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Oil and Gas News

India’s crude oil imports from Iran, Venezuela come under US pressure

By: Ajoy K Das     22nd March 2019 India is negotiating with the US for exemptions from “extended sanctions” to maintain its current level of crude oil imports from Iran, but the country is also under pressure from the US administration to halt all crude purchase from Venezuela. According to officials here familiar with ongoing... 

NT Parliament passes amended petroleum legislation

By: Esmarie Iannucci     20th March 2019 Amendments to the Northern Territory’s petroleum legislation has passed through Parliament, enacting the government’s commitment to implement the 135 recommendations from the Scientific Inquiry into Hydraulic Fracturing. “Our government is making sure that as the Territory’s onshore gas industry... 

NT Parliament passes amended petroleum legislation

Opec+ affirms commitment to oil cuts, defers decision to extend

By: Bloomberg     18th March 2019 Saudi Arabia led fellow members of the Opec+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs. A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the... 

Tribunal approves Glencore, Chevron merger, with conditions

By: Marleny Arnoldi     15th March 2019 The Competition Tribunal on Friday approved a merger involving Glencore South Africa Oil Investment (Glencore SA Oil) and Chevron South Africa (Chevron SA). The transaction involves Glencore SA Oil acquiring 75% of the issued share capital of Chevron SA, from Off The Shelf Investments.  

India’s Shipping Ministry unveils guidelines of LNG FSRU at all major ports

By: Ajoy K Das     15th March 2019 India’s Shipping Ministry has drawn up guidelines for setting up floating storage regasification units (FSRU) for liquefied natural gas (LNG) at all major ports in the country. The new guidelines aim to promote a shift from land-based LNG storage terminals to offshore units, as the latter cost... 

Chevron gives green light for Jansz-Io FEED

By: Esmarie Iannucci     14th March 2019 US oil and gas giant Chevron has given the go-ahead for the front-end engineering and design (FEED) work for the Jansz-Io compression project at the Gorgon natural gas facility, offshore Western Australia. In an Australian first, the project will use subsea compression to enhance recovery of the... 

Canadian oil sands' new growth is stymied by pipeline delays

By: Bloomberg     13th March 2019 Oil sands producers including MEG Energy and Imperial Oil are reconsidering oil sands expansions as new export pipelines are delayed and the provincial government limits production. MEG had planned to ramp up output at an expansion of its Christina Lake oil sands project in the second half of... 

WA joins anti-flaring initiative

By: Esmarie Iannucci     13th March 2019 Western Australia has become the first Australian signatory to the World Bank’s Zero Routine Flaring by 2030 initiative. Western Australian Minister for Mines and Petroleum, Bill Johnston on Wednesday told delegates at the AOG conference that the commitment would be reinforced by strengthening... 

New EPA emission rules could scupper three Woodside projects

By: Esmarie Iannucci     13th March 2019 Australian oil and gas major Woodside has called for government intervention in the new greenhouse guidelines put forth by the Western Australian Environmental Protection Authority (EPA), warning that the guidelines could jeopardise a 2020 investment decision on the Browse, Scarborough and Pluto... 

New EPA emission rules could scupper three Woodside projects

'No tomorrow' for many unless consumption falls – UN

By: Reuters     13th March 2019 Global exploitation of natural resources – from water, sand and timber to oil, coal and gemstones – has more than tripled in 50 years, the United Nations (UN) said on Tuesday, warning of devastating environmental impacts unless demand is reduced. Surging consumption of natural resources –... 

Petrochemicals and jet fuel to underpin oil growth as gasoline slows 

By: Terence Creamer     11th March 2019 Petrochemicals and jet fuel have emerged as key drivers of oil growth, with the International Energy Agency’s (IEA’s) latest market forecast indicating that the two sectors will account for more that 30% of global growth in the coming five years, as gasoline demand slows as a result of efficiency... 

Petrochemicals and jet fuel to underpin oil growth as gasoline slows

UK shale gas potential seen as good as the best in the US

By: Bloomberg     11th March 2019 Britain’s shale gas production has the potential to be as good as the best performing shale basin in the US, the Marcellus Formation. That’s the central finding from the body responsible for promoting onshore gas exploration, which tested levels at three sites across the north of England. UK... 

Santos prices $600m bond

By: Esmarie Iannucci     7th March 2019 Oil and gas major Santos on Thursday priced a $600-million senior unsecured fix rate bond, with the proceeds to be used for refinancing a $500-million bridge facility used to part fund the Quadrant Energy acquisition, as well as for general corporate purposes. The bonds have been priced at a... 

