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Oil & Gas News

New AfDB, OpenOil report shows gaps in extractive resources management

By: Natasha Odendaal     20th October 2017 The African Development Bank (AfDB) and Berlin-based financial analysis firm OpenOil are hoping to trigger a new debate within Africa’s oil and gas and mining sectors with the publication of a jointly produced report on how African governments use financial models to manage projects. In an effort... 

Local gas company trials diesel dual-fuel kits on long-haul trucks

By: Mia Breytenbach     20th October 2017 As fleet operators increasingly aim to enhance fuel efficiency and reduce costs, natural gas company Tetra4, a subsidiary of JSE-listed energy company Renergen, has started trialling diesel dual-fuel (DDF) kits on two European brands of trucks to establish the advantages of natural gas as a fuel... 

Local gas company trials diesel dual-fuel kits on long-haul trucks
SAVINGS PURSUIT Indicative results can play a role in the development of an alternative cost-saving methodology for fleet owners and in pursuing and encouraging fleet optimisation

South African court revokes shale gas regulations – AgriSA

By: Reuters     19th October 2017 South Africa's High Court has quashed regulations governing proposed shale gas fracking, farmers lobby AgriSA said on Thursday after taking the government to court to stop fracking in the Eastern Cape province. The ruling marks the latest setback to South Africa's shale gas ambitions after a... 

Angola is not the next Venezuela, state oil firm says as it cuts debt

By: Reuters     19th October 2017 Angola is not the next Venezuela, the head of State oil firm Sonangol said on Wednesday while pledging to further cut debt, even if both oil-rich nations have relied heavily on loans from China. Venezuela, the Latin American oil behemoth, has found itself struggling to repay debts to China and... 

Nigeria's SEC orders suspension of Oando's shares

By: Reuters     18th October 2017 Nigeria's Securities and Exchange Commission (SEC) said on Wednesday it had suspended trading in the shares of Oando after the regulator said it suspected insider dealing and discrepancies in the energy company's shareholding structure. The SEC ordered the Nigerian Stock Exchange to implement a... 

China's CEFC eyes big league with Rosneft oil offtake deal

By: Reuters     18th October 2017 As part of its recent $9.1-billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260 000 bbl/d of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude... 

Renergen interim losses widen

By: Anine Kilian     17th October 2017 JSE-listed alternative energy company Renergen expects to report a loss a share and headline loss a share of between 19.85c and 22.39c for the six months ended August 31. This reflects a 56% to 76% widening on the 12.73c loss a share and headline loss a share for the first half of the prior... 

Iraqi forces capture North Oil Co. from Kurdish forces; no disruption to oil production

By: Reuters     16th October 2017 Iraqi on Monday forces captured the headquarters for the North Oil Company, northwest of Kirkuk, and a nearby refinery from Kurdish forces, without fighting, an Iraqi oil official said. Iraq forces moved into the premises of Iraqi state-owned North Oil after taking the nearby K1 airbase, the... 

Tullow buys 90% stakes in four onshore blocks in Côte d'Ivoire

By: Reuters     12th October 2017 Tullow Oil said it on Thursday it had bought 90% stakes in four onshore blocks in Côte d'Ivoire while state oil company Petroci holds the remaining 10%. The four blocks cover 5 035 km2 and are located on the coast, mostly to the west of Abidjan. 

Oil rises on tighter market, but doubts swirl on sustainability

By: Reuters     11th October 2017 Oil prices rose for a third day on Wednesday as Opec said the market was gradually tightening after years of oversupply, but the 2018 outlook was less certain. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.80 per barrel at 1129 GMT, up 19 cents. Brent... 

Energy Minister Kubayi denies her secondment of Zulu to fuel fund was illegal

By: African News Agency      10th October 2017 Energy Minister Mmamoloko Kubayi on Tuesday told MPs she had no doubt about the legality of her secondment of former director general Thabane Zulu to the Strategic Fuel Fund as its acting chief executive officer, but stopped short of assuring them it had been approved by the board of the entity.... 

Public comments on gas exploration to close soon

By: African News Agency      10th October 2017 The South African public has at least eight days left to comment on the environmental authorization that the department of mineral resources (DMR) recently granted to Rhino Oil and Gas Exploration South Africa (Rhino) for natural gas exploration across four provinces. The area affected by these... 

Brazil revives African ties, eyes expanding market

By: Reuters     10th October 2017 Agricultural powerhouse Brazil aims to revive ties with Africa after a lull and sees a vast export market for food and manufactured goods in a continent whose population is surging, its foreign minister said. Brazil's presence in Africa surged during the government of former President Luiz Inacio... 

