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Oil and Gas News

Senex output continues to grow

By: Esmarie Iannucci     19th February 2019 ASX-listed Senex Energy has swung back into black during the six months ending December, after reporting an underlying net profit of A$1.4-million, compared with an underlying net loss of A$2.8-million after tax, compared with the first half of 2018. Production was up 49% over the same period,... 

Origin sells Ironbark to its 37.5%-owned APLNG JV

By: Esmarie Iannucci     19th February 2019 Energy major Origin Energy has struck a A$231-million deal to sell its Ironbark project to Australia Pacific Liquefied Natural Gas (APLNG) – a joint venture in which it is a 37.5% shareholder with ConocoPhillips (37.5%) and Sinopec (25%). Origin said on Tuesday that it expected to book a non-cash... 

Santos broadens scope in northern Australia

By: Esmarie Iannucci     18th February 2019 Oil and gas major Santos has struck a joint venture (JV) agreement with fellow-listed Beach Energy to partner over four exploration permits in the Bonaparte Basin, offshore Northern Australia. The two companies will each hold a 50% JV interest in the four permits, with Santos acting as operator. 

India hands over national oil company assets to private investors

By: Ajoy K Das     14th February 2019 Finally overruling strident opposition, the Indian government has approved taking away smaller discovered oil and natural gas blocks of its national oil exploration and production (E&P) majors and allocating them to private investors through auctions. The move, criticised by a section in... 

Carnarvon raises A$50m

By: Esmarie Iannucci     14th February 2019 ASX-listed Carnarvon Petroleum will raise A$50-million through a placement to institutional and sophisticated investors to fund appraisal and exploration activities in the North West Shelf. The company will issue some 151.6-million new shares, at an issue price of 33c a share to sophisticated... 

Teck misses profit estimates on lower oil, metal prices

By: Reuters     13th February 2019 Canada's Teck Resources, the world's second-biggest exporter of steel-making coal, posted a lower-than-expected quarterly profit on Wednesday, hurt by weak prices for heavy crude and base metals. Transportation bottlenecks in the country have pushed prices of Canadian oil lower, hurting the... 

Teck misses profit estimates on lower oil, metal prices

BHP approves $696m for Gulf of Mexico expansion

By: Esmarie Iannucci     13th February 2019 Mining major BHP on Wednesday approved $696-million in funding to develop the Atlantis Phase 3 project, in the Gulf of Mexico, after project partner BP in January approved a $1.3-billion expansion of the project. The Atlantis Phase 3 development will include the construction of a new subsea... 

BHP approves $696m for Gulf of Mexico expansion

Jemena wins licence for 40 TJ/d gas plant

By: Esmarie Iannucci     13th February 2019 The Queensland government has issued infrastructure provider Jemena a licence to start construction of a domestic-only gas processing plant. The plant is part of Jemena’s A$140-million Atlas gas pipeline project, which will create 150 jobs and connect Project Atlas to the Wallumbilla Gas Hub in... 

Beach more than doubles H1 revenues

By: Esmarie Iannucci     13th February 2019 Oil and gas producer Beach Energy has reported a 147% increase in sales revenue for the first half of 2019, and a 199% increase in underlying net profits after tax. The ASX-listed company on Wednesday announced that sales revenue for the six months to December had reached A$955-million as... 

Cimic wins A$90m APLNG contract

By: Esmarie Iannucci     12th February 2019 Project house Cimic has been awarded a A$90-million gas gathering and infrastructure works contract from the Australian Pacific liquefied natural gas (APLNG) project, in the Surat Basin, in Queensland. The contract is expected to deliver more than 300 coal seam gas wells over a two-year period,... 

Xolobeni judgment continues to confound 

By: Martin Creamer     11th February 2019 Mining must take place with a strong focus on the interests of those who live in mining areas, says Mineral Resources Minister Gwede Mantashe, a standpoint that supports the notion that a mining right and a land right can co-exist, without pleasing one party at the expense of the other.  But the... 

Xolobeni judgment continues to confound
Mineral Resources Minister Gwede Mantashe

Sasol expects higher H1 earnings, but warns of Lake Charles cost increase

By: Nadine James     8th February 2019 Chemicals and energy company Sasol expects to report earnings per share (EPS) and headline earnings per share (HEPS) of between R23.71 and R24.16 and between R22.97 and R23.68, respectively, for the six months ended December 31. This means EPS is expected to increase by between 110% and 114%... 

Total makes significant discovery off South Africa’s southern coast

By: Nadine James     7th February 2019 Petroleum company Total has made a significant gas condensate discovery on the Brulpadda prospects, located on Block 11B/12B in the Outeniqua Basin, the company announced on Thursday. Located 175 km off the southern coast of South Africa, the Brulpadda well encountered 57 m of net gas condensate... 

