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Oil and Gas News

India’s oil imports to surge on US actions

By: Ajoy K Das     Updated 3 hours ago The US administration’s decision to end sanction waivers for Iranian oil imports by India and seven other countries will trigger a surge in India’s oil import bill even as it scurries to secure new energy sources. The government’s preliminary estimates for 2018/19 estimate the Indian oil import... 

Sasol reports stabilisation in synfuels output  

By: Terence Creamer     18th April 2019 Chemicals and energy group Sasol reports that output at its Secunda Synfuels Operations (SSO) stabilised in the third quarter, following the total shutdown of the West factory during the first half of its 2019 financial year, which had negatively affected production. In a note to shareholders,... 

Sasol reports stabilisation in synfuels output

Woodside holds firm in the March quarter

By: Esmarie Iannucci     18th April 2019 Oil and gas major Woodside has reported steady production in the three months to March, compared with the previous corresponding period, with revenues rising 4%. Woodside on Thursday reported a production of 21.7-million barrels of oil equivalent, compared with the 22.1-million barrels in the... 

Santos output climbs in first quarter

By: Esmarie Iannucci     17th April 2019 Oil and gas major Santos has reported a 16% increase in production during the first quarter of 2019, compared with the fourth quarter of 2018, despite the Western Australian operations being impacted by cyclone activity, and facility outages in the Cooper Basin. Production volumes for the three... 

Senex seals domestic gas contract

By: Esmarie Iannucci     17th April 2019 ASX-listed Senex Energy has inked the first domestic gas sales supply contract at its Project Atlas development, in Queensland. Senex on Wednesday announced that it had agreed to a domestic gas sales agreement for up to 3.25 PJ of natural gas with fellow-listed CSR, which would use the gas in... 

Senex awards Surat basin drilling contract

By: Creamer Media Reporter      16th April 2019 Listed oil and gas company Senex will start its Surat basin gas drilling programme next month, after contracting services provider Easternwell. “This contract puts in place one of the final major elements for the delivery of our Surat basin natural gas project,” said MD and CEO Ian Davies in a... 

Santos makes significant offshore gas discovery at Corvus

By: Nadine James     16th April 2019 Energy company Santos on Tuesday announced the successful appraisal of the Corvus field, offshore Western Australia, with Corvus-2 confirming a significant gas resource in the Carnarvon basin. The company, which holds a 100% interest in the well 90 km north-west of Dampier, drilled to a total... 

India’s reformed oil, gas E&P policy to come into play in June/July

By: Ajoy K Das     15th April 2019 India’s reformed oil and gas exploration policy will come into force when the next round of bidding for blocks kicks off in June/July, the sector regulator has announced. “Parameters of the new policy reforms shall apply from Open Acreage Licensing Policy IV onwards,” a notification from the... 

Activists push South African pension funds to tally climate costs  

By: Bloomberg     15th April 2019 Pension funds in South Africa have a legal obligation to account for the financial effects of climate change on their investments, according to two groups lobbying money managers to pay closer attention to the issue. Shareholder activists Just Share and environmental law organisation ClientEarth... 

Chevron to acquire Anadarko for $33bn in stock, cash

By: Bloomberg     12th April 2019 Chevron Corp will acquire Anadarko Petroleum Corp for $65 a share, the company said in a statement. Anadarko shareholders will receive 0.3869 shares of Chevron and $16.25 in cash for each Anadarko share. Chevron will issue 200-million shares and pay $8-billion in cash. The company will also... 

Woodside opens LNG truck loading facility at Pluto

By: Esmarie Iannucci     12th April 2019 Oil and gas major Woodside has opened a new liquefied natural gas (LNG) truck loading facility at the Pluto LNG project, in Western Australia. Following the completion of the commissioning activities, the facility will deliver seven LNG truck loadings a day, each transporting 80 000 l of diesel.... 

Woodside opens LNG truck loading facility at Pluto

NT tiptoes into fracking

By: Esmarie Iannucci     12th April 2019 The Northern Territory government has opened up the first environment management plan for onshore shale gas exploration drilling for public comment. The proposed drilling, to be undertaken by oil and gas giant Santos, will be the first since the moratorium on hydraulic fracturing in the Northern... 

PNG LNG signs framework agreement

By: Esmarie Iannucci     9th April 2019 The joint venture partners in the Papua New Guinea (PNG) liquefied natural gas project have inked a gas agreement with the Independent State of PNG defining the fiscal framework for the project. Project partner Oil Search’s MD Peter Botton told shareholders on Tuesday that the fiscal and other... 

