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Oil and Gas News

Santos half-year production hits record

By: Mariaan Webb     22nd July 2016 Oil and gas company Santos produced a record 31.1-million barrels of oil equivalent in the first half of 2016 and significantly boosted its sales volumes, but a 29% decrease in the average realised oil price has dented its revenue. Santos increased its production by 10% year-on-year in the first... 

Woodside Q2 sales revenue slides despite higher volumes

By: Mariaan Webb     21st July 2016 Lower oil prices have resulted in Australian oil and gas major Woodside reporting an 8.1% year-on-year decrease in sales revenue, despite increasing its production and sales volumes. Woodside produced 22.2-million barrels of oil equivalent in the June quarter, a 10% increase on the 20.1-million... 

Woodside Q2 sales revenue slides despite higher volumes
Woodside CEO Peter Coleman

Indian govt agrees to fund GAIL’s gas pipeline project

By: Ajoy K Das     20th July 2016 Acceding to the demands of gas logistics and transportation major GAIL India Limited, the Indian government has agreed to the funding of $1.82-billion for the construction of a 2 539 km gas pipeline traversing the northern and eastern Indian provinces. GAIL, which had initially been apprehensive... 

BHP aims to grow copper, iron-ore, coal volumes in FY17

By: Mariaan Webb     20th July 2016 Diversified mining group BHP Billiton, which narrowly missed its iron-ore production guidance for the 2016 financial year, aims to grow its copper, iron-ore and metallurgical coal production in the next financial year by focusing on improving its productivity. Reporting on the group’s 2016... 

BHP aims to grow copper, iron-ore, coal volumes in FY17
BHP Billiton CEO Andrew Mackenzie

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms 

By: Martin Creamer     18th July 2016 The Taxation Laws Amendment Bill released on July 8 contains two surprise amendments to mineral royalty taxation on the eve of the Davis Tax Committee’s next mining tax report, which is expected to provide the royalty regime with much needed certainty. The two amendments proposed in the Bill,... 

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms
KPMG tax head Muhammad Saloojee talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Exxon’s $2.5bn bid for PNG’s InterOil tops Oil Search

By: Bloomberg     18th July 2016 Exxon Mobil is doubling down on Papua New Guinea, topping a rival offer for InterOil, a gas explorer focused on the Southeast Asian nation. The energy giant’s offer values InterOil at $2.5-billion, including debt, beating an earlier bid from Oil Search and Total SA. Exxon already runs Papua New... 

Exxon’s $2.5bn bid for PNG’s InterOil tops Oil Search

Woodside makes $350m Senegal acquisition

By: Creamer Media Reporter      14th July 2016 Australian oil and gas major Woodside on Thursday announced that it would buy US energy group ConocoPhillips’ interests in Senegal for $350-million. Under the purchase and sale agreement, Woodside would buy all the shares in ConocoPhillips Senegal, which held a 35% working interest in a... 

New SEC ruling eases transparency reporting burden on extractive sector

By: Henry Lazenby     12th July 2016 New rules adopted late in June by issuers reporting under the US Securities and Exchange Commission (SEC) held the promise that oil, gas and mining companies operating in Canada, which file annual transparency reports, might now be able to use that same report to meet new US requirements.... 

Australian LNG exports surge 18% to 3.6Mt in June – report

By: Creamer Media Reporter      12th July 2016 Combined exports from Australia’s three liquefied natural gas (LNG) hubs surged 18.5% in June as the country’s LNG plants continued to add to global energy supplies. Total June output climbed to 3.6-million tonnes – an increase of 560 000 t over the May total – with strong contributions from... 

Australian LNG exports surge 18% to 3.6Mt in June – report
The Pluto LNG plant, in Western Australia.

Fossil fuel industry risks losing $33tn to climate change

By: Bloomberg     12th July 2016 The fossil fuel industry risks losing $33-trillion in revenue over the next 25 years as global warming may drive companies to leave oil, natural gas and coal in the ground, according to a Barclays Plc energy analyst. Government regulations and other efforts to cut carbon emissions will inevitably... 

Short-term weakness belies crude oil’s strong long-term fundamentals

By: Henry Lazenby     9th July 2016 While West Texas Intermediate (WTI) prices this week fell to below $45/bl - a two-month low, news this week that US crude inventories were down failed to spark a materially positive price movement. “Some moderation over the significant gains oil saw from the third week in January onwards is to... 

Short-term weakness belies crude oil’s strong long-term fundamentals

BofAML rejigs commodity price deck as global economic shocks favour gold over base metals

By: Henry Lazenby     8th July 2016 Bank of America Merrill Lynch (BofAML) has adjusted the price forecast for most mined commodities, citing increased market uncertainty favouring precious metals over the base metals pricing outlook. So far this year, mined commodities have rallied sharply, reinforcing analysts’ view that... 

BofAML rejigs commodity price deck as global economic shocks favour gold over base metals
BofAML sees increased market uncertainty favouring precious metals over the base metals pricing outlook

Reactore Solutions

     8th July 2016 Reactore is a modular ERP system that is uniquely able to integrate with all major software and hardware systems in use at the majority of mines.  The solution is written with Scala, a reactive technology, providing real time data flow for timely scheduling and management of operations and... 

