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Oil and Gas News

Despite commodity slump, M&R bets future on resources

By: Terence Creamer     Updated 1 hour 43 minutes ago Murray & Roberts (M&R) CEO Henry Laas says the decision to sell its infrastructure and building unit, as well as Genrec, to create a multinational project company focused on oil and gas, underground mining, as well as power and water has created an entity that no longer fits neatly within the... 

Tightening supply should bode well for commodity prices – Glencore

By: Martin Creamer     24th August 2016 Diversified mining and marketing company Glencore, now with a significantly reduced debt profile, is producing its key commodities at exceptionally low operational cost, exemplified by the unit cost of the zinc it produced in the six months to June 30 coming in at the negative unit cost figure of... 

Tightening supply should bode well for commodity prices – Glencore
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Trudeau faces split Aboriginal groups in Kinder Morgan ruling 

By: Bloomberg     24th August 2016 In the rolling country of central British Columbia, Michael LeBourdais’s Whispering Pines Indian Band is looking forward to a cash injection from a new pipeline proposed by Kinder Morgan Energy Partners LP. He’ll be seeking compensation for his band if it doesn’t go through. Meanwhile, 400 km... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

By: Henry Lazenby     23rd August 2016 The government of the Bolivarian Republic of Venezuela has been ordered to pay a Russian-owned junior mining company nearly $2.2-billion in compensation and interest for illegally expropriating the company’s assets without compensation in 2011. Following the news, Rusoro Mining’s TSX-V-listed... 

Venezuela ordered to pay $2.17bn to Russian junior for 2011 project expropriation

ConocoPhillips’ JV partner says it has pre-emption right over Senegal assets

By: Mariaan Webb     23rd August 2016 Oil and gas major Woodside’s planned acquisition of exploration assets in Senegal may be challenged by junior explorer FAR, which has a right of pre-emption over the proposed sale. FAR is US energy group ConocoPhillips’s joint venture (JV) partner in the Senegal exploration assets and the company... 

Santos posts half-year loss on impairment, sales up

By: Megan van Wyngaardt     19th August 2016 Oil and gas developer Santos on Friday reported disappointing results, with a first half net loss of $1.1-billion, impacted significantly by an impairment charge for the Gladstone liquefied natural gas (GLNG) project of $1.05-billion after tax and lower oil prices. The company earlier said it was... 

Woodside's half-year profit halves

By: Mariaan Webb     19th August 2016 The profit of Australia’s largest oil and gas producer Woodside halved in the first six months of 2016, weighed down by the lower oil price, but CEO Peter Coleman said on Friday that the group was in a “robust position” to improve its performance into 2017. Net profit after tax plunged to... 

Woodside's half-year profit halves
Woodside CEO Peter Coleman

Santos flags $1bn Gladstone LNG charge on gas supply

By: Bloomberg     15th August 2016 antos will take a $1.05-billion writedown on its Gladstone LNG project due to rising prices for third-party gas supplies and slower-than-expected ramp up of its own equity output to feed the export project. The non-cash charge on the liquefied natural gas (LNG) development in Queensland, which... 

Glencore guiding higher ferrochrome, nickel output

By: Martin Creamer     11th August 2016 Diversified mining and marketing company Glencore on Thursday guided higher 2016 ferrochrome and nickel production – the only two commodities it expects to produce at levels higher than in 2015. Reporting lower half-year production of copper, zinc, lead, coal and oil than in the first six months... 

Glencore guiding higher ferrochrome, nickel output
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

India's government placates opposition, but to auction oil, gas blocks

By: Ajoy K Das     10th August 2016 The Indian government has clarified that oil exploration and production (E&P) companies are eligible to bid in a competitive bidding process for 67 marginal oil- and gasfields. These marginal oil- and gasfields, which were formerly owned by State-owned E&P majors such as ONGC Limited and Oil... 

