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Oil and Gas News

Shale gas to ‘dramatically’ change global energy scene 

By: Idéle Esterhuizen     17th September 2012 The development of shale gas resources is set to “dramatically” change the energy scene globally and, if managed effectively and responsibly, it could provide an affordable feedstock for cleaner burning gas-fired power plants in South Africa, Frost & Sullivan energy and power industry analyst... 

A$277m worth of offshore petroleum exploration permits awarded

By: Esmarie Iannucci     14th September 2012 Federal Resources and Energy Minister Martin Ferguson has granted seven new offshore petroleum exploration permits, which would see an estimated A$277-million in investment for Australia’s resources industry over the next three years. The award of the offshore petroleum exploration permits... 

Engen to meet big portion of Moz mining projects’ 300Mℓ/y fuel demand

By: Natalie Greve     14th September 2012 Engen Mozambique has been awarded a significant share of commercial tenders as major new mining projects come on-stream in Mozambique, which, collectively, are expected to consume up to 300-million litres of diesel a year and five-million litres of lubricants a year by 2015. 

Shell outlines plans to invest $1bn/y in upstream activities for five years

By: Leandi Kolver     14th September 2012 Energy giant Shell plans to invest $1-billion a year for five years in its upstream activities to exploit China’s unconventional gas resources, the company tells Mining Weekly. These activities include the Fushun-Yongchuan shale gas production-sharing contract (PSC), signed with China National... 

FIRB approves LNG deal

By: Esmarie Iannucci     13th September 2012 ASX-listed Liquefied Natural Gas’ (LNG’s) supply agreement with PetroChina International Investment has been given a boost, after the Foreign Investment Review Board approved that company’s purchase of Molopo Energy’s Queensland gas assets. In August this year, LNG signed a letter of intent with... 

NSW coal seam gas regulations may push up costs, delay projects

By: Esmarie Iannucci     12th September 2012 The Australian Petroleum Production and Exploration Association (Appea) has warned that more regulations around the production of natural coal seam gas (CSG) would cause project delays, and further increase costs for the industry. Appea’s warning followed the launch of a strategic regional... 

Shale licensing to proceed, but exploratory fracking prohibited for now 

By: Terence Creamer     11th September 2012 South Africa’s Department of Mineral Resources (DMR) says it will move to consider the shale-gas licence applications for the Karoo basin, but indicated on Tuesday that only “normal” exploration “excluding actual hydraulic fracturing”, or fracking, will be allowed until the country’s mining... 

Coal seam gas flourishing in Qld, while NSW is at a standstill 

By: Esmarie Iannucci     11th September 2012 Nearly 7 000 jobs were created during the first half of the year in the Queensland natural gas sector, bringing the total number of people working in the state’s gas industry to more than 18 500, the Australian Petroleum Production and Exploration Association (Appea) reported this week. There... 

Australia to strengthen offshore petroleum regulatory framework

By: Esmarie Iannucci     11th September 2012 The Australian government is on track to implement all 92 accepted recommendations from the Montara Commission of Inquiry, which probed the causes of the 2009 oil and gas spill into the Timor sea, in the coming year, said Resources and Energy Minister Martin Ferguson. The government this week... 

Sasol looks to build $14bn ‘Secunda-scale’ complex in Louisiana 

By: Terence Creamer     10th September 2012 South African energy and chemicals producer Sasol is gearing up for a $20-billion, multiproject investment into North America over the coming years, which could result in the development of a $14-billion Secunda-type complex in the southern US state of Louisiana. CEO David Constable indicates... 

Consortium hits gas off Kenya coast

By: Esmarie Iannucci     10th September 2012 A consortium of energy explorers, which included Apache Corporation, Origin Energy and Pancontinental Oil & Gas, have announced a significant gas discovery off the coast of Kenya. Pancontinental said on Monday that the Mbawa 1 well encountered around 52 m of natural gas, in an exploration well... 

Mining continues to boost Mozambique while Rio Tinto seeks more local suppliers

By: Keith Campbell     7th September 2012 Mozambique’s mineral extraction (mining and hydrocarbons) industry was the biggest factor driving the growth in the country’s gross domestic product (GDP) during the second quarter of this year. The newspaper Correio da Manhã quoted the country’s statistical agency, the Instituto Nacional de... 