Afrox FY18 HEPS fall amid adverse operating environment 

By: Simone Liedtke     6th March 2019 Adverse movements in JSE-listed African Oxygen’s (Afrox’s) operating environment resulted in the company’s headline earnings per share (HEPS) for the year ended December 31, 2018, decreasing by 23% year-on-year to 154.9c. Basic earnings per share (EPS) decreased by 29% to 144.8c, while diluted... 

Afrox FY18 HEPS fall amid adverse operating environment
Afrox CFO Matthias Vogt speaks to Engineering News Online about the company's results and challenges for FY18. Video & Editing: Creamer Media's Nicholas Boyd.

Gas starts flowing from Chevron’s Wheatstone facility

By: Esmarie Iannucci     5th March 2019 Domestic gas deliveries from the Wheatstone natural gas facility, in Western Australia, has started, US major Chevron reported on Tuesday. With capacity to supply 200 TJ/d of natural gas, Wheatstone’s domestic gas will supply local households and businesses through contracts with Western... 

Congo President supports predecessor's mining policies  

By: Bloomberg     4th March 2019 The Democratic Republic of Congo’s new President appeared to offer support to his predecessor’s defining mining policies, which are opposed by international investors active in the country. “We will clean up the business climate through the popularization of the new mining code and the conclusion... 

COAG calls for public intput into hydrogen strategy

By: Esmarie Iannucci     1st March 2019 The Council of Australian Governments (COAG) has called for public consultation on the development of a national hydrogen industry. The COAG Energy Council in December of last year commissioned the Chief Scientist to develop a comprehensive and ambitious national strategy for the development of... 

Green lights for Arrow’s A$10bn Surat gas basin

By: Esmarie Iannucci     28th February 2019 The Queensland government has given the green light to Arrow Energy’s A$10-billion Surat gas project, granting 14 petroleum leases between Dalby and Wandoan. “The approval of these petroleum leases is a critical milestone in Arrow delivering five-trillion cubic feet of gas into the market. It’s... 

Green lights for Arrow’s A$10bn Surat gas basin

ONGC Videsh, partners sign deal to sell LNG from Mozambique’s Rovuma offshore

By: Ajoy K Das     27th February 2019 India’s national oil, gas exploration and production major, ONGC Limited, has concluded long-term sale and purchase agreements for a total of 9.5-million tons a year from future production from its Rovuma Offshore Area I, in Mozambique, the company announced this week. “The project is progressing... 

Santos to supply Narrabri gas to Perdaman plant

By: Esmarie Iannucci     27th February 2019 Oil and gas major Santos has inked a non-binding supply agreement with multi-national group Perdaman for the supply of 14.5 PJ/y of natural gas over a 20-year period. The agreement was subject to a final investment decision on the Narrabri gas project, in New South Wales. 

India offers fresh incentives to oil, gas E&P companies

By: Ajoy K Das     25th February 2019 n a bid to increase domestic output and fuel investments in the sector, the Indian government has approved offering marketing and pricing freedom to oil and natural gas exploration and production (E&P) companies for their yet-to-be developed assets. In addition, the government has offered a... 

Nigeria hits oil majors with billions in back taxes 

By: Reuters     21st February 2019 Nigeria has ordered foreign oil and gas companies to pay nearly $20-billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa's largest economy. In a letter sent to the companies earlier this year via a debt-collection... 

Origin reports profit in H1

By: Esmarie Iannucci     21st February 2019 End-to-end energy provider Origin Energy has reported a statutory profit of A$796-million for the six months to December, compared with a loss of A$136-million in the previous corresponding period. The previous financial result included an after-tax impairment of A$360-million. 

Santos eyes continued growth as it returns to profit

By: Esmarie Iannucci     21st February 2019 Oil and gas major Santos has more than doubled its 2018 underlying profit after tax, while free cash flows reaching a record $1-billion. Underlying profit for the 12 months to December was up by 129% on the previous financial year, from $318-million to $727-million, while net profit after tax... 

Santos eyes continued growth as it returns to profit

India relooks revenue sharing contracts for auction of oil, gas blocks

By: Ajoy K Das     19th February 2019 The Indian government is having second thoughts over continuing with revenue sharing agreements in contracts with successful bidders at auction of oil and natural gas fields. While no decision has been taken yet, a section within the government is backing reverting to an earlier regime... 

Clough set to acquire Saulsbury’s oil and gas unit, EPC portfolio

By: Nadine James     19th February 2019 Murray & Roberts (M&R) subsidiary Clough will acquire Houston-based engineering, procurement and construction (EPC) contractor Saulsbury’s Gulf Coast downstream and chemical business unit, as well as its EPC portfolio, for $5.2-million.  In the statement issued on Tuesday, M&R CE Henry Laas... 

