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Oil and Gas News

Sundance increases borrowing base

By: Esmarie Iannucci     14th November 2018 ASX-listed Sundance Energy has increased its senior secured borrowing base from $87.5-million to $122.5-million. MD and CEO Eric McCrady said on Wednesday that the company’s pre-existing available liquidity was sufficient to support its development programmes through the second half of 2019,... 

Woodside CEO on east coast gas solutions

By: Esmarie Iannucci     14th November 2018 Australian energy producer Woodside Petroleum has called on Australia’s eastern state governments to revisit their policies in the face of the looming energy crisis. Woodside CEO Peter Coleman said on Wednesday that for the security of gas producers and the customers that they supplied, each... 

SA needs to consider oil underinvestment, variable renewables implications 

14th November 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the possible implications for South Africa of a global underinvestment in oil production, as well as the growing need to introduce flexibility in power markets. 

SA needs to consider oil underinvestment, variable renewables implications
SA needs to consider oil underinvestment, variable renewables implications, says Terence Creamer

Electrifying the world no panacea for global warming, IEA says  

By: Bloomberg     13th November 2018 Driving electric cars and scrapping your natural gas-fired boiler won’t make a dent in global carbon emissions, and may even increase pollution levels. Higher electrification may lead to oil demand peaking by 2030, but any reduction in emissions from the likes of electric vehicles will be offset... 

IEA warns of damaging price spikes if weak oil investment left unchecked 

By: Terence Creamer     13th November 2018 The International Energy Agency (IEA) is cautioning of “damaging price spikes in the 2020s” if the current weak investment in new oil supply is “left unchecked”. The agency states that the average level of new conventional crude oil project approvals over the last three years is only half the... 

IEA warns of damaging price spikes if weak oil investment left unchecked

Senex awards Roma North LNG infrastructure contract

By: Esmarie Iannucci     12th November 2018 ASX-listed Senex Energy has awarded the contract to build critical infrastructure for the development of the Roma North natural gas project, in Queensland, to Wasco. The contract includes the construction of the gas processing facility and a 6 km transportation pipeline to infrastructure... 

India’s Petroleum, Natural Gas Ministry to overrule ONGC on small oil, gas fields

By: Ajoy K Das     12th November 2018 ndications are emerging that the Indian government will take away oil and gas, small discovered fields (DSF) from ONGC and put them up for auction to private investors, overruling opposition from the State-run exploration and production (E&P) major. In a move that a section claims to be... 

Burrup Hub concept comes to life with Browse and Chevron agreements

By: Esmarie Iannucci     8th November 2018 The partners in the North West Shelf joint venture (JV), in Western Australia, have reached non-binding preliminary agreements with the Browse JV and US energy major Chevron for the processing of offshore gas resources through the North West Shelf facilities. Woodside is the operator of the... 

BHP acquires two Canadian oil licences

By: Esmarie Iannucci     8th November 2018 Mining major BHP has acquired two exploration licences in the offshore Orphan basin, in Eastern Canada. The miner on Thursday reported that it had been successful in its bid to acquire a 100% participating interest and ownership of blocks 8 and 12 in the Orphan basin, giving BHP the opportunity... 

BHP acquires two Canadian oil licences

APA takeover ‘contrary to national interest’ - Treasurer

By: Esmarie Iannucci     7th November 2018 Federal Treasurer Josh Frydenberg on Wednesday said that a A$13-billion takeover of infrastructure group APA Group by a consortium led by CK Infrastructure Holdings, was “contrary to the national interest”. The Treasurer is expected to make a final decision on the A$11 a share offer, which was... 

Rosneft says Qatari fund to pay €3.7bn for Rosneft stake

By: Reuters     6th November 2018 Russian oil giant Rosneft said on Tuesday that the Qatar Investment Authority sovereign wealth fund would pay around €3.7-billion for a half of a 14.16% stake in the company. The QIA would become the third-largest Rosneft shareholder as a result of the deal after the Russian government and... 

Franco-Nevada reports Q3 results

By: Creamer Media Reporter      6th November 2018 Precious metals royalty and streaming firm Franco-Nevada on Monday reported lower adjusted third-quarter net income of $54.6-million, or $0.29 a share, on relatively flat revenue of $170.6-million. The Toronto-headquartered company’s adjusted net income for the September quarter compares with... 

APLNG and QCLNG agree to share infrastructure; announce supply deal

By: Esmarie Iannucci     5th November 2018 The Australia Pacific Liquefied Natural Gas (APLNG) project partners have struck a deal with Queensland Curtis Liquefied Natural Gas (QCLNG) over long-term infrastructure sharing agreements between the two projects. Under the tolling agreements, the QCLNG project will be able to transport and... 

