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Oil and Gas News

Higher coal prices lift MC Mining’s Q2 revenues

By: Dylan Slater     31st January 2018 Improved international coal prices and a weaker rand contributed to higher revenue for JSE-, ASX- and Aim-listed MC Mining in the second quarter of the current financial year.  

Leeway proposed for exploration projects in existing oil and gas fields

By: Ajoy K Das     31st January 2018 The Indian government is likely to permit existing oil and gas field operators to undertake new exploration projects within their existing licensing area even as it goes ahead to woo new investors through auction of 55 discovered oil and gas fields. In a leeway to be offered by the Directorate of... 

Gascoyne clinches long-term LNG deal for Dalgaranga project

By: Megan van Wyngaardt     31st January 2018 ASX-listed Gascoyne Resources, through its 100%-owned subsidiary GNT Resources, has executed a long-term liquefied natural gas (LNG) fuel supply agreement with Evol, a fully-owned subsidiary of the Wesfarmers group. The locally sourced LNG provides the lowest-cost and lowest-emissions fuel... 

AWE serves Mineral Resources notice to match Mitsui offer

By: Reuters     31st January 2018 AWE said on Wednesday it has given suitor Mineral Resources three days to match a A$594-million takeover offer from Mitsui & Co, or it will nominate the Japanese bid as a superior offer. The Australian gas producer said in a statement it notified Mineral Resources late Tuesday, giving it a... 

AWE serves Mineral Resources notice to match Mitsui offer
The Waitsa project.

British Columbia further hamstrings oil pipeline development

By: Henry Lazenby     31st January 2018 The coalition British Columbia provincial government has moved the goal post for crude oil pipeline operator Kinder Morgan yet again, adding another hurdle to the seemingly insurmountable legal obstacles that stand in the way of the company twinning its existing pipeline between Alberta's oil... 

British Columbia further hamstrings oil pipeline development
Photo by Reuters
Kinder Morgan's Westridge Terminal, in North Vancouver, is seen from across the Burrard Inlet

Fort Hills Energy LP reports first oil

By: Henry Lazenby     30th January 2018 Lead shareholder and operator of Canada's newest oil sands mine Suncor announced on Monday that the new C$13.5-billion Fort Hills oil sands project, in Alberta, had started secondary extraction on Saturday. Fort Hills, which is located about 90 km north of the country's oil capital, Fort... 

Mitsui heats up bidding war for Australian gas producer AWE

By: Reuters     29th January 2018 Japan's Mitsui & Co has made a $481-million offer to buy Australia's AWE, trumping bids from two other companies that are vying for a stake in a promising onshore gas field. The Mitsui offer of A$0.95 a share in cash, or about A$594-million, marks the first full takeover bid by the Japanese... 

Mitsui heats up bidding war for Australian gas producer AWE
The Waitsia project, in the Perth basin, is luring suitors.

As global economy hums, Davos turns bullish on commodities

By: Bloomberg     27th January 2018 The last two editions of the World Economic Forum were somber affairs for oil industry chieftains and commodities tycoons. The consensus in Davos was that oil was going to stay low, OPEC would fail to lift prices, and the mining industry faced a difficult time. Roll forward to 2018 and there’s... 

China unveils vision for 'Polar Silk Road' across Arctic

By: Reuters     26th January 2018 China on Friday outlined its ambitions to extend President Xi Jinping's signature Belt and Road Initiative to the Arctic by developing shipping lanes opened up by global warming. Releasing its first official Arctic policy white paper, China said it would encourage enterprises to build... 

Legal expertise advances local gas investment

By: Robyn Wilkinson     26th January 2018 Law firm Norton Rose Fulbright has helped Norwegian oil and gas company Statoil navigate South Africa’s myriad legislative requirements to acquire a participating interest in two gas exploration blocks offshore of South Africa’s east coast.  

Legal expertise advances local  gas investment
LIZEL OBERHOLZER Although an abundance of gas has been discovered in Mozambique and Tanzania, Africa has generally been slow to make the most of the potential of the trend towards gas

Goldman, Citi final bidders for Scotiabank's metals business – sources

By: Reuters     24th January 2018 The field of prospective bidders for ScotiaMocatta, the metals trading arm of Canada's Bank of Nova Scotia, has narrowed to two, three banking and industry sources said on Wednesday. The two - Goldman Sachs Group and Citi - are undertaking due diligence checks, the sources said. 

Santos turnaround delivers strong operating performance

By: Megan van Wyngaardt     24th January 2018 A turnaround strategy to deliver a low-cost, reliable and high-performance business at ASX-listed natural gas producer Santos' operations during 2017 progressed ahead of expectations, with the company now being stronger and more resilient, MD and CEO Kevin Gallagher said on Wednesday. "In 2017,... 

Santos turnaround delivers strong operating performance

BC energy junior fined C$235 000 under the Migratory Birds Convention Act

By: Henry Lazenby     24th January 2018 Environment and Climate Change Canada announced on Tuesday that British Columbia-based energy junior Painted Pony Energy (formerly Painted Pony Petroleum) has been fined C$235 000 under the Migratory Birds Convention Act. According to the Ministry, following a guilty plea on May 31, 2017, the... 