Senex output continues to grow

By: Esmarie Iannucci     19th February 2019 ASX-listed Senex Energy has swung back into black during the six months ending December, after reporting an underlying net profit of A$1.4-million, compared with an underlying net loss of A$2.8-million after tax, compared with the first half of 2018. Production was up 49% over the same period,... 

Origin sells Ironbark to its 37.5%-owned APLNG JV

By: Esmarie Iannucci     19th February 2019 Energy major Origin Energy has struck a A$231-million deal to sell its Ironbark project to Australia Pacific Liquefied Natural Gas (APLNG) – a joint venture in which it is a 37.5% shareholder with ConocoPhillips (37.5%) and Sinopec (25%). Origin said on Tuesday that it expected to book a non-cash... 

Santos broadens scope in northern Australia

By: Esmarie Iannucci     18th February 2019 Oil and gas major Santos has struck a joint venture (JV) agreement with fellow-listed Beach Energy to partner over four exploration permits in the Bonaparte Basin, offshore Northern Australia. The two companies will each hold a 50% JV interest in the four permits, with Santos acting as operator. 

India hands over national oil company assets to private investors

By: Ajoy K Das     14th February 2019 Finally overruling strident opposition, the Indian government has approved taking away smaller discovered oil and natural gas blocks of its national oil exploration and production (E&P) majors and allocating them to private investors through auctions. The move, criticised by a section in... 

Carnarvon raises A$50m

By: Esmarie Iannucci     14th February 2019 ASX-listed Carnarvon Petroleum will raise A$50-million through a placement to institutional and sophisticated investors to fund appraisal and exploration activities in the North West Shelf. The company will issue some 151.6-million new shares, at an issue price of 33c a share to sophisticated... 

Teck misses profit estimates on lower oil, metal prices

By: Reuters     13th February 2019 Canada's Teck Resources, the world's second-biggest exporter of steel-making coal, posted a lower-than-expected quarterly profit on Wednesday, hurt by weak prices for heavy crude and base metals. Transportation bottlenecks in the country have pushed prices of Canadian oil lower, hurting the... 

Teck misses profit estimates on lower oil, metal prices

BHP approves $696m for Gulf of Mexico expansion

By: Esmarie Iannucci     13th February 2019 Mining major BHP on Wednesday approved $696-million in funding to develop the Atlantis Phase 3 project, in the Gulf of Mexico, after project partner BP in January approved a $1.3-billion expansion of the project. The Atlantis Phase 3 development will include the construction of a new subsea... 

BHP approves $696m for Gulf of Mexico expansion

Jemena wins licence for 40 TJ/d gas plant

By: Esmarie Iannucci     13th February 2019 The Queensland government has issued infrastructure provider Jemena a licence to start construction of a domestic-only gas processing plant. The plant is part of Jemena’s A$140-million Atlas gas pipeline project, which will create 150 jobs and connect Project Atlas to the Wallumbilla Gas Hub in... 

Beach more than doubles H1 revenues

By: Esmarie Iannucci     13th February 2019 Oil and gas producer Beach Energy has reported a 147% increase in sales revenue for the first half of 2019, and a 199% increase in underlying net profits after tax. The ASX-listed company on Wednesday announced that sales revenue for the six months to December had reached A$955-million as... 

Cimic wins A$90m APLNG contract

By: Esmarie Iannucci     12th February 2019 Project house Cimic has been awarded a A$90-million gas gathering and infrastructure works contract from the Australian Pacific liquefied natural gas (APLNG) project, in the Surat Basin, in Queensland. The contract is expected to deliver more than 300 coal seam gas wells over a two-year period,... 

Xolobeni judgment continues to confound 

By: Martin Creamer     11th February 2019 Mining must take place with a strong focus on the interests of those who live in mining areas, says Mineral Resources Minister Gwede Mantashe, a standpoint that supports the notion that a mining right and a land right can co-exist, without pleasing one party at the expense of the other.  But the... 

Xolobeni judgment continues to confound
Mineral Resources Minister Gwede Mantashe

Sasol expects higher H1 earnings, but warns of Lake Charles cost increase

By: Nadine James     8th February 2019 Chemicals and energy company Sasol expects to report earnings per share (EPS) and headline earnings per share (HEPS) of between R23.71 and R24.16 and between R22.97 and R23.68, respectively, for the six months ended December 31. This means EPS is expected to increase by between 110% and 114%... 

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