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Oil & Gas News

Nigeria's State oil company seeks $4.1bn to lift output

By: Bloomberg     Updated 21 minutes ago Nigeria’s State-owned oil company said it’s in talks with financiers to raise as much as $4.1-billion and will seek to sign service deals to increase production from three leases. The Nigerian National Petroleum Corporation, or NNPC, is in discussions with Lagos-based Sterling Oil Exploration &... 

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... 

Roadshow highlights motion control products to industry

By: Halima Frost     18th January 2019 Electrical solutions provider Magnet Group hosted a roadshow with about five of power management company Eaton’s technicians in October to highlight Eaton’s DILM range of contractors, circuit breakers and overload relays to Magnet clients and end-users. The roadshow, which visited the Durban,... 

Roadshow highlights motion  control products to industry
ON SHOW The DILM Range was highlighted at the recent roadshows held by Magnet

Tullow Oil hit by payment delay, but sees higher output

By: Reuters     16th January 2019 A delay in receiving payment from the sale of a stake in Ugandan oilfields caused Tullow Oil to miss cash flow and debt forecasts on Wednesday, although the firm said it expected to receive the money soon and also forecast higher production. The Africa-focused company said it expected production... 

Talks under way to build new gas pipeline to Egypt, Israel says

By: Bloomberg     16th January 2019 Talks are in progress to build a new underwater gas pipeline between Israel and Egypt, part of efforts to transform the eastern Mediterranean into an energy export hub on Europe’s doorstep, Israeli Energy Minister Yuval Steinitz said. Israeli gas stocks rose. Construction could begin as early as... 

Mnangagwa seeks cash in Russia as Zimbabwe descends into chaos

By: Bloomberg     15th January 2019 Zimbabwean President Emmerson Mnangagwa said he’s seeking loans from Russia on a visit to Moscow as protests erupted across his country Monday, leaving 24 people injured and five possibly dead. “I can’t say that we want this much or that much,” he said in an interview with the state-run Russian... 

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... 

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... 

Total starts production at Nigeria's deepwater Egina oilfield

By: Reuters     4th January 2019 Total SA said on Wednesday it had started production from the Egina oilfield off Nigeria's coast, part of a shift by the French energy firm towards deepwater oil and gas projects to its drive cashflow. Output from Egina, which is located in waters about 1 600 m deep, is expected to plateau at... 

Nigeria files $1.1bn London lawsuit against Shell, Eni over oil deal

By: Reuters     13th December 2018 Lawyers for the Nigerian government said they had filed a $1.1-billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal. The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and... 

Afrox seeks to improve efficiencies in light of declining growth

By: Tasneem Bulbulia     13th December 2018 Against a backdrop of subdued economic growth during the past two years, which Afrox believes will prevail in the medium term, the company has reviewed its operating model to enable continued growth in earnings, the company said in a trading statement released on Thursday. Particular areas have... 

Total to further expand oil exploration footprint in Mauritania

By: Marleny Arnoldi     12th December 2018 Global energy company Total and the Mauritanian Ministry of Petroleum, Energy and Mines have signed an agreement that awards Total two new exploration and production contracts for blocks C15 and C31, which are deep offshore Mauritania. The contracts cover an area of 14 175 km2 and will be 90%... 

Total to further expand oil exploration footprint in Mauritania
Total awarded two new exploration and production contracts in Mauritania

Big coal wants consumers to pay for fixing its pollution problem  

By: Bloomberg     11th December 2018 Some of the world’s biggest fossil-fuel producers are calling on taxpayers to help them kick their pollution habit. The world’s biggest oil, natural gas and mining companies are stepping up their campaign to deploy carbon capture and storage, or CCS, as way to slow global warming. But with a... 

Oil holds drop on doubts over Opec curbs and US supply threat

By: Bloomberg     11th December 2018 Oil held its biggest loss in two weeks as uncertainty over how the Opec+ coalition will implement its output cuts and the prospect of surging US supplies kept investors wary. Futures in New York were little changed, after Monday’s 3.1% drop erased gains following last week’s pact between Saudi... 

