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Oil and Gas News

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... 

Technology cost assumptions used to produce IRP explained 

By: Terence Creamer     9th October 2018 An experienced electricity system modeller has corrected a suggestion that the draft 2018 Integrated Resource Plan (IRP 2018) uses levelised cost assumptions for the various generation technologies tested, explaining that overnight capital cost assumptions for each technology are key inputs. The... 

Technology cost assumptions used to produce IRP explained

Chinese delegation to witness proudly South African logging system 

By: Martin Creamer     8th October 2018 The high-ranking delegation from China, which is due to arrive in South Africa next Monday to undertake a three-week study of South Africa’s globally recognised mineral reporting codes, will be given insight during their visit into a South African borehole logging system that is poised to go... 

Chinese delegation to witness proudly South African logging system
Samcodes Standards Committee chairperson Matt Mullins interviewed by Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd. Photographs: Dylan Slater.

Technologies listed in IRP may be used as ‘proxies’ for equivalent solutions

By: Terence Creamer     5th October 2018 The Department of Energy (DoE) may consider using the generation technologies listed in the Integrated Resource Plan (IRP) as “proxies” for other technologies that are able to deliver an equivalent solution to the power system at the same cost. Speaking at a stakeholder workshop hosted by the... 

Technologies listed in IRP may be used as ‘proxies’ for equivalent solutions
Department of Energy chief director Jacob Mbele

Beach sells 40% in Victorian Otway for A$344m

By: Esmarie Iannucci     5th October 2018 Australian energy company Beach Energy has struck a deal with O.G Energy to sell 40% of its Victorian Otway assets for A$344-million in cash. The Otway parcel includes the Otway gas plant, the existing Geographe, Thylacine, Hallandale, Speculant and Black Watch gas fields, as well as exploration... 

Beach sells 40% in Victorian Otway for A$344m

North Africa’s overreliance on hydrocarbons under the spotlight at Uneca-convened meeting

By: Nadine James     5th October 2018 The United Nations Economic Commission for Africa (Uneca) office in North Africa initiated an expert group meeting in Morocco last week, to tackle North Africa’s overreliance on hydrocarbons and its policy environment under the theme: “Quality of institutions and structural transformation:... 

Fresh blow for emerging markets as rising oil hits importers

By: Bloomberg     4th October 2018 For years, higher oil prices have stoked gains in emerging-market currencies. But now, Brent crude’s rally to a four-year high is beginning to hurt them. Crude-oil futures rose above $85 a barrel this week for the first time since 2014 as concern about shrinking Iranian exports outweighed higher... 

Shell LNG, trade deal no help to stalled Trans Mountain pipeline

By: Bloomberg     4th October 2018 Royal Dutch Shell’s commitment to invest in the largest private-sector project in Canada’s history and a new trade deal with the US and Mexico show the country is open for business again. But neither are likely to help Trans Mountain, the troubled oil pipeline project that has epitomized the... 

Shell LNG, trade deal no help to stalled Trans Mountain pipeline

Russia to maintain dialogue with oil producers – Putin

By: Reuters     3rd October 2018 Russia will maintain its dialogue with global oil producers in order to keep oil markets balanced, Russian President Vladimir Putin said on Wednesday. He also said, at the Russian Energy Week forum in Moscow, that Russia will strengthen its position in Asian coal markets amid steadily rising... 

Trudeau backs LNG Canada against threat of steel duties

By: Bloomberg     3rd October 2018 Prime Minister Justin Trudeau assured Royal Dutch Shell’s newly sanctioned $31-billion liquefied natural gas project that it won’t be hindered by trade barriers such as steel import duties. “Trade barriers won’t be an impediment to moving forward on this project," Trudeau told a news conference... 

Trudeau backs LNG Canada against threat of steel duties
Prime Minister Justin Trudeau

Chinese delegation to study South Africa’s mineral codes

By: Martin Creamer     2nd October 2018 South Africa’s meticulous set of mineral reporting codes has succeeded in attracting a high-ranking Chinese delegation from the Mineral Resources and Reserves Evaluation Centre of the Ministry of Land and Natural Resources (MRREC) in Beijing. South Africa’s Samcodes Standards Committee (SSC) will... 

