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Oil and Gas News

Woodmac gives warning on PRRT review

By: Esmarie Swanepoel     2nd December 2016 Some $20-billion worth of investment in the Australian liquefied natural gas (LNG) sector could be at risk if any major fiscal changes were implemented without proper consideration of their impact on the country’s competitive position, advisory firm Wood Mackenzie (Woodmac) has warned. The... 

BP sanctions Mad Dog Phase 2 in Gulf of Mexico

By: Esmarie Swanepoel     2nd December 2016 Oil major British Petroleum (BP) has sanctioned the $9-billion Mad Dog Phase 2 project, in the US, which will include a new floating production platform with a 140 000 bbl/d capacity. Oil production is expected to begin in late 2021. 

World’s LNG giant says everyone wins when buyers get their way

By: Bloomberg     2nd December 2016 The Japanese company poised to become one of the world’s largest LNG buyers says it shouldn’t need to pay producers to lift restrictions on where it can resell cargoes and that the removal would benefit the whole market, including sellers. Jera Co, a joint venture between Tokyo Electric Power... 

Enbridge closes $1.08bn sale of Prairie-based pipeline assets

By: Henry Lazenby     2nd December 2016 Dual-listed oil and gas logistics company Enbridge on Thursday announced that it has closed the $1.08-billion sale of liquids pipelines and related facilities in south-east Saskatchewan and south-west Manitoba to Tundra Energy Marketing. The assets include the Saskatchewan and Weyburn gathering... 

Diligent Glencore delivers on debt promise, restarts dividend

By: Martin Creamer     1st December 2016 Diversified mining and marketing company Glencore has delivered on last year’s commitment to cut debt and structurally increase the strength of its balance sheet – and it has done so in a way that has preserved the group’s long-term earnings capability.  JP Morgan Cazenove analysts described the... 

Diligent Glencore delivers on debt promise, restarts dividend
Photo by Duane Daws
Ivan Glasenberg at last year's hand over by Glencore of a R75-million school in South Africa's coalfields to Basic Education Minister Angie Motshekga.

CSG commission gets new lifeline

By: Esmarie Swanepoel     1st December 2016 The Queensland government will appoint an independent ombudsman to work with landholders and gas companies on coal seam gas (CSG) industry issues. State Development and Natural Resources and Mines Minister Dr Anthony Lynham said on Thursday that the new land access ombudsman was a central element... 

LNG gets US clearance to export

By: Esmarie Swanepoel     1st December 2016 The US Department of Energy will allow a subsidiary of ASX-listed Liquefied Natural Gas (LNG) to export LNG products from its proposed facility in Louisiana to countries with which the US did not have a free trade agreement. The LNG subsidiary, Magnolia, was hoping to construct and operate up to... 

Crude pipeline approvals attract reaction straddling both sides of argument

By: Henry Lazenby     1st December 2016 Tuesday's approval by the federal Liberal government of Kinder Morgan’s C$6.8-billion Trans Mountain Expansion (TMX) project and Enbridge’s C$7.5-billion Line 3 Replacement project has drawn equally strong praise and criticism from Canadian business and civic organisations. Gathering almost... 

Crude pipeline approvals attract reaction straddling both sides of argument
Photo by Reuters
Protesters walk down Robson Street in opposition to Canada's decision to approve Kinder Morgan's pipeline from the Alberta oil sands to the Pacific coast, in Vancouver

Australian Treasurer announces petroleum tax review as revenues decline

By: Esmarie Swanepoel     30th November 2016 Federal Treasurer Scott Morrison has announced a review into the operation of the Petroleum Resources Rent Tax (PRRT), crude oil excise and associated commonwealth royalties. The launch of the review comes only days after a report from the Australian National Audit Office revealed that the... 

