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Oil and Gas News

Local downstream oil investments, across Atlantic gold prospects and rail derailments make headlines 

14th August 2018 Glencore’s local downstream oil investments are expected to be concluded in the near future, Rangold Resources is looking across the Atlantic along the northern edge of South America for new prospects, and Transnet has derailed its reputation by allowing derailments and rail cancellations on its... 

Western Surat gas project receives final enviro nod

By: Esmarie Swanepoel     14th August 2018 ASX-listed Senex Energy has been given commonwealth environmental approval for its Western Surat gas project, bringing the project one step closer to development. Along with the previously granted state environmental approvals and petroleum lease, Senex has received all primary approvals to... 

Threat of contagion in emerging markets deepens commodity risk

By: Bloomberg     13th August 2018 When Thailand devalued its currency two decades ago, few in global commodity markets took note. Within a year, the crisis morphed into an emerging-market rout that eviscerated the price of everything from crude oil to copper. Fast forward to today and Turkey is presenting a similar challenge. The... 

Santos expands drilling in Cooper basin

By: Esmarie Swanepoel     13th August 2018 Oil and gas major Santos has started operation of a fourth rig in the Cooper Basin, as part of a drive to produce more natural gas to supply the east coast domestic market. The company on Monday said that the rig will drill eight wells by the end of this year, starting with the Big Lake field,... 

Aurora walks away from Molopo Energy

By: Esmarie Swanepoel     10th August 2018 Suitor Aurora Funds Management has withdrawn its takeover bid for ASX-listed Molopo Energy, saying the company had made a number of transactions that are considered to be defeating conditions of the bid. The transactions saw Molopo not only take full ownership of the Orient oil and gas project,... 

Glencore closing in on oil deal, transacting with Eskom

By: Martin Creamer     8th August 2018 The local downstream oil investments of diversified mining and marketing company Glencore are expected to be concluded in the near future. Talking during a media conference after the Johannesburg- and London-listed company posted outstanding half-year results that won analyst applause, Glencore... 

Glencore closing in on oil deal, transacting with Eskom
Photo by Creamer Media
Glencore CEO Ivan Glasenberg

Santos taps possible PNG LNG source

By: Esmarie Swanepoel     8th August 2018 Australian oil and gas major Santos on Wednesday reported that drilling at its Barikewa-3 well, in Papua New Guinea (PNG), has confirmed that there was significant natural gas resource close to the PNG liquefied natural gas (LNG) project infrastructure, which could still be developed. The well... 

Rosneft more than triples Q2 net profit, shares hit record

By: Reuters     7th August 2018 Russia's largest oil producer Rosneft said on Tuesday its second-quarter net profit more than tripled to 228-billion roubles on higher production and prices, pushing its shares to an all-time peak. Rosneft, in which Qatar is set to become the third-largest shareholder after the Russian state and... 

Continental Resources inks deal with mineral royalty manager

By: Reuters     7th August 2018 Shale oil producer Continental Resources said on Monday that it formed a subsidiary to manage mineral royalties with Franco-Nevada Corp, part of Continental's plan to diversify revenue sources. Mineral rights are often less-risky investments than drilling wells, which can carry large... 

Great Australian Bight holds a treasure trove for South Australia

By: Esmarie Swanepoel     6th August 2018 A new study by the Australian Petroleum Production and Exploration Association (Appea) has found that successful oil exploration in the Great Australian Bight could see the creation of more than 2 000 jobs in South Australia and generate over A$7-billion a year in average tax revenue to federal... 

Great Australian Bight holds a treasure trove for South Australia

Rising oil prices threaten to erode mining sector's profitability

By: Reuters     6th August 2018 Rising oil prices are the latest challenge to the mining sector's profitability, threatening to eclipse hard-fought efficiency gains during the past two years and increasing metals demand. Miners use heavy fuel oil to generate electricity at remote sites; they also use it for transport, with... 

Rising oil prices threaten to erode mining sector's profitability

Gas industry pushes for further easing of restrictions to boost supply

By: Esmarie Swanepoel     2nd August 2018 The resources industry has called for a further easing of restrictions on the gas industry to ensure the development of more supply, according to the Australian Competition and Consumer Commission’s (ACCC’s) latest Gas Market Inquiry report. The ACCC said on Thursday that while conditions on the... 

Gas industry pushes for further easing of restrictions to boost supply

CSIRO starts gas monitoring in NT

By: Esmarie Swanepoel     1st August 2018 The Australian Petroleum Production and Exploration Association (Appea) has welcomed an announcement by the Northern Territory government that the Commonwealth Scientific and Industrial Research Organisation (CSIRO) has started work to monitor landscape methane concentrations in the Beetaloo... 

