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Oil and Gas News

Trump wastes no time to approve TransCanada’s Keystone XL pipeline

By: Henry Lazenby     24th March 2017 US President Donald Trump has issued a Presidential Permit approving the construction of TransCanada’s long-delayed $8-billion Keystone XL (KXL) pipeline on Friday. “TransCanada will finally be allowed to complete this long overdue project with efficiency and with speed. We're working out the... 

India's oil, gas companies seek minimum floor price for natural gas

By: Ajoy K Das     24th March 2017 Oil and gas exploration and production (E&P) companies in India are seeking to have the natural gas pricing regime revised to allow for the setting of a minimum rate, as a sustained fall in prices is fast eroding the economic viability of operations. The E&P companies, in a communication with the... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

By: Henry Lazenby     23rd March 2017 Canadian gold royalties and streaming firm Franco-Nevada Corp has recorded a 37.6% increase in revenue for 2016, boosted by record ounces delivered and soaring sales. The company, which derives income from 107 producing royalties and streams, achieved a 30.9% increase in gold-equivalent ounces... 

Canadian royalties, streaming firm Franco-Nevada reports rising revenues as it looks to diversify

Pioneer reports caesium resource at Dome

By: Esmarie Swanepoel     22nd March 2017 The Sinclair caesium zone, within the Dome lithium-caesium-tantalum project, in Western Australia, has been estimated to host some 10 500 t of caesium ore with a grade of 17.1% caesium oxide. Owner Pioneer Resources has told shareholders that the mineral resource was defined following 22 reverse... 

India, Iran gas deal not expected before third quarter

By: Ajoy K Das     22nd March 2017 Any definitive agreement between India and Iran on the development of the Farzad B offshore gasfields, in the Persian Gulf, seems unlikely before the third quarter of this year. Despite India’s ONGC Videsh having submitted a curtailed $3-billion development plan to the Iranian national oil... 

Chevron calls end of LNG mega project after $88Bn spree

By: Bloomberg     21st March 2017 Chevron Corp. has signaled the end of major new liquefied natural gas (LNG) projects in Western Australia and is unlikely to sanction an expansion of its Gorgon and Wheatstone export developments as it focuses on boosting returns from $88-billion of investment. The climate for developing large... 

Qld welcomes further investment in Surat basin

By: Esmarie Swanepoel     21st March 2017 The Queensland government has welcomed an announcement by oil and gas major Shell that the QGC joint venture (JV) would drill an additional 161 wells to expand operations in the Surat basin. Shell Australia on Tuesday said that the move would enable further supply to both domestic customers and... 

Qld welcomes further investment in Surat basin

TransCanada to push ahead with C$1.4bn North Montney gas pipeline earlier than expected

By: Henry Lazenby     21st March 2017 Pipeline operator TransCanada has filed a variance application with the National Energy Board to proceed with construction of the North Montney Mainline Project (NMMP) ahead of schedule. The Calgary, Alberta-based oil and gas transporter has already been granted the required federal and... 

TransCanada to push ahead with C$1.4bn North Montney gas pipeline earlier than expected

Algerian State energy firm Sonatrach replaces CEO

By: Reuters     20th March 2017 Algerian state energy firm Sonatrach has replaced CE Amine Mazouzi after less than two years in the job, naming Abdelmoumen Ould Kadour to replace him, the energy ministry said on Monday. A statement from the ministry gave no reason for the change. Ould Kadour is an engineer who graduated from... 

India boosts drive for greater CBM extraction

By: Ajoy K Das     20th March 2017 Tweaking the rules of the current administrative regime, India’s Coal Ministry has permitted Coal India Limited (CIL) and its wholly-owned subsidiaries to extract coal bed methane (CBM) under existing coal block mining leases. The liberalisation of the rules would permit CIL to fast-track its... 

Appea welcomes South Australia govt’s support for gas exploration projects

By: Esmarie Swanepoel     17th March 2017 The Australian Petroleum Production and Exploration Association (Appea) has welcomed the South Australian government’s commitment to invest A$24-million to help fund five gas exploration and development projects as part of its Plan for Accelerating Exploration (Pace). South Australia Resource... 

Appea welcomes South Australia govt’s support for gas exploration projects

Senex deal gets FIRB nod

By: Esmarie Swanepoel     17th March 2017 The Foreign Investment Review Board (FIRB) has approved a strategic investment by EIG Global Energy Partners in ASX-listed Senex Energy. Senex in February announced that it would raise A$55-million through a share placement to EIG, under which 146-million shares would be issued at a price of... 

Erin Energy posts 18% y/y increase in oil sales

By: Megan van Wyngaardt     16th March 2017 Dual-listed Erin Energy achieved crude sales volumes of more than 1.7-million net barrels of oil during the fourth quarter of 2016 – an 18% increase over 2015. This resulted in the company realising a 14% year-on-year increase in revenue to $77.8-million. 

Peugeot's Tavares and Anglo American's Cutifani to join Total board

By: Reuters     16th March 2017 French oil and gas company Total plans to appoint Mark Cutifani, CE of mining group Anglo American, and Carlos Tavares, chairperson of French carmaker Peugeot, as independent directors. Cutifani will bring his knowledge of industry and the raw materials sector to the board, while Total will also... 