Suncor expands reach in UK’s North Sea basin

By: Henry Lazenby     9th August 2016 Canadian oil and gas major Suncor Energy will acquire a 30% participating interest in the UK North Sea Rosebank project from international, integrated oil and gas company OMV for an initial payment of $50-million. Subject to conditions, including regulatory approval, subsidiary Suncor Energy UK... 

Suncor expands reach in UK’s North Sea basin

Oil jumps on Opec hopes; dollar firms vs yen

By: Reuters     8th August 2016 The US dollar rallied against the yen on Monday amid firming bets for a US interest rate hike late this year, while oil prices jumped about 3% as speculation grew that Opec would try to restrain output. US equity indexes receded after the S&P 500 and Nasdaq closed at fresh record highs Friday... 

NEB approves southern Ontario TransCanada gas pipeline construction

By: Henry Lazenby     5th August 2016 Canada’s independent energy regulator has approved construction of an 11.7 km natural gas pipeline in Vaughan, Ontario, subject to 19 conditions. TransCanada Pipelines’ Vaughan Mainline expansion project would be integrated into the company’s existing mainline system and its King’s north... 

NEB approves southern Ontario TransCanada gas pipeline construction

Côte d’Ivoire seeking to grow extractive industries’ contribution to GDP

By: Ilan Solomons     5th August 2016 The government of Côte d'Ivoire aims to reduce its dependence on cocoa and coffee by developing the oil, gas and mining sectors, says Extractive Industries Transparency Initiative (EITI) Africa regional coordinator Kjerstin Andreasen. The EITI is a global standard to promote open and accountable... 

Côte d’Ivoire seeking to grow extractive industries’ contribution to GDP
AGBAOU GOLD MINE Exports provide a major source of revenue for Côte d’Ivoire, with the government’s export of 15 000 kg of gold valued at $472-million in 2013

Perth mining event reflects flat investment environment

By: Sebastian Whyle     5th August 2016 The decrease in size and scope of mining investment events, such as Australia’s annual Africa Down Under, is a reflection of the state of the global mining economy and the lack of funding available for the development of projects, South African State-owned minerals processing and metallurgical... 

Perth mining event reflects flat investment environment
Photo by Reuters
FUNDING DROUGHT Investment options for Australian-run mining projects in Africa have largely dried up

Beach Energy sells Qld oil assets

     4th August 2016 ASX-listed Beach Energy will sell its operated oil permit interests within the greater Kenmore-Bodalla area of Queensland’s Cooper basin to a subsidiary of unlisted Australian oil and gas company Bridgeport Energy. “Divestment of the greater Kenmore-Bodalla area oil permits is consistent with our... 

One nook of America’s shale industry is eyeing a big comeback

By: Bloomberg     4th August 2016 Amid the gloom and doom that’s set in all along America’s shale fields these past two years, there has been one small, but consistent, bright spot. Sand, it turns out, is a much greater tool in hydraulic fracking than drillers had understood it to be. Time and again, they’ve found that the more... 

Suncor production adversely affected by wildfires

By: Megan van Wyngaardt     29th July 2016 Calgary-based energy company Suncor's total upstream production in the second quarter decreased to 330 700 barrels of oil equivalent per day (boe/d), compared with 559 900 boe/d in the first quarter of the year, mostly owing to the production shutdown at the company’s Oil Sands and Syncrude... 

Suncor production adversely affected by wildfires

Wildfire causes Athabasca to adjust FY guidance

By: Megan van Wyngaardt     29th July 2016 Significantly impacted on by the wildfire in Fort McMurray, which started in May, Canadian energy company Athabasca Oil has revised its thermal oil division’s full-year production guidance to between 7 500 bbl/d and 8 500 bbl/d. However, the company’s budget remains unchanged at $11-million, with... 