APLNG and QCLNG agree to share infrastructure; announce supply deal

Australia's Invictus says it has not found oil and gas deposits in Zimbabwe

By: Reuters     2nd November 2018 Australian-listed Invictus Energy said on Friday it had not found oil and gas deposits in northern Zimbabwe but there were indications of a "working petroleum system" which could only be confirmed by a planned exploration well. President Emmerson Mnangagwa told reporters on Thursday that Invictus... 

Industry warns Frydenburg to tread carefully in PRRT review

By: Esmarie Iannucci     2nd November 2018 The Australian Petroleum Production and Exploration Association (Appea) has warned that the commonwealth government’s changes to the Petroleum Resources Rent Tax (PRRT) should be assessed carefully. Treasurer Josh Frydenburg on Friday released its final response to a 2016 review of the PRRT,... 

Industry warns Frydenburg to tread carefully in PRRT review

Queensland releases more land for gas exploration

By: Esmarie Iannucci     2nd November 2018 The Queensland government has released more than 6 600 km2 of unexplored land for gas exploration, with more than 900 km2 of the acreage set aside to supply the Australian market only. Natural Resources, Mines and Energy Minister Dr Anthony Lynham has extended an invitationt to companies to bid... 

Portable workshop solution usable for new mines

By: Thabi Madiba     2nd November 2018 The CXT Explorer is a mobile field workshop that can be used when prospecting in the mining industry, says crane manufacturer Konecranes South Africa service, sales and marketing director John MacDonald. The Finland-developed CXT Explorer – a combination of a 6.3 t mobile overhead crane,... 

Portable workshop solution  usable for new mines
BULKY The CXT Explorer is used as an outside field workshop set-up

Encana to acquire shale oil producer Newfield for $5.5bn

By: Bloomberg     1st November 2018 After years of slimming down its oil and gas holdings, Canada’s Encana is reversing course with a $5.5-billion acquisition of a US shale producer in what will be the company’s biggest-ever deal. Encana agreed to purchase Newfield Exploration, which will give it positions in the Stack and Scoop... 

Santos continues Southern Amadeus farm-in

By: Esmarie Iannucci     31st October 2018 Oil and gas major Santos has informed fellow listed Central Petroleum that it would proceed with Stage 3 of the Southern Amadeus farm-in, after completing seismic works as part of the Stage 2 farm-in. Following the Stage 3 investment, Santos’ share in the EP112 permit will increase to 70%.  

India extends Vedanta’s contract for Rajasthan oil, gas fields

By: Ajoy K Das     30th October 2018 The Indian government has granted a ten-year extension to Vedanta’s contract for exploration and production at the Barmer oil and gas block in the central state of Rajasthan, possibly signalling the end of litigation between the company and government. "The government, acting through the... 

Beach reports solid start to 2019

By: Esmarie Iannucci     29th October 2018 Oil and gas producer Beach Energy has reported a 7% increase in production and a 9% increase in sales volumes for the three months to September, compared with the previous quarter, driving revenues to A$514-million. Production in the September quarter reached 7.76-million barrels of oil... 

Senex sanctions work programmes for Surat basin projects

By: Esmarie Iannucci     29th October 2018 The board of ASX-listed Senex Energy has approved a capital spend of between A$220-million and A$250-million to develop its Project Atlas and Roma North natural gas projects, in the Surat basin. The multi-year work programmes were approved following the financial close of a A$150-million debt... 

Senex sanctions work programmes for Surat basin projects

Manufacturer and marketer working hand in hand

26th October 2018 Integrated chemicals and petrochemicals company Sasol and multifunctional distribution company Helm have entered into a long-term marketing agreement for ethylene glycols. The agreement between Sasol and Helm will come into effect upon the start-up of Sasol's new ethylene oxide and ethylene... 

Manufacturer and marketer working hand in hand
MARKETING THE MARKET Sasol and Helm will together market the products of the Ethylene cracker

Sasol Lake Charles – a picture worth $11.13-billion

By: Halima Frost     26th October 2018 Petrochemicals and chemicals company Sasol has invested billions of dollars in the Lake Charles Chemical Projects, in the US, which entails a steam cracking plant, and ethylene oxide and ethylene glycol storage and piping facilities for the product and its derivatives. Specialized storage... 

Sasol Lake Charles  – a picture worth $11.13-billion
ETHYLENE OXIDE & GLYCOL Units being installed on site

Lake Charles on track and within budget

By: Halima Frost     26th October 2018 Next year will be a defining year for petrochemicals and chemicals company Sasol, with the start-up of its Lake Charles Chemical Project (LCCP), in the US, which is earmarked as a catalyst for transforming Sasol’s earnings profile. In its 2018 annual results, Sasol announced that it had achieved... 