Australian Treasurer announces petroleum tax review as revenues decline
Federal Treasurer Scott Morrison

Trudeau govt approves Trans Mountain, Line 3 pipelines, rejects Northern Gateway

By: Henry Lazenby     30th November 2016 Canada’s Liberal federal government under leadership of Prime Minister Justin Trudeau has approved two out of three contentious crude oil pipelines in the country, critical infrastructure needed to get Canada’s vast oil reserves to new markets. In a landmark decision, the Trudeau government has... 

Trudeau govt approves Trans Mountain, Line 3 pipelines, rejects Northern Gateway

Appea defends North West Shelf participants

By: Esmarie Swanepoel     29th November 2016 The Australian Petroleum Production and Exploration Association (Appea) has come out in defence of the owners of the North West Shelf project following a report from the Australian National Audit Office (ANAO), which shows that they claimed more than A$5-billion in royalty deductions over an... 

Capital expenditure to continue downward trend

By: Henry Lazenby     29th November 2016 Despite a modestly more buoyant outlook for key metal prices, mining capital expenditures (capex) are expected to continue on a downward slide over the next three years as miners seek further cost cuts and to improve operational margins, according to analysis by Fitch Group research arm BMI.... 

Capital expenditure to continue downward trend

Mexico certifies bidders for December deep water oil auctions

By: Reuters     28th November 2016 Mexico's oil regulator announced on Monday a final list of 16 oil companies representing a dozen countries that have pre-qualified to bid on the country's first-ever deep water oil auctions set for December 5. The highly anticipated tenders include an auction to pick a partner for Mexican... 

Australia watchdog says North West Shelf gas venture underpaying royalties

By: Reuters     28th November 2016 The North West Shelf joint venture, Australia's biggest oil and gas operation, cut royalties it owed by claiming more than A$5-billion ($3.7-billion) in deductions, some of which weren't valid, over the 18 months to December 2015, a government watchdog said on Monday. The Australian National... 

Australia watchdog says North West Shelf gas venture underpaying royalties

Discredited DMR making ill-considered demands on struggling industry

By: Martin Creamer     25th November 2016 The Department of Mineral Resources (DMR) is making ill-considered demands that have little hope of being met. Instead of following the continent’s African Mining Vision and Zambezi Protocol, the DMR is going out on a dictatorial limb. 

Discredited DMR making ill-considered demands on struggling industry
Photo by Duane Daws
Chamber of Mines CEO Roger Baxter and Chamber of Mines Senior Executive Public Affairs and Transformation Tebello Chabana

Sasol turns focus to oil in Moz after shoring up gas for 400 MW power plant

By: Terence Creamer     25th November 2016 South African energy and chemicals group Sasol has completed drilling two gas wells in southern Mozambique and has since turned its attention to the development of two commercial oil reservoirs, located in close proximity to its producing gas fields in Temane and Pande. Under the terms of the... 

Sasol turns focus to oil in Moz after shoring up gas for 400 MW power plant
Photo by Duane Daws
John Sichinga

NEB rejects TransCanada request to raise STS charges

By: Henry Lazenby     25th November 2016 The National Energy Board (NEB) has rejected an application by TransCanada Pipelines to adjust tariffs for services allowing shippers to move their gas to and from storage to manage both seasonal and daily fluctuations in their market demand. The NEB was not persuaded by TransCanada that the... 

Regulatory certainty could boost industry growth in Africa

By: Victor Moolman     25th November 2016 African oil and gas extraction operations are dealing with the effects of a lower oil price – at $46.90/ bl as opposed to $139.05/bl in 2008 – high operational costs because of accessibility, the slowdown in economic activity and, consequently, lower oil and gas demand. 

Regulatory certainty could boost industry growth in Africa
Photo by Bloomberg
TECHNOLOGICAL ADVANCES New technology will help oil and gas development throughout Africa

SA still mid- and downstream orientated

By: Victor Moolman     25th November 2016 The South African oil and gas industry remains largely mid- and downstream orientated, with processing, petrochemicals and distribution driving the majority of activity, says event organiser Daily Mail & General Exhibition Management Services (dmg ems) Africa. However, dmg ems explains that the... 

