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Oil and Gas News

Mining Charter violates shareholder rights – Hogan Lovells

By: Martin Creamer     23rd June 2017 Mining Charter Three’s arbitrary increase of empowerment shareholding to 30% violates the property rights of shareholders, and the new charter’s requirement to pay 1% of yearly turnover is not expected to survive challenges under the Companies Act and the Constitution. Property rights under the... 

WA to publish five-year schedule for petroleum exploration

By: Esmarie Swanepoel     23rd June 2017 The Western Australian government has announced plans to introduce a strategic five-year release of petroleum exploration areas across the Canning and Perth basins, in the hopes of minimising environmental, cultural and land use constraints. “The five-year approach provides greater transparency... 

Venezuela lawmaker asks SEC to probe Goldman's PDVSA bond deal

By: Bloomberg     23rd June 2017 The head of Venezuela’s National Assembly asked US authorities to investigate a $2.9-billion bond deal involving Goldman Sachs Group and Nomura Securities, saying the transaction fleeced the country for the benefit of political elites. Julio Borges, an opponent of President Nicolas Maduro,... 

Sherritt rings TSX opening bell in celebration of 90 years in business

By: Henry Lazenby     22nd June 2017 Canadian diversified miner Sherritt International on Thursday rang the opening bell of the TSX in celebration of the company’s 90 years of operations and 21 years being listed on Canada’s largest stock exchange. Senior VP for human resources Karen Trenton had the honour of opening the market for... 

Russia's Rosneft CEO says takeover of India's Essar is closed

By: Reuters     22nd June 2017 he takeover of India's Essar Oil by Russia's largest oil producer Rosneft can be now considered as closed, Rosneft CEO Igor Sechin told a shareholders' meeting on Thursday. The deal, where Rosneft will hold a 49% stake, will allow the Russian company to increase oil refining output by 20% this... 

Slow, bumpy market recovery on the cards for most commodities

By: Henry Lazenby     22nd June 2017 The global commodity market is probably in for a slow, drawn-out recovery following the five-year bear market, S&P Global Market Intelligence director for reports on the metals and mining sectors Dr Chris Hinde said during a webcast on Wednesday. According to S&P’s ‘State of the Market’ report,... 

Slow, bumpy market recovery on the cards for most commodities

Rosneft's Sechin says will never leave Venezuela

By: Reuters     21st June 2017 Russia's Rosneft, the world's top listed oil company by output, will continue to work in Venezuela and will never leave the country, its CEO Igor Sechin told reporters on Wednesday. "We will never leave Venezuela," Sechin said. Rosneft has a number of tight oil projects in Venezuela, which is in... 

Mining Charter exposing South African economy to GATT angst  

By: Martin Creamer     21st June 2017 The procurement rules of the new Mining Charter may violate South Africa’s obligations under the General Agreement on Tariffs and Trade (GATT), exposing the country to challenges by other member states of the World Trade Organisation (WTO), Herbert Smith Freehills lawyers Peter Leon and Patrick... 

Mining Charter exposing South African economy to GATT angst
Photo by Duane Daws
Herbert Smith Freehills co-chair Peter Leon

Centrica to miss out on silver lining from rough sales

By: Bloomberg     21st June 2017 Centrica won’t have much change left after selling all the spare fuel it keeps at a North Sea gas facility it’s decided to close. The so-called cushion gas, sitting in a reservoir 29 km off the English coast, is worth about £750-million pounds, according to Lakis Athanasiou, a utilities analyst... 

Senegal validates Woodside claim

By: Esmarie Swanepoel     21st June 2017 Australian oil and gas producer Woodside’s play in Senegal has been validated after that country’s Minister of Energy and the Development of Renewable Energy issued a Ministerial order confirming that the ASX-listed company is a participant in the SNE oilfield, offshore Senegal. Fellow-listed FAR... 

