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Canada-Nova Scotia Offshore Petroleum Board gets new chairperson

By: Henry Lazenby Onshore and offshore oil and gas industry veteran Roderick Keith MacLeod has been appointed as the new chairperson for the Canada-Nova Scotia Offshore Petroleum Board (CNSOPB), which is responsible for the regulation of petroleum activities in the Nova Scotia offshore area. Canada’s Minister of... 

Grupo Mexico says seeking partners for Mexico oil auction

By: Reuters Mexican mining, rail and infrastructure company Grupo Mexico said on Thursday that it was looking at partnering up with companies to bid in the second phase of Mexico's first round of oil field auctions. "We are looking at joint ventures with strategic players, we've been working so far with... 

Resources Watch

By: Creamer Media Reporter This week: South Africa’s new JSE-backed oil and gas code is globally aligned. And, low iron-ore prices are killing jobs at Kumba. 

Resources Watch

Newly opened Ungani oilfield to benefit WA

By: Esmarie Swanepoel The Ungani onshore oilfield, in the Kimberley was officially opened this week, marking the first oil development in the region in nearly 30 years. Mines and Petroleum Minister Bill Marmion said the joint venture (JV) between ASX-listed Buru Energy and Mitsubishi Corporation was expected to... 

Yolla 6 adds to BassGas production

By: Esmarie Swanepoel The Yolla 6 development well has delivered its first production for the BassGas joint venture (JV), in Victoria. JV partner AWE, which holds a 35% stake in the project, on Thursday said the Yolla 6 well had been successfully tied-in to export facilities at the Yolla platform. 

Sunbird gets buyout offer from S African power infrastructure firm

By: Esmarie Swanepoel South Africa-focused Sunbird Energy on Wednesday confirmed that it had received a takeover offer from South African power infrastructure company Glendal Power. The company told shareholders that a trading halt had been necessitated on July 27, after the company received an indicative nonbinding... 

Sunbird gets buyout offer from S African power infrastructure firm

Beach to cut back on capital spend in 2016

By: Esmarie Swanepoel ASX-listed Beach Energy has lowered both its capital spend and production expectations for the 2016 financial year, as low oil prices impacted the company’s bottom-line. Beach on Wednesday said the 2016 capital expenditure (capex) programme had been prepared under the assumption of a continuing... 

Weak market conditions prompt Freeport-McMoRan to look for cost cuts

By: Henry Lazenby Multinational diversified miner Freeport-McMoRan has started a comprehensive review of its mining and oil and gas businesses to target significant capital spending and operating and administrative cost cuts in response to weak market conditions for its significant products. These plans would... 

Consol Energy halts steelmaking coal IPO as low coal, oil prices dent Q2 earnings

By: Henry Lazenby US oil, gas and coal producer Consol Energy has put the planned initial public offering (IPO) of its metallurgical coal business on hold, citing the continued degradation of metallurgical coal prices on Tuesday. The MetCo IPO of up to 20% of the subsidiary's equity was expected to occur early in... 

APLNG ticks another milestone

By: Esmarie Swanepoel The Australia Pacific liquefied natural gas (APLNG) project has achieved another milestone, as loading of refrigerants to its Curtis Island facility got under way. Project operator Origin Energy noted that this was a significant achievement in the commissioning and start-up phase of the project. 

Speculators show global commodities rout still not over 

By: Reuters Speculators have confirmed what everyone else has been thinking: expect more falls in commodities, as worries about China and higher interest rates combine with waning sentiment to suggest markets are heading further south. But while more losses are certain, their scope could be limited because... 

Qld gas industry to benefit from Yuleba North substation

By: Esmarie Swanepoel Queensland’s A$60-billion gas industry is expected to benefit from the newly completed North West Surat basin hub substation. Treasurer Curtis Pitt said the Yuleba North substation would act as the central point for more than 200 km of new high-voltage transmission lines, supplying power to six... 

Freeport-McMoRan reports Q2 net loss, shares fall

By: Henry Lazenby US-based diversified miner Freeport-McMoRan (FCX) on Thursday reported a net loss of $1.85-billion for the second quarter of the year, compared with the net income of $482-million achieved in the second quarter of the previous year. FCX’s net loss for the second quarter included net charges of... 

Teck lifts Q2 profit despite falling commodity prices

By: Henry Lazenby Canada’s largest diversified miner Teck Resources has improved its adjusted profit for the three months ended June 30, by 10%, despite falling commodity prices that put downward pressure on margins and profits. For the second quarter, the Vancouver-headquartered miner reported net income,... 

Teck lifts Q2 profit despite falling commodity prices

Indian delegation heads to Iran

By: Ajoy K Das Following the signing of a landmark deal between the US, the UK, France, China, Russia, Germany and Iran, earlier this month, that prevents Iran from acquiring a nuclear weapon, India has moved swiftly to send a high-level Indian delegation to the West Asian country in the hopes of securing back... 

South Africa’s new JSE-backed oil, gas code globally aligned

By: Martin Creamer The recently published South African Code for the Reporting of Oil and Gas (Samog) is fully aligned to the oil and gas reporting standards used globally. South African Oil and Gas Committee chairperson Andy Clay and Johannesburg Stock Exchange (JSE) GM corporate finance Annalie de Bruyn, who... 