Turnbull, east coast gas providers agree plan to ensure cheaper, reliable energy

By: Esmarie Swanepoel     16th March 2017 Prime Minister Malcolm Turnbull has met with east coast gas providers to formulate a plan to help deliver cheaper and more reliable energy. A series of measures have been developed and all participants have agreed to ongoing work to deliver on the targets that have been set out. 

Turnbull, east coast gas providers agree plan to ensure cheaper, reliable energy
Photo by Bloomberg
Australian Prime Minister Malcolm Turnbull

Laing O’Rourke withdraws employees from Ichthys LNG project amid contract dispute

By: Esmarie Swanepoel     15th March 2017 More than 600 workers have reportedly been dismissed from the 8.9-million-tonne-a-year Ichthys liquefied natural gas (LNG) project as a dispute between contractors arose. Laing O’Rourke, which has been constructing four cryogenic tanks on the project on behalf of contractor JKC Australia LNG... 

Laing O’Rourke withdraws employees from Ichthys LNG project amid contract dispute

Bleeding at South Africa’s State-owned oil company continues, MPs told 

By: African News Agency      14th March 2017 State-owned oil company PetroSA is set to suffer a projected devaluation of assets of R1.1-billion this financial year in addition to the R14.5-billion impairment it suffered in the 2014/15 financial year, MPs heard on Tuesday. Briefing parliament’s portfolio committee on energy, PetroSA board... 

Bleeding at South Africa’s State-owned oil company continues, MPs told

South Australia to ‘put people first’ with A$550m energy security plan

By: Esmarie Swanepoel     14th March 2017 The South Australian government has announced a A$550-million plan to improve energy security and boost competition in the state’s energy sector, following state-wide blackouts last year. South Australia suffered state-wide blackouts after a severe storm knocked over transmission towers in... 

South Australia to ‘put people first’ with A$550m energy security plan

Senex starts A$15m driling campaign

By: Esmarie Swanepoel     14th March 2017 ASX-listed Senex Energy has started a A$15-million drilling campaign at its Silver Star-1 gas exploration well, in the South Australian Cooper basin. MD and CEO Ian Davies said on Tuesday that the drilling programme reflected the continued commitment to onshore gas exploration, and to building... 

TransCanada open season nets 1.5 PJ/d of natural gas from Western Canada

By: Henry Lazenby     14th March 2017 TransCanada has successfully concluded a long-term, fixed-price open season to transport natural gas on the Canadian Mainline from the Empress receipt point, in Alberta, to the Dawn hub, in Southern Ontario, netting new long-term contracts for 1.5 PJ/d from Western Canada Sedimentary Basin (WCSB)... 

Canadian crude index outperforms WTI, as oil sags and natural gas rallies

By: Henry Lazenby     11th March 2017 While crude oil was in a tight range in January and February, the price of crude oil has risen since the election of US President Donald Trump last November. That was until early March, when the West Texas Intermediate (WTI) benchmark corrected and this week dipped below the psychologically... 

Ungani poised for restart – Buru

By: Esmarie Swanepoel     10th March 2017 ASX-listed Buru Energy has completed the restart plan for its Ungani oilfield, in the Kimberley region of Western Australia. The company on Friday said the restart of the oilfield was subject to final joint venture and regulatory approvals, as well as the award of the various contracts. 

Mexico eyes US market for Trion project's crude, natural gas

By: Reuters     10th March 2017 A pipeline network with spare capacity could allow Mexico to export oil and gas from its flagship offshore Trion project to the United States, the head of Mexico's oil regulator said on Thursday.The deep water Trion development, with prospective reserves of almost 500 million barrels of oil, was... 

Certification grows company’s sales, ups market share

By: Victor Moolman     10th March 2017 Valve and steel supplier Stewarts & Lloyds South Africa (S&L SA) has grown its market share in South Africa after receiving South African National Standards (SANS) certification for its RSV gate valves, reporting a 40% increase in SANS-approved valve sales since receiving certification last year. 

Certification grows  company’s sales,  ups market share
SERVICE DELIVERY Stewarts & Lloyds attributes its strategically located branch network to always being able to ensure minimal downtime for customers

African mining delegation closes TSX

By: Henry Lazenby     9th March 2017 An African mining delegation, comprising government officials and mining companies, rang the closing afternoon bell of the TSX on Wednesday afternoon during the yearly Prospectors and Developers Association of Canada international convention. The delegations joined TMX Group global equity markets... 

African mining delegation closes TSX

Royal Dutch Shell sells all but 10% of Canadian oil sands assets

By: Henry Lazenby     9th March 2017 Oil and gas major Royal Dutch Shell has agreed to sell 50% of its share in the Athabasca Oil Sands Project (AOSP), in Alberta, to oil sands major Canadian Natural Gas for $7.2-billion. Shell late on Wednesday said it would remain as operator of AOSP’s Scotford upgrader and Quest carbon capture... 

