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Oil and Gas News

Santos denies takeover rumours

By: Esmarie Swanepoel     16th November 2017 Oil and gas major Santos on Thursday refuted claims that it was engaged in takeover talks with Harbour Energy. The company told shareholders that it had received a confidential, nonbinding conditional and indicative proposal from Harbour Energy in August, to acquire all the shares in Santos for... 

AWE launches A$48m capital raise

By: Esmarie Swanepoel     15th November 2017 Oil and gas explorer and producer AWE is hoping to raise about A$48-million through an institutional share placement and a share purchase plan (SPP). The ASX-listed company on Wednesday announced that it would issue 76.9-million shares, at a price of 50c each to institutional investors, to raise... 

Glencore is said close to creating mining royalty company

By: Bloomberg     15th November 2017 Glencore is close to finalising a $700-million deal with the Ontario Teachers’ Pension Plan to create a new base-metals royalty company, according to people familiar with the matter. The Swiss commodity giant will bring royalty agreements from about 10 mines, while Ontario Teachers’ will... 

Glencore is said close to creating mining royalty company
Photo by Duane Daws
Glencore CEO Ivan Glasenberg

Waitsia reserves increased by 78%

By: Esmarie Swanepoel     14th November 2017 An independent review of the Waitsia gas field, in Western Australia, has increased the 2P reserves by some 78%, ASX-listed AWE reported on Tuesday. The review by Perth-based RISC Operations estimated a gross 2P reserve of 811 PJ, with AWE telling shareholders that the increase reflected the... 

Rival bid emerges for Molopo

By: Esmarie Swanepoel     10th November 2017 ASX-listed Molopo Energy has remained mum on a competing bid that emerged this week from WAM Capital. WAM earlier this week announced its intentions to make an off-market takeover bid for Molopo, under which shareholders would be offered 13.5c a share in cash. 

Santos names Narrabri among its five core assets

By: Esmarie Swanepoel     9th November 2017 Oil and gas major Santos has reclassified the Narrabri project, in New South Wales, as a core project in the company’s new transform-build-grow strategy. MD and CEO Kevin Gallagher said at an investor day on Thursday that Santos had simplified the business to focus on five core, long-life... 

Comet Ridge raises funds for Mahalo

By: Esmarie Swanepoel     9th November 2017 ASX-listed coal seam gas (CSG) hopeful Comet Ridge will raise some A$10-million in an institutional placement to fund the ongoing appraisal and predevelopment activities at its flagship Mahalo project, in Queensland. The junior will place some 42.6-million shares, at 23.5c each to institutional... 

Gas industry frustrated by NT fracking inquiry delay

By: Esmarie Swanepoel     8th November 2017 The Australian Petroleum Production and Exploration Association (Appea) has warned that a three-month delay in the independent inquiry into hydraulic fracturing (fracking) in the Northern Territory would impact on investment in onshore gas projects over the next year. The Scientific Inquiry into... 

Gas industry frustrated by NT fracking inquiry delay

Bristow, Friedland may go head-to-head in on-stage copper-gold debate

By: Martin Creamer     7th November 2017 Dr Mark Bristow of Randgold Resources and Robert Friedland of Ivanhoe Mines may go head-to-head in a live on-stage gold-versus-copper debate at the Investing in African Mining Indaba event at the Cape Town International Convention Centre from February 5 to 8, Mining Indaba MD Alex Grose disclosed... 

Bristow, Friedland may go head-to-head in on-stage copper-gold debate
Photo by Creamer Media
Investing in African Mining Indaba MD Alex Grose (right) and Martin Creamer

Canadian junior mining sector riding renewed wave of confidence

By: Henry Lazenby     7th November 2017 Despite signs of improved investor confidence in Canada's prolific junior mining sector – mainly driven by rising consumer technology demand for resources – analysts are warning that the market recovery is in a delicate phase and will require discipline to survive until more substantial commodity... 

Canadian junior mining sector riding renewed wave of confidence

Franco-Nevada rises on earnings beat

By: Henry Lazenby     7th November 2017 Investors have rewarded precious metals royalty and streaming firm Franco-Nevada by pushing its NYSE-listed equity up 6.5% on Monday, following the company reporting a stronger-than-expected third-quarter profit. Headquartered in Toronto, Franco-Nevada reported adjusted net income of... 

British Columbia govt digs in against Canadian oil

By: Henry Lazenby     3rd November 2017 The British Columbia provincial government has reiterated its opposition against the flow of oil over its soil. While proponents for Kinder Morgan's Trans Mountain Expansion project have argued that the expansion of Canada's ability to reach new markets in Asia needs to be designated as a... 

British Columbia govt digs in against Canadian oil

Enbridge Q3 earnings disappoint

By: Henry Lazenby     2nd November 2017 Canadian oil and gas pipeline infrastructure operator Enbridge has reported an adjusted third-quarter profit of C$632-million, or C$0.39 a share, missing the average Bay Street analyst forecast calling for earnings of C$0.43 a share. The Calgary, Alberta-based company reported net profit for the... 

