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Oil and Gas News
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... →
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... →
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... →
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... →
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... →
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 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... →
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... →
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. →
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... →
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... →
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... →
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... →
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... →
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... →
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. →
MC Mining CEO David Brown
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... →
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... →
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... →
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