Woodside strikes HoA with ENN

By: Esmarie Iannucci     5th April 2019 Australian oil and gas producer Woodside has signed a heads of agreement (HoA) with China’s ENN Group for the supply of one-million tonnes of liquefied natural gas, for a period of ten years, starting in 2025. CEO Peter Coleman on Friday said that the HoA built on a 2018 cooperation agreement,... 

Woodside strikes HoA with ENN

Parliament passes first PRRT amendment

By: Esmarie Iannucci     4th April 2019 The federal Parliament this week passed the first phase of the amendments to the Petroleum Resources Rent Tax, which will exclude the onshore oil and gas industry from the scope of the tax and modify a number of the carry forward rate provisions that apply to exploration and project costs... 

Parliament passes first PRRT amendment

Oil nears $70 as Opec tightens supply, hopes for trade deal grow

By: Bloomberg     3rd April 2019 Oil rose near $70 a barrel in London, a level last breached in November, as global crude supplies tightened while hopes for an end to the US-China trade impasse lifted financial markets. Brent crude’s rapid recovery this year -- with the biggest quarterly gain in almost a decade -- is a victory... 

Exxon weighs sale of Nigerian oil and gas fields for up to $3bn

By: Reuters     2nd April 2019 Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in US shale and Guyana, industry and banking sources told Reuters. The potential disposals are expected to include stakes in onshore and offshore fields and could... 

PNG LNG signs another short-term offtake

By: Esmarie Iannucci     2nd April 2019 The Papua New Guinea (PNG) liquefied natural gas (LNG) joint venture partners have struck a mid-term sales and purchase agreement with Singapore’s Unipec to supply some 0.45-million tonnes of LNG over a four-year period. ASX-listed Oil Search, which holds a 29% interest in the PNG LNG project,... 

Vedanta announces oil discovery at its Bay of Bengal block

By: Ajoy K Das     28th March 2019 Resource major Vedanta on Wednesday announced an oil discovery in its Krishna-Godavari block in the Bay of Bengal along the eastern Indian coastline. The company earlier established a discovery of natural gas at the same block. 

GSOO report reinforces need for Australian gas development

By: Esmarie Iannucci     28th March 2019 New data from the Australian Energy Market Operator (AEMO) has found that supply from existing and committed gas developments will provide southern and south-eastern Australia with sufficient resources to meet demand until 2023. However, the AMEO’s ‘2019 Gas Statement of Opportunities (GSOO)’... 

BHP is said to weigh bid for Blackstone-backed Bluewater

By: Bloomberg     28th March 2019 BHP Group is among the potential bidders for Blackstone Group and LLOG Exploration Co.’s oil-exploration joint venture Bluewater, according to people with knowledge of the matter. The Bluewater business, which is also attracting interest from closely held Fieldwood Energy, is focused on... 

Senex gets green light for Surat basin gas project

By: Esmarie Iannucci     27th March 2019 The Queensland government has given ASX-listed Senex Energy environmental approval for its Project Atlas natural gas project, in the Surat basin. Senex in January received confirmation from the federal Department of the Environment and Energy that all requirements under the Environment... 

Global emissions hit record as energy demand boosts fuel use  

By: Bloomberg     26th March 2019 Carbon emissions from fossil-fuel use hit a record last year after energy demand grew at its fastest pace in a decade, reflecting higher oil consumption in the US and more coal burning in China and India. Those findings from the International Energy Agency mark a setback for the effort to rein in... 

Drilling oil in one of fastest ocean currents tests Total

By: Bloomberg     26th March 2019 Total’s discovery of South Africa’s first oil in deep water could prove to be a bonanza for a country lacking crude reserves of its own and prompt a rush from other majors. That’s if they’re able to solve the engineering challenges of operating in one of the fastest ocean currents in the world.... 

Drilling oil in one of fastest ocean currents tests Total

India’s crude oil imports from Iran, Venezuela come under US pressure

By: Ajoy K Das     22nd March 2019 India is negotiating with the US for exemptions from “extended sanctions” to maintain its current level of crude oil imports from Iran, but the country is also under pressure from the US administration to halt all crude purchase from Venezuela. According to officials here familiar with ongoing... 

NT Parliament passes amended petroleum legislation

By: Esmarie Iannucci     20th March 2019 Amendments to the Northern Territory’s petroleum legislation has passed through Parliament, enacting the government’s commitment to implement the 135 recommendations from the Scientific Inquiry into Hydraulic Fracturing. “Our government is making sure that as the Territory’s onshore gas industry... 

