R/€ = 16.90 Change: -0.07
R/$ = 16.21 Change: -0.05
Au 1814.94 $/oz Change: -9.19
Pt 943.21 $/oz Change: -20.79

Oil and Gas News

US ban on Russian energy imports does not include uranium - source

By: Reuters     8th March 2022 US President Joe Biden's ban on American imports of Russian oil and other energy products, announced on Tuesday, does not include a ban on imports of uranium for nuclear power plants, a source familiar with the matter said. The US power industry relies on Russia and its allies Kazakhstan and... 

Global shares fall, oil rises in volatile trading after Russia oil ban

By: Reuters     8th March 2022 Global share markets fell on Tuesday as oil prices climbed yet further, driven by the United States banning Russian oil and other energy imports over Moscow's invasion of Ukraine. US President Joe Biden made the announcement on Tuesday, while Britain said it would phase out imports of Russian oil... 

US President Joe Biden
Photo by Reuters
US President Joe Biden

Steeply rising diesel prices may increase load-shedding risk as Eskom warns of difficulties in absorbing costs  

By: Terence Creamer     8th March 2022 State-owned utility Eskom says it is still in the process of quantifying the likely impact of surging diesel prices on the cost of producing electricity at its open cycle gas turbine (OCGT) facilities but has cautioned that continued steep price rises will be difficult to absorb in light of its... 

Eskom CFO Calib Cassim
Photo by Creamer Media's Donna Slater
Eskom CFO Calib Cassim

Appea backs CCS study in WA

By: Esmarie Iannucci     8th March 2022 The Australian Petroleum Production & Exploration Association (Appea) is backing a new study by the Western Australian LNG Jobs Taskforce into opportunities for carbon capture, utilisation and storage (CCUS) and carbon capture and storage (CCS) development in the state. The study will help... 

More funding awarded for Beetaloo exploration

By: Esmarie Iannucci     8th March 2022 The federal government has awarded ASX-listed Tamboran Resources a A$7.5-million grant under the Beetaloo Cooperative Drilling Programme to support exploration in the Northern Territory. The grant agreement with Sweetpea Petroleum, a subsidiary of Tamboran Resources, will further assist gas... 

Image shows oil well being drilled

Weekly Commodities Market Wrap

7th March 2022 ENERGIES – The price gyrations in oil, gas and coal have been spectacular and eye-watering. Coal has been the biggest winner in the European Union (EU) energy complex by far. But this is very much a spot crisis, as curves remain steeply backwardated. With most distressed buyers having already... 

A table showing the latest spot market prices for various commodities

Transnet bottlenecks to hamper South Africa's export opportunities amid Russia sanctions  

By: Darren Parker     4th March 2022 The bottlenecks in South Africa’s export corridors – caused in large part by State-owned logistics company Transnet’s inability to provide sufficient capacity – will likely undermine any opportunities that could arise from commodity supply shortages and higher prices as more sanctions are... 

A Transnet train

Higher prices, budget strains to hit Africa from war in Ukraine

By: Bloomberg     4th March 2022 Russia’s invasion of Ukraine is likely to hurt Africa’s coronavirus-ravaged and fragile economies through fiscal constraints, weaker investment flows and higher commodity costs. The most pronounced challenge will be the surge in prices, particularly of oil and wheat, as these will have... 

Coal leading Australian resource exports - ABS

By: Esmarie Iannucci     4th March 2022 The latest trade data from the Australian Bureau of Statistics (ABS) has shown that coal continued to lead the surge in Australia’s export earnings for January. The ABS’ International Trade in Goods and Services data for January 2022 shows total resources and energy exports were worth... 

Image shows a coal loader at port

ESG class action lawsuits are a growing trend in mining, oil and gas

By: Darren Parker     3rd March 2022 There is a growing global trend in terms of class action lawsuits surrounding the production of misleading information or fraudulent information in securities disclosures, which law firm Webber Wentzel partner Garyn Rapson said was dominating the environmental, social and governance (ESG) class... 

Webber Wentzel partner Garyn Rapson
Photo by Creamer Media
Webber Wentzel partner Garyn Rapson

ESG slowing down as energy transition highlights mining as indispensable – RMF  

By: Martin Creamer     2nd March 2022 The energy transition is highlighting mining as an indispensable industry, said Responsible Mining Foundation (RMF) CEO Hélène Piaget in opening a webinar on 'Responsible Mining Index (RMI) Report 2022', which reports a slowdown in economic, environmental, social and governance (ESG). “Yet there... 

Creamer Media screenshot.
Responsible Mining Foundation report covered by Mining Weekly’s Martin Creamer. Video: Darlene Creamer.

Exxon to exit Russia as Ukraine war pressures energy giants

By: Bloomberg     2nd March 2022 Exxon Mobil flagged it would join key rivals in exiting Russia as pressure grows on global energy giants to respond decisively to the invasion of Ukraine. The producer, which holds a 30% stake in the Sakhalin-1 offshore oil venture in Russia’s Far East, will begin steps to discontinue operations... 

