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Oil and Gas News

Woodside suffers under Kitimat impairment

By: Esmarie Iannucci     13th February 2020 Oil and gas major Woodside Energy has seen a significant drop in its full year net profits after tax after recording a $720-million non-cash impairment for the Kitimat liquefied natural gas (LNG) asset, in Canada. The ASX-listed major on Thursday told shareholders that the net profit after tax... 

BHP approves Scarborough feasibility

By: Esmarie Iannucci     13th February 2020 Diversified major BHP on Thursday announced a decision to progress the Scarborough gas development, offshore Western Australia, into the feasibility study phase. BHP in 2016 sold a 50% stake in the undeveloped Scarborugh gas field to Australian oil and gas major Woodside Energy for an initial... 

Woodside warns of Kitimat write-down

By: Esmarie Iannucci     12th February 2020 Oil and gas major Woodside Petroelum has warned of a non-cash impairment of A$720-million in relation to its Kitimat assets, in Canada, for the 2019 financial year. US major Chevron, which holds a 50% stake in the Kitimat project, in December of last year announced plans to exit the asset,... 

Another step forward for world’s largest hydrogen truck at Mogalakwena

By: Martin Creamer     12th February 2020 Development of the world’s largest hydrogen-powered mine truck took another step forward this week. Autocar reports that Anglo American has engaged Williams Advanced Engineering to  help develop the new fuel cell electric vehicle that will be put through its paces at South Africa’s Mogalakwena... 

Another step forward for world’s largest hydrogen truck at Mogalakwena
Platinum group metals helping to fight climate change.

Beach narrows full year guidance

By: Esmarie Iannucci     11th February 2020 Oil and gas producer Beach Energy has narrowed its full year production expectations to reflect actual production achieved in the first half of the financial year. The ASX-listed company was now expecting full year production to reach between 27-million and 28-million barrels of oil equivalent,... 

World emissions kept in check as rich nations kick coal habit

By: , Bloomberg     11th February 2020 Global emissions from energy held steady in 2019 for the first time in three years as developed nations continued to move away from coal power and toward renewable energy and natural gas. Even as the world economy grew, energy-related carbon dioxide emissions remained at 33.3-billion tons.... 

Alberta urges approval of Teck oil sands mine, rejects federal aid idea

By: Reuters     10th February 2020 Officials from the energy-rich Canadian province of Alberta on Friday insisted the federal government approve a massive oil sands project, rejecting the idea that aid from Ottawa would soften the blow if it were to be quashed. Reuters reported on Thursday that Canada is preparing a financial... 

Shell builds solar farm to supply QGC gas venture

By: Esmarie Iannucci     7th February 2020 Oil and gas major Shell has started the construction of a 120 MW solar farm that would supply electricity to the QGC gas venture, in Queensland. The solar farm will connect to the national electricity market grid and would generate enough clean energy to power 50 000 homes, said Queensland... 

Shell builds solar farm to supply QGC gas venture

Canada readies aid for Alberta as deadline for provincial oil sands project nears -sources

By: Reuters     7th February 2020 Canada is preparing an aid package for Alberta, heart of the country's struggling oil industry, that would help dull the pain if it blocks an oil sands project that could create thousands of jobs, sources familiar with the matter said this week. Ottawa must decide by the end of this month if... 

Video: Venkat, Bristow enourage miners, govts to take a long-term view 

By: Creamer Media Reporter      6th February 2020 Mining companies and host governments have been urged to take a long-term view when investing in the natural resources sector in Africa. In a panel discussion on why investors should consider investing in Africa, Vedanta Resources CEO Srinivasan Venkatakrishnan (Venkat) highlighted the... 

Video: Venkat, Bristow enourage miners, govts to take a long-term view
Mining executives discuss the benefits of investing in Africa's mining sector and the impediments holding back the success of projects. Video and editing: Nicholas Boyd.

Coronavirus impedes Alberta’s drive to reach oil markets in Asia

By: , Bloomberg     5th February 2020 The coronavirus is hampering the Canadian oil industry’s efforts to build relations with crude buyers in Asia. A group of “energy-related” business executives were planning a trip to China in the middle of February, but those plans had to be scrapped due to the ongoing coronavirus epidemic,... 

Oil Search disappointed in P'nyang delay

By: Esmarie Iannucci     4th February 2020 Oil and gas producer Oil Search has expressed its disappointment after the Papua New Guinea (PNG) government halted talks with partner ExxonMobil on a potential A$20-billion expansion of liquefied natural gas (LNG) operations in the region. PNG Prime Minister James Marape said in a statement... 

Origin posts solid results on APLNG record

By: Esmarie Iannucci     31st January 2020 ASX-listed energy provider Origin Energy has reported a 4% increase in quarterly revenues from its integrated gas business, as the Australia Pacific liquefied natural gas (APLNG) project delivered record production. “APLNG has again delivered a strong performance with record production and 35... 

