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Oil and Gas News

Weekly Commodities Market Wrap

By: Creamer Media Reporter      14th February 2022 ENERGIES - Coal continues strong although a market correction is imminent once European physical supplies are assured. The current strong physical premiums being enjoyed are likely to align back to paper market levels, especially considering that natgas, power and carbon markets were softer on... 

Beach reports stellar first half

By: Esmarie Iannucci     14th February 2022 ASX-listed Beach Energy has reported a 66% increase in statutory net profits after tax for the first half of the 2022 financial year, compared with the previous corresponding period. The oil and gas producer reported a net profit after tax of A$213-million for the half-year, with earnings... 

Colombian driller sees Petro's anti-oil plans ending up in court

By: Bloomberg     11th February 2022 A proposal to abruptly end oil and gas exploration in Colombia would lead to higher prices for local consumers and be challenged in court, according to the country’s state-run driller. Gustavo Petro, the leading candidate ahead of presidential elections in May, is looking to speed up Colombia’s... 

Origin warns of impairment charges

By: Esmarie Iannucci     10th February 2022 ASX-listed Origin Energy on Thursday warned of a non-cash impairment and capital gains tax expense of between $190-million and $200-million for its half-year results. The expected non-cash impairment relates to the sale of a 10% interest in Australia Pacific liquefied natural gas (APLNG) project. 

GasFields Commission steps into Surat gas fight

By: Esmarie Iannucci     10th February 2022 The GasFields Commission Queensland has stepped into the Surat gas project melee, calling on all stakeholders involved to urgently act to resolve ongoing coexistence issues emanating from Arrow Energy’s development activities at the project. Community members have been raising concerns around... 

Shell to invest further in Qld gas

By: Esmarie Iannucci     9th February 2022 Oil and gas giant Shell’s QBC business, along with its joint venture partners CNOOC and Tokyo Gas, have announced plans to develop the next phase of onshore natural gas in Queensland, to supply domestic and export customers. Between 2022 and 2024, Shell will progressively drill and connect... 

Fifteen banks now steering clear of East African oil project, says Just Share

By: Martin Creamer     8th February 2022 Four out of five of South Africa’s largest lenders have confirmed that they will not be involved in the financing of the East African Crude Oil Pipeline project, taking the total number of non-participating commercial banks globally to 15. Shareholder activism organisation Just Share stated in a... 

Directors face potential liability for climate change risks – Webber Wentzel 

By: Martin Creamer     8th February 2022 Directors face potential liability if they fail to carry out their fiduciary duties to curb climate change risks and do not make complete disclosures about climate-related risks, Webber Wentzel partner Merlita Kennedy and associate Tobia Serongoane stated on Tuesday. In a release to Mining... 

Creamer Media montage
Webber Wentzel associate Tobia Serongoane (left) and partner Merlita Kennedy.

Karoon sets up carbon credits for Brazilian ops

By: Esmarie Iannucci     8th February 2022 ASX-listed Karoon Energy’s Brazilian subsidiary Karoon Petróleo e Gás, has entered into an agreement with Shell Western Supply and Trading (SWST) to purchase more than 480 000 verified emission reductions (VERs), or carbon credits, between 2022 and 2030, to offset an estimated 60% of total... 

Santos 'books' first carbon storage

By: Esmarie Iannucci     8th February 2022 Oil and gas major Santos has booked 100-million tonnes of carbon storage resources in the Cooper Basin, in South Australia, marking what the company believed to be the first booking globally in accordance with the CO2 Storage Resource Management System (SRMS). MD and CEO Kevin Gallagher said on... 

Goldman commodity veteran says he’s never seen a market like it

By: Bloomberg     7th February 2022 Jeff Currie, the closely-followed head of commodities research at Goldman Sachs Group says he’s never seen commodity markets pricing in the shortages they are right now. “I’ve been doing this 30 years and I’ve never seen markets like this,” Currie said in a Bloomberg TV interview. “This is a... 

An image of coal on a conveyor

Weekly Commodities Market Wrap

7th February 2022 Coal continues to outperform the rest of the energy complex, although with the northern hemisphere winter nearing an end, the threat of an interruption to Russian energy supplies fades. Crude prices are also shifting higher as $100 Brent looks to be on the cards once more. 

ASM logo

Hunter gas-fired project gets approved

By: Esmarie Iannucci     7th February 2022 The federal government has given environmental approval for the construction of the Hunter power project, in New South Wales. The 660 MW gas-fired power plant at Kurri Kurri, in the Hunter Valley, will come online in 2023 and would supply power after the closer of the Liddell power station. 