Lake Charles on track and  within budget
BOILING POINT The Lake Charles boiler facility has produced first steam

Strike Energy raises A$13m

By: Esmarie Iannucci     24th October 2018 ASX-listed Strike Energy has received binding commitments from institutional and professional investors to successfully raise A$13-million through a share placement. More than 113-million shares will be issued at a price of 11.5c each under the company’s existing placement capacity. 

India receives $822m investment commitment in first round of oil, gas block auction

By: Ajoy K Das     24th October 2018 India has received an investment commitment of $822-million in oil and gas exploration through agreements with successful bidders of 55 oil and gas blocks at the recently concluded maiden auction under Open Acreage Licensing Policy (OALP). Of the 55 blocks, Anil Agarwal-controlled Vedanta bagged... 

US Justice Dept demands details from Glencore on intermediary firms – sources

By: Reuters     23rd October 2018 The US Department of Justice is seeking documents from Glencore about intermediary companies that the commodities firm has worked with in the Democratic Republic of Congo, Venezuela and Nigeria, sources familiar with the matter said. The investigation is not directed at Glencore's own activities... 

Ichthys ships first LNG to Japan

By: Esmarie Iannucci     23rd October 2018 The Ichthys liquefied natural gas (LNG) has shipped its first LNG from its onshore gas liquefaction plant in Darwin, in the Northern Territory. Operator Inpex on Tuesday said that the first shipment of LNG was destined for the Inpex-operated Naoetsu LNG terminal in Japan, and followed the first... 

Ichthys ships first LNG to Japan

Glencore CEO said to tell investors he'll retire in 3 to 5 years  

By: Bloomberg     22nd October 2018 Ivan Glasenberg, who built Glencore into a dominant force in commodities trading and became the face of the industry, told investors he plans to retire in three to five years, according to people familiar with the matter. Glasenberg discussed his succession plan in recent meetings and said he has... 

Glencore CEO said to tell investors he'll retire in 3 to 5 years
Photo by Bloomberg
Glencore CEO Ivan Glasenberg

Strike bids for Perth basin explorer UIL

By: Esmarie Iannucci     22nd October 2018 Oil and gas explorer Strike Energy has inked a takeover implementation deed with fellow-listed UIL Energy, offering that company’s shareholders 0.485 Strike shares for every UIL share held. The UIL board has unanimously recommended that shareholders accept the offer in the absence of a superior... 

Sales and production soar at Woodside

By: Esmarie Iannucci     18th October 2018 Australia’s Woodside Petroleum has seen an increase in both production and sales revenues for the third quarter, as its Wheatstone liquefied natural gas (LNG) project continued to contribute strongly to operations. “Production at Wheatstone LNG continued ahead of plan, underpinning a 13.8% rise... 

Santos revenue jumps on higher oil price, volume growth

By: Esmarie Iannucci     18th October 2018 Oil and gas major Santos has reported a 6% increase in production during the third quarter ended September, while sales revenue increased by 10%. “Santos’ third-quarter results serve to highlight the benefits of a cash generative core asset portfolio and our low-cost, disciplined operating... 

China swoops in on Canadian oil that's $50 below US crude

By: Bloomberg     11th October 2018 Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60% cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because – apart from being a source of fuel – it’s... 

Opec sees weaker demand for its crude next year as rivals surge

By: Bloomberg     11th October 2018 Opec is under intense pressure right now from consumers to ease prices by pumping more crude, but for 2019 it sees a more doubtful picture. The cartel cut its estimate for global demand for its crude next year due to weakening economic growth and higher output from rivals, notably US shale... 

Plea for govt to awaken to massive economic potential of mining  

By: Martin Creamer     10th October 2018 A plea for the government to awaken to the massive real potential of the South African mining sector was made on Wednesday by Eunomix CEO Claude Baissac, who decried the disincentivising of South African mining over the past 20 years as an inexplicable paradox and a massive mineral policy... 

Plea for govt to awaken to massive economic potential of mining
Eunomix CEO Claude Baissac talks to Mining Weekly Online’s Martin Creamer on South Africa’s massive mining opportunity loss. Video, Video Editing and Photographs: Christo Greyling.

Shell to drill 250 new wells at Queensland venture

By: Esmarie Iannucci     10th October 2018 Energy major Shell has announced plans to produce more gas from its QGC joint venture, in the Western Downs region of Queensland. Under the Goog-a-binge project, Shell will progressively drill 250 new wells during 2019 and 2020, which will connect the existing QGC gas processing plants and bring... 

Shell to drill 250 new wells at Queensland venture

IEA urges Opec to open the taps as oil market enters 'red zone'

By: Bloomberg     9th October 2018 The International Energy Agency made a direct appeal to Opec and other major oil producers to boost output, warning that prices are inflicting damage on the global economy. “We should all see the risky situation, the oil markets are entering the red zone,” IEA executive director Fatih Birol said... 

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