India seeks to extend LNG, energy cooperation with Qatar

By: Ajoy K Das     21st June 2017 Despite Qatar being pushed into diplomatic and economic isolation by its neighbours, India is deepening economic cooperation in liquefied natural gas (LNG) and energy with new proposals and initiatives. The Indian government has proposed a fresh long-term LNG purchase agreement, while the Qatari... 

NT releases economic development framework

By: Esmarie Swanepoel     20th June 2017 The oil and gas industry has welcomed the Northern Territory government’s release of its Economic Developemnt Framework, with the Australian Petroleum Production & Exploration Association (Appea) saying it recognised the vital role that natural gas will play as one of the region’s major growth... 

New pipeline mulled for Blue Energy’s Bowen basin gas project

By: Esmarie Swanepoel     20th June 2017 Energy infrastructure group the APA Group has signed a nonbinding memorandum of understanding with ASX-listed Blue Energy to negotiate a gas transportation agreement for Blue Energy’s gas resources in the Bowen basin, in Queensland, to the east coast gas market. APA on Tuesday reported that it... 

EQT to create biggest US natgas producer with $6.7bn Rice deal

By: Reuters     20th June 2017 EQT Corp was set to leapfrog Exxon Mobil as the largest US natural gas producer after saying on Monday it agreed to a deal to buy fellow Appalachian gas and oil firm Rice Energy for $6.7-billion. The tie-up would join two of the largest players in the Marcellus and Utica Shale formations, which... 

EQT to create biggest US natgas producer with $6.7bn Rice deal

Study to examine potential of southern Australia’s offshore gas basins

By: Esmarie Swanepoel     19th June 2017 The Australian federal government will undertake a study into offshore gas basins in southern Australia to investigate prospects for future gas supplies to the South East Australian domestic gas market. The study, which forms part of the government’s greater A$90-million investment in domestic... 

Study to examine potential of southern Australia’s offshore gas basins

ExxonMobil sanctions $4.4bn Liza development, offshore Guyana

By: Henry Lazenby     16th June 2017 American multinational oil and gas corporation ExxonMobil has made a construction decision for the first phase of development for the Liza field, one of the largest oil discoveries of the past decade, located offshore Guyana. The Irving, Texas-based company said on Friday that the Liza Phase 1... 

Buru restarts production at Ungani

By: Esmarie Swanepoel     16th June 2017 ASX-listed Buru Energy has restarted oil production from its Ungani oilfield, in the Kimberley region of Western Australia. Production at Ungani was suspended in January 2016, following the deterioration of the oil price. 

Company aims to solve Africa’s challenges with Aussie solutions

     16th June 2017 Pumps and pressure cleaners producer Australian Pump Industries, commonly known as Aussie Pumps, has been actively looking to the African continent for distribution outlets, says MD Warwick Lorenz. Australian Pump Industries, located in Sydney’s Norwest “Silicon Valley” area, operates a... 

Company aims to solve Africa’s challenges with Aussie solutions
Photo by Bloomberg
CONTINENTAL COUPLING Australian Pump Industries believes its experience in Australia can be applied to projects in Africa

New speed control product for pumps, compressors

     16th June 2017 The first member of a new product family in the field of speed control for compressors and pumps, the VECO-Drive, combines the reliability of mechanical gears with the productivity of low-voltage, variable-frequency drives (VFDs). Introduced by intelligent drive solutions, systems and... 

New speed control product for pumps, compressors
EFFECTIVE COMBINATION The VECO-Drive, which combines a mechanical planetary gear with a frequency controlled servo motor, reduces energy consumption by more than 2 000 MWh/y

Pump tackles acidic liquids containing solids

     16th June 2017 Centurion-based pumps manufacturer Hazleton Pumps has introduced a high-volume, high-head, medium- and/or high-voltage range of Hippo submersible slurry pumps manufactured from specialised material capable of pumping acidic liquids containing solids at high heads. The company says the success of... 