Even the smallest economy in oil-rich gulf is too big to fail

By: Bloomberg     2nd November 2017 Its economy is 5% the size of Saudi Arabia’s, but analysts are betting the kingdom won’t let its neighbor’s financial woes morph into a Gulf crisis. Bahrain, one of the most vulnerable economies in the Gulf Cooperation Council to political instability and oil-price swings, sought financial... 

Anglo Platinum co-opens pipe factory in Mokopane

By: Martin Creamer     1st November 2017 Anglo American Platinum has drawn applause for its role in the opening of a new pipe factory in job-short Limpopo, which is aimed at sustainably developing the community of Mokopane, where the mining company operates its rich Mogalawena opencast platinum mine. Anglo American Platinum partnered... 

Anglo Platinum co-opens pipe factory in Mokopane
Photo by Duane Daws
Anglo American Platinum CEO Chris Griffith

Oil Search unveils A$400m Alaska oil deal

By: Esmarie Swanepoel     1st November 2017 ASX-listed Oil Search on Wednesday announced a $400-million investment to acquire a number of tier-one oil assets in the Alaska North Slope. The assets include a 25.5% interest in the Pikka Unit and adjacent exploration acreage, and a 37.5% interest in the Horseshoe Block, which contain some... 

Wheatstone ships first LNG

By: Esmarie Swanepoel     1st November 2017 US oil major Chevron has shipped the first liquefied natural gas (LNG) from the Wheatstone project, in Western Australia, to customers in Japan. “The first shipment of LNG from the Wheatstone project signifies our commitment to be a safe and reliable long-term supplier of cleaner-burning natural... 

PO Valley welcomes new investor in Italy

By: Esmarie Swanepoel     1st November 2017 ASX-listed gas producer Po Valley Energy has welcomed a new project partner to its Podere Gallina project, in Northern Italy. The company has inked a farm-in agreement with Aim-listed Prospex Oil and Gas, which would see the London-listed company earn a 17% interest in the license in exchange... 

APA completes Orbost buy

By: Esmarie Swanepoel     1st November 2017 Australian energy company Cooper Energy has completed the sale of the Orbost gas plant to fellow-listed APA Group. The two companies in June this year struck an agreement under which APA would spend some A$270-million to purchase and upgrade the Orbost gas processing plant, to process natural... 

Consol board approves E&P, coal demerger as Q3 earnings turn negative

By: Henry Lazenby     31st October 2017 The board of US-based fossil energy producer Consol Energy has approved the company's split into two different, publicly traded companies, Consol announced on Tuesday. The Cecil-based energy company will officially split on November 28, when Consol shareholders will receive one share of common... 

Consol board approves E&P, coal demerger as Q3 earnings turn negative

Appea asks NT to lift fracking moratorium

By: Esmarie Swanepoel     30th October 2017 The Australian Petroleum Production and Exploration Association (Appea) has again called on the Northern Territory government to lift a moratorium on hydraulic fracturing (fracking), after an independent economic analysis found that shale gas development in the territory could deliver a number of... 

Australia mulls a west-to-east gas pipeline to shore up east coast supply

By: Esmarie Swanepoel     30th October 2017 The federal government has commissioned a prefeasibility study (PFS) into to evaluate the potential of constructing a gas pipeline from Western Australian to the east coast gas market. Federal Environment and Energy Minister Josh Frydenberg said on Monday that the findings from the study might... 

Australia mulls a west-to-east gas pipeline to shore up east coast supply

IHS Markit's materials price index rises 1.6% as commodities lead the way

By: Henry Lazenby     27th October 2017 The materials price index (MPI) from Global Insight by IHS Markit gained 1.6% last week, its strongest increase since late August, breaking a two-week streak of losses, the research firm revealed on Friday. According to IHS Markit economist Cole Hassay, the expansion was broad-based, with seven... 

India plans to hive off operational oilfields to private E&Ps

By: Ajoy K Das     27th October 2017 The Indian government will hive off 15 discovered and operational oil and gas fields currently held by national oil companies to private exploration and production (E&P) companies through competitive bidding. The upstream oil and gas sector regulator, the Directorate General for Hydro-Carbons... 

Brent oil holds near two-year high as Saudi Prince backs Opec cuts

By: Bloomberg     27th October 2017 Brent oil held gains near the highest level in more than two years as Saudi Arabia’s Crown Prince Mohammed bin Salman backed the extension of Opec-led output cuts. Futures were little changed near $60 a barrel in London, up 2.6% for the week. The prince said Thursday that “of course” he wanted to... 

Sherritt narrows Q3 loss as higher commodity prices, lower costs boost the bottom line

By: Henry Lazenby     26th October 2017 Canadian diversified miner Sherritt International has reported improved headline earnings for the three months ended September, as higher realised prices for nickel, cobalt and oil and lower unit operating costs, mainly for nickel and electricity boosted earnings. Excluding special items, the net... 