Total makes significant discovery off South Africa’s southern coast
Photo by Odfjell
Brulpadda drilling rig

Centrica, Tokyo Gas sign deal to buy LNG from Mozambique

By: Reuters     5th February 2019 British energy supplier Centrica and Tokyo Gas have agreed to jointly buy 2.6-million tonnes of liquefied natural gas (LNG) a year from Mozambique LNG Company, the firms said on Tuesday. Centrica LNG Company, a subsidiary of Centrica, and the Japanese energy company said the LNG would be... 

India receives 145 bids for 25 small oil, natural gas fields at auction

By: Ajoy K Das     31st January 2019 The second round of auction of 25 discovered small fields (DSF) in the Indian oil and natural gas sector has received 145 bids from 39 investors, including six foreign companies, the sector regulator has reported. The Directorate General for Hydrocarbons (DGH) states that domestic oil and natural... 

Beach hikes FY production guidance after strong first half

By: Esmarie Iannucci     31st January 2019 Australian oil and gas major Beach Energy has revised its full year production expectations for 2019, after a better-than-expected first half. The ASX-listed company is expecting full-year production to reach between 28-million and 29-million barrels of oil equivalent, up from the previous... 

Xstate teams up with Hillcrest in North American hunt

By: Esmarie Iannucci     29th January 2019 ASX-listed Xstate Resources has struck a deal with TSX-listed Hillcrest Petroleum to jointly hunt for oil and gas acquisitions onshore Canada and the US. Xstate told shareholders that the alliance will be the primary investment vehicle for material investments by either party in the North... 

Santos books Q4 revenue of A$1bn

By: Esmarie Iannucci     24th January 2019 Oil and gas major Santos has reported record sales revenue for the three months to December, on the back of a 6% increase in production. Sales revenue during the December quarter reached more than A$1-billion, up 7% on the previous quarter, with Santos also reporting record quarterly liquefied... 

Santos books Q4 revenue of A$1bn

Miners welcome Labour’s A$1bn hydrogen strategy

By: Esmarie Iannucci     23rd January 2019 The resources sector has welcomed the federal opposition’s A$1-billion hydrogen strategy, to fund hydrogen research and commercial development. Labour’s plan will see A$1-billion in funding from the Clean Energy Finance Corporation go towards supporting clean hydrogen development, with up to... 

Gas flows from Van Gogh

By: Esmarie Iannucci     22nd January 2019 Oil and gas major Santos has produced first oil from its Van Gogh infill project, in the Exmouth Basin, offshore Western Australia, marking the completion of the two-well programme that is expected to increase production from the field. The Van Gogh field is one of three subsea field... 

Canadian oil surge fails to lift producers out of the doldrums

By: Bloomberg     21st January 2019 Alberta’s crude curtailment plan has caused a dramatic rise in the price of heavy Canadian oil. But for shares of energy companies, it hasn’t been as much of a help. Since the production curtailment was unveiled early last month, Western Canadian Select crude has almost doubled to about $43 a... 

Canadian oil surge fails to lift producers out of the doldrums

Project Atlas gets enviro nod

By: Esmarie Iannucci     21st January 2019 The Queensland Department of Environment and Energy has given ASX-listed Senex Energy approval to develop its Atlas project. The company said on Monday that it was now progressing the remaining regulatory approvals required by the Queensland government, with all environmental authority... 

Location a key discussion point as Saudi Aramco mulls South African refinery investment

By: Terence Creamer     18th January 2019 “Location, location, location,” South Africa’s Minister Jeff Radebe quipped on Friday after a meeting with his Saudi counterpart, Khalid Al-Falih, where it was agreed that Saudi Aramco and the Central Energy Fund (CEF) would jointly study a plan for a new oil refinery and petrochemical investment... 

Location a key discussion point as Saudi Aramco mulls South African refinery investment
Kingdom of Saudi Arabia’s Energy, Industry and Mineral Resources Minister Khalid Al-Falih with South Africa's Energy Minister Jeff Radebe

IEA sees oil demand growth defying economic slowdown for now

By: Bloomberg     18th January 2019 Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency. “We have seen prices fall very significantly since the peak at the beginning of October, and that is... 

India mulls bringing natural gas under single unified tax regime

By: Ajoy K Das     18th January 2019 The Indian government has initiated moves to bring natural gas under the purview of Goods and Service Tax (GST) offering succor to a large number of gas-based power plants stranded by high-priced fuel. A Parliamentary committee on energy has batted in favour of including natural gas in the... 