Pump tackles acidic  liquids containing solids
PUMP INSPIRATION The design of the high-volume, high-head, medium- and/or high-voltage Hippo pump follows the success of the submersible slurry pump developed for export to the oil sands mines at Fort McMurray, in Alberta, Canada

Chamber going to court to halt devastating charter blow to already battered mining sector 

By: Martin Creamer     15th June 2017 The Chamber of Mines of South Africa will be applying at the earliest opportunity for a court date for a declaratory order on continuing empowerment consequences, as well as immediately seeking an interim court interdict to suspend the implementation of Mining Charter Three, the devastating set... 

Chamber going to court to halt devastating charter blow to already battered mining sector
Photo by Creamer Media
Chamber of Mines of South Africa president Mxolisi Mgojo

AEMO says low risk of energy shortfall in 2017/18

By: Esmarie Swanepoel     15th June 2017 New data by the Australian Energy Market Operator (AEMO) has found that there is no shortage of gas supply and that there is a low risk of electricity shortfalls for an average summer in 2017/18. “Following the release of our Gas Statement of Opportunities in March, the Energy Supply Outlook... 

AEMO says low risk of energy shortfall in 2017/18

Santos committed to Narrabri 

By: Esmarie Swanepoel     15th June 2017 Oil and gas major Santos has reaffirmed its commitment to develop the Narrabri gas project, in New South Wales, with MD and CEO Kevin Gallagher saying the project could deliver a substantial share of the state’s gas needs. Speaking at the American Chamber of Commerce, in Sydney, Gallagher said... 

Zeta offers A$22.1m for Pan Pacific Petroleum

By: Esmarie Swanepoel     14th June 2017 ASX-listed junior Zeta Resources has made a play for fellow listed Pan Pacific Petroleum, offering Pan Pacific shareholders either 3.8c in cash for each share held, or one Zeta share for every ten Pan Pacific shares held. The offer valued Pan Pacific at A$22.1-million, with the cash offer price... 

Erin Energy targets Oyo-9 drilling completion by year-end

By: Megan van Wyngaardt     12th June 2017 The start of drilling operations at dual-listed Erin Energy’s Oyo-9 development well, in Nigeria, are planned for July, with a targeted completion date before year-end. This follows the signing of a $15-million drilling contract with Pacific Drilling, in March, for the use of its sixth-generation... 

IHS Markit's materials price index registers 3.1% weekly decline

By: Henry Lazenby     9th June 2017 A broad basket of commodities tracked by market research house IHS Markit has declined the most in a single week since mid-April, falling 3.1% last week in a broad retreat. IHS senior economist Ben Orhan said in a news release to Mining Weekly Online on Thursday that the commodity price index... 

Finkel's electricity market report recommends more gas

By: Esmarie Swanepoel     9th June 2017 The Australian Petroleum Production & Exploration Association (Appea) has welcomed the release of the final report of the independent review into the Future Security of the National Electricity Market. Australia’s Chief Scientist Dr Alan Finkel on Friday unveiled a blueprint to optimise the... 

Exploration to restart in Great Australian Bight as Norway’s Statoil takes over BP permits

By: Esmarie Swanepoel     9th June 2017 Norway’s Statoil has inked a swap agreement with petroleum major BP, and will now start exploration in the Great Australian Bight. BP in October shelved plans to explore the Bight, following a review of the company’s upstream strategy. The company said at the time that the Bight project would... 

Emerging gas market drives Mozambique expansion

By: Nadine James     9th June 2017 The emerging gas market is one of the main factors driving gases and welding products supplier African Oxygen’s (Afrox’s) decision to expand its existing Mozambique operations. The company’s Mozambique strategy is being driven from its new 8 600 m2 headquarters, which will feature  a sales... 