Po Valley sells Italy operations subsidiary to Saffron Energy

By: Megan van Wyngaardt     23rd January 2018 Perth-based Po Valley on Tuesday signed a binding share sale and purchase agreement with Aim-listed Saffron Energy, under which the latter would acquire onshore and offshore oil and gas production, development and exploration assets in northern Italy held by Po Valley Operations (PVO). Subject to... 

Saudi energy minister: oil producers have consensus on cooperating after 2018

By: Reuters     22nd January 2018 Organisation of Petroleum Exporting Countries (Opec) and non-Opec oil producers have a consensus that they should continue cooperating on production after the end of 2018, when their current agreement on production cuts expires, Saudi Arabian energy minister Khalid al-Falih said on Sunday. If oil... 

Po Valley makes significant commercial gas discovery in Italy

By: Megan van Wyngaardt     19th January 2018 Shares in Australia’s Po Valley Energy (PVE) surged on Friday, reaching an intraday high of 10c each, up from the previous day’s closing price of 4c each, following the news of significant commercial discovery at its new Selva gas field in northern Italy. By 16:00 in Sydney, the stock traded at... 

Nigeria lawmakers look into recovering $21bn revenues from oil groups

By: Reuters     19th January 2018 Nigerian lawmakers ordered an investigation on Thursday into whether the government could recover $21-billion in revenues from international oil companies. Oil minister Emmanuel Ibe Kachikwu said in December the government had failed to enforce a legal provision entitling it to a greater share of... 

Materials Price Index rises for tenth week in a row

By: Henry Lazenby     19th January 2018 The Materials Price Index (MPI) from Global Insight by IHS Markit has risen for the tenth consecutive week, the research and consultancy group announced on Thursday. The index added a strong 1.8%, adding to a 15.1% rise since early October, when the current rally started. 

Launch of new fire suppression solution in Africa slated for 2018

By: Tasneem Bulbulia     19th January 2018 Fire-suppression solutions supplier Fire and Security Techniques is eager to introduce the African mining industry to a new fire-suppression solution, Tunnel Safe, which will allow for safer evacuation of mineworkers underground during a fire, to the African mining industry.  CEO Neil Hughes... 

Launch of new fire suppression solution in Africa slated for 2018
FEWER DANGERS The new Tunnel Safe technology aims to reduce the dangers of fires in the African mining industry

S Africa may lose out to other African gas sectors

By: Victor Moolman     19th January 2018 Several major international independent power producers and power generation developers are interested in South Africa’s gas-to-power programme (GPP), for which direction in the form of request for quotations and request for proposals from the Department of Energy (DoE) is keenly awaited.... 

S Africa may lose out to other African gas sectors
Photo by Reuters
OILY CHALLENGES Owing to external issues, such as global market decline, some African oil-producing countries are facing increased challenges

India mulls incentives policy for adoption of enhanced recovery methods at oil-, gasfields

By: Ajoy K Das     18th January 2018 The Indian government is working on a policy framework to offer incentives for the adoption of enhanced oil recovery (EOR) and enhanced gas recovery (EGR) methods at all operating oil- and gasfields across the country. The draft policy in circulation among industry stakeholders notes that the... 

Congo Republic plans to join Opec oil cartel

By: Reuters     18th January 2018 Congo Republic plans to join the Opec oil cartel, the government said, as the former French colony presses ahead with projects that could help it become the third-largest oil producer in sub-Saharan Africa. "The Republic of Congo has decided to accede to the Organization of the Petroleum... 

BHP second-quarter iron-ore output up 3%, maintains forecast

By: Reuters     18th January 2018 Global miner BHP on Thursday reported a 3% rise in second-quarter iron-ore production year over year and said it expects to meet its full-year target as prices for the steelmaking ingredient outperform forecasts. BHP's iron-ore output climbed to 72-million tonnes for the three months ended... 

BHP second-quarter iron-ore output up 3%, maintains forecast

Argentina energy producer Genneia weighs IPO

By: Reuters     18th January 2018 Argentine thermal and renewable energy producer Genneia will consider an initial public offering on the local or international stock market, the company said in a letter to the Buenos Aires stock exchange on Wednesday. The proposal will be discussed at a shareholders meeting on February 7, said... 

India resumes oil and gas block auctions after eight-year hiatus

By: Ajoy K Das     17th January 2018 India will on Thursday hold its first oil and gas auction in eight years, with 55 blocks up for grabs. The auction will also mark the first time that such assets will be allocated under the newly framed Open Acreage Licensing Program (OALP). 

Australian LNG exports surge on strong Chinese demand

By: Megan van Wyngaardt     16th January 2018 Australian liquefied natural gas (LNG) exports hit 56.8-million tonnes last year, jumping 26.3% from 44.9-million in 2016, owing to a watershed year of exports to China. Combined with higher oil prices, the increase in volumes pushed up Australia’s 2017 LNG export revenue by 44.1% to... 

Australian LNG exports surge on strong Chinese demand
The Pluto LNG plant, in Western Australia.