Woodside Q4 revenue jumps 43%

By: Esmarie Iannucci     17th January 2019 Australian oil and gas major Woodside has reported a 43% increase in sales revenue for the fourth quarter of 2018, compared with the previous corresponding period, and a 10% increase in production. Woodside on Thursday reported that production during the three months to December had reached... 

Woodside awards Scarborough contracts ahead of FID next year

By: Esmarie Iannucci     16th January 2019 Australian oil and gas major Woodside is pushing ahead with the development of its $11-billion Scarborough gas project, announcing four contract awards for front-end engineering design activities. CEO Peter Coleman said the award of the contracts would support the project schedule and Woodside’s... 

Opec+ plans review in Baku in March, Ministers' Meeting in April

By: Bloomberg     15th January 2019 Opec and its allies plan to hold a meeting in March to assess their oil-production accord in Azerbaijan, and then ministers will gather to set policy in April, according to the organization’s top official. The body that reviews the implementation of Opec’s supply cuts, the Joint Ministerial... 

Foreign investors eye stake in IOC’s LNG terminal to be commissioned this month

By: Ajoy K Das     14th January 2019 Indian Oil Corporation (IOC), the country’s largest oil refiner-marketer, will be willing to offer strategic equity stake to overseas investors in its liquefied natural gas (LNG) terminal ready for commissioning at the end of this month. IOC in a statement said that construction of the LNG... 

Santos links more homes to Narrabri

By: Esmarie Iannucci     14th January 2019 Oil and gas major Santos has put further weight behind its plans to develop the Narrabri gas project, in New South Wales, revealing a new flowline from the natural gas appraisal wells, near Narrabri, to the Wilga Park power station. Santos said on Monday that the new flowline would be able to... 

Santos links more homes to Narrabri

Oil near one-month high amid Opec cuts, economic uncertainty

By: Bloomberg     10th January 2019 Oil traded near a one-month high after entering a bull market, while the tension between an uncertain economic outlook and efforts by Opec to restrict supplies continued to cause volatile trading. West Texas Intermediate slipped 0.5% after a rally on Wednesday brought crude’s rebound from an... 

Santos extends Beach/Senex agreements

By: Esmarie Iannucci     10th January 2019 Australian oil and gas major Santos has extended its gas processing agreement with ASX-listed Beach Energy and Senex Energy. The gas processing agreement extensions are expected to result in the production of up to 18 TJ of sales gas per day, or 20 PJ over the three-year term. 

Santos extends Beach/Senex agreements

India’s plans for a natural gas trading hub in limbo

By: Ajoy K Das     9th January 2019 Having missed the December deadline to establish a national gas trading hub, India is unlikely to push ahead with its plans in the immediate future without solving the vexed issue of unbundling operations of State-run natural gas infrastructure owner and marketer GAIL India. The Petroleum and... 

BP awaits BHP decision on Atlantis spend

By: Esmarie Iannucci     9th January 2019 Energy giant BP has approved a $1.3-billion expansion of its Atlantis field, in the Gulf of Mexico. The Atlantis Phase 3 development will include the construction of a new subsea production system from eight new wells that will be tied into the current plantform, off the US coast. 

Qld LNG exports reach new heights

By: Esmarie Iannucci     8th January 2019 Liquefied natural gas (LNG) exports through the Port of Gladstone reached a record 20.58-million tonnes in 2018, the Queensland Resources Council (QRC) has revealed, reaffirming the sector’s importance to the Queensland economy. QRC CEO Ian Macfarlane said the data released by Gladstone Ports... 

Qld LNG exports reach new heights

Suncor achieves record quarterly oil-equivalent production of 831 000 bbl/d

By: Marleny Arnoldi     7th January 2019 Energy company Suncor reported total upstream production of 831 000 bbl/d of oil equivalent for the fourth quarter of 2018. This marked a quarterly production record and represented a 12% increase from the third quarter. 

If you can't pipe it, refine it: Alberta seeks oil glut solution

By: Bloomberg     7th January 2019 What’s worse: Too much oil, or too much gasoline? The government of Alberta, weighing the potential of a new refinery for the province, may be on its way to finding out. In 2018, surging crude production in the Canadian province ran into limited space on export pipelines, creating bottlenecks and... 

If you can't pipe it, refine it: Alberta seeks oil glut solution

India initiates moves toward freeing natural gas pricing

By: Ajoy K Das     19th December 2018 The Indian government has started work on shifting from administered price for natural gas to a free pricing regime, but the process is to be spread out over three years. According to officials, NITI Aayog (National Institute for Transformation of India Commission) has already submitted a... 

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