NT Parliament passes amended petroleum legislation

Opec+ affirms commitment to oil cuts, defers decision to extend

By: Bloomberg     18th March 2019 Saudi Arabia led fellow members of the Opec+ coalition to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs. A committee of the most influential members in the 24-nation alliance, which includes Russia, Iraq and the... 

Tribunal approves Glencore, Chevron merger, with conditions

By: Marleny Arnoldi     15th March 2019 The Competition Tribunal on Friday approved a merger involving Glencore South Africa Oil Investment (Glencore SA Oil) and Chevron South Africa (Chevron SA). The transaction involves Glencore SA Oil acquiring 75% of the issued share capital of Chevron SA, from Off The Shelf Investments.  

India’s Shipping Ministry unveils guidelines of LNG FSRU at all major ports

By: Ajoy K Das     15th March 2019 India’s Shipping Ministry has drawn up guidelines for setting up floating storage regasification units (FSRU) for liquefied natural gas (LNG) at all major ports in the country. The new guidelines aim to promote a shift from land-based LNG storage terminals to offshore units, as the latter cost... 

Chevron gives green light for Jansz-Io FEED

By: Esmarie Iannucci     14th March 2019 US oil and gas giant Chevron has given the go-ahead for the front-end engineering and design (FEED) work for the Jansz-Io compression project at the Gorgon natural gas facility, offshore Western Australia. In an Australian first, the project will use subsea compression to enhance recovery of the... 

Canadian oil sands' new growth is stymied by pipeline delays

By: Bloomberg     13th March 2019 Oil sands producers including MEG Energy and Imperial Oil are reconsidering oil sands expansions as new export pipelines are delayed and the provincial government limits production. MEG had planned to ramp up output at an expansion of its Christina Lake oil sands project in the second half of... 

WA joins anti-flaring initiative

By: Esmarie Iannucci     13th March 2019 Western Australia has become the first Australian signatory to the World Bank’s Zero Routine Flaring by 2030 initiative. Western Australian Minister for Mines and Petroleum, Bill Johnston on Wednesday told delegates at the AOG conference that the commitment would be reinforced by strengthening... 

New EPA emission rules could scupper three Woodside projects

By: Esmarie Iannucci     13th March 2019 Australian oil and gas major Woodside has called for government intervention in the new greenhouse guidelines put forth by the Western Australian Environmental Protection Authority (EPA), warning that the guidelines could jeopardise a 2020 investment decision on the Browse, Scarborough and Pluto... 

New EPA emission rules could scupper three Woodside projects

'No tomorrow' for many unless consumption falls – UN

By: Reuters     13th March 2019 Global exploitation of natural resources – from water, sand and timber to oil, coal and gemstones – has more than tripled in 50 years, the United Nations (UN) said on Tuesday, warning of devastating environmental impacts unless demand is reduced. Surging consumption of natural resources –... 

Petrochemicals and jet fuel to underpin oil growth as gasoline slows 

By: Terence Creamer     11th March 2019 Petrochemicals and jet fuel have emerged as key drivers of oil growth, with the International Energy Agency’s (IEA’s) latest market forecast indicating that the two sectors will account for more that 30% of global growth in the coming five years, as gasoline demand slows as a result of efficiency... 

Petrochemicals and jet fuel to underpin oil growth as gasoline slows

UK shale gas potential seen as good as the best in the US

By: Bloomberg     11th March 2019 Britain’s shale gas production has the potential to be as good as the best performing shale basin in the US, the Marcellus Formation. That’s the central finding from the body responsible for promoting onshore gas exploration, which tested levels at three sites across the north of England. UK... 

Santos prices $600m bond

By: Esmarie Iannucci     7th March 2019 Oil and gas major Santos on Thursday priced a $600-million senior unsecured fix rate bond, with the proceeds to be used for refinancing a $500-million bridge facility used to part fund the Quadrant Energy acquisition, as well as for general corporate purposes. The bonds have been priced at a... 

Afrox FY18 HEPS fall amid adverse operating environment 

By: Simone Liedtke     6th March 2019 Adverse movements in JSE-listed African Oxygen’s (Afrox’s) operating environment resulted in the company’s headline earnings per share (HEPS) for the year ended December 31, 2018, decreasing by 23% year-on-year to 154.9c. Basic earnings per share (EPS) decreased by 29% to 144.8c, while diluted... 

Afrox FY18 HEPS fall amid adverse operating environment
Afrox CFO Matthias Vogt speaks to Engineering News Online about the company's results and challenges for FY18. Video & Editing: Creamer Media's Nicholas Boyd.
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