie Swanepoel     14th June 2018 Energy infrastructure business APA Group has received a near A$13-billion takeover offer from a consortium led by CK Infrastructure Holdings. The indicative and non-binding proposal was offering APA shareholders A$11 in cash for each stapled security, and permitted a distribution of no more... 

South Africa’s ‘Samcodes way’ a world-beater – Mullins

By: Martin Creamer     12th June 2018 South Africa has succeeded in creating a meticulous set of mineral reporting codes that continue to gain international recognition. The South African Mineral Reporting Codes (Samcodes), which protect investors, are currently so highly regarded that in October South Africa will host a large... 

South Africa’s ‘Samcodes way’ a world-beater – Mullins
Photo by Dylan Slater
Samcodes standards committee chairperson Matt Mullins (left) and Mining Weekly Online's Martin Creamer

NT shale gas reference group established

By: Esmarie Swanepoel     11th June 2018 The Northern Territory government has established an Onshore Shale Gas Community and Business Reference Group as part of its efforts to reform the shale gas industry in the region. The reference group was one of the recommendations delivered by a Scientific Inquiry into Hydraulic Fracturing in... 

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