Oil Search restarts Agogo

By: Esmarie Swanepoel     1st August 2018 ASX-listed Oil Search on Wednesday told shareholders that the Agogo production facility, in Papua New Guinea, has resumed operations following repair works necessitated by an earthquake in February. With the restart of the Agogo facility, all of the Oil Search-operated facilities are now on line. 

Senex secures A$150m for project development

By: Esmarie Swanepoel     31st July 2018 ASX-listed Senex Energy has entered into a fully underwritten A$150-million debt facility to fund the development of its east coast gas projects and Cooper Basin assets. The debt facility includes a A$125-million senior secured reserve based lending facility with a seven-year tenor and... 

Senex secures A$150m for project development

APLNG supports Origin earnings

By: Esmarie Swanepoel     31st July 2018 The Australia Pacific liquefied natural gas (APLGN) project has driven production and revenues for ASX-listed Origin Energy during the three months to June. “APLNG continues to perform well and is making an increasingly important contribution to Origin,” CEO Frank Calabria said on Tuesday. 

India to shift to revenue sharing contracts at oilfields auction next month

By: Ajoy K Das     30th July 2018 KIndia will usher in a shift to revenue-sharing contracts and scrap production sharing contracts (PSCs) when the government auctions 60 discovered small oilfields next month. The government will put up for auction 22 fields owned by national oil exploration and production (E&P) major ONGC, five... 

Oando financials thrive on back of high-demand, low-supply oil environment

By: Marleny Arnoldi     27th July 2018 JSE-listed Nigerian energy group Oando reported a solid financial footing for the first half of the year on the back of higher oil prices as a direct consequence of increasing demand and lower supply. Higher oil prices, and the resolution of joint venture funding challenges with the Nigerian... 

Will BHP's CEO follow top miner's shale unit out of the door?

By: Bloomberg     27th July 2018 BHP Billiton’s $10.8-billion of deals to exit its troubled US shale unit will allow CEO Andrew Mackenzie to shower investors with returns. It may also be a chance for him to bow out on top. Mackenzie, 61, who’s held his post since 2013, has delivered on plans to simplify BHP around a tighter... 

Will BHP's CEO follow top miner's shale unit out of the door?
Andrew Mackenzie

BHP sells onshore US assets for $10.8bn

By: Esmarie Swanepoel     27th July 2018 Mining major BHP has struck deals to divest of its onshore US oil and gas assets for $10.8-billion in cash. BP American Production Company, a subsidiary of energy major British Petroleum (BP), has agreed to acquire all of the issued share capital of Petrohawk Energy Corporation, which holds the... 

BHP sells onshore US assets for $10.8bn

Company meets stringent fire and explosives safety requirements

By: Donald Makhafola     27th July 2018 The increasing demand for strict fire and explosion protection in the hazardous areas of mining has led specialist manufacturer and designer of flameproof diesel engine systems Elgin Flameproofing to introduce the new Elgin 112TR tow tractor model for underground coal mining applications. The... 

Company meets stringent fire and explosives  safety requirements
MODIFIED The newly modified Elgin 112TR flameproofed tractor was officially launched in May

Europe to become 'massive' buyer of US LNG, Trump says

By: Bloomberg     25th July 2018 Europe will build more terminals to import US liquefied natural gas, the head of the European Commission told US President Donald Trump during a meeting aimed at averting a transatlantic trade war. “They want very much to do that, and we have plenty of it,” Trump said, referring to the US shale... 

Commodity price volatility will prevail as long as trade war threats prevail – BMI

By: Marleny Arnoldi     20th July 2018 Research firm BMI says most commodity prices will remain neutral on a three-month horizon, with the exception of oil prices which it expects to increase. Commodity prices performed poorly over June and July, but BMI believes the downside is limited for now as the drop in sentiment overshot... 

Electricity interruptions impact on Sasol’s FY18 production performance

By: Marleny Arnoldi     20th July 2018 Several unplanned electricity supply interruptions and two internal outages at its Secunda synfuels operations, resulted in lower production volumes for petrochemicals group Sasol for the financial year ended June 30. In a trading update published on Friday, the company said its earnings before... 

PNG LNG signs mid-term offtake

By: Esmarie Swanepoel     20th July 2018 The Papua New Guinea liquefied natural gas (PNGG LNG) project partners have entered into a mid-term LNG sale and purchase agreement with Hong Kong-based PetroChina International Corporation. Under the agreement, the PNG LNG project will supply some 0.45-million tonnes of LNG a year over a... 