Partnering with fuel, lubricant developers critical for success of mining operations

By: Leandi Kolver     7th September 2012 Owing to increasing pressure on the mining sector to reduce operational costs and adapt to new equipment specifications, partnerships with fuel and lubricant developers had become critical for success, energy company Shell Lubricants GM Willem Zuidema said at Shell’s Mining Day seminar last week.... 

Canada’s mining industry to help develop payment disclosure framework

By: Henry Lazenby     6th September 2012 A new working group comprising national-level mining and exploration associations and transparency-focused nongovernment organisations (NGOs) on Thursday signed a memorandum of understanding to improve Canada's corporate transparency regime. The newly established Resource Revenue Transparency... 

BHP to spend $6.5bn on boosting petroleum output

By: Esmarie Iannucci     5th September 2012 Mining giant BHP Billiton has sharpened its focus on its gas assets, with the miner announcing it would spend some $6.5-billion on its petroleum operations during 2013. Speaking in New York overnight, BHP CEO for petroleum, Michael Yeager, said that the majority of this spend would go towards... 

Fracking receiving full Cabinet attention

By: Leandi Kolver     31st August 2012 Hydraulic fracturing, or fracking, for shale gas in the Karoo basin is receiving full Cabinet attention, although no declaration on whether the moratorium on fracking would be lifted could be made at this stage, Cabinet spokesperson Jimmy Manyi said last week. Speaking at a postCabinet briefing... 

Beach Energy expects up to 20% production increase in 2013

By: Esmarie Iannucci     28th August 2012 ASX-listed Beach Energy on Tuesday flagged a significant production increase for 2013, as new infrastructure and projects come on-stream. The oil and gas producer said that production for 2013 was expected to be between 8.5-million and 9-million barrels of oil equivalent. This was compared with... 

Victoria places moratorium on coal seam gas exploration

By: Esmarie Iannucci     24th August 2012 The Australian Petroleum Production and Exploration Association (Appea) on Friday hit out against the Victorian government’s decision to put a moratorium on coal seam gas exploration, saying it sent the wrong message to investors. “The gas industry supports rigorous scientific assessment and... 

Woodside pauses Pluto drilling as it fails to find enough gas for expansion

By: Esmarie Iannucci     22nd August 2012 Australian oil and gas major Woodside said that it would take a break from exploration activities to expand its Pluto liquefied natural gas (LNG) project, after it failed to discover sufficient commercial gas volumes to warrant an expansion decision. CEO Peter Coleman said on Wednesday that the... 

Chevron swaps stakes with Shell

By: Esmarie Iannucci     21st August 2012 US energy major Chevron would exchange its holdings in the Browse liquefied natural gas (LNG) development for fellow major Shell’s interest in the Clio and Acme fields, in the Carnarvon basin. Under the agreement, Chevron would exchange its 16.7% interest in the East Browse titles and its 20%... 

Red Fork raises A$50m for US drilling

By: Esmarie Iannucci     10th August 2012 ASX-listed oil and gas explorer Red Fork Energy on Friday said that it would raise some A$50-million through a share placement to accelerate a drilling programme at its Mississippi project. The Oklahoma-based Red Fork would place some 74.63-million shares at an issue price of 67c a share to... 

LNG secures gas supply for Fisherman's Landing 

By: Esmarie Iannucci     2nd August 2012 ASX-listed Liquefied Natural Gas (LNG) has executed a letter of intent (LOI) with PetroChina Australia regarding the supply of gas to LNG’s proposed three-million-ton-a-year Fisherman’s Landing LNG project, in Gladstone. The LOI followed an earlier announcement by PetroChina Australia that it... 

Australian LNG projects under threat from East Africa discoveries

By: Esmarie Iannucci     2nd August 2012 East Africa’s emerging liquefied natural gas (LNG) industry could pose a threat to Australian projects, consultancy Ernst & Young (E&Y) said this week. In a quarterly report, global oil and gas leader Dale Nijoka said LNG from East Africa could, in the long term, become more competitive than... 

Beach increases output and revenue in FY2012

By: Esmarie Iannucci     31st July 2012 ASX-listed Beach Energy has reported an increase in both production and revenue for the full year ended June, as weather conditions improved. “The strong June quarter results have underpinned an outstanding year for Beach Energy. We have achieved a significant increase in both production, up 15%... 

Committee appointed to deal with Browse appeals

By: Esmarie Iannucci     31st July 2012 Western Australia’s Environment Minister Bill Marmion has appointed an appeals committee to deal with the more than 200 appeals received regarding the environmental approval of the Browse liquefied natural gas (LNG) hub, at James Price Point. The Minister appointed previous deputy chair of the... 

