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Oil and Gas News

M&R’s oil and gas unit turns to ‘complementary markets’ amid project slowdown

By: Terence Creamer     1st March 2018 The oil and gas unit of engineering and construction group Murray & Roberts (M&R) is actively pursuing projects in “complementary markets”, owing to a slowdown in new project activity in the Australasian oil and gas sector. The value of M&R’s oil and gas order book has fallen to below R4-billion,... 

Exxon to quit Russian oil ventures frozen by US sanctions

By: Bloomberg     1st March 2018 Exxon Mobil said it’s abandoning joint ventures with Russia’s Rosneft PJSC after international sanctions against the nation’s energy sector paralysed a historic drilling project. Exxon’s decision to quit its biggest exploration region was made late last year as the US expanded sanctions, the... 

Po Valley retains Italy assets following mutual termination of Saffron deal

By: Mariaan Webb     1st March 2018 Australia-based gas producer Po Valley on Thursday announced that it would retain its northern Italy gas assets, after a deal with UK firm Saffron Energy about the sale of Po Valley Operation (PVO) was terminated. The transaction formed part of a broader three-way commercial deal to create a... 

India, Venezuela to deepen hydrocarbon sector collaboration during Maduro’s New Delhi visit

By: Ajoy K Das     28th February 2018 India and Venezuela will push for deeper engagement and joint ventures (JV) in the hydrocarbon sector during Venezuelan President Nicolas Maduro’s visit to New Delhi next month. Despite US sanctions against the Latin American nation, New Delhi is expected to follow its “own balanced and pragmatic... 

ONGC blames policies for Krishna-Godavari delay

By: Ajoy K Das     27th February 2018 India’s national exploration and production (E&P) major, ONGC has said that it would miss the June 2019 deadline to start production from its deep-water Krishna-Godavari (KG) oil and gas block on the east coast. In a regulatory filing, ONGC cited changes in government policy as the reason for... 

Santos launches $750m Queensland gas project

By: Megan van Wyngaardt     27th February 2018 Domestic gas supply and regional jobs in Queensland are set to gain considerably with Santos GLNG investing $900-million in upstream gas developments in Maranoa, Western Downs, Central Highlands and Banana this year. As well as upstream developments around the Fairview, Scotia and Arcadia... 

Resounding welcome for Gwede, who declines opportunity to comment

By: Martin Creamer     27th February 2018 New South African Mineral Resources Minister Gwede Mantashe has received a resounding welcome from the Chamber of Mines of South Africa, Business Leadership South Africa (BLSA) and mining luminaries. The Chamber of Mines of South Africa has welcomed the appointment of Mantashe, 62, describing him... 

Resounding welcome for Gwede, who declines opportunity to comment
Photo by Duane Daws
Incoming Mineral Resources Minister Gwede Mantashe

Miners report some infrastructure damage after Papua quake

By: Reuters     27th February 2018 Miners in northwest Papua New Guinea reported some damage to infrastructure following a powerful magnitude 7.5 earthquake on the weekend, as projects in the resource-rich region assess the impact on their operations. Barrick Gold said a power station that supplies its Porgera gold mine had been... 

Sasol expects to realise $1bn from noncore asset disposals 

By: Terence Creamer     26th February 2018 Chemicals and energy group Sasol expects to realise more than $1-billion from the disposal of noncore assets in the coming few years. However, besides its Canadian shale-gas assets, which have been formally put up for sale, the group is yet to announce which other assets will be sold. Speaking at... 

Sasol expects to realise $1bn from noncore asset disposals
Sasol joint CEO Stephen Cornell on the group's noncore asset disposal plan. Camera Work & Editing: Nicholas Boyd. Recorded: 26.2.2018

Exxon, BHP axe lengthy sale of 50-year-old Australia oil fields

By: Bloomberg     23rd February 2018 Two of the world’s biggest energy producers have abandoned the sale of some of Australia’s oldest oil fields after running a 20-month sales process. Exxon Mobil and BHP Billiton will retain ownership and operation of fields, licenses and associated infrastructure held in the Gippsland Basin... 

Alberta govt accepts olive branch as BC seeks reference case on rights over oil exports 

By: Henry Lazenby     23rd February 2018 The political impasse over the much-needed expansion of crude oil export capacity from Alberta through Canada's West Coast seems to have been temporarily resolved. Alberta, which is host to the bulk of Canada's significant oil reserves, on Thursday said it would suspend a ban on the sale of... 

Finland takes top spot for mining-friendly investment 

By: Henry Lazenby     23rd February 2018 Finland has ousted Saskatchewan as the top international jurisdiction for mining investment, Canada's Fraser Institute announced on Thursday. Canada's leading independent think-tank, the Fraser Institute, administers its Annual Survey of Mining Companies and ranks jurisdictions around the world... 

Finland takes top spot for mining-friendly investment

New directive will affect mining vessels off the shore of Namibia

By: Victor Moolman     23rd February 2018 In 2020, the International Maritime Organisation will implement a low sulphur fuel directive (LSFD) that will impact on the availability of fuel for ships and mining vessels off the coasts of African countries, including Namibia. The LSFD will require ships to use low sulphur fuel oil (LSFO),... 

New directive will  affect mining vessels  off the shore of Namibia
BALANCING ACT The adoption of low-sulphur fuel in much of Africa is a delicate balance between cost, responsibility and profitability

Nigerian mining’s GDP contribution seen increasing sixfold to 3%, cautious optimism takes hold in SA

By: Mia Breytenbach     23rd February 2018 With investors continuously scouring worldwide for new opportunities and countries scrutinised for their investment attractiveness and monitored in terms of economic growth, currently, new light has been cast on the re-emerging and growing Nigerian mining sector, while South Africa’s mining... 

Nigerian mining’s GDP contribution seen increasing  sixfold to 3%, cautious optimism takes hold in SA

Burkina Faso seeks new partner for $1bn manganese project

By: Bloomberg     22nd February 2018 Burkina Faso is looking for a new partner to mine the world’s largest manganese deposit after rights disputes thwarted two earlier attempts to develop the $1-billion project. Pan African Minerals, a unit of Timis Mining, was told to stop production at the Tambao mine in 2015 following a change in... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' – Scotiabank

By: Henry Lazenby     22nd February 2018 The price received for Western Canadian oil will remain vulnerable to service disruptions in current transportation channels, given the excess of production over takeaway capacity up to about 2020, a new report by the Bank of Nova Scotia (Scotiabank) has found. In a report published on Tuesday,... 

Pipeline delays 'impose demonstrable, substantial economic costs on the Canadian economy' – Scotiabank

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa

By: Martin Creamer     21st February 2018 Diversified mining and marketing company Glencore shot the lights out with a superlative set of 2017 results that coincided with a leap in its share price in Johannesburg, the reaffirmation of South Africa as an even more positive investment destination, and the mulling of a dividend "top up"... 

Glencore shoots lights out, mulls divi top-up, reaffirms South Africa
Photo by Duane Daws
Flashback to Ivan Glasenberg opening Glencore-funded school in South Africa's coalfields.

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

By: Henry Lazenby     21st February 2018 The British Columbia provincial government has released its Budget 2018 plan, confirming that the provincial flow-through exploration tax incentive will be extended for another year until the end of this year. The mining flow-through share programme is seen as critical to reinforcing the... 

BC extends provincial flow-through tax credit for a year; resumes fight against Canadian oil

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.

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