Reactore Solutions

Some services firms report business revival as several commodity prices rise

By: Henry Lazenby     6th July 2016 Certain mining services providers have reported increased interest from customers on both the investor and mining side, saying the slight recovery for many major commodities so far this year had translated into improved business. “Yes, there’s definite improvement in our business, especially... 

Some services firms report business revival as several commodity prices rise

Tullow issues convertible bonds to attract new investors, shares dive

By: Reuters     6th July 2016 Africa-focused oil explorer Tullow Oil has issued convertible bonds worth $300-million, a move it said was designed to diversify its investor base, sending its shares to the lowest in nearly three months. The bonds, due in 2021 and offered at a conversion price set at a 30% to 35% premium to the... 

Gran Tierra launches $525m bid for third Colombian acquisition this year

By: Henry Lazenby     4th July 2016 Calgary, Alberta-based oil and gas major Gran Tierra Energy has launched a $525-million bid to acquire independent exploration and production company PetroLatina Energy, marking the company’s third multimillion dollar push this year into Colombia. Under the terms of the acquisition agreement... 

Gran Tierra launches $525m bid for third Colombian acquisition this year

TransCanada completes $13bn acquisition of Columbia Pipeline Group

By: Samantha Herbst     4th July 2016 TSX-listed oil and natural gas pipeline operator TransCanada has completed its acquisition of NYSE-listed Texas-based Columbia Pipeline Group for $13-billion, including the assumption of about $2.8-billion of debt. Trading in Columbia shares on the NYSE were suspended on Friday, with the group... 

Chevron’s $54bn Gorgon LNG project evacuated after leak

By: Bloomberg     1st July 2016 Chevron evacuated workers at its $54-billion Gorgon liquefied natural gas (LNG) development after a gas leak at the site, the latest problem for the Australian mega-project. The plant, located on Barrow Island off Australia’s northwest coast, had a minor leak, Chevron said Friday in an e-mailed... 

Oil, gold propel market to biggest quarterly rally in years

By: Reuters     1st July 2016 Commodities surged 13% this quarter in their biggest rally in over five years as investors who had shunned the asset class piled into safe-haven gold and bet on tighter supplies of oil and sugar. Bullion was one of a handful of assets across the financial markets to benefit from Britain's shock... 

Canada court overturns federal approval of Enbridge oil pipeline

By: Reuters     30th June 2016 A Canadian court has overturned the approval of Enbridge's Northern Gateway oil pipeline, adding another steep obstacle to a project fiercely opposed by environmentalists and many aboriginal groups. The Federal Court of Appeal ruled in a 2-to-1 decision released on Thursday that the government... 

Canada court overturns federal approval of Enbridge oil pipeline

Australia Pacific LNG starts exports to Kansai Electric

By: Creamer Media Reporter      30th June 2016 The Australia Pacific Liquefied Natural Gas (APLNG) project has started exports to Kansai Electric, in Japan, with the first shipment having left Curtis Island on Wednesday. Under an agreement signed in 2012, Kansai Electric would receive about one-million tonnes a year of LNG for over 20 years... 

Oil price crunch to change industry's growth outlook

By: Henry Lazenby     30th June 2016 Canada’s oil sands industry is expected to continue to expand through to 2020 despite the headwinds caused by low oil prices and low natural gas prices. However, the growth was expected to stem from project expansion rather than from any new projects coming off the ground, according to analysis... 

Glencore throws full weight behind transparency in money-to-govts report 

By: Martin Creamer     29th June 2016 Global diversified mining and marketing company Glencore threw its full weight behind complete openness in its maiden Payments-To-Governments Report 2015. In a 17-page outline, Glencore CFO Steve Kalmin provides an overview of the $5-billion it paid last year to 16 governments ranging from... 

Glencore throws full weight behind transparency in money-to-govts report
Photo by Duane Daws
Glencore CFO Steve Kalmin

Mining Indaba slashes prices for mining corporates

By: Martin Creamer     29th June 2016 Mining companies attending the upcoming Investing in African Mining Indaba in Cape Town will benefit from significantly reduced registration fees. Mining Indaba officials have introduced price reductions of up to 50% for the February 6 to 9 event, now in its twenty-third year. 

Mining Indaba slashes prices for mining corporates
Mining Indaba MD Jonathan Moore

Coal price forecast to rise on production fall

By: Martin Creamer     28th June 2016 A greater-than-expected decline in global mine production, predominately in China, has prompted Fitch group company BMI Research to forecast higher coal prices. The research group now calculates that Newcastle coal will average $53/t this year, up on its previous forecast of $51/t. 

India likely to tweak model revenue sharing contracts before next oil, gas auctions

By: Ajoy K Das     28th June 2016 The Indian government is ready to tweak the model revenue sharing contract between it and oil and gas exploration (E&P) companies, before putting up more blocks for auction under the newly unveiled Hydrocarbon Exploration Licensing Policy (HELP) next year. According to an official in the... 