Royal Dutch Shell sells all but 10% of Canadian oil sands assets
Photo by Bloomberg
Royal Dutch Shell has agreed to sell a substantial share of its Canadian upstream business to Canadan Natural Resources for $7.2-billion

Australia's FAR says Senegal oilfield could start earlier than expected

By: Reuters     9th March 2017 Australia's FAR, a partner in an oilfield off Senegal, on Thursday said the project could start producing before 2021, earlier than previously touted, and at a higher rate than flagged before. Operator Cairn Energy and FAR released updates this week following drilling on their latest well, SNE-5,... 

Turnbull concerned by impending Australia gas supply cliff

By: Esmarie Swanepoel     9th March 2017 Australian Prime Minster Malcolm Turnbull on Thursday said warnings of potential shortfalls in gas were “very concerning”, and called on the CEOs of east coast gas companies to address the threat to customers. Turnbull’s comments come after the Australian Energy Market Operator (AEMO) released a... 

Turnbull concerned by impending Australia gas supply cliff
Photo by Bloomberg
Malcolm Turnbull

BHP sees massive oil demand ahead

By: Esmarie Swanepoel     9th March 2017 Mining major BHP Billiton estimates that some 30-million barrels a day of new oil supply will be needed by 2025 to meet global demand. BHP president for petroleum operations Steve Pastor said in Texas, this week, that, based on expectations of near 1% a year growth in global demand, and a 3% to... 

Chevron field in Angola starts oil production – Sonangol

By: Reuters     8th March 2017 The Chevron operated Mafumeira Sul field in Angola began oil production in October 2016 and will start supplying gas for export in the second quarter of this year, state energy firm Sonangol said on Wednesday. The Mafumeira Sul project has the capacity to produce 150 000 bbl of oil and... 

Victoria bans onshore unconventional gas exploration, development

By: Esmarie Swanepoel     8th March 2017 The Victorian Parliament has passed the Resource Legislation Amendment (Fracking Ban) Bill 2016, permanently banning all onshore unconventional gas exploration and development. The Bill also extended the moratorium on conventional onshore gas exploration and development until the end of June 2020. 

Victoria bans onshore unconventional gas exploration, development

‘What a difference a year makes’ – analysts outline mostly strong commodity fundamentals despite uncertainty

By: Henry Lazenby     7th March 2017 “What a difference a year makes,” John Butcher, principal economist at commodity consultancy Wood Mackenzie exclaimed during a technical programme at the Prospectors and Developers Association of Canada’s yearly convention this week. While global economic growth came in at a disappointing 2.3% in... 

Stakeholder engagement key to African development success

By: Henry Lazenby     7th March 2017 Capital for development ebbs and flows with global economic cycles, pushing to the fore the need for long-term regulatory security when it comes to multinational miners developing projects in Africa, said Ashanti Gold CEO and director Tim McCutcheon during a panel discussion on Africa’s mining... 

Stakeholder engagement key to African development success

Armour to start supply of gas to APLNG by June

By: Megan van Wyngaardt     6th March 2017 ASX-listed Armour Energy has entered into a connection agreement with APA Group, giving the company access to the Roma-Brisbane pipeline at Wallumbilla, which will allow it to supply gas to Australia Pacific Liquefied Natural Gas (APLNG). Under a ten-year contract with APA, a key gas transport... 

Titans of oil world meet in Houston after two-year price war

By: Reuters     6th March 2017 The biggest names in the oil world come together this week for the largest industry gathering since the end of a two-year price war that pitted Middle East exporters against the firms that drove the shale energy revolution in the United States. When Opec in November joined with several non-Opec... 

BHP Billiton, Pemex advance work on deep-water oil discovery in Mexico

By: Megan van Wyngaardt     6th March 2017 BHP Billiton has advanced its exploration and production interests in the Gulf of Mexico by signing a contract with Pemex Exploration & Production Mexico to complete work on the significant Trion discovery. BHP in December successfully bid to acquire 60% of the resource that, once fully... 

BHP Billiton, Pemex advance work on deep-water oil discovery in Mexico
Photo by BHP Billiton
Mexico Energy Minister Pedro Joaquín Coldwell, Mexico President Enrique Peña Nieto, BHP Billiton CEO Andrew Mackenzie and Pemex CEO José Antonio González Anaya at the signing

White House: Keystone XL can be made from non-US steel

By: Reuters     3rd March 2017 The Keystone XL oil pipeline does not need to be made from US steel, despite an executive order by President Donald Trump days after he took office requiring domestic steel in new pipelines, the White House said on Friday. "It's specific to new pipelines or those that are being repaired," White... 

Uncertain politics, policy development permeates commodities price outlook 

By: Henry Lazenby     3rd March 2017 A common factor in the outlook for most commodities included in The Bank of Nova Scotia Commodity Price Index is the outsized near-term importance of highly uncertain politics and policy, the group’s commodity economist Rory Johnston said in a special report of the Commodity Price Index this... 

Uncertain politics, policy development permeates commodities price outlook
Photo by Reuters
Gold is expected to trend sideways for most of 2017 and 2018, as rising rates, a stronger dollar, and a generally sanguine investor outlook despite significant political uncertainty all pose headwinds for the yellow metal
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