Wildfire causes Athabasca to adjust FY guidance

SacOil says DRC drilling may start in 2017 after positive exploration results

By: Terence Creamer     29th July 2016 South African oil and gas junior SacOil is optimistic that energy major Total could initiate a drilling campaign in 2017 on a resource in the Democratic Republic of Congo (DRC), following positive geophysical exploration results. The French group is the operating partner over the 3... 

 SacOil says DRC drilling may start in 2017 after positive exploration results
SacOil group executive of operations Bradley Cerff

Supercomputers deliver $500m savings in BHP hunt for oil

By: Bloomberg     29th July 2016 Supercomputers that create 3-D seismic maps of BHP Billiton’s oil and gas assets are accelerating work to bring new fields into production and have already notched savings of $500-million in development costs at a project in the Caribbean. The computers are among initiatives aimed at using... 

Supercomputers deliver $500m savings in BHP hunt for oil

Fission outlines two-prong strategy as summer exploration campaign is mounted

By: Simon Rees     28th July 2016 Flying into Fort McMurray, Alberta, evidence of the gargantuan forest fire the region suffered in May stretched for miles around: blackened trees, burnt branches and buildings turned to ash. The blaze occurred during a tough time for the region: low oil prices had led to reduced work in the... 

Fission outlines two-prong strategy as summer exploration campaign is mounted
Photo by Simon Rees
Patterson Lake South, north-west Saskatchewan

Beach reports record quarter, helped by Drillsearch merger

By: Mariaan Webb     28th July 2016 Oil and gas company Beach Energy, which recently merged with Drillsearch, has increased its production by 13% quarter-on-quarter in the June quarter, producing 2.72-million barrels of oil equivalent in the three-month period. The company sold 3.10-million barrels of oil equivalent, a 17% increase... 

Keystone’s death means record oil revival for Canadian railways

By: Bloomberg     27th July 2016 Keystone was the great hope for opening US markets further to Canadian crude. Now that it’s dead, the railways are going to make not just a comeback, but transport more oil than ever before. The Keystone XL pipeline was set to carry heavy Canadian crude south from Hardisty, Alberta’s oil hub,... 

Sherritt’s second-quarter net loss per share widens by 119%

By: Samantha Herbst     26th July 2016 As nickel prices remained under pressure in the three months to June 30, with reference prices averaging $4/lb, TSX-listed diversified miner Sherritt International has reported a 119% wider net loss a share from continuing operations in the second quarter, which translates to a 44% wider net loss... 

Sherritt’s second-quarter net loss per share widens by 119%
Sherritt International's Ambatovy plant

TransCanada pipeline stake said to draw Canada pension interest

By: Bloomberg     26th July 2016 At least two groups that include Canadian pension funds are planning to submit bids this week for a minority stake in TransCanada Corp.’s Mexican pipeline business valued at about $2-billion, people with knowledge of the matter said. Canada Pension Plan Investment Board, Public Sector Pension... 

Falcon makes progress on Beetaloo well programme

By: Megan van Wyngaardt     25th July 2016 Triple-listed energy company Falcon Oil & Gas’s nine-well exploration and appraisal programme in Australia’s Beetaloo basin, running between 2015 and 2018, is progressing as planned, the company announced on Monday. The horizontal section of the Amungee NW-1H well was successfully cased and... 

India to unveil natural gas infrastructure policy

By: Ajoy K Das     25th July 2016 India’s Oil and Natural Gas Ministry will shortly unveil a national liquefied natural gas (LNG) infrastructure and logistic policy, laying down standards, benchmarks and conditions for domestic and foreign LNG project developers. Officials familiar with the framing of the new policy have said... 

Drone technology investment a ‘shot in the arm’ for resources sector

By: Mariaan Webb     25th July 2016 The Queensland government's A$1-million investment in drone technology has been hailed as a “shot in the arm” for the resources sector at large. Queensland Resources Council CEO Michael Roche on Monday described the funding announcement as a “welcome boost” to the adoption of remotely piloted... 

