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Oil and Gas News

Wall Street is bending to pressure to halt Arctic-oil loans

By: Bloomberg     27th April 2020 The latest front in the war against drilling for oil in Alaska’s rugged wildlife refuge isn’t Washington – it’s Wall Street. Activists trying to keep rigs out of the Arctic National Wildlife Refuge are now focused on choking off the flow of money needed to exploit the reserve. As big as South... 

Sasol cuts output as Covid-19 eats into fuels and chemicals demand 

By: Terence Creamer     23rd April 2020 Embattled chemicals and energy group Sasol reports that South Africa’s lockdown is having a significant impact on fuel demand, as well as demand for chemicals used in the mining and construction sectors. The JSE-listed group has, therefore, been forced to curtail production at certain plants. In... 

Sasol cuts output as Covid-19 eats into fuels and chemicals demand

Firm directive to ensure safe mining resumption

By: Martin Creamer     23rd April 2020 The Department of Mineral Resources and Energy (DMRE) on Thursday issued a firm directive to all mining operations to ensure safe start-up procedures as the sector prepares to ramp up to 50% of capacity. Mining Weekly can report that the directive is issued to ensure compliance with Section 5(1)... 

Firm directive to ensure safe mining resumption
Photo by Creamer Media's Donna Slater
Mineral Resources and Energy Minister Gwede Mantashe.

New gas project on Victorian horizon

By: Esmarie Iannucci     23rd April 2020 Gas infrastructure developer Australian Gas Infrastructure Group (AGIG) is mulling a A$200-million investment to develop the Golden Beach gas project, offshore Victoria. The company on Thursday announced that it had entered into a non-binding transaction process deed with unlisted GB Energy,... 

Santos hit by lower oil prices

By: Esmarie Iannucci     23rd April 2020 Oil and gas major Santos has reported a 14% drop in revenue for the three months to March, as both production and oil prices tumbled. Production for the quarter was down 4%, from the 18.7-million barrels of oil equivalent produced in the December quarter, to 17.9-million barrels, on the back of... 

Santos hit by lower oil prices

Port Kembla plans ammended for more gas

By: Esmarie Iannucci     21st April 2020 The New South Wales government has approved a modification to the development consent for the Port Kembla gas terminal (PKGT) being development by Australian Industrial Energy (AIE), allowing for increased volumes through the terminal. The Department of Planning, Industry and Environment’s... 

Citi to stop working with thermal coal miners, to reject funding for Arctic oil, gas exploration

By: Bloomberg     21st April 2020 Citigroup will stop providing financial services to thermal coal-mining companies over the next 10 years to help accelerate the economy’s shift away from fossil fuels. By 2025, the bank won’t provide underwriting and advisory services to the industry and will cut its credit exposure in half,... 

Citi to stop working with thermal coal miners, to reject funding for Arctic oil, gas exploration

Oil plunges below zero for first time with May contract ending

By: Bloomberg     20th April 2020 Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude. In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking... 

Oil plunges below zero for first time with May contract ending

US Supreme Court sides with BP unit to curtail Superfund site cleanup lawsuits

By: Reuters     20th April 2020 The US Supreme Court on Monday threw out a lower court ruling that had allowed litigation by Montana landowners to proceed against BP unit Atlantic Richfield Co seeking a more extensive cleanup of a hazardous waste site than the federal government had ordered. The justices, in a 7-2 ruling,... 

Impala CE granted bail after appearance on Covid-19 charge 

By: Martin Creamer     17th April 2020 The arrest of the chief executive of Implats' Implala Platinum Rustenburg mining operations was on Friday welcomed by the Mineral Resources and Energy Parliamentary chairperson Sahlulele Luzipo, who on Thursday called on law enforcement agencies to act decisively against mining executives who... 

Impala CE granted bail after appearance on Covid-19 charge
Photo by Creamer Media
Impala Platinum Rustenburg CE Mark Munroe

M&R warns of impact of Covid-19 on full-year earnings

By: Marleny Arnoldi     17th April 2020 JSE-listed engineering and construction services group Murray & Roberts (M&R) continues to experience the impact on its projects from measures to contain the spread of Covid-19. In South Africa, the group is impacted by the extended lockdown period to end-April, and in Australasia and the... 

LNG revenues poised to fall - EnergyQuest

By: Esmarie Iannucci     17th April 2020 New data from energy advisory firm EnergyQuest has revealed that the value of Australian liquefied natural gas (LNG) exports could fall by as much as A$20-billion over the next year. In its March research report, EnergyQuest CEO Dr Graham Bethune noted that while Australia’s LNG export revenues... 

A$10bn Surat gas project gets green light

By: Esmarie Iannucci     17th April 2020 Energy major Shell has taken a final investment decision to develop the first phase of integrated coal seam gas (CSG) company Arrow Energy’s A$10-billion Surat gas project, in Queensland. The company said on Friday that the decision would bring up to 90-billion cubic feet per year of new gas to... 