Teck’s proposed oil-sands mine gets support from rival producers

By: , Bloomberg     31st January 2020 Teck Resources’ proposed Frontier oil-sands mine won votes of confidence from the heads of two rival crude producers as Canada weighs a decision on the project. The mine in Alberta won the green light from a government panel last year, and Prime Minister Justin Trudeau’s Cabinet may decide on... 

Santos/Beach sign new gas deal with Qenos

By: Esmarie Iannucci     31st January 2020 Oil and gas major Santos and its joint venture (JV) partner Beach Energy has extended an ethane gas supply agreement with Australia’s sole manufacturer of polyethylene, Qenos. The new sales agreement will enable Qenos to maintain its operations at Botany Bay in Sydney and secure over 500 jobs... 

Federal and NSW govts strike gas deal

By: Esmarie Iannucci     31st January 2020 The Australian Petroleum Production & Exploration Association (Appea) has welcomed an agreement between the federal and New South Wales governments to facilitate increased gas supply, lower emissions and a more stable power supply. Prime Minister Scott Morrison on Friday announced a landmark... 

Federal and NSW govts strike gas deal
Photo by Bloomberg
Prime Minister Scott Morrison

Qatar not to accede to Indian demand seeking renegotiations of LNG contracts

By: Ajoy K Das     30th January 2020 Qatar, the largest supplier of liquefied natural gas (LNG) to India, has turned down a request from the latter to renegotiate long-term supply contracts. India demanded that the pricing mechanism for LNG imported from Qatar, linked to crude oil, needed to be revisited and long-term contracts... 

Morrison urges more gas extraction

By: Esmarie Iannucci     30th January 2020 The Australian Petroleum Production and Exploration Association (Appea) has welcomed comments by Australian Prime Minister Scott Morrison on the need for greater use of natural gas as Australia. Speaking at the National Press Club, in Canberra, Morrison said that in order to secure lower energy... 

Opec may meet sooner as coronavirus puts oil demand at risk

By: , Bloomberg     30th January 2020 The Organisation of Petroleum Exporting Countries (Opec) is considering pushing forward a meeting initially scheduled for March, according to Algeria’s energy minister, after oil prices slumped on concern that the spread of coronavirus would hurt oil demand. Mohamed Arkab said the producer... 

Teck says 'anyone's guess' if Canada will approve oil sands project

By: , Bloomberg     29th January 2020 The outcome of the Canadian government's pending decision on whether to approve Teck Resources' Frontier oil sands project is "anyone's guess," the company's chief executive, Don Lindsay, said on Wednesday. At full capacity, the C$20.6-billion Frontier could produce 260 000 barrels per day of... 

Teck says 'anyone's guess' if Canada will approve oil sands project
Don Lindsay

Glencore appoints CEO Glasenberg’s newphew to run oil assets

By: , Bloomberg     28th January 2020 Ivan Glasenberg appointed his nephew as head of oil assets at Glencore, the latest changing of the guard in the senior ranks of the world’s largest commodity trader. Colin Glasenberg, who joined Glencore’s energy business in 2011, is now part of senior management and oversees oil fields in Chad... 

Canada could delay decision on Teck's oil sands project, says key Minister

By: Reuters     28th January 2020 Canada has the power to delay a decision on whether to approve a new Teck Resources oil sands project, a key Cabinet Minister said on Tuesday, a sign Ottawa could push back what will be a contentious decision. Ottawa must decide by end-February if Teck can build the C$20.6-billion Frontier mine... 

Amplats earnings set to soar despite power outages 

By: Martin Creamer     28th January 2020 The shareholders of Anglo American Platinum (Amplats) have been advised that the earnings of the platinum group metals (PGMs) mining company for the 12 months to end December are poised to soar sky high, despite the setback of Eskom’s power outages. The big expected earnings increases have been... 

Amplats earnings set to soar despite power outages
Photo by Creamer Media
Chris Griffith

Oil Search shares tumble while output rises

By: Esmarie Iannucci     28th January 2020 The share price of ASX-listed oil and gas producer Oil Search tumbled nearly 8% on Tuesday as lower oil prices, scheduled maintenance and government negotiations in Papua New Guinea impacted its results. Despite the challenges, Oil Search has reported a 3% increase in quarterly production, and... 

Oil Search shares tumble while output rises

Most commodity prices on the rise amid increasing demand, risk appetite

By: Marleny Arnoldi     27th January 2020 The past month has seen a rally in many parts of the commodities complex, owing to the signing of the first phase of a trade deal between China and the US boosting equity markets and risk appetites, states analytics and forecasting organisation Oxford Economics. In its latest commodity price... 