SA still mid- and downstream orientated
ACTIVITY SLUMP Mining for oil in Africa has slowed down, owing to a low price per barrel of oil

Top three concerns of oil industry professionals

By: Creamer Media Reporter      25th November 2016 The ongoing influence of the 14-member Organization of the Petroleum Exporting Countries (Opec) on crude oil prices remains most concerning for 45% of respondents to professional services firm Deloitte’s 2016 Oil & Gas Industry Survey titled ‘Optimism emerges in the aftermath of a long downturn’.... 

Top three concerns of oil industry professionals
NORTH AFRICAN DELAYS Delays from countries that produce oil could affect the market price

Uganda could have excess power as oil and gas infrastructure projects delayed

     25th November 2016 While energy shortages continue to restrain the economies of many African countries, some East African nations are experiencing unprecedented growth in the sector with renewable power projects in Uganda and Kenya, in particular, proving to be powerful drawcards for investors, with Burundi hopeful... 

Uganda could have excess power as oil and gas  infrastructure projects delayed
OUT OF SINK Uganda’s oil and gas projects are not moving at the same speed as the power projects

DMR appointment causes concern

By: Martin Creamer     23rd November 2016 Mineral Resources Minister Mosebenzi Zwane has controversially made a key appointment within the Department of Mineral Resources (DMR) on the grounds that it is only temporary.   Earlier this month, the Democratic Alliance (DA) Shadow Minister of Mineral Resources, James Lorimer MP, requested... 

DMR appointment causes concern
DA Shadow Minister of Mineral Resources James Lorimer MP

Karoon says Petrobas deal faces opposition

By: Esmarie Swanepoel     21st November 2016 A court has ordered Brazil's Petrobas to cease the sales process of the Baúna and Tartaruga Verde fields, which ASX-listed Karoon Gas is in negotiations to buy. ASX-listed Karoon Gas on Monday alerted shareholders to the court proceedings against Petrobas and the Brazilian oil and gas regulator... 

Oil demand won't peak before 2040, despite Paris deal – IEA

By: Reuters     17th November 2016 The International Energy Agency expects global oil consumption to peak no sooner than 2040, leaving its long-term forecasts for supply and demand unchanged despite the 2015 Paris Climate Change Agreement entering into force. The Paris accord to cut harmful emissions seeks to wean the world... 

Fast-developing Asian nations to underpin coal demand

By: Esmarie Swanepoel     17th November 2016 Strong economic development in South East Asia and India will underpin global coal demand, which is set to return to 2014 levels in the next four years, paving the way for Australia to increase its share of global trade. Citing the World Energy Outlook (WEO) 2016 report by the International... 

Santos signs on for PNG exploration

By: Esmarie Swanepoel     17th November 2016 Oil and gas major Santos has signed agreements to farm in a 20% stake in a petroleum prospecting licence in Papua New Guinea (PNG). The interest will be acquired from Oil Search and ExxonMobil, and will give Santos participation in the recently spudded Muruk 1 exploration well, which is... 

As domestic oil-refinery debate continues, study highlights big jobs contribution

By: Terence Creamer     16th November 2016 The employment and economic spin-offs of South Africa’s domestic oil refining sector have received prominence in a new study, which suggests that the country’s six refineries generate yearly economic activity of more than R200-billion and sustain more than 480 000 jobs. The study, titled ‘The... 

As domestic oil-refinery debate continues, study highlights big jobs contribution

Iran’s Farzad oil gas block seen slipping away from India

By: Ajoy K Das     16th November 2016 India’s bid to develop Iran’s Farzad B oil and gas fields is seen to be slipping away as the nations failed to meet the October deadline for reaching an agreement on the development of the asset. Even amid increased diplomatic engagements between the two countries over the past month and a rush... 