Costs rising at Gorgon LNG project – Chevron

By: Esmarie Iannucci     30th July 2012 Energy major Chevron has initiated a cost review of its $37-billion Gorgon liquefied natural gas project, executive VP for upstream and gas, George Kirkland, said. Speaking on a conference call, Kirkland noted that Australian labour costs were tending higher, which could impact both the... 

Consol Energy net nearly doubles on gains, feels market headwinds

By: Henry Lazenby     27th July 2012 US-based coal and natural gas giant Consol Energy maintained its regular quarterly dividend at 25.5c a share on Friday, following the company nearly doubling its net earnings for the second quarter ended June 30, to just shy of $153-million. 

Caltex Sydney refinery closure to cost 600 jobs - Minister

By: Esmarie Iannucci     27th July 2012 Oil major Caltex would reportedly shut down oil refining operations at Kurnell, in Sydney, that could cost the Australian economy some 600 jobs. Resources and Energy Minister Martin Ferguson said this week that Caltex took the decision to cease operations at Kurnell following a 12-month review... 

Chevron adds to Gorgon inventory

By: Esmarie Iannucci     24th July 2012 Oil and gas major Chevron has added to the expansion opportunities for its billion-dollar Gorgon project with the discovery of a natural gas well in the Greater Gorgon Area. The miner said on Tuesday that the Pontus-1 exploration well encountered around 30 m (97 feet) of net gas pay. The well... 

Pluto LNG project lifts Woodside output

By: Esmarie Iannucci     19th July 2012 ASX-listed Woodside has recorded a 43% increase in production during the three months to June on the back of the successful ramp-up of the Pluto liquefied natural gas (LNG) project. CEO Peter Coleman said on Thursday that following the commissioning of the Pluto LNG project in March, the plant... 

Santos quarterly output at four-year high

By: Esmarie Iannucci     19th July 2012 Australian oil and gas major Santos on Thursday announced a 9% increase in its second-quarter production, with quarterly crude oil output reaching its highest levels in four years. Santos CEO David Knox said that the one-time start-up of new projects had contributed to the highest quarterly... 

EPA approves Browse hub

By: Esmarie Iannucci     17th July 2012 The Western Australian Environmental Protection Authority (EPA) has recommended the Browse liquefied natural gas (LNG) project be approved by the Environmental Minister, with strict conditions. In his sole assessment of the project, EPA chairperson Paul Vogel said that the level of assessing the... 

DRC oil discoveries could pose threat to stability – report

By: Megan van Wyngaardt     16th July 2012 Renewed oil interest in the Democratic Republic of Congo (DRC) represented a “real threat” to the stability of that country, a report released by nongovernmental organisation International Crisis Group (ICG) has stated. The organisation warned that oil prospecting could nurture old resentments... 

BassGas JV faces delays, costs overruns

By: Esmarie Iannucci     13th July 2012 ASX-listed Origin Energy on Friday warned of a further A$30-million capital cost increase at its BassGas joint venture, in Victoria. Phase 1 of the Yolla mid-life enhancement project involves upgrading the Yolla platform from an unmanned offshore platform to a manned platform, and installing... 

Total ups stake in Ichthys

By: Esmarie Iannucci     13th July 2012 Global oil and gas company Total has acquired an additional 6% interest in the Ichthys liquefied natural gas (LNG) project from partner Inpex, taking its total stake in the $34-billion project to 30%. “We are delighted to have increased our stake which demonstrates our confidence in this... 

China’s shale gas production aspiration to ‘face challenges’

By: Leandi Kolver     13th July 2012 China’s five-year shale gas production target is ambitious and will face several challenges, says global business intelligence provider GlobalData energy research and consultancy director Matthew Jurecky. 

Australian LNG exports to triple by 2016/17

By: Esmarie Iannucci     12th July 2012 Australia’s liquefied natural gas (LNG) exports were expected to more than triple to 63-million tons a year by 2016/17, a report by the Bureau of Resources and Energy Economics (BREE) found this week. “Natural gas is increasingly the fuel of choice for developing economies because of its... 

60 jobs on the block as Linc moves to cut costs

By: Esmarie Iannucci     4th July 2012 Diversified energy company Linc Energy would cut some 60 employees from its payroll as part of a drive to reduce costs. Around 90% of these positions would be to the corporate and clean energy divisions, which would not affect any core business dealings. 

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