BHP welcomes LNG-driven carriers

By: Esmarie Iannucci     7th February 2022 Mining major BHP has welcomed the world’s first liquefied natural gas (LNG)-fuelled Newcastlemax bulk carrier, which will transport iron-ore between Western Australia and Asia from 2022. The miner previously chartered five LNG-fuelled bulk carriers from Eastern Pacific Shipping (EPS) for a... 

FAR shareholder rejects Samuel Terry offer

By: Esmarie Iannucci     4th February 2022 Takeover target FAR on Friday announced that shareholder Meridian Capital International Fund, which owns a 19.28% share in the company, has rejected the takeover offer from Samuel Terry Asset Management. Samuel Terry Asset Management, which holds a 4.9% stake in FAR, this week announced an... 

Australian resource exports rise in 2021 - ABS

By: Esmarie Iannucci     4th February 2022 New data from the Australian Bureau of Statistics (ABS) has shown that Australia’s resources and energy exports in 2021 were up almost one-third on the previous year. The ABS’ International Trade in Goods and Services data for December 2021 shows total resources and energy exports were worth... 

Image shows cargo ship being loaded with iron-ore

Glencore reports 43% higher ferrochrome production  

By: Martin Creamer     2nd February 2022 Diversified mining and marketing company Glencore on Wednesday reported 43% higher ferrochrome production in its full year 2021 production report.   

Picture supplied
Gary Nagle

South Africa needs to embrace Ubuntu principles in going green, webinar hears 

By: Martin Creamer     31st January 2022 In decarbonising and going green, South Africa needs to embrace the principles of Ubuntu and show humanity towards others. That view was expressed by Gold Fields South Africa executive VP Martin Preece during the 'Decarbonisation & Going Green in the Mining Sector' webinar hosted by Creamer Media... 

Screenshot by Creamer Media
Photo by Creamer Media
From top left, clockwise, are Abel Sakhau, Martin Preece, Jevon Martin, Nikisi Lesufi and James Mackay.

FAR weighs takeover offer

By: Esmarie Iannucci     31st January 2022 Africa-focused oil and gas developer FAR has flagged an off-market takeover offer from Samuel Terry Asset Management, which has offered to acquire FAR’s shares at a price of 45c each in cash. The company currently holds a 4.9% stake in FAR, and is hoping to increase its shareholding in the... 

Appea calls for gas incentives ahead of federal budget

By: Esmarie Iannucci     31st January 2022 The Australian Petroleum Production and Exploration Association (Appea) has called on the Australian government to encourage continued investment in secure, cleaner energy. Appea on Monday said the development of both the natural gas industry and new technology could drive economic recovery and... 

Image shows generic LNG plant

Origin sees revenues soar on higher oil prices

By: Esmarie Iannucci     31st January 2022 ASX-listed Origin Energy has reported a 2% increase in production from the Australia Pacific Liquefied Natural Gas (APLNG) operation in the three months to December, with production reaching 177.9 PJ. Sales volumes from APLNG was up 1% on the September quarter, to 169.2 PJ, generating revenues... 

Aus volunteers for European energy supply

By: Esmarie Iannucci     28th January 2022 Australian Resources Minister Keith Pitt has volunteered Australia’s supply of liquefied natural gas (LNG) to struggling European nations. In a press conference this week, Pitt said that Australia stood “ready to support its friends and allies” as tensions soared in Europe over the conflict in... 

Woodside withdraws from Myanmar

By: Esmarie Iannucci     27th January 2022 Australian energy producer Woodside on Thursday announced its withdrawal from Myanmar. The ASX-listed company has operated in Myanmar since 2013, conducting multiple exploration and drilling campaigns, and holds a 40% participating interest in the A-6 joint venture (JV) as joint operator and... 

Image shows Woodside building

Goldman doesn't see big disruption to energy flows over Ukraine

By: Bloomberg     26th January 2022 Oil and gas flows aren’t likely to be significantly impacted from the tensions building in Ukraine, according to Goldman Sachs Group. The bank’s base case is “no disruption,” Jeff Currie, Goldman’s global head of commodities research, said in a Bloomberg TV interview with Shery Ahn and Paul... 

McKinsey pegs the price tag of a livable climate at $9.2tr a year

By: Bloomberg     25th January 2022 A new analysis from McKinsey & Co. estimates that the investment, in new infrastructure and systems, needed to meet international climate goals could be $9.2-trillion a year through 2050. That’s at least $3.5-trillion more a year than the world is currently laying out for both low-carbon and... 