Minerals Council welcomes revised Covid-19 regulations

By: Martin Creamer     16th April 2020 The Minerals Council South Africa on Thursday welcomed the amendments to the Disaster Management Act regulations as they pertain to mining. These regulations allow a phase-up in mining capacity to 50% during the lockdown period, but with all the preventative and mitigating controls in place to... 

Minerals Council welcomes revised Covid-19 regulations
Minerals Council CEO Roger Baxter

Mining may resume at 50% capacity – Minister 

By: Martin Creamer     16th April 2020 All mining operations, excluding collieries supplying Eskom which have been permitted to operate at full capacity throughout national lockdown, may now resume at 50% capacity during the remaining lockdown days, Mineral Resources and Energy Minister Gwede Mantashe said on Thursday. Thereafter,... 

Mining may resume at 50% capacity – Minister
Photo by Veronica Creamer
Mineral Resources Minister Gwede Matashe during virtual media conference.

Santos to sell a stake in Barossa

By: Esmarie Iannucci     16th April 2020 Oil and gas major Santo has inked a letter of intent (LOI) to divest of a 12.5% interest in its Barossa project, in Northern Australia to project partner JERA. The Barossa gas field sits within Santos’ Northern Australia portfolio, one of the company’s core long-life, natural gas asset regions.... 

Lower prices cut into Woodside profits

By: Esmarie Iannucci     16th April 2020 Lower realised prices and impacts related to the Covid-19 pandemic has seen oil and gas major Woodside report a significant fall in revenue during the three months to March. While production was up by 12% on the previous corresponding period, to 24.2-million barrels of oil equivalent, revenue... 

World economy may be crashing but Guyana still seen growing 53%

By: Bloomberg     15th April 2020 The world may be falling into its worst recession in almost a century but one tiny South American economy is still forecast to grow 53% this year. The remote, jungle-covered nation of Guyana will enjoy by far the world’s fastest expansion, and will be the only country in the Americas to see any... 

Glencore continues to engage to minimise Covid-19 impact

By: Martin Creamer     14th April 2020 Diversified mining and marketing Glencore is continuing to engage with authorities, labour unions and other stakeholders on steps to minimise the impact of Covid-19 on its operations. The London- and Johannesburg-listed company stated on Tuesday that its goal was to operate only when it could... 

Glencore continues to engage to minimise Covid-19 impact
Photo by Bloomberg
Ivan Glasenberg

Woodside weighs hydrogen in Japan

By: Esmarie Iannucci     14th April 2020 Oil and gas major Woodside last week inked an agreement with a Japanese consortium to study exporting hydrogen as ammonia for use in decarbonising coal-fired power generation in Japan. The consortium, which consists of JERA, Marubeni and IHI, received approval from Japan’s New Energy and... 

Oil little changed after historic Opec+ deal to cut production

By: Bloomberg     13th April 2020 Oil surrendered gains after rising in early trading as investors weighed whether an unprecedented deal by the world’s biggest producers to cut output would would be enough to steady a market pummeled by the coronavirus. Futures in London were down 0.4% after the Opec+ alliance agreed to a plan... 

Oil little changed after historic Opec+ deal to cut production

Too early to comment on when mining will resume – Minerals Council

By: Martin Creamer     9th April 2020 Comment on when mining industry operations will resume is premature but what is certain is that when resumption does occur, it will not be business as usual, Minerals Council South Africa said on Thursday. Noting reports on the resumption of mining operations after 16 April, Minerals Council... 

Eskom’s Bernard Magoro appointed as new head of IPP Office 

By: Terence Creamer     8th April 2020 The Development Bank of Southern Africa (DBSA) announced on Wednesday, April 8, that former Eskom executive Tshifhiwa Bernard Magoro had been appointed as the new head of the Independent Power Producers Office (IPPO). The appointment would be effective from May 1. 

Eskom’s Bernard Magoro appointed as new head of IPP Office
Photo by Creamer Media's Donna Slater
Tshifhiwa Bernard Magoro

Eskom extends bidding deadline for short-term power purchase scheme 

By: Terence Creamer     8th April 2020 Electricity utility Eskom has extended the deadline, to May 11, for responses to a request for proposals (RFP) to participate in its Short-Term Power Purchase Programme (STPPP), owing to the imposition of a 21-day lockdown in South Africa in response to the Covid-19 pandemic. The initial bid... 

Eskom extends bidding deadline for short-term power purchase scheme

Oil Search looks to raise A$1.1bn

By: Esmarie Iannucci     7th April 2020 Oil and gas major Oil Search is hoping to raise some A$1.1-billion to assist the company in retaining liquidity during the low oil-price environment. The equity raising will consist of an underwritten institutional placement to raise an initial A$760-million, and an accelerated... 