IFR gains Mexican drilling permit

By: Henry Lazenby     13th January 2018 The TSX-V-listed equity of oil and gas explorer International Frontier Resources (IFR) has gained about two-thirds this week after it announced on Thursday that it has received a drilling permit for its Tecolutla onshore oil and gas block, which it is developing with its Mexican joint venture... 

Smarter mining, manufacture, agriculture needed, says IDC’s Maia 

By: Martin Creamer     12th January 2018 South Africa needs to aim towards smarter mining, smarter agriculture and smarter manufacturing. “It’s about taking all the major sectors of the economy forward, with each feeding on the other,” says Industrial Development Corporation (IDC) research and information head Jorge Maia of the roles... 

Smarter mining, manufacture, agriculture needed, says IDC’s Maia
Industrial Development Corporation research and information head Jorge Maia and Unctad economic affairs officer Stefan Csordas respond to Mining Weekly Online’s Martin Creamer. Video and Video Editing: Nicholas Boyd.

A new era of batteries spells trouble for gas in America

By: Bloomberg     12th January 2018 California, the state that helped birth the global boom in battery-toting electric vehicles, is trying to spark a similar transformation for utilities. And that spells trouble for power plants all across the U.S. that run on natural gas. The California Public Utilities Commission approved an... 

A new era of batteries spells trouble for gas in America

Canadian companies struggle to plan for post-NAFTA world

By: Reuters     12th January 2018 Canadian industries that would be most acutely impacted by the death of the North American Free Trade Agreement are unable to meaningfully plan for a possible post-NAFTA world given the uncertainty of what could replace it, analysts and executives said. With three quarters of Canadian exports... 

World's top commodity engine roars to record with Xi at helm

By: Bloomberg     12th January 2018 China continues to gobble up the world’s commodities, setting new records for consumption of everything from crude oil to soybeans. In a year of flux marked by industrial capacity cuts, environmental curbs and financial deleveraging, demand for raw materials has continued to grow in the world’s... 

Queensland LNG exports surpass prior records in 2017

By: Natasha Odendaal     12th January 2018 Queensland has achieved record liquefied natural gas (LNG) exports in the year to December 2017, Queensland Resources Council CEO Ian Macfarlane said on Friday. During 2017, Queensland exported 20.2-million tonnes of LNG, an increase of 2.7-million tonnes on the exports reported in 2016. 

Queensland LNG exports surpass prior records in 2017
The Gladstone LNG project in Queensland.

Strong commodity price rally lifts IHS Materials Price Index for ninth consecutive week

By: Henry Lazenby     12th January 2018 The IHS Materials Price Index (MPI) is in its ninth consecutive week of gains, jumping 2.8% last week – the strongest weekly performance since early September. According to IHS Markit economist Cole Hassay, the MPI was supported by broad-based positive indicators, with eight of ten subcomponents... 

Sinopec commits to R6bn upgrade of Chevron South Africa refinery as buyout deal gathers pace

11th January 2018 Chinese oil company China Petroleum and Chemical Corporation (Sinopec) has undertaken to invest R6-billion to upgrade and modernise Chevron South Africa’s (CSA’s) Cape Town-based oil refinery, if it succeeds in its bid to acquire control of CSA. 

Sinopec commits to R6bn upgrade of Chevron South Africa refinery as buyout deal gathers pace

Cobalt and 11% yields lure risk-takers to this Canadian miner

By: Bloomberg     10th January 2018 Sherritt International Corp’s double-digit bond yields are beginning to lure investors, even as questions linger about whether the Canadian miner has unloaded enough debt and turned around its sputtering projects. The Toronto-based firm restructured its Ambatovy mining joint venture, in... 

Cobalt and 11% yields lure risk-takers to this Canadian miner
Photo by Sherritt International
Ambatovy, Madagascar

Rosneft decides against bid for Alrosa's gas assets for now

By: Reuters     10th January 2018 Rosneft has decided against bidding for gas assets being sold by diamond miner Alrosa, at least for now, the Russian energy company said on Wednesday, saying the auction terms were unacceptable. The world's largest producer of rough diamonds plans to sell its gas assets in Russia's Yamalo-Nenets... 

Suncor, Teck up stakes in new Fort Hills oil sands project

By: Henry Lazenby     4th January 2018 The partners of the C$13.5-billion Fort Hills oil sands project, in Alberta, have resolved a commercial dispute, resulting in Suncor Energy increasing its ownership in the project to 53.06%, and Teck Resources upping its stake to 20.89%, from 50.8% and 20%, respectively. The companies reached... 

Suncor, Teck up stakes in new Fort Hills oil sands project

Oil and gas firm Efora says deal to buy Belton Park lapses

By: African News Agency      2nd January 2018 Oil and gas company Efora Energy said on Tuesday its agreement to acquire the assets and operations of Belton Park Trading 134 had lapsed after outstanding conditions were not fulfilled. In October, Efora said it was buying Belton Park, which markets and sells petroleum products for an aggregate... 

Oil and gas firm Efora says deal to buy Belton Park lapses

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