Commodity contagion spreads as raw material crash threatens calm

By: Bloomberg     19th July 2018 Don’t be fooled by the relative calm across financial markets: The inputs in the global supply chain are flashing warning signs. Commodities have tumbled into correction territory Thursday, sliding again in the face of the resurgent dollar and lingering global trade tensions. Among the recent... 

M&R awarded R4bn of projects in Australasia

By: Marleny Arnoldi     19th July 2018 JSE-listed engineering and construction group Murray & Roberts (M&R) has been awarded new projects to the value of R4-billion, to be delivered over the next two years. These awards include projects to be undertaken by M&R’s oil and gas platform in the metals and minerals market in Australasia,... 

Metgasco turns to Mexican Gulf

By: Esmarie Swanepoel     19th July 2018 ASX-listed Metgasco has entered into an agreement with fellow listed Byron Energy to farm-in to the South Marsh Island block, in the Gulf of Mexico. Metgasco will gain a 30% interest in the project through funding 40% of the cost of an initial test well to casing point, as well as certain... 

Woodside production on the up

By: Esmarie Swanepoel     19th July 2018 ASX-listed Woodside Petroleum has reported increased production with the start of the second liquefied natural gas (LNG) train from the Chevron-operated Wheatstone operation. Production during the three months to June reached 22-million barrels of oil equivalent, up from the 20.7-million barrels... 

Higher prices drive Santos revenue

By: Esmarie Swanepoel     19th July 2018 Oil and gas major Santos has reported a 16% increase in sales revenue for the first half of 2018, compared with the previous corresponding period, on the back of stronger commodity prices and higher oil sales. Santos on Thursday reported that production during the first half of the year declined... 

Greece shortlists Glencore, Vitol in Hellenic Petroleum majority stake sale

By: Reuters     18th July 2018 Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday. Athens last month received five expressions of interest for a 50.1% stake that Greece and... 

BHP beats production expectations; warns of $650m Samarco charge

By: Esmarie Swanepoel     18th July 2018 Diversified giant BHP on Wednesday announced that the company had met or exceeded the production expectations for its commodities during the 2018 financial year, but warned of a $650-million financial impact related to the Samarco dam failure, in Brazil. “We have delivered a strong finish to the... 

BHP beats production expectations; warns of $650m Samarco charge
BHP CEO Andrew Mackenzie

Total’s acquisition of Engie LNG portfolio closes

By: Marleny Arnoldi     13th July 2018 Petroleum giant Total’s acquisition of Engie’s portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.5-billion, has closed.  

Joburg to host ‘safe drilling’ event this month

By: Nadine James     13th July 2018 The DrillSafe initiative will host its inaugural Drill Safe Drill Rig & Safety Innovation Forum at the Glen Hove Conference Centre, in Johannesburg, on July 20.  The forum will explore innovations in to drilling equipment and the exploration work environment, explains DrillSafe founder and Colin... 

Joburg to host ‘safe drilling’ event this month
Photo by Creamer Media
SAFETY IS PARAMOUNT Colin Rice notes that almost every accident in an exploration drilling environment is related to human error

World's oil cushion could be stretched to the limit, IEA warns

By: Reuters     12th July 2018 The world's oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency (IEA) said on Thursday. The expected drop in Iranian crude exports this year due to renewed US sanctions, coupled with a... 

World's oil cushion could be stretched to the limit, IEA warns

Shell ramps up in Kitimat, raising Canada’s C$40bn LNG hopes

By: Bloomberg     9th July 2018 A flurry of activity in a remote Canadian town is raising optimism that Royal Dutch Shell and its partners are ready to go ahead with the nation’s largest infrastructure project: a C$40-billion liquefied natural gas terminal that could at last unlock energy exports to Asia. The action is... 

Shell ramps up in Kitimat, raising Canada’s C$40bn LNG hopes

ONGC’s Iran investment plans hit by India-US dialogue

By: Ajoy K Das     9th July 2018 Indian national oil exploration and production major ONGC Limited’s protracted investment plans in Iran were receding further into the realm of uncertainty ahead of the upcoming India-US bilateral meeting. A resolution for ONGC, which has inched closer to finalising an agreement with Iran on a... 

BP is front-runner to buy BHP's US shale unit

By: Bloomberg     8th July 2018 BP has emerged as the front-runner to buy BHP Billiton’s onshore oil and gas operations in the US, according to a person familiar with the matter. The London-based oil major has made the highest offer for the assets, which BHP prefers selling in a single package, said the person, who asked to... 

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