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Oil and Gas News

Congo seeks relief talks with oil traders over $2bn debt

By: Reuters     20th February 2018 Congo Republic is set to become the latest African country to start debt relief talks with trading houses after borrowing $2-billion from merchants such as Trafigura and Glencore but now finding its debt levels unsustainable, sources familiar with the matter said. Trading houses regularly lend... 

BHP to open data rooms for US shale fields, deals may be announced before year-end

By: Mariaan Webb     20th February 2018 Mining giant BHP will open the data rooms for its onshore US assets next month, the group said on Tuesday, as it confirmed that deals may be announced before the end of this year. Under pressure from activist investors, including Elliott Management, to get out of the shale business that it... 

BHP to open data rooms for US shale fields, deals may be announced before year-end
BHP has opened the data room for the Fayetteville field (pictured).

Novatek says wins auction for Alrosa's gas assets

By: Reuters     19th February 2018 Novatek, Russia's largest non-State gas producer, said on Monday it had won an auction for Alrosa's two gas assets with a bid of 30.3-billion roubles. Novatek has been actively buying upstream assets in an effort to boost sluggish natural gas output. 

Po Valley declares maiden reserve for Teodorico

By: Creamer Media Reporter      19th February 2018 Australia’s Po Valley Energy, which is in the process of selling its Italian operations to Aim-listed Saffron Energy, has declared a maiden 2P reserve of 36.5-billion cubic feet of gas at the Teodorico gasfield, offshore Italy. Teodorico has the largest gas in place of all of Po Valley’s... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency

By: Nadine James     16th February 2018 Herbert Smith Freehills partner and Africa co-chairperson Peter Leon is cautiously optimistic that the changes signalled by newly elected President Cyril Ramaphosa will benefit South Africa’s economic recovery. In a speech to the British Chamber of Business in South Africa on Thursday evening, he... 

Leon expects mining industry to have a future under Ramaphosa’s Presidency
Photo by Duane Daws
Herbert Smith Freehills partner and Africa co-chairperson Peter Leon

BHP Billiton expects drilling of first new Trion well to begin in October

By: Reuters     16th February 2018 Drilling of the first new exploration well in BHP Billiton's deepwater Trion project will begin in October, part of a plan approved by Mexican regulators on Thursday that also revised downward the project's estimated oil and gas resources. Australian mining and oil giant BHP Billiton won the... 

Canada's oil sands output to grow despite record-low investment, export bottlenecks

By: Henry Lazenby     16th February 2018 Canada's oil sands output is expected to continue on its upwards trajectory despite investment in the sector lagging behind historical levels, a recent report has found. Oil sands production in Canada's oil patch of Alberta is expected to grow through the next decade, albeit at a slower rate than... 

Volatility, improving supply erase year-to-date index gains

By: Henry Lazenby     16th February 2018 The Materials Price Index (MPI) from Global Insight by IHS Markit has fallen back to levels at which it started the New Year, as a return of volatility shook markets again last week, dampening appetites for risk and souring the exuberant mood that has prevailed this year. The MPI plunged 3% last... 

There is new energy to ease mining industry conflict – Scholes

By: Mia Breytenbach     16th February 2018 There appears to be new political resolve to mend the relationship between the mining industry and the Department of Mineral Resources, says specialised law firm Malan Scholes director Hulme Scholes. Speaking at the IHS Markit South African Coal Export Conference, in Cape Town, on Thursday, the... 

There is new energy to ease mining industry conflict – Scholes
Photo by Duane Daws
HULME SCHOLES For the first time . . . we will see the trust deficit between the mining industry and department close

Sound policy, low risk key to attracting mining investment

By: Henry Lazenby     16th February 2018 The global equity markets have been extremely volatile in recent weeks, extending a frantic selloff in US stocks that culminated in the steepest plunge for the Dow Jones Industrial Average in six-and-a-half years. While commodities were not spared from the rout, American multinational investment... 

Sound policy, low risk key to attracting mining investment

Russians, Saudis may go beyond oil alliance with LNG project

By: Bloomberg     15th February 2018 Russia and Saudi Arabia are seeking ways to amplify the success they’ve had working together to manage the oil market by reaching new energy deals, including one on liquefied natural gas. Signing a memorandum, Russian gas producer Novatek and Saudi oil giant Aramco agreed to consider teaming up... 

New Century signs gas supply agreement with Santos

By: Anine Kilian     15th February 2018 ASX-listed zinc developer New Century Resources has entered into a four-year A$100-million gas supply agreement (GSA) with independent oil and gas producer Santos for its Mount Isa power generation facilities in the Lower Gulf of Carpentaria. While the full terms of the GSA remain confidential,... 

Despite reporting a Q4 earnings miss, Teck equity rises on record revenue, cash flow

By: Henry Lazenby     14th February 2018 Canadian diversified miner Teck Resources has reported fourth-quarter headline earnings slightly below analyst expectations, as lower metallurgical coal sales and prices offset metal price improvements in the three-month period to December 31. Adjusted profit attributable to shareholders in the... 