South Africa’s new JSE-backed oil, gas code globally aligned
Photo by Creamer Media
Andy Clay, Annalie de Bruyn and Martin Creamer

Oil Search breaks production records

By: Esmarie Swanepoel Australian producer Oil Search has reported its highest quarterly production in the company’s history, with some 7.41-million barrels of oil equivalent produced in the three months to June. The June quarter production was also 7% higher than that produced in the March quarter. 

Lower commodity prices prompt Consol Energy to warn of impending Q2 loss

By: Henry Lazenby Falling coal and gas prices have pressed US fossil fuels producer Consol Energy to warn that it expects a loss for the three months ended June 30. The NYSE-listed company on Monday said the loss was expected despite hitting second-quarter guidance for both the exploration and production (E&P) and... 

AWE warns of massive write-down at BassGas

By: Esmarie Swanepoel Oil and gas company AWE has warned of a A$100-million to A$110-million noncash impairment on the carrying value of its BassGas asset, in Victoria, for the full year. Joint venture partner Origin Energy has provided a preliminary reassessment of the reserves for the Yolla field, based on new data... 

Brazil Minerals investigating use of its sand in fracking

By: Tracy Hancock US publicly-traded company Brazil Minerals (BMIX) is currently investigating the possibility of supplying its sand for fracking purposes. The company explained on Thursday that it had provided five different types of sand for detailed laboratory analysis for potential use in the fracking... 

Brazil Minerals investigating use of its sand in fracking

Santos Q2 revenue falls amid lower oil price

By: Esmarie Swanepoel Oil and gas major Santos has reported higher production in the second quarter ended June 30; however, the lower realised oil price caused sales revenue to plummet. In the quarter under review, Santos produced 14.3-million barrels of oil equivalent, up from 14-million barrels produced in the... 

Buru starts production in WA

By: Esmarie Swanepoel ASX-listed Buru Energy has started commercial production at its Ungani oilfield, in Western Australia’s Canning basin. The project, which is a joint venture (JV) with Mitsubishi, would produce at an initial rate of 1 250 bl/d of oil, with an initial increased target of 2 500 bl/d and eventually... 

Electrohydraulic system enables control of multiple wells through single cable

Cables and cabling systems company Nexans, in May, launched its next generation electro-hydraulic SUTA-FLEX subsea umbilical termination assembly system, which enables the control of multiple wells through a single umbilical cable. The solution, launched at the Offshore Technology Conference... 

Electrohydraulic system enables control of multiple wells through single cable
Photo by Bloomberg
OIL AND GAS PROJECT EXECUTION Nexans’s subsea umbilical termination assembly enables multiple wells to be controlled by a single umbilical through connecting a number of subsea control modules

Woodside producton falls in June Q

By: Esmarie Swanepoel Australian oil and gas major Woodside Energy has reported a decrease in both production and sales volumes during the second quarter ended June, as the Pluto and North West Shelf (NWS) operations decreased output. During the quarter under review, production reached 20.1-million barrels of oil... 

India banks on smart diplomacy to re-enter Iranian hydrocarbon sector

By: Ajoy K Das Indian oil and gas exploration and production (E&P) majors were banking on some “smart diplomacy” and a “consortium approach” to re-enter Iran in the face of increased global competition, post a nuclear deal and the lifting of sanctions. According to an official associated with Indian E&P major... 

QCLNG's second train ships first cargo

By: Esmarie Swanepoel The Queensland Curtis liquefied natural gas (QCLNG) project has shipped its first LNG product from the second train. Operator BG Group said this week that at plateau production, which was expected by mid-2016, both trains at the QCLNG would be producing enough LNG to load a combined ten vessels... 

Teck delays high-cost Canada oil sands project

By: Reuters Teck Resources is delaying development of its massive, high-cost Frontier oil sands project in northern Alberta by five years at a time when oil prices show few signs of recovering from current depressed levels. The Vancouver-based mining company said in an update filed with regulators that it... 

Teck delays high-cost Canada oil sands project

Gas reservation detrimental to market dynamics, BHP tells East Coast inquiry

By: Esmarie Swanepoel Diversified miner BHP Billiton has warned that a gas reservation policy in the East Coast of Australia could be detrimental to market dynamics. In a submission to the Australian Competition and Consumer Commission (ACCC), BHP acknowledged that there were significant changes under way in the East... 

Commonwealth retention leases renewed for Browse FLNG project

By: Esmarie Swanepoel The proposed Browse floating liquefied natural gas (FLNG) project has been given more certainty after the Commonwealth-Western Australia offshore petroleum joint authority renewed five commonwealth retention leases that were earmarked for the project. Industry and Science Minister Ian Macfarlane... 

Qld gas strategy aims to stimulate supply, keep costs down

By: Esmarie Swanepoel The Queensland government on Wednesday launched a gas action plan aimed at growing the state’s gas industry while boosting employment from the wellhead through to gas-fired manufacturing and export. State Development and Natural Resources and Mines Minister Anthony Lynham announced the... 

Qld gas strategy aims to stimulate supply, keep costs down

Greece, China woes trigger fresh rout, led by oil, copper

By: Reuters Commodities prices dropped to their lowest in nearly three months on Monday, dragged lower by a fresh rout in oil and copper as Greece's rejection of debt bailout terms and China's stock market woes unleashed a fresh round of selling. Gold eked out small gains, one of only five commodities to... 

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