Emerging gas market drives Mozambique expansion
Photo by Duane Daws
GASSED UP GROWTH The resurgence in oil, gas and mining investment in sub-Saharan Africa has resulted in Afrox growing its existing footprint

Immediate Moz mining outlook remains challenging – consultant

By: Nadine James     9th June 2017 Unless there is a definitive turn in the commodity cycle, coupled with stronger global growth, the challenging short-term outlook for the Mozambique mining industry will not change, states commodities consultancy Core Consultants and its partner, business consultancy Core Africa. Both agree,... 

Immediate Moz mining outlook remains challenging – consultant
A COUNTRY FOR COAL Coal is one of the country’s three main mineral commodities

Modest mining industry growth on back of political turmoil

By: Nadine James     9th June 2017 Mozambique's mining industry is expected to increase marginally from $640-million in 2017 to $756-million in 2021, largely as a consequence of the challenging operating environment created by escalating political tensions and minimal public-sector support. This forecast is made by research... 

Modest mining industry growth on back of political turmoil
ENTERING A DRY SPELL The Mozambique mining industry has been adversely affected by the 2016 debt scandal, legislative changes and escalating tensions between the government and the main opposition

Americas-focused Liquefied Natural Gas looks at US listing

By: Esmarie Swanepoel     8th June 2017 Perth-based Liquefied Natural Gas (LNG) has flagged a potential redomiciling to the US, along with either a listing on the New York Stock Exchange or NASDAQ. The ASX-listed company on Thursday told shareholders that the board had been evaluating a US listing, with the belief that such a... 

Waitsia Stage 2 advances

By: Esmarie Swanepoel     8th June 2017 The joint venture (JV) partners for the Waitsia Stage 2 gas project, in Western Australia, have short-listed four contractors to compete in a design competition for the front-end engineering and design for the project. The Stage 2 design would include a gas plant capable of processing 100 TJ/d,... 

FAR puts spanner in Woodside’s Senegal works

By: Esmarie Swanepoel     8th June 2017 ASX-listed oil and gas developer FAR Limited has thrown a spanner into major Woodside Petroleum’s works by failing to support the company’s plans to develop the SNE oil field, offshore Senegal. Woodside in 2016 struck a $350-million deal with ConocoPhillips to acquire that company’s interests in... 

FAR puts spanner in Woodside’s Senegal works
Photo by Bloomberg
Woodside CEO Peter Coleman

Phosa condemns charter tinkering, urges growth negotiations  

By: Martin Creamer     7th June 2017 Stop tinkering with sector charters and instead negotiate them in a manner that creates room for sizable growth, African National Congress (ANC) National Executive Committee member Dr Mathews Phosa urged on Wednesday. Delivering the keynote address at the Junior Indaba, the former premier of... 

Phosa condemns charter tinkering, urges growth negotiations
African National Congress National Executive Committee member Mathews Phosa addressed the Junior Indaba, which was cover by Mining Weekly Online’s Martin Creamer. Photograph: Duane Daws. Video and Video Editing: Darlene Creamer

Victoria plans gas export cap to shore up local supply

By: Esmarie Swanepoel     7th June 2017 The Victorian government on Wednesday proposed reforms to the gas market that would place a temporary cap on gas exports from the state to ensure local supplies. “There is something seriously wrong when you can buy Australian gas in Japan for a cheaper price than what businesses in Victoria are... 

Stricter monitoring for Indian oil and gas companies

By: Ajoy K Das     6th June 2017 The Indian government has announced the appointment of two ‘super’ committees to monitor the operations of national oil and gas exploration and production (E&P) companies. The committees, which will be above the level of the national oil companies’ boards, will be able to force State-owned... 

NSW opens new areas for conventional gas exploration

By: Esmarie Swanepoel     6th June 2017 The New South Wales government has announced plans to increase conventional gas exploration in the state by releasing new areas for exploration. Resources and Energy and Utilities Minister Don Harwin said on Tuesday that the release of the new exploration areas, which would be done under the... 

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