Origin questions Russian involvement in JV partner

By: Esmarie Iannucci     2nd March 2022 Energy major Origin Energy has expressed concern about Russian involvement in its Beetaloo Basin joint venture partner Falcon Oil & Gas, amid the current conflicts. Origin this week told shareholders that it had expressed its concerns to Falcon regarding one of that company’s own shareholders,... 

Glencore reviews equity stakes in Russian companies En+ and Rosneft

By: Reuters     2nd March 2022 Miner and trader Glencore said on Tuesday it is reviewing all its business activities in Russia including equity stakes in aluminium and hydropower group En+ Group and oil giant Rosneft. The London-listed miner has a 10.5% stake in EN+, is majority owner of aluminium producer Rusal and has a... 

Santos joins Korean partners in CCS

By: Esmarie Iannucci     1st March 2022 Oil and gas major Santos has inked a memorandum of understanding (MoU) with a number of Korean partners to jointly develop carbon capture and storage (CCS) projects. Santos, along with SK E&S, K-CCUS Association, CO2CRC and Korea Trade Insurance Corporation have signed the MoU to support and... 

Woodside welcomes court decision on Pluto

By: Esmarie Iannucci     1st March 2022 Energy major Woodside has welcomed a decision by the Supreme Court of Western Australia to dismiss the two proceedings brought against the chairperson of the Environmental Protection Authority (EPA) challenging the Pluto liquefied natural gas (LNG) and Karratha gas plant (KGP) environmental... 

Image shows Woodside building

As BP and Shell leave Russia, these companies still have stakes

By: Bloomberg     1st March 2022 The invasion of Ukraine has prompted oil giant BP and Shell to quit Russia in a historic move that will bring billions of dollars of impairments. Now the pressure is building on others to follow suit. Energy company Equinor ASA has also said it will start withdrawing from Russia, as sanctions... 

Mantashe says Eskom to seek permission for coal-to-gas switch at some old stations  

By: Terence Creamer     25th February 2022 Mineral Resources and Energy Minister Gwede Mantashe says he expects Eskom to make an application soon for a Section 34 determination to facilitate gas-to-power generation at some of the coal power stations that the utility aims to repower and repurpose as part of its unfolding just energy... 

Mineral Resources and Energy Minister Gwede Mantashe
Photo by Creamer Media Chief Photographer Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe

Oil soars past $100 after Russia attacks targets across Ukraine

By: Bloomberg     24th February 2022 Brent oil surged above $100 a barrel for the first time since 2014 as Russia’s attack on cities across Ukraine sparked fears of a disruption to the region’s critical energy exports. Futures in London jumped as much as 5.4% after Vladimir Putin ordered an operation aimed at demilitarizing the... 

Australia monitoring energy supply amid Ukraine furor

By: Esmarie Iannucci     24th February 2022 The Australian government on Thursday said that it was ‘closely monitoring’ international energy markets in the face of escalating hostilities from Russia against Ukraine. The Australian government has condemned Russian President Vladimir Putin's actions which have impacted global energy... 

IEA’s Global Methane Tracker shows emissions are on the rise again

By: Simone Liedtke     23rd February 2022 The International Energy Agency’s (IEA’s) Global Methane Tracker, released on February 23, shows that emissions from oil, gas and coal are on the rise again, underscoring the need for greater transparency, stronger policies and immediate action. The new IEA analysis states that global methane... 

IEA’s Global Methane Tracker shows emissions are on the rise again

Report urges further LNG investment in Australia

By: Esmarie Iannucci     23rd February 2022 A new report by the Department of Industry, Science, Energy and Resources has highlighted Australia’s comparative liquefied natural gas (LNG) trade and investment advantages out to 2050. LNG demand is forecast to more than double of the coming decades, to more than 800-million tonnes by 2050,... 

NSW bans offshore exploration and drilling

By: Esmarie Iannucci     23rd February 2022 The New South Wales government on Wednesday announced a ban on offshore exploration and mining, under a new policy introduced by the state government. Deputy Premier and Minister responsible for Resources Paul Toole announced the New South Wales government would not support commercial... 

Image shows an offshore drill rig

Imperial wins three fracking grants in Beetaloo basin

By: Esmarie Iannucci     23rd February 2022 The federal government has entered into three grant agreements worth a combined A$19.4-million to support gas exploration in the Northern Territory’s Beetaloo Sub-Basin. Minister for Resources and Water, Keith Pitt said under the Beetaloo cooperative drilling program, the grants will support... 