Woodside completes BHP buy

By: Esmarie Swanepoel     15th November 2016 Oil and gas major Woodside has completed the acquisition of half of major BHP Billiton’s Scarborough area assets. The two companies in September struck an agreement under which Woodside would pay BHP $250-million and a contingent payment of $150-million upon a positive final investment decision... 

Further tweaks possible as India's marginal oil and gas block bids fall short of expectations

By: Ajoy K Das     14th November 2016 In a rearguard action, the Indian government is considering further tweaks and changes to the ongoing auction of 67 marginal oil- and gasfields – a week before the extended deadline of November 21. While no official information is available on the number of bids or valuations received for these... 

Woodside appoints Macfarlane to its board

By: Esmarie Swanepoel     14th November 2016 Oil and gas producer Woodside has appointed former Industry and Science Minister Ian Macfarlane as an independent director. Macfarlane served as Industry and Science Minister until September last year, and in February this year retired from Australian politics. He was recently appointed as the... 

Woodside appoints Macfarlane to its board
Ian Macfarlane

Santos shares rise on Hony buy

By: Esmarie Swanepoel     11th November 2016 The share price of oil and gas major Santos rose by more than 7% after shareholder Hony Capital increased its shareholding in the company overnight. Santos on Friday confirmed that Hony had acquire an additional 40-million shares in Santos, priced at A$3.98 each, after the market closed on... 

Multimillion-rand investment furthers aim of industrial market growth

By: Sascha Solomons     11th November 2016 The growing strength of GUD Holdings-owned lubricant company Indy Oil’s brand and reputation among its customer base, which includes members of the mining industry, has led to a multimillion-rand investment in a blending plant in Pietermaritzburg, KwaZulu-Natal. GUD Holdings is a manufacturer of... 

Multimillion-rand investment furthers aim of industrial market growth
NDY OIL BLENDING PLANT KwaZulu-Natal facility has as a bulk-storage capacity one-million litres for base oils and additives

Miners set to cash in on Trump's White House

By: Reuters     10th November 2016 Mining companies led gains on London's FTSE bluechip index on Wednesday as Republican Donald Trump's victory in the US presidential election spurred hopes for higher metal demand and drove investors to buy gold as a shelter against economic uncertainty. The FTSE mining index rose around 5% to... 

Trump victory boost for fossil fuels – S&P Global Platts

By: Martin Creamer     9th November 2016 The campaign statements of US president-elect Donald Trump indicate the likelihood of his adopting policies that are fossil fuel friendly, S&P Global Platts said on Wednesday. The energy information provider said Trump’s standpoint is to allow the market to decide which forms of energy succeed. 

Trump victory boost for fossil fuels – S&P Global Platts
US president-elect Donald Trump

Franco-Nevada lifts FY guidance as Q3 results beat several records

By: Henry Lazenby     9th November 2016 Commodity royalty streaming firm Franco-Nevada reported a stellar performance for the third quarter ended September 30, setting several new production and financial records for the period. After market close on Monday, Toronto-based Franco-Nevada reported operating and financial results for the... 

Qld permanently bans UCG, publishes gas discussion paper

By: Esmarie Swanepoel     8th November 2016 The hunt for underground coal gasification (UCG) in Queensland is now a thing of the past after legislation was introduced into the state Parliament to ban the operations. Minister for State Development and for Natural Resources and Mines, Dr Anthony Lynham, said on Tuesday that amendments to... 

Qld permanently bans UCG, publishes gas discussion paper

India proposes pricing freedom for coalbed methane investors

By: Ajoy K Das     8th November 2016 The Indian government has proposed relaxing the price regime applicable for natural gas from coalbed methane (CBM) in a bid to ensure a level playing field and to stem the trend of investors relinquishing blocks. A document prepared by the Petroleum and Natural Gas Ministry, which will soon go... 

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