Chinese delegation to study South Africa’s mineral codes
Photo by Creamer Media
Samcodes Standards Committee chairperson Matt Mullins

Shell, partners approve C$40bn project to speed gas to Asia

By: Bloomberg     1st October 2018 Royal Dutch Shell and its four partners have agreed to invest in a multibillion-dollar liquefied natural gas project in western Canada – the largest new one of its kind in years that would carve out the fastest route to Asia for North American gas. LNG Canada – comprised of Shell, Malaysia’s... 

Glencore backs $1bn acquisition of Chevron South Africa by black-owned consortium

By: Terence Creamer     28th September 2018 Black economic empowerment (BEE) consortium Off The Shelf Investments (OTS) confirmed on Friday that it had acquired Chevron South Africa (CSA) in a deal valued at $1-billion and financed by its technical and financial adviser, Glencore. CSA, which owns the Chevron refinery in Cape Town and the... 

Glencore backs $1bn acquisition of Chevron South Africa by black-owned consortium
The Chevron refinery in Cape Town

Venezuela, Iran uncertainties push back ONGC Videsh listing plans

By: Ajoy K Das     28th September 2018 Uncertainties over its assets in Venezuela and Iranian projects will push back the listing of ONGC Videsh. The wholly owned overseas investment arm of Indian national oil exploration and production (E&P) major, ONGC Limited has maintained that with its ventures in Venezuela and Iran in a limbo,... 

Solidarity says Sasol’s Khanyisa in breach of Mining Charter 3

By: Marleny Arnoldi     27th September 2018 Trade union Solidarity is of the view that petrochemicals giant Sasol now finds itself on the wrong side of Mining Charter 3, which was gazetted this week. According to the charter, employees must share in company shareholding and all employees must benefit from employee share ownership plans.... 

Solidarity says Sasol’s Khanyisa in breach of Mining Charter 3

Santos aims to double production by 2025

By: Creamer Media Reporter      26th September 2018 Australian oil and gas major Santos on Wednesday outlined its plans to grow production to more than 100-million barrels of oil equivalent (mmboe) by 2025, almost doubling current levels of production. MD and CEO Kevin Gallagher said the successful delivery of the ‘transform-build-grow’ strategy... 

Opec will balance oil markets, but spare capacity limited – Nigerian official

By: Reuters     26th September 2018 The Organization of the Petroleum Exporting Countries (Opec) will act to balance the market after oil prices hit their highest in four years, but its options may be limited by available spare capacity, a Nigerian oil industry official said on Wednesday. "It's obvious that if you have high prices... 

Queensland fires up for gas supply challenge

By: Creamer Media Reporter      26th September 2018 More explorers are on the hunt across Queensland for gas for the hungry Australian market. Natural Resources, Mines and Energy Minister Dr Anthony Lynham on Tuesday announced that four companies would soon start exploring more than 6 600 km2 for more gas for local use, as well as export dollars. 

Queensland fires up for gas supply challenge

Ramaphosa moves to revitalise mining, create certainty

By: Martin Creamer     21st September 2018 It is imperative that South Africa restores investment and exploration levels in the mining sector as mining and mineral beneficiation activities have significant potential to drive long term growth, exports and job growth, President Cyril Ramaphosa said in his economic stimulus and recovery plan... 

Ramaphosa moves to revitalise mining, create certainty
President Cyril Ramaphosa

Goldman backs commodities as trade war fury now met with shrugs

By: Bloomberg     21st September 2018 Commodity bull Goldman Sachs Group says raw materials are poised to gain into the end of the year as investors have now become used to trade-war tensions, growth in top economies remains strong, and consumers who’d put off purchases in recent months start buying again. Copper jumped. “This week... 

Paramount founder Clayton Riddell dies

By: Creamer Media Reporter      17th September 2018 Founder and chairperson of Canadian natural gas resources firm Paramount Resources, Clayton Riddell, has died at 81. An icon of the Canadian oil patch, Riddell was a fervent advocate for the responsible development of Canada's natural resources and he epitomised the entrepreneurial spirit, the... 