Most commodity prices on the rise amid increasing demand, risk appetite

ONGC gets 28 bids to partner in developing small, marginal oil, gas fields

By: Ajoy K Das     24th January 2020 India’s State-run oil and natural gas exploration and production (E&P) major, ONGC, has received 28 bids for 50 oil and natural gas blocks of the total 64 small and marginal fields that it had put on offer in a search for production-raising partnership. ONGC had clubbed the 64 small and marginal... 

Canavan in no rush to abandon domestic gas security mechanism

By: Esmarie Iannucci     24th January 2020 A review into the Australian Domestic Gas Security Mechanism (ADGSM) has found it has helped lower domestic gas prices while contributing to more secure gas supplies for Australian consumers. “The review confirms the measures taken by the Government in 2017 have been instrumental in stabilising... 

Canavan in no rush to abandon domestic gas security mechanism
Resources Minister Matt Canavan

Senex reports stellar quarter

By: Esmarie Iannucci     23rd January 2020 ASX-listed energy provider Senex Energy has reported a 35% increase oil and gas production during the three months to December, with the company producing 447 000 barrels of oil equivalent. Gas production for the quarter was up 72% on the previous quarter, to 261 000 barrels of oil equivalent,... 

FAR finds buyer for Senegal oil

By: Esmarie Iannucci     22nd January 2020 ASX-listed energy developer FAR has struck a binding memorandum of understanding (MoU) with Glencore Energy for its share of the crude oil produced at the Sangomar field, in Senegal. The joint venture (JV) partners of the Sangomar field development project have recently green-lit the Phase 1... 

Santos reports record year

By: Esmarie Iannucci     22nd January 2020 Oil and gas major Santos has reported a 28% increase in annual production for the full year ending December, marking a record output of 75.5-million barrels of oil equivalent. Sales revenue for the full year was also up by 10%, to a record A$4-billion, from the sale of 94.5-million barrels of... 

Santos reports record year

Senex keeps pace in Surat basin

By: Esmarie Iannucci     22nd January 2020 ASX-listed Senex Energy has reported that production at both the Roma North and Atlas project were outperforming expectations. The Roma North project’s production has exceeded 13.5 TJ/d, and is tracking towards the initial capacity of 16 TJ/d and 6 PJ/y. 

Teck oil sands project splits Canada's indigenous people, poses challenge for Trudeau

By: Reuters     22nd January 2020 A proposed Canadian oil sands mine has split the country's indigenous people, compounding the challenges facing Prime Minister Justin Trudeau's government as it decides whether to approve the project. Teck Resources would build the C$20.6-billion Frontier mine 110 km north of Fort McMurray,... 

World risks 'disaster' as reuse of natural resources declines

By: Reuters     21st January 2020 The proportion of raw materials the world is reusing has fallen, researchers said on Tuesday, warning of a "global disaster" as annual consumption of natural resources rose to 100-billion tonnes for the first time. Just 8.6% of the 100-billion tonnes of materials – including minerals, metals,... 

India scraps green clearances for hydrocarbon exploratory projects

By: Ajoy K Das     20th January 2020 In a controversial move triggering ire among environmentalists, the Indian government has loosened key regulations for offshore and onshore hydrocarbon exploration. In a notification issued by the Forest, Environment and Climate Change Ministry, hydrocarbon exploration projects neither require an... 

FAR secures funding for Senegal project

By: Esmarie Iannucci     20th January 2020 Oil and gas developer FAR has taken a final investment decision on the Sangomar field development, offshore Senegal, securing final credit approvals for an underwritten $300-million senior secured reserve based lending facility to fund its share of the project development. The joint venture (JV)... 

FAR secures funding for Senegal project

India starts fifth round of bidding for 11 oil, gas blocks

By: Ajoy K Das     17th January 2020 The Indian government on Wednesday started the fifth round of international competitive bidding, offering 11 oil and natural gas fields for exploration and development under new financial terms. “In continuation of our aggressive acceleration of exploration and production activities and adhering... 

Gas could spur African development

By: Mc'Kyla Nortje     17th January 2020 Sub-Saharan Africa’s gas resources are vast, with ongoing developments highlighting the potential magnitude of the emerging gas sector and its ability to transform the region.  These developments include recent discoveries such as petroleum company Total South Africa’s Brulpadda prospect, in the... 

Gas could spur African development
LEVEL OF CERTAINTY Oil and gas investments tend to be long term, and require a level of continuous certainty from the ecosystems in which they exist

Woodside ups production target for 2020

By: Esmarie Iannucci     16th January 2020 Oil and gas major Woodside Petroleum has reported a 3% rise in production and a 12% rise in revenues for the fourth quarter ending December. “Production and sales revenue increased compared with the third quarter of 2019 due to the strong performance from Greater Enfield,” said Woodside CEO... 

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