Oil Search looks to raise A$1.1bn

Origin cuts APLNG costs for 2021

By: Esmarie Iannucci     6th April 2020 Energy major Origin Energy has announced plans to cut between A$300-million to A$400-million in upstream capital expenditure at the Australia Pacific liquefied natural gas (APLNG) project for 2021. The reduction will be driven by reduced development activity as well as lower exploration and... 

M&R outlines evolving impact of Covid-19 disruptions to its projects

By: Marleny Arnoldi     3rd April 2020 JSE-listed Murray & Roberts (M&R) has noted the evolving impact of Covid-19 on its active projects in Australasia, the Americas and sub-Saharan Africa. The Oyu Tolgoi project in Mongolia, which the company’s Oil & Gas and Underground Mining platforms run in joint venture with a third partner,... 

Nopsema approves Scarborough development

By: Esmarie Iannucci     3rd April 2020 The National Offshore Petroleum Safety and Environmental Management Authority (Nopsema) has given the green light for oil and gas major Woodside’s Scarborough project, offshore Western Australia, following an assessment of its potential environmental impacts. CEO Peter Coleman said that... 

West African commodities not immune to Covid-19 fallout

By: Theresa Bhowan     3rd April 2020 With reports of cases of Covid-19 increasing globally, West African commodities are also feeling the negative effects of the pandemic, international commodities consultancy Core Consultants tells Mining Weekly. 

West African commodities not immune to  Covid-19 fallout
LARA SMITH The effects of the Covid-19 pandemic can be seen in the mining industry of West Africa

Santos cuts contractor numbers, closes offices

By: Esmarie Iannucci     2nd April 2020 Oil and gas giant Santos has confirmed that it will cut some 150 contractor rolls and will shut down all of its offices for a two-week period across the Easter period. The office shutdown will cover all of the states and territories in which the company operates, and will run from April 6 until... 

Standard Bank meeting all capital and liquidity requirements 

By: Martin Creamer     1st April 2020 Capital and liquidity requirements across all the markets in which it operates are continuing to be met, Standard Bank Group FD Dr Arno Daehnke said during an investor call. Daehnke disclosed that the bank was benefitting from building up increased capital levels over the last few years in line... 

Standard Bank meeting all capital and liquidity requirements
Sim Tshabalala

Sangomar debt talks collapse - FAR

By: Esmarie Iannucci     31st March 2020 Debt funding arrangements for the Sangomar joint venture (JV), offshore Senegal, has collapsed, ASX-listed FAR said on Tuesday. The company noted that the COVID-19 pandemic, combined with the precipitous fall in the Brent oil price by over 60% since January this year, had adversely impacted... 

Sangomar debt talks collapse - FAR

The global oil market is broken, drowning in crude nobody needs

By: Bloomberg     30th March 2020 The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store excess oil in idle supertankers. Refineries are starting to shut down because nobody needs... 

Proudly South African hydrogen breakthrough with Shell’s backing 

By: Martin Creamer     30th March 2020 At this time of huge coronavirus uncertainty, the chests of a group of engineers here must surely be bulging with pride following their major Proudly South African world breakthrough that could speed up the global deployment of hydrogen as a competitive universal and environmentally friendly... 

Proudly South African hydrogen breakthrough with Shell’s backing
Photo by Hydrox Holdings
Hydrox Holdings membraneless electrolyser.

Mining could be enormous post-virus stabiliser – Minerals Council

By: Martin Creamer     29th March 2020 The mining industry could be an enormous asset in stabilising and growing the economy post the coronavirus crisis – but the right economic and regulatory circumstances would have to prevail, Minerals Council South Africa stated in a weekend media release. Post coronavirus, South Africa would... 

Gas supply assured until 2023 - AEMO

By: Esmarie Iannucci     27th March 2020 Latest data from the Australian Energy Market Operator (AEMO) has confirmed that actions taken by the industry to bring more gas into the domestic market will ensure domestic gas supply to at least 2023. In its 2020 Gas Statement of Opportunities, AMEO noted that the outbreak of the Covid-19... 

Woodside confirms FID delays and cost cuts

By: Esmarie Iannucci     27th March 2020 Oil and gas major Woodside has announced a number of measures to protect its balance sheet during the COVID-19 pandemic, including the deferral of targeted final investment decisions for its Scarborough, Pluto Trian 2 until 2021, as well as delaying the final investment decision for the Browse... 

Woodside confirms FID delays and cost cuts

Aus LNG projects likely to be deferred - Woodmac

By: Esmarie Iannucci     26th March 2020 The global sweep of COVID-19 and the resultant fall in oil prices is likely to delay Australia’s next wave of liquefied natural gas (LNG) projects, advisory firm Wood Mackenzie (Woodmac) said on Thursday. Oil and gas major Santos has already said that the final investment decisions (FIDs) on its... 

Aus LNG projects likely to be deferred - Woodmac
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