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Oil and Gas News
Australia's Mineral Resources to buy AWE for $403m
By: Reuters 21st December 2017 Australian gas producer AWE on Thursday accepted a sweetened takeover offer from Mineral Resources worth about A$526-million ($403-million) and that trumped an all-cash bid from a Chinese state-owned firm. Mineral Resources improved its all-shares offer with a cash component, promising to pay the... →
Algeria's Sonatrach signs $500 mln deal with BP, Statoil
By: Reuters 20th December 2017 Algerian state-owned energy company Sonatrach has signed an agreement with BP and Statoil to produce an additional 11 billion cubic metres (bcm) of natural gas from its Tiguentourine gas field, Sonatrach's CEO said on Wednesday. The field produces 9 bcm per year, but more investment is needed to... →
Prospex buys into Tesorillo gas project
By: Megan van Wyngaardt 19th December 2017 Aim-listed investment firm Prospex Oil & Gas has agreed to acquire up to a 49.9% interest in the Tesorillo gas project in the Cadiz province, in southern Spain. Tesorillo contains a known gas discovery, estimated to hold gross unrisked prospective resources of 830-billion cubic feet of gas,... →
IHS Materials Price Index buoyant on strong commodity rally
By: Henry Lazenby 15th December 2017 The materials price index (MPI) from Global Insight by IHS Markit has gained a strong 1.3% last week, hitting its highest level since late 2014 the company reported on Thursday. Three categories led gains, including ferrous metals, rubber and freight, all of which posted large jumps, according to... →
India’s national oil, gas firms likely to get higher prices for gas from ‘difficult’ projects
By: Ajoy K Das 14th December 2017 India’s Petroleum and Natural Gas Ministry has forwarded a proposal for approval of the Union Cabinet that will more than double the price of natural gas produced by national oil, gas exploration and production (E&Ps) companies from fields categorised as “difficult”. However, contrary to demands... →
Mineral Resources says bid for AWE takes into account gas reserve upside
By: Reuters 14th December 2017 Mineral Resources on Thursday said the size of its all-share bid for Australian gas producer AWE, worth A$477-million, took into account that its target may hold bigger gas reserves than currently estimated. AWE said last month that its Waitsia find, which it has called Australia's biggest... →
Rosneft says EU sanctions aim to favour rivals
By: Reuters 13th December 2017 Russian energy group Rosneft told the Luxembourg-based European General Court on Wednesday that European Union sanctions on Russia aimed to undermine its position on global energy markets and favoured its competitors. State-controlled Rosneft is challenging the EU sanctions, imposed in 2014 and... →
Glencore guiding soaring 2018 earnings
By: Martin Creamer 12th December 2017 Diversified mining and marketing company Glencore sees itself as being best placed for the electric vehicle revolution through its ‘tier 1’ copper, cobalt, nickel, zinc and thermal coal assets. The company said in an investor day update on Tuesday that sustainably low-cost and long-life first... →
Glencore CEO Ivan Glasenberg
India’s GAIL earmarks $940m for pipeline expansion
By: Ajoy K Das 12th December 2017 Indian oil and gas infrastructure major GAIL India has announced a three-year capital investment of $940-million to add 2 500 km to its existing gas pipeline network across the country. On Monday, government owned GAIL announced that contracts had been awarded for construction of a 520 km... →
Trade union wins temporary random drug testing victory against Suncor
By: Henry Lazenby 11th December 2017 Unionised workers at Suncor’s Wood Buffalo operations, in northern Alberta, won an important victory last week regarding random drug testing by their employer, Suncor Energy. The Court of Queen's Bench of Alberta issued an injunction on Suncor on Thursday, prohibiting the employer from randomly... →
Cyril Ramaphosa calls for mining sector action 
By: Martin Creamer 11th December 2017 South Africa must urgently break the ongoing deadlock on the regulation and transformation of the mining sector to ensure the proper use of this country’s world-class mineral resources, says Deputy President Cyril Ramaphosa. In an article on the CR17 Siyavuma campaign website, ahead of this... →
Deputy President Cyril Ramaphosa
AWE shares rise on fresh offer from Chinese group
By: Mariaan Webb 8th December 2017 Shares in Australian oil and gas company AWE rose 10% on Friday after State-owned China Energy Reserve and Chemical Group made a fresh offer of $0.73 a share in cash. The offer is A$0.02 higher than the proposal two weeks ago, which the AWE board has brushed off as too low. →
NEB declares Trans Mountain Pipeline exempt of Burnaby bylaws
By: Henry Lazenby 8th December 2017 Canada’s federal endowed National Energy Board (NEB) issued an order on Thursday, declaring that Kinder Morgan’s C$7.4-billion Trans Mountain Expansion project is not required to comply with two sections of the City of Burnaby’s bylaws as the company prepares to begin construction. →
Suncor submits applications to replace coke-fired boilers with 2 cogeneration plants
By: Henry Lazenby 6th December 2017 Canadian fossil energy company Suncor has launched applications with the Canadian Environmental Assessment Agency (CEAA) to replace coke-fired boilers with two cogeneration units at its oil sands Base Plant, which will add 700 MW of oil sands cogeneration. The plants will serve two purposes:... →
Change or lose another 100 000 mining jobs – Cutifani