Australian pumps maker targeting Africa

By: Halima Frost     14th September 2018 Industrial equipment supplier Australian Pump Industries, better known as Aussie Pumps, is making inroads in the African market following a recent partnership with English oil group Tullow. Aussie Pumps supplied six Mine Boss 4” trash pumps to the northern Kenyan territories – bordering on... 

Australian pumps  maker targeting Africa
MAKHULU BOSS Aussie Pumps’ heavy duty 4” Mine Boss handles northern Kenya’s tough African conditions

GAIL to expand natural gas pipeline capacity by 50% over next three years

By: Ajoy K Das     12th September 2018 Having warded off the possibility of the company being split up, State-run natural gas marketer and logistic service provider GAIL India has firmed up plans to expand its gas pipeline network. GAIL will add 5 500 km of pipeline network to its existing 11 400 km, over the next three years, to... 

ACCC gives green light for A$13bn APA takeover

By: Esmarie Iannucci     12th September 2018 The Australian Competition and Consumer Commission (ACCC) on Wednesday said that it would not oppose A$13-billion takeover of infrastructure group APA Group. The directors of the company in August unanimously recommended the A$11 a share takeover offer from a consortium led by CK Infrastructure... 

Further Australian LNG projects needed to keep prices in check

By: Esmarie Iannucci     12th September 2018 New Australian liquefied natural gas (LNG) supplies will have to come on line by 2028 in order to forestall a shortage, advisory firm Wood Mackenzie (WoodMac) has forecast. “The Queensland LNG export projects have shattered the east coast’s ‘cheap gas forever’ mentality,” WoodMac director for... 

Further Australian LNG projects needed to keep prices in check

Cleveland-sized mine signals the path for an oil-sands revival

By: Bloomberg     12th September 2018 A colossal Canadian oil-sands project may be showing the way forward for an industry many thought would never see new investments. In a forest clearing roughly the size of Cleveland, building-sized trucks dump tons of oily soil into a massive crushing facility, while conveyors move the dirt on... 

Cleveland-sized mine signals the path for an oil-sands revival

Afrox achieves double-digit HEPS growth amid subdued economic environment 

By: Simone Liedtke     10th September 2018 Despite low economic growth in the six months to June 30, JSE-listed African Oxygen (Afrox) achieved double-digit growth in its headline earnings per share (HEPS) to 104c, representing an increase of 11.5% from the HEPS of 93.3c recorded for the six months to June 30, 2017. Referring to the... 

Afrox achieves double-digit HEPS growth amid subdued economic environment
African Oxygen (Afrox) MD Schalk Venter speaks to Engineering News Online about the company’s interim results, and upcoming investment plans. Video & Editing: Darlene Creamer

Congo mining revenues triple in H1; oil revenues fall by a third

By: Reuters     10th September 2018 Democratic Republic of Congo's revenues from its mining sector nearly tripled in the first half of 2018 over the same period last year to $864.61-million, the finance ministry said. Revenues from the hydrocarbons sector, however, declined by a third to $67.75-million, the ministry said in a... 

Santos signs new gas deal with Visy

By: Esmarie Iannucci     10th September 2018 Oil and gas producer has entered into a new gas supply agreement with packaging specialist Visy to supply wholesale gas for its New South Wales operations. The agreement starts on 1 January 2019 and was awarded following a competitive process. 

Glencore completes sale of Rosneft stake to Qatar

By: Marleny Arnoldi     7th September 2018 Global diversified miner Glencore has completed the sale of its 14.16% stake in Russian integrated energy company Rosneft to a wholly-owned subsidiary of Qatar Investment Fund (QIA) for €3.7-billion. Glencore now holds a direct equity stake in Rosneft of 0.57% and QIA holds a direct equity... 

Santos completes divestment of noncore assets

By: Esmarie Iannucci     7th September 2018 Oil and gas major Santos has completed the $221-million sale of its non-core Asian portfolio of assets to Ophir Energy. The deal was struck in May of this year, and would see Santos divest of its 31.87% interest in the Chim Sao and Dua oilfields, in Vietnam, the 67.5% interest in the Maleo and... 

Santos completes divestment of noncore assets

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