Natural gas, electricity price volatility and inflation the result of natural gas crisis

By: Schalk Burger     24th January 2022 Natural gas and electricity prices have spiked to record highs, most notably in Europe and some major Asian markets, causing potentially significant economic impacts and volatility in gas and electricity markets, driven by turmoil in natural gas markets, says intergovernmental organisation... 

IEA executive director Dr Fatih Birol
Photo by Bloomberg
IEA executive director Dr Fatih Birol

Santos sets records as Oil Search merger pinacles  

By: Esmarie Iannucci     20th January 2022 ASX-listed Santos has reported record annual production, record sales revenue and record free cash flows for the year ended December, on the back of a strong December quarter. Santos MD and CEO Kevin Gallagher said Santos delivered record annual production and sales revenue in 2021, as strong... 

Image shows Santos operation at nightfall

Woodside sales spike, along with revenue

By: Esmarie Iannucci     20th January 2022 Oil and gas producer Woodside Energy has reported an 86% increase in sales revenue during the fourth quarter ended December, compared with the previous quarter, with revenues reaching A$2.85-billion. The ASX-listed company said that the average realised price increased by 53% in the same period,... 

Woodside inks LNG HoA in the US

By: Esmarie Iannucci     19th January 2022 Oil and gas producer Woodside Energy has struck a heads of agreement (HoA) with US based Commonwealth LNG for the potential supply of liquefied natural gas (LNG from the proposed Commonwealth LNG development in Louisiana. The HaA contemplates the purchase of 2-million tonnes a year of LNG over a... 

BHP adjusts copper and coal expectations

By: Esmarie Iannucci     19th January 2022 Diversified major BHP has adjusted its full year outlook for metallurgical coal and copper productions as tough conditions continued. The miner on Wednesday reported that full year copper production was trending towards the low end of the guidance range of between 1.59-million and 1.76-million... 

BHP CEO Mike Henry
BHP CEO Mike Henry

Woodside settles Pluto Train 2 sale

By: Esmarie Iannucci     18th January 2022 ASX-listed Woodside Energy has completed the sale of a 49% non-operating participating interest in the Pluto Train 2 joint venture (JV) to specialist infrastructure investor, Global Infrastructure Partners (GIP). Woodside in November entered into a sale and purchase agreement with GIP. 

Alberta prioritises oil sands' carbon storage hub, Energy Minister says

By: Reuters     17th January 2022 The government of Alberta, Canada's main oil-producing province, plans to move forward "very, very quickly" on its next carbon sequestration hub in the Cold Lake region that will serve oil sands producers, Energy Minister Sonya Savage told Reuters. Alberta is currently accepting requests for... 

Senex completes APLNG buy

By: Esmarie Iannucci     17th January 2022 Oil and gas major Senex has finalised the acquisition of two undeveloped gas fields from the Australia Pacific Liquefied Natural Gas (APLNG) project owners. The gas fields are adjacent to Senex’s Atlas field. 

IEA says Canada can be key global oil supplier if emissions promises kept

By: Reuters     14th January 2022 Canada, the world's fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday. In its first review of Canada's energy policies since 2015, the IEA said the country's... 

QRC welcomes Bowen basin pipeline plans

By: Esmarie Iannucci     13th January 2022 The Queensland Resources Council (QRC) has welcomed the state government’s proposal to investigated potential gas pipeline pathways and optimisation of the Bowen Basin’s gas reserves to support the East Coast gas market for export and domestic use. The state government last week announced a... 

Deepwater oil targeted by Argentine activists who quashed mining

By: Bloomberg     12th January 2022 Environmental activists in Argentina are trying to prevent new oil exploration in the resource-rich South American nation just days after forcing a governor in Patagonia to reverse course on silver mining. The government has been lobbying the case for drillers to search for oil in the Atlantic... 

Goldman bullish on commodities, seeing years-long supercycle

By: Bloomberg     7th January 2022 Goldman Sachs Group is “extremely bullish” on commodities, amid a supercycle that has the potential to last for a decade, according to Jeff Currie, the bank’s global head of commodities research. The new year has started against a backdrop that includes record dislocations in energy, metals and... 

US to become largest LNG exporter, China largest importer in 2022 – IHS Markit

By: Schalk Burger     6th January 2022 The US will become the world's top exporter and China the top importer of liquefied natural gas (LNG) in 2022, says NYSE-listed market research and analysis company IHS Markit in its 'LNG Trade in 2021: Runaway Recovery'  report. The report finds that the US, which was the third-largest LNG... 

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