Despite reporting a Q4 earnings miss, Teck equity rises on record revenue, cash flow

Woodside lashes out at South Korea's Kogas over disputed LNG contract

By: Reuters     14th February 2018 Australia's Woodside Petroleum on Wednesday lashed out at Korea Gas Corp (Kogas) over a dispute it has with the South Korean company, saying KOGAS owes it money for an expired liquefied natural gas (LNG) contract from the North West Shelf Project. CEO Peter Coleman of Woodside Petroleum,... 

Lion Energy undertaking strategic review of assets

By: Simone Liedtke     14th February 2018 ASX-listed oil and gas exploration and production company Lion Energy is undertaking a strategic review of its assets, and following the changes to the board of directors, which is effectively immediately. On Wednesday, the company announced the strategic review, which is aimed at rationalising... 

M&R committed to deliver sub-Saharan power and water prospects as mega-project era draws to close 

By: Creamer Media Reporter      14th February 2018 The Power & Water business platform within JSE-listed engineering and construction group Murray & Roberts (M&R) is beginning to shift its attention from Eskom’s two megascale power station projects, in Limpopo and Mpumalanga respectively, to tackling a range of smaller opportunities in various... 

M&R committed to deliver sub-Saharan power and water prospects as mega-project era draws to close
M&R Power & Water platform head Steve Harrison and business development director Vusi Tsale outline the unit’s new strategy as the Medupi and Kusile projects draw to a close. Camerawork and Editing: Darlene Creamer.

Woodside buys ExxonMobil’s Scarborough field stake, announces A$2.5bn share sale

By: Mariaan Webb     14th February 2018 Australian oil and gas producer Woodside on Wednesday announced that it had entered into a binding agreement to buy ExxonMobil’s share of the Scarborough gas field, in the Carnavon basin as part of a A$2.5-billion share sale. The transaction involves an additional 50% interest in WA-1-R, which... 

Woodside buys ExxonMobil’s Scarborough field stake, announces A$2.5bn share sale
Woodside CEO Peter Coleman

Sherritt narrows headline loss as cost savings, higher metal prices boost bottom line

By: Henry Lazenby     14th February 2018 Canadian diversified miner Sherritt International has narrowed its headline loss for the 12 months ended December 31, as lower costs and higher commodity prices boosted the bottom line. The Toronto-based miner, which produces nickel, cobalt and oil in Cuba, and nickel and cobalt at the Ambatovy... 

Sherritt narrows headline loss as cost savings, higher metal prices boost bottom line
Photo by Sherritt International
Sherritt now owns 12% of the Ambatovy nickel/cobalt mine, in Madagascar

India approves policy for auction of small oil, gas fields

By: Ajoy K Das     13th February 2018 India’s Union Cabinet has approved the second round of the Discovered Small Field Policy, paving the way for 60 small oilfields to be put up for auction. These discovered small and unmonetised discoveries host an estimated 194.65-million tons of crude oil or crude oil equivalent natural gas. The... 

BHP expects $1.8bn tax charge, says US reform beneficial in long run

By: Mariaan Webb     13th February 2018 The world’s largest diversified mining group BHP has flagged a $1.8-billion income tax expense as a result of the US Tax Cuts and Jobs Act, which will lower the country’s federal corporate income tax rate. The tax expense will be treated as an exceptional item, and comprises a noncash measurement... 

BHP expects $1.8bn tax charge, says US reform beneficial in long run
The Shenzi operation in the Gulf of Mexico, offshore from Louisiana.

Cooper Energy swings to H1 profit as it executes gas strategy

By: Megan van Wyngaardt     12th February 2018 Australian gas producer Cooper Energy has grown its net profit, operating cash flow, production and reserves by 200% in the first half of the 2018 financial year, as the company realised gains from the delivery of its three-year gas strategy. The ASX-listed exploration and production company... 

Indian mines ministry urges its private sector to partner with African States

By: African News Agency      9th February 2018 India's ministry of mines secretary, Arun Kumar has urged African countries and the private sector in his country to look for partnership opportunities in the Indian mining and downstream sector. “We would like our parastatals (state firms) to join hands with parastatals in Africa," Kumar said at... 

Fourth month of continuous growth for Deloitte WA Index

9th February 2018 The Deloitte WA Index climbed marginally higher in the first month of 2018, as the market capitalisation of Western Australia-listed companies increased by 0.48% to close out January at A$181.83-billion. This marks the fourth month of continuous growth, Deloitte clients and markets partner for... 

Fourth month of continuous growth for Deloitte WA Index

Industry, environment lobby cautiously optimistic as Canada tables new enviro review rules

By: Henry Lazenby     9th February 2018 Ottawa on Thursday tabled new legislation to improve the federal environmental assessment process for mining projects. The legislation is aimed at strengthening and restoring the credibility of Canada's environmental laws. 

Industry, environment lobby cautiously optimistic as Canada tables new enviro review rules

Bears Ears' mining rush falls flat as no one bothers to show up

By: Bloomberg     8th February 2018 Early on Friday morning, vast swathes of the red-rock high plateau that surrounds federally protected buttes in southern Utah were officially thrown open to miners. A controversial decision weeks earlier by President Donald Trump had shrunk the size of two national monuments – known as Bears Ears... 