Oil prices still struggling but huge potential ahead for Africa

By: Kim Cloete     26th October 2017 Experts from UK-based Standard Chartered Bank expect the oil price will remain in the $45/bl to $60/bl-plus range. “We are in a lower for a longer cycle,” Standard Chartered Bank global head of energy and natural resources Peter Gaw told delegates at the Africa Oil Week, in Cape Town. 

Queensland’s APLNG directs more gas to domestic market

By: Esmarie Swanepoel     26th October 2017 The Australian Pacific liquefied natural gas (APLNG) project, offshore Queensland, will supply an additional 41 PJ of natural gas to the Australian domestic market, operator Origin Energy reported on Thursday. The new contract increased the APLNG project’s total domestic contracted supply... 

Queensland’s APLNG directs more gas to domestic market

Shared vision needed for mining to boost entire economy – Mgojo

By: Martin Creamer     24th October 2017 A collective national vision, which must be viable, inclusive and transformative, is urgently needed to unleash mining’s latent ability to energise the entire South African economy, Chamber of Mines president Mxolisi Mgojo said on Tuesday. Speaking at a media lunch, Mgojo emphasised the folly of... 

Shared vision needed for mining to boost entire economy – Mgojo
Photo by Duane Daws
Chamber of Mines president Mxolisi Mgojo

Consol’s coal spin-out launches $350m debt offering

By: Henry Lazenby     23rd October 2017 Consol Energy’s new subsidiary Consol Mining, which will hold the parent’s coal assets following the spin-out of the coal business into a new separate entity, plans to raise $350-million in debt. The Delaware-incorporated entity said that, subject to market and other conditions, it intends to... 

Australian oil and gas producers see losses widen

By: Esmarie Swanepoel     23rd October 2017 Operating revenues of Australian oil and gas producers fell by more than 20% during 2015/16, compared with the previous financial year, as falling commodity prices struck the bottom line. In a new industry financial survey, the Australian Petroleum Production and Exploration Association (Appea)... 

Australian oil and gas producers see losses widen

Senex brings Western Surat wells on line

By: Esmarie Swanepoel     23rd October 2017 ASX-listed Senex Energy has brought the first 30 appraisal wells on line as part of its Phase 2 investment in the Western Surat gas project, in Queensland. The company in February this year announced that it would invest A$50-million in the 30-well drilling campaign to further its understanding... 

New AfDB, OpenOil report shows gaps in extractive resources management

By: Natasha Odendaal     20th October 2017 The African Development Bank (AfDB) and Berlin-based financial analysis firm OpenOil are hoping to trigger a new debate within Africa’s oil and gas and mining sectors with the publication of a jointly produced report on how African governments use financial models to manage projects. In an effort... 

Nigeria seeks to boost mining reserves to lure investors

By: Bloomberg     20th October 2017 Nigeria plans to spend 15-billion naira ($42-million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of... 

Conference cornerstone of geophysics industry

By: Nadine James     20th October 2017 The fifteenth biennial South African Geophysical Association (SAGA) conference and exhibition has become a cornerstone of the geophysics industry within the African region, says SAGA conference committee chairperson Reece van Buren. “No other event caters for our science quite like this one and... 

Conference cornerstone  of geophysics industry
A FORMATION OF GEOPHYSICISTS This year’s South African Geophysical Association conference and exhibition included 32 exhibitors, 15 sponsors, 19 keynote speakers, 218 delegates and about 30 geophysics students

Norwegian oil giant increases foothold in SA

20th October 2017 Norwegian oil and gas company Statoil has acquired a 35% interest in exploration right 12/3/252 Transkei-Algoa, south of the Eastern Cape coastline, in South Africa, which is in line with its aim to position itself for global opportunities. This announcement followed the conclusion of a... 

Norwegian oil giant  increases foothold in SA
Photo by Statoil
PLUMBING NEW DEPTHS Statoil has numerous projects along the Norwegian continental shelf, as well as around the Southern African coast from Angola to Tanzania

South Africa spending less than its peers on mining research and development

By: Mia Breytenbach     20th October 2017 While South Africa had increased its investment in mining research and development (R&D) since 2014, the country’s investment was still below that of its peers, delegates heard during a panel discussion on ‘Technological Innovation and Advancements in the Mining Industry’ at the Joburg Indaba... 

BHP's chairperson holds first annual meeting, plans to review board

By: Bloomberg     19th October 2017 In  Ken MacKenzie’s first annual shareholder meeting at BHP Billiton, he emphasised that while the company will listen to investors, it is the board that makes decisions. For most companies, that’s a pretty unremarkable statement, but it carries extra weight at BHP, which is under pressure by... 

BHP's chairperson holds first annual meeting, plans to review board
BHP chairperson Ken Mackenzie

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