Trans Mountain oil pipeline expansion cost soars to $17bn

By: Bloomberg     22nd February 2022 The cost to expand the Trans Mountain oil pipeline has soared 70% to nearly $17-billion, potentially challenging the viability of the line from Canada’s oil heartland to the Pacific Coast. The new cost estimate of C$21.4-billion ($16.8-billion) was released Friday by Trans Mountain, which was... 

P’nyang gas agreement struck in PNG

By: Esmarie Iannucci     22nd February 2022 Oil and gas major Santos has inked a gas agreement with the Papua New Guinea (PNG) government and its P’nyang project partners ExxonMobil and JX Nippon, to execute a gas agreement that provides a clear framework for P’nyang’s future development. The gas agreement sets out the fiscal framework... 

Image shows a handshake

Sasol signs LNG term sheet as it prepares for R20bn-plus coal-to-gas switch at Secunda  

By: Terence Creamer     21st February 2022 Energy and chemicals group Sasol has approved development funds for the first phase of a project that is designed to increase the Secunda complex’s ability to use gas instead of coal to produce fuel and chemicals. The fuel switch is central to Sasol’s initial commitment to reducing its greenhouse... 

Sasol CEO Fleetwood Grobler
Photo by Creamer Media's Donna Slater
Sasol CEO Fleetwood Grobler

FIRB backs POSCO's bid for Senex

By: Esmarie Iannucci     18th February 2022 The Foreign Investment Review Board (FIRB) has approved Korean major POSCO International’s takeover of ASX-listed Senex Energy, issuing the suitor with a ‘no objection’ letter. POSCO was offering A$4.60 a share for each Senex share held, with the deal being unanimously recommended by the Senex... 

Origin completes sale of APLNG stake

By: Esmarie Iannucci     18th February 2022 ASX-listed Origin Energy has completed the sale of a 10% interest in its Australia Pacific liquefied natural gas (APLNG) project to project partner ConocoPhillips. ConocoPhillips exercised its pre-emption rights in relation to Origin’s sale of 10% of its shareholding in APLNG, after Origin in... 

Opec+ must fix its million-barrel supply gap, IEA says

By: Bloomberg     17th February 2022 The International Energy Agency (IEA) urged the Organisation of the Petroleum Exporting Countries (Opec) and its allies to address a widening shortfall in their oil production as a volatile market sends crude prices rocketing toward $100 a barrel. While fuel consumption is bouncing back from the... 

Govt slams Origin plans to close Eraring

By: Esmarie Iannucci     17th February 2022 Energy producer and distributor Origin Energy on Thursday flagged the early retirement of its Eraring power station from 2032 to 2025, in New South Wales, saying coal-fired generation was no longer sustainable. The company has submitted a notice to the Australian Energy Market Operator (AEMO)... 

Appea calls for CCUS incentives in Qld

By: Esmarie Iannucci     17th February 2022 The Australian Petroleum Production and Exploration Association (Appea) has called on the Queensland government to use a new resources sector plan to boost investment in cleaner energy to reduce carbon emissions. In its submission for the Queensland Resources Industry Development Plan, Appea has... 

Woodside reports major surge in profits

By: Esmarie Iannucci     17th February 2022 Oil and gas major Woodside has reported a 149% increase in net profits after tax for the full year ended December, which reached $1.9-billion, following a recovery in oil and gas prices. Underlying net profits after tax for the full year was up 262% on the previous financial year, from... 

Glencore sells stake in Russia's Russneft to cap 20-year partnership

By: Reuters     16th February 2022 Glencore has sold out of Russneft, capping two decades of investments which saw the Swiss commodities firm trading millions of barrels of the Russian group's oil even as it witnessed some of Russia's top corporate and political battles. The sale, which has been years in the works since Glencore... 

Aus needs more gas investment - ACCC

By: Esmarie Iannucci     16th February 2022 The Australian Competition and Consumer Commission’s (ACCC) latest Gas Inquiry interim report has highlighted the need for further investment in the Australian energy sector. The report found that while domestic gas contract prices rose slightly between March and August 2021, Australia avoided... 

Santos sets new records

By: Esmarie Iannucci     16th February 2022 Oil and gas major Santos has reported record free cash flows for the 2021 financial year on the back of higher oil and liquefied natural gas (LNG) prices, and a three week contribution from the Oil Search assets. Santos on Wednesday reported that production in the 2021 financial year had reached... 

What conflict in Ukraine would mean for oil, gas and food

By: Bloomberg     15th February 2022 Tensions over Ukraine are entering a critical period, driving up prices of raw materials key to the global economy, and piling pressure on governments already struggling with surging inflation. The US has warned that Russia could attack its neighbor as early as this week, even though Moscow has... 

Woodside unveils new board for BHP merger

By: Esmarie Iannucci     15th February 2022 Oil and gas major Woodside on Tuesday announced the executive team to lead the company following the completion of its proposed merger with BHP’s petroleum business, targeted for the second quarter of 2022. Leadership positions will be based in Perth and Houston, reflecting the global nature of... 

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