Egypt's Carbon Holdings secures $1.25bn to build petrochemicals complex

By: Reuters     10th December 2018 Egypt's Carbon Holdings has secured $1.25-billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9-billion project, would be the largest in the Middle East and is expected to create 48 000 jobs. 

Opec goes back into crunch talks as Russia resists big oil cut

By: Bloomberg     7th December 2018 The Organisation of Petroleum Exporting Countries (Opec) prepared for a further day of talks on oil-production curbs after a summit on Thursday ended with no deal, as Russia resisted the big output cut that Saudi Arabia was demanding. After a six-hour meeting in Vienna, Saudi Energy Minister... 

Tullow oil seeking partners in bid for additional Ghana block

By: Reuters     7th December 2018 UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the company's MD Kweku Awotwi said on Thursday. Tullow is already lead operator of two oil fields in Ghana including its flagship offshore Jubilee... 

Nigerian govt launches bid for flare gas offtakers

By: Marleny Arnoldi     7th December 2018 The Nigerian government is inviting parties with an interest in accessing and securing competitively priced gas to participate in an open and competitive bid process. The government is implementing a Nigerian Gas Flare Commercialisation Programme (NGFCP) to make use of gas instead of it being... 

Nigerian govt launches bid for flare gas offtakers

South Africa should not be over-reliant on renewable energy for its future electricity needs 

By: Rebecca Campbell     6th December 2018 The proposal of the country’s Integrated Resource Plan (IRP) 2018 that wind, solar and gas generation account for a combined total of 42% of South Africa’s total installed electricity capacity by 2030 was most unwise, AFRA-NEST Regional Coordinator Dr Anthonie Cilliers has warned. (AFRA stands... 

South Africa should not be over-reliant on renewable energy for its future electricity needs
Photo by Duane Daws/Creamer Media
Jeffreys Bay wind farm

DoE seeks comment on proposed revisions to fuel-price formula 

By: Terence Creamer     5th December 2018 The Department of Energy (DoE) is calling for comment on a discussion document it has compiled following a review the basic fuel price (BFP) structure for petrol, diesel and illuminating paraffin. The BFP formula has been employed to calculate the prices of petroleum products produce at South... 

DoE seeks comment on proposed revisions to fuel-price formula

EVs to become main driver of battery storage deployment over next decade, says Fitch Solutions

By: Simone Liedtke     5th December 2018 The electric vehicle (EV) market is set to become the main driver of surging battery storage deployment over the next decade, following increasing ambitions by developed and emerging markets to decarbonise their transport sectors, and will have a substantial disruptive effect on how energy is... 

Council for Geoscience to finalise its data policy

By: Kim Cloete     29th November 2018 The Council for Geoscience (CGS) says it is will be finalising its data policy early next year following a moratorium on its geophysical data. The council put a moratorium on geophysical data after it discovered that someone had sold some of its data.   

DMR hopeful about shale gas prospects 

By: Kim Cloete     29th November 2018 The Department of Mineral Resources (DMR) and the Council for Geoscience (CGS) are upbeat about the prospect of shale gas in the Karoo. “Gas formations are starting to show already,” Mineral Resources Minister Gwede Mantashe told oil and gas investors at an event in Cape Town on Thursday. He said... 

Mantashe lifts moratorium on oil, gas applications to kickstart exploration  

By: Kim Cloete     29th November 2018 Mineral Resources Minister Gwede Mantashe has announced he will amend the moratorium currently in place for the oil and gas sector, to allow for the processing of applications currently in the system. The moratorium, which was originally put in place in June, restricts the granting of... 

Mantashe lifts moratorium on oil, gas applications to kickstart exploration
Mineral Resources Minister Gwede Mantashe

Nema to ensure mines are held accountable, adhere to legal duties – law firm

By: Simone Liedtke     27th November 2018 The gazetting of the overhauled National Environment Management Act (Nema) will ensure more mines are held accountable and meet their obligations in terms of financial provisioning for environmental rehabilitation, says law firm Webber Wentzel environment and natural resources partner Garyn... 