By: Martin Creamer 4th December 2017 Without change, the South African mining industry would lose another 100 000 jobs, said Anglo American CEO Mark Cutifani, who six years ago accurately predicted the recent 100 000 job demise in South African mining. “I'll say it again, absent of change, we’ll lose another 100 000 jobs,” the... →
Anglo American CEO Mark Cutifani
Arrow and QCLNG announce major gas deal
By: Mariaan Webb 1st December 2017 Multinational oil and gas major Shell and its joint venture (JV) partner PetroChina have approved a major gas supply deal that will bring to market Arrow Energy’s significant gas reserves in the Surat basin of Queensland. The JV partners have approved a 27-year deal between Arrow and Queensland... →
Policy certainty needed to drive oil and gas in South Africa
By: Robyn Wilkinson 1st December 2017 The large-scale production of oil and gas has the potential to stabilise South Africa’s economy, relieving unemployment and poverty challenges while driving growth across industries, but government must provide policy certainty and an assertion of future contract stability, says South African Oil... →
IMPORT NEED South Africa must prioritise the import of liquefied natural gas to establish a gas market while indigenous reserves are explored onshore and offshore
South Africa must prepare for oil and gas supply gap
By: Robyn Wilkinson 1st December 2017 South Africa needs to bridge the growing supply and demand gap in its oil and gas sector, says global research and consultancy group Wood Mackenzie research associate Jon Lawrence. →
WAYS AND MEANS South Africa could channel additional gas imports from Mozambique either through a pipeline or by shipping liquefied natural gas down the coast
Electric vehicle revolution a rare investment opportunity as metals demand spikes
By: Henry Lazenby 1st December 2017 The rate at which global auto markets are adopting electrically powered vehicles (EVs) is accelerating at a much faster pace than even some of the keenest market observers have estimated at the start of 2017, and is opening up once-in-a-lifetime investment opportunities among the four key ‘energy... →
Oil and gas a key market for specialist steam trap
By: Robyn Wilkinson 1st December 2017 Cape Town-based steam system provider Delta Steam Systems (DSS) is gearing up for a large uptake of orders for its specialist steam traps, following the successful completion of several one- and two-year trial studies at oil and gas plants worldwide, including in South Africa, says DSS MD Bryan... →
Dassault Systèmes heralding in new autonomous mining era 
By: Martin Creamer 30th November 2017 The 'mine of tomorrow' is expected to be a factory-like entity equipped with a multiplicity of autonomous devices, which are controlled by technology savvy personnel working from remote centres, attendees of the natural resources forum heard in Sandton on Thursday. The ‘mine of tomorrow’ would... →
A$4.8m for projects to boost innovation in resources sector
30th November 2017 Eight projects that will boost cross-industry innovation, collaboration and sustainability in the resources sector will receive A$4.8-million in funding through the Australian government’s industry growth centres initiative, acting Industry, Innovation and Science Minister Michaelia Cash... →
AWE receives non-binding proposal from Chinese group
By: Natasha Odendaal 30th November 2017 ASX-listed AWE has received an unsolicited, non-binding, indicative and conditional buy-out proposal from the Australian subsidiary of State-owned China Energy Reserve and Chemical Group (CERCG). CERCG Australia offered to acquire 100% of AWE for $0.71 a share, subject to a number of conditions,... →
Mining players employing strategic moves
29th November 2017 South32 has okayed a R4.3-billion project at Klipspruit and is looking to set up its energy coal business as a standalone entity, while De Beers has placed its Voerspoed diamond mine on the market and BHP Billiton has committed to exiting its US onshore oil and gas. Mining Weekly editor Martin... →
Indian oil refineries exploring possibility of importing Venezuelan crude
By: Ajoy K Das 29th November 2017 Close on the heels of an offer from Venezuelan national oil company, Petreos de Venezuela SA (PDVSA), to repay its debt in kind, Indian government-owned and -operated oil marketing companies (OMCs) are relooking at the operational viability of using Venezuelan crude as feedstock. Sources say that... →
Glencore, Chad are said to deadlock on $1bn debt deal
By: Bloomberg 29th November 2017 Talks between Chad, Glencore and a group of banks to restructure more than $1-billion in debt have stalled after the African nation rejected the commodities trader’s latest proposal to delay repayment of an oil-for-cash loan, according to people familiar with the negotiations. The negotiations... →
India’s plan to privatise 15 oil and gas blocks runs into opposition
By: Ajoy K Das 28th November 2017 National exploration and production (E&P) major ONGC is opposing the Indian government’s plans to offer private investors a controlling interest in 15 oil and natural gas blocks held by government-owned entities. Senior ONGC technologists and officials have taken up the issue with the Prime... →
Withdrawal of entire MPRDA only constitutionally acceptable solution – Leon
By: Martin Creamer 28th November 2017 The process of reconsidering the Mineral and Petroleum Resources Development Act (MPRDA) Amendment Bill has generated a new range of procedural missteps and failed to address any of the substantive problems in the Bill, leaving the entire withdrawal of the Bill as the only constitutionally... →
Herbert Smith Freehills Africa co-chair and partner Peter Leon.