Exxon's silent treatment on earnings is rankling Wall Street

By: Bloomberg     8th February 2018 Wall Street wants answers from Exxon Mobil. For at least a decade, Exxon’s top executives haven’t taken questions from Wall Street analysts during quarterly conference calls. Instead, Exxon only fields its VP for investor relations, a unique practice among the top ten S&P 500 Index companies and... 

Goldman's a raging bull on commodities as turmoil aids view

By: Bloomberg     7th February 2018 Goldman Sachs Group is standing by its very bullish call on commodities, saying that the recent global markets selloff only bolsters its view that raw materials are set to perform well in the months ahead. “Commodities proved to work just as advertised” during the equity-led declines, Jeffrey... 

US stocks sink most since 2011 as rout deepens: markets wrap

By: Bloomberg     6th February 2018 US stocks plunged the most in 6 1/2 years, with the Dow Jones Industrial Average sinking more than 1 100 points, as the equity selloff reached a fever pitch amid rising concern that inflation will force interest rates higher. Treasuries rallied and gold rose on haven demand. Volatility roared... 

US stocks sink most since 2011 as rout deepens: markets wrap

Total sells 25% stake in South African offshore prospect to Qatar Petroleum

By: Creamer Media Reporter      5th February 2018 International energy group Total announced on Monday that it would sell, subject to regulatory approval, a 25% interest in Exploration Block 11B/12B, offshore South Africa, to Qatar Petroleum. The block is located in the Outeniqua basin, around 175 km off the southern coast of South Africa. It... 

Total sells 25% stake in South African offshore prospect to Qatar Petroleum

Japan's Mitsui wins bidding war for Australian gas producer AWE

By: Reuters     5th February 2018 Mitsui & Co won a three-way bidding war to take over Australia's AWE, after rival Mineral Resources failed to match the Japanese trading giant's A$594-million offer. Assuming the deal goes ahead, it would mark Mitsui's first takeover of an Australian company and give it a 50% stake in the... 

Chevron slips on Q4 earnings miss; lifts dividend

By: Henry Lazenby     3rd February 2018 Oil giant Chevron saw its NYSE-listed equity slip more than 6% on Friday after it reported disappointing fourth-quarter earnings. The San Ramon, California-based energy company reported earnings of $3.1-billion, or $1.64 a share for the fourth quarter ended December 31, compared with just... 

Chevron slips on Q4 earnings miss; lifts dividend

AWE raises concerns over Chinese co's bid with takeovers panel

By: Reuters     2nd February 2018 Takeover target AWE has raised concerns over a bid for the company by state-owned China Energy Reserves and Chemical Group (CERCG) with the Australian Government Takeovers Panel, the regulatory body said in a statement on Friday. AWE, in its application, said that CERCG's bid fails to address a... 

Goldman's most bullish on commodities since supercycle ended

By: Bloomberg     2nd February 2018 Goldman Sachs Group is more bullish on commodities than any time since the end of the supercycle in 2008. As economies around the world pick up, factories are humming, eating into stockpiles of raw materials and driving demand at miners and oil producers already facing limits on output. Copper,... 

North Dakota Bakken oil rises again in shadow of mighty Permian

By: Bloomberg     2nd February 2018 The Bakken shale is roaring back to life, and Kevin Black sees the evidence almost every day as he looks out the window of his blue Ford F-150 pickup truck. The president of Creedence Energy Services, which provides chemicals for oil wells, Black, 29, drives about two hours to Williston, North... 

Canada's Trudeau says Kinder Morgan pipeline expansion to proceed – radio

By: Reuters     1st February 2018 Prime Minister Justin Trudeau said on Thursday his government would ensure Kinder Morgan Canada’s Trans Mountain oil pipeline expansion is built and added the C$7.4-billion project is not a threat to Canada’s West Coast. Trudeau reiterated the government’s position in two separate radio... 

Canada's Trudeau says Kinder Morgan pipeline expansion to proceed – radio

MGX receives approval to conduct 3D seismic survey

By: Simone Liedtke     1st February 2018 Diversified Canadian resource company MGX Minerals' partner has received approval from the State of Utah's Division of Oil, Gas and Mining to conduct a three-dimensional (3D) geophysical survey on the Blueberry Unit at its Paradox basin petrolithium project. The company on Wednesday noted that... 

BHP is said to mull shale split to speed $10bn sale

By: Bloomberg     1st February 2018 BHP Billiton, seeking to accelerate the sale of its US shale unit, is prepared to offer the assets in as many as seven packages, including three in the prized Permian Basin, according to people with knowledge of the producer’s plans. The world’s biggest miner continues to favour a sale of the... 

BHP is said to mull shale split to speed $10bn sale

Beach Energy ups guidance for 2018

By: Megan van Wyngaardt     31st January 2018 ASX-listed Beach Energy on Wednesday noted that full year pro forma production was expected to be within the upgraded range of 25.5-million barrels of oil equivalent to 27.6-million barrels of oil equivalent, comprising Beach production of 10.6-million barrels of oil equivalent to 11-million... 

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