Nema to ensure mines are held accountable, adhere to legal duties – law firm
Webber Wentzel environment and natural resources partner Garyn Rapson

African energy group commends South Sudan for progress in oil sector

By: African News Agency      23rd November 2018 The African Energy Chamber, a group that works with indigenous firms throughout the continent in optimising their networks, said it is encouraged by the progress made in South Sudan’s oil sector after the peace deal was signed. “The success of the South Sudan Oil & Power 2018 conference, which... 

African energy group commends South Sudan for progress in oil sector

Renergen says higher fuel prices strengthen its business case

By: Simone Liedtke     23rd November 2018 Higher fuel prices have helped to strengthen the business case for using natural gas as a cheaper alternative to more expensive liquid fuels, JSE- and ASX-listed Renergen said on Friday. Reporting on its results for the six months ended August 31, it added that pressure on corporate... 

Audit outcomes of State-owned entities continue to regress

By: Kim Cloete     22nd November 2018 The audit outcomes of State-owned entities (SOEs) have regressed over the past financial year compared with both the previous year and 2014/15. The 2017/18 general report for the Auditor-General South Africa (AGSA) said there was an increase in noncompliance of the 16 SOEs it audited. It also... 

Sasol anticipates rise in H1 earnings

By: Marleny Arnoldi     21st November 2018 Petrochemicals giant Sasol expects to deliver a solid set of results for the six months to end December 31, underpinned by higher Brent crude oil and product prices, a weaker average rand exchange rate and good performance from its global asset base. Sasol on Wednesday said it was likely to... 

Sasol anticipates rise in H1 earnings

Oil halts slide as signs of stockpile drop counter Opec doubts

By: Bloomberg     21st November 2018 Oil halted a slide near $54 a barrel as investors weighed industry data that showed US crude inventories unexpectedly fell last week against doubts over Opec’s plans to cut output. Futures in New York rose as much as 2%, after plunging more than 6% on Tuesday. The American Petroleum Institute was... 

Boiler maintenance project close to completion

By: Thabi Madiba     16th November 2018 Maintenance and refurbishment services company GM Boiler plans to complete a boiler maintenance project at a local prison, in Johannesburg, by December this year. As part of government’s 36-month facility inspection programme, GM Boiler MD Gregory Morgan says the project includes the overhauling... 

Ghana to raise $750m through London IPO of minerals fund

By: Bloomberg     15th November 2018 Ghana will seek to raise as much as $750-million through a sale of shares in a fund that will hold the West African nation’s stakes in mining companies and receive mineral royalties, said Finance Minister Ken Ofori-Atta. In September, lawmakers passed legislation for the creation of the fund that... 

SA needs to consider oil underinvestment, variable renewables implications 

14th November 2018 Creamer Media's Chanel de Bruyn speaks to Engineering News Editor Terence Creamer about the possible implications for South Africa of a global underinvestment in oil production, as well as the growing need to introduce flexibility in power markets. 

SA needs to consider oil underinvestment, variable renewables implications
SA needs to consider oil underinvestment, variable renewables implications, says Terence Creamer

Electrifying the world no panacea for global warming, IEA says  

By: Bloomberg     13th November 2018 Driving electric cars and scrapping your natural gas-fired boiler won’t make a dent in global carbon emissions, and may even increase pollution levels. Higher electrification may lead to oil demand peaking by 2030, but any reduction in emissions from the likes of electric vehicles will be offset... 

IEA warns of damaging price spikes if weak oil investment left unchecked 

By: Terence Creamer     13th November 2018 The International Energy Agency (IEA) is cautioning of “damaging price spikes in the 2020s” if the current weak investment in new oil supply is “left unchecked”. The agency states that the average level of new conventional crude oil project approvals over the last three years is only half the... 

IEA warns of damaging price spikes if weak oil investment left unchecked

Sasol Oil reverses R1.3bn tax provision after favourable court ruling

By: Terence Creamer     9th November 2018 Energy and chemicals group Sasol reported on Friday that it would reverse a R1.3-billion provision made in its 2018 annual financial statements after the Supreme Court of Appeal overturned an earlier adverse finding against Sasol Oil by the Tax Court. Sasol Oil and the South African Revenue... 

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