Santos half-year production hits record

By: Mariaan Webb     22nd July 2016 Oil and gas company Santos produced a record 31.1-million barrels of oil equivalent in the first half of 2016 and significantly boosted its sales volumes, but a 29% decrease in the average realised oil price has dented its revenue. Santos increased its production by 10% year-on-year in the first... 

Santos half-year production hits record

Woodside Q2 sales revenue slides despite higher volumes

By: Mariaan Webb     21st July 2016 Lower oil prices have resulted in Australian oil and gas major Woodside reporting an 8.1% year-on-year decrease in sales revenue, despite increasing its production and sales volumes. Woodside produced 22.2-million barrels of oil equivalent in the June quarter, a 10% increase on the 20.1-million... 

Woodside Q2 sales revenue slides despite higher volumes
Woodside CEO Peter Coleman

Indian govt agrees to fund GAIL’s gas pipeline project

By: Ajoy K Das     20th July 2016 Acceding to the demands of gas logistics and transportation major GAIL India Limited, the Indian government has agreed to the funding of $1.82-billion for the construction of a 2 539 km gas pipeline traversing the northern and eastern Indian provinces. GAIL, which had initially been apprehensive... 

BHP aims to grow copper, iron-ore, coal volumes in FY17

By: Mariaan Webb     20th July 2016 Diversified mining group BHP Billiton, which narrowly missed its iron-ore production guidance for the 2016 financial year, aims to grow its copper, iron-ore and metallurgical coal production in the next financial year by focusing on improving its productivity. Reporting on the group’s 2016... 

BHP aims to grow copper, iron-ore, coal volumes in FY17
BHP Billiton CEO Andrew Mackenzie

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms 

By: Martin Creamer     18th July 2016 The Taxation Laws Amendment Bill released on July 8 contains two surprise amendments to mineral royalty taxation on the eve of the Davis Tax Committee’s next mining tax report, which is expected to provide the royalty regime with much needed certainty. The two amendments proposed in the Bill,... 

Tax Bill throws up royalty surprises as Davis Tax Committee mulls broader mining reforms
KPMG tax head Muhammad Saloojee talks to Mining Weekly Online’s Martin Creamer. Photographs: Duane Daws. Video and Video Editing: Nicholas Boyd.

Exxon’s $2.5bn bid for PNG’s InterOil tops Oil Search

By: Bloomberg     18th July 2016 Exxon Mobil is doubling down on Papua New Guinea, topping a rival offer for InterOil, a gas explorer focused on the Southeast Asian nation. The energy giant’s offer values InterOil at $2.5-billion, including debt, beating an earlier bid from Oil Search and Total SA. Exxon already runs Papua New... 

Exxon’s $2.5bn bid for PNG’s InterOil tops Oil Search

Woodside makes $350m Senegal acquisition

By: Creamer Media Reporter      14th July 2016 Australian oil and gas major Woodside on Thursday announced that it would buy US energy group ConocoPhillips’ interests in Senegal for $350-million. Under the purchase and sale agreement, Woodside would buy all the shares in ConocoPhillips Senegal, which held a 35% working interest in a... 

New SEC ruling eases transparency reporting burden on extractive sector

By: Henry Lazenby     12th July 2016 New rules adopted late in June by issuers reporting under the US Securities and Exchange Commission (SEC) held the promise that oil, gas and mining companies operating in Canada, which file annual transparency reports, might now be able to use that same report to meet new US requirements.... 

Australian LNG exports surge 18% to 3.6Mt in June – report

By: Creamer Media Reporter      12th July 2016 Combined exports from Australia’s three liquefied natural gas (LNG) hubs surged 18.5% in June as the country’s LNG plants continued to add to global energy supplies. Total June output climbed to 3.6-million tonnes – an increase of 560 000 t over the May total – with strong contributions from... 

Australian LNG exports surge 18% to 3.6Mt in June – report
The Pluto LNG plant, in Western Australia.
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