Gold declines after two-day Brexit rally as oil, copper rebound

By: Bloomberg     28th June 2016 Gold dropped after posting the biggest two-day gain in more than seven years following the UK’s vote to exit from the European Union. Bullion for immediate delivery lost as much as 0.8% to $1 313.62 an ounce and traded at $1 318.10 at 2:22 p.m. in Singapore, according to Bloomberg generic... 

TransCanada formally seeks Nafta damages in Keystone XL rejection

By: Reuters     27th June 2016 TORONTO – TransCanada is formally requesting arbitration over US President Barack Obama's rejection of the Keystone XL pipeline, seeking $15-billion in damages, the company said in legal papers dated Friday. TransCanada submitted a notice for an arbitration claim in January and had then tried... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills 

By: Martin Creamer     27th June 2016 The content and the implications of the Minerals and Petroleum Resources Development Act (MPRDA) Amendment Bill are extraordinarily complicated. Three issues, which embody the most significant negative implications for the mining industry and South Africa, have been delaying the finalisation of... 

Substantive mineral law issues still far from resolved – Herbert Smith Freehills
Herbert Smith Freehills associate Ben Winks outlines to Mining Weekly Online’s Martin Creamer minerals sector sticking points. Photographs: Duane Daws. Video: Nicholas Boyd. Video Editing: Lionel da Silva

Woodside announces $1.9bn oil project

By: Mariaan Webb     27th June 2016 Australian major Woodside Energy on Monday announced that it would proceed with the development of the $1.9-billion Greater Enfield joint venture (JV) project, offshore Western Australia. The ASX-listed company would develop the project, which was located 60 km off Exmouth, in partnership with... 

Woodside announces $1.9bn oil project
Woodside CEO Peter Coleman

Commodities reel in world market tumult as UK votes for Brexit

By: Bloomberg     24th June 2016 Commodities were swept up in global market turmoil as investors sold off growth-related assets including oil and copper and sought haven in precious metals as UK voters opted to leave the European Union after more than four decades. The Bloomberg Commodities Index fell as much as 2%, the most in... 

TransCanada acquisition of Columbia Pipeline Group receives stockholder support

By: Anine Kilian     23rd June 2016 Canadian oil and natural gas pipeline operator TransCanada and Texas-based Columbia Pipeline Group on Tuesday voted to adopt a previously announced merger agreement, whereby TransCanada would acquire Columbia for $25.50 a share of common stock in cash, resulting in an aggregate purchase price of... 

Russia’s Gazprom and Indian E&P majors seek greater oil and gas collaboration

By: Ajoy K Das     22nd June 2016 Close on heels of India’s ONGC Videsh picking up a $1.26-billion stake in Rosneft’s Vankor oil fields, Indian oil exploration and production (E&P) majors and Russia’s Gazprom were seeking to extend collaborations beyond trading in oil and gas to exploration and production projects. 

Canada’s pipeline operators on the hook as 'absolute liability' provisions kick in 

By: Henry Lazenby     21st June 2016 The new Pipeline Safety Act has come into force in Canada, heralding a new era of absolute liability for pipeline owners and operators and setting out financial resource requirements to pay for all costs related to a spill or rupture. The National Energy Board (NEB) on Monday welcomed the... 

Canada’s pipeline operators on the hook as 'absolute liability' provisions kick in

BHP flags ‘another 10 years’ as iron-ore adjusts after boom

By: Bloomberg     21st June 2016 The iron-ore market will take longer to balance out than other commodities as excess supply may take years to be absorbed after a boom, according to BHP Billiton CEO Andrew Mackenzie, who flagged his company’s low production costs as a lure for hedge-fund investors. “There are some commodities,... 

BHP flags ‘another 10 years’ as iron-ore adjusts after boom
BHP Billiton CEO Andrew Mackenzie

Average capex overrun for mining companies hits 37% – EDC study

By: Simon Rees     20th June 2016 The average cost overrun for mining projects studied by Export Development Canada (EDC) has reached 37% over the capital expenditure (capex) budgeted, EDC managing principal Tin Lwin told an audience at a recent meeting of the Canadian Institute of Mining’s Management and Economics Society in... 

Average capex overrun for mining companies hits 37% – EDC study

GAIL India seeks full government funding for gas pipeline project

By: Ajoy K Das     17th June 2016 Gas logistics and transportation major GAIL India has sought full government funding of $1.82-billion for the construction of a 2 539 km gas pipeline that will run through the northern and eastern Indian provinces. According to an official in the Petroleum and Natural Gas Ministry, GAIL had... 

NEB starts ‘enhanced’ 21-month Energy East pipeline review

By: Henry Lazenby     17th June 2016 Canada’s National Energy Board (NEB) on Thursday officially started the clock on the controversial Energy East pipeline project, saying the process would be the most innovative in the board’s history. Project proponent TransCanada was hoping that the $15.7-billion Energy East pipeline would open... 

NEB starts ‘enhanced’ 21-month Energy East pipeline review
Photo by National Energy Board
TransCanada's proposed Energy East pipeline
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