TransCanada restarts Keystone after oil spill; petitions Nebraska to rethink alternative route decision
By: Henry Lazenby 28th November 2017 Canada’s largest fossil fuels infrastructure operator TransCanada said on Monday it will restart the existing Keystone I pipeline on Tuesday, after a 5 000 bbl oil spill, in Amherst, South Dakota, last Thursday morning halted operations. TransCanada reported that its Keystone pipeline repair and... →
Atlas Copco splits into entities focusing on mining and civil engineering, and the industrial market
By: Dylan Slater 24th November 2017 Construction and mining equipment manufacturer Atlas Copco has started a process to divide the company into two separate entities – Atlas Copco and Epiroc. Epiroc will remain a subsidiary of Atlas Copco. →
TransCanada’s Keystone XL pipeline clears key hurdle despite oil leak incident
By: Henry Lazenby 21st November 2017 Oil and gas pipelines operator TransCanada is reviewing a decision by the Nebraska Public Service Commission (PSC) approving an alternative route for the proposed Keystone XL (KXL) pipeline project through the state. "As a result of today's decision, we will conduct a careful review of the PSC’s... →
Tlou to list on Botswana Stock Exchange, raise £2.4m from new investors
By: Creamer Media Reporter 21st November 2017 Coal-bed methane project developer Tlou Energy has secured the support of new investors and plans to list on the Botswana Stock Exchange (BSE) by mid-December. The Aim- and ASX-listed company will submit its application to list on the main board of the BSE this week. →
Mining contributes A$55bn to Qld economy in 2016/17
By: Mia Breytenbach 21st November 2017 The resources sector continues to drive employment and investment in Queensland, having contributed A$55.1-billion to the state’s economy in 2016/17 and supported the equivalent of 282 633 full-time jobs. This is according to the Queensland Resources Council’s (QRC’s) eighth yearly economic... →
Indian oil firms shift focus to Israel from Iran amid changing geopolitics
By: Ajoy K Das 20th November 2017 Changing geopolitical alignments and receding investment prospects in Iran are prompting a consortium of Indian oil companies to push for domestic energy security through wider exploration and production projects in Israel and Latin American countries. With the $5-billion investment offer to... →
Moz Minerals and Energy Minister targets corruption in her department
By: Keith Campbell 17th November 2017 Mozambique’s Mineral Resources and Energy Minister, Letícia Klemens, is considering revising the country’s minerals licencing process, in order to minimise, or even prevent, possible corrupt practices, local media has reported. This was one of the major outcomes of the III Coordinating Council of... →
BHP facing uncertain future as shareholders push for strategic change
By: Esmarie Swanepoel 17th November 2017 Rating agencies and analysts have raised concerns about the future of mining major BHP in the wake of actions taken by so-called activist shareholders. The mining giant’s second-largest holder of its London-listed shares, fund manager Elliot Associates and Elliot International, has been picking... →
'A good number of investors' considering countries offering better return-on-investment prospects than SA
By: Dylan Slater 17th November 2017 Mining policies imposed by the Department of Mineral Resources (DMR) on local industry are creating increased uncertainty for investors, a growing number of whom are considering investing in mining projects and exploration in other countries, with a greater chance of a healthier return on... →
PAUL MILLER A significant volume of additional capital needs to be earmarked for every new mining project to account for risk associated with policy uncertainty
ONGC remains committed to Venezuelan oil project
By: Ajoy K Das 16th November 2017 Despite a default in sovereign debt by Venezuela, Indian oil and gas major ONGC has clarified in a statement that it will continue implementation of the San Cristobel oilfield project, in the politically and economically embattled Latin American country. ONGC said this week that the November 2016... →
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