Sonangol aims to slash oil production costs with board revamp

By: Reuters     9th October 2017 Angola's State oil company Sonangol is aiming to slash breakeven costs on new oil production to as low as $20/bl $30/bl and make its contracts more attractive to investors and oil and gas companies, the company's chief Isabel dos Santos told Reuters. On the sidelines of the FT Africa Summit in... 

Angola's State oil firm saves $1.7bn after spending cuts

By: Reuters     9th October 2017 Angola's State-owned oil company Sonangol said on Friday it had saved $1.7-billion thanks to spending cuts since 2014 in response to lower crude prices. Oil companies across the world have made steep cuts to their annual capital expenditure over the last three years to cope with a slump in oil... 

Tanzanian President splits energy and mining in ministry shake-up

By: Reuters     9th October 2017 Tanzanian President John Magufuli split the energy and minerals ministry in two and appointed heads for the new ministries on Saturday, five months after sacking the previous minister. Two presidential committees had recommended the move to tighten supervision of natural resources in Tanzania,... 

Glencore to acquire Chevron’s South Africa, Botswana assets for $973m

By: Anine Kilian     6th October 2017 JSE-listed Glencore has entered into an agreement with Off The Shelf Investments Fifty Six (OTS) to acquire a 75% interest in Chevron South Africa, as well as a 100% interest in Chevron Botswana, for an aggregate consideration of $973-million. The assets comprise the interests of the Chevron... 

Glencore to acquire Chevron’s South Africa, Botswana assets for $973m

SacOil acquires Belton Park for up to R220m

By: Anine Kilian     2nd October 2017 Independent oil and gas company SacOil will acquire the assets and operations of independent fuel wholesaler and distributor Belton Park for up to R220-million. Belton Park owns a substantial fleet of heavy-duty tankers that distribute over 20-million litres of fuel products a month to a... 

Opinion: Minister Kubayi’s Renewable Energy Plan: Does it signify progress or regression?

     29th September 2017 In this opinion piece, Sener regional MD Siyabonga Mbanjwa expresses the hope that both the current moratorium on new renewable-energy projects and the proposed 77c/kWh tariff cap will be reconsidered during industry consultations.  

Opinion: Minister Kubayi’s Renewable Energy Plan: Does it signify progress or regression?
Sener regional MD Siyabonga Mbanjwa

Nigeria to diversify power supply, then focus on repairs

By: Reuters     28th September 2017 Nigeria is focused on diversifying power supply and ensuring its stability before pouring money into a creaking transmission system, a government minister told Reuters. Minister of Information Lai Mohammed said that while Nigeria had already increased power generation to the point that its... 

Blue Chip Lubricants opens plant, seals empowerment deal as it aims for fifth of the market 

By: Irma Venter     28th September 2017 Blue Chip Lubricants (BCL) has completed the construction of a new blending plant in Johannesburg, which it hopes will help the company to secure a fifth of the lubricants market in South Africa. The company will be aided in this ambition by the sale of 51% of the business to black-owned firm... 

Blue Chip Lubricants opens plant, seals empowerment deal as it aims for fifth of the market
Lutramart director Sandile Koza chats to Engineering News Online about the benefits of the new Johannesburg-based blending plant

Karoo shale gas deposits seen less than earlier estimates

By: Reuters     28th September 2017 South Africa's Karoo basin probably has a thirtieth of the shale gas deposits that some estimates had suggested, deflating expectations of an energy bonanza, a study published on Thursday said. The findings by the South African Journal of Science have been published shortly before the expected... 

Construction firm chases oil taxes, royalties in $1bn Congo debt row

By: Reuters     27th September 2017 Construction firm Commisimpex has gone to a French court in its fight with the Congo Republic over what it says are more than $1-billion in unpaid bills, the latest step in a decades-old saga that has weighed on the nation's economy. Commisimpex, which worked on construction and public works... 

Government pension fund won't be used to bail out State firms – Gigaba

By: Reuters     26th September 2017 South Africa is not planning to raid the government pension fund to bail out struggling State firms, Finance Minister Malusi Gigaba said on Tuesday. Gigaba also denied reports that he told a Cosatu union meeting that indebted State-owned entities needed R100-billion ($7.50-billion) to survive. 

Government pension fund won't be used to bail out State firms – Gigaba
Photo by Duane Daws
Finance Minister Malusi Gigaba

BHP, world's largest miner, says 2017 is 'tipping point' for electric cars

By: Reuters     26th September 2017 This year looks set to be the "tipping point" for electric cars, Arnoud Balhuizen, chief commercial officer at global miner BHP said on Tuesday, with the impact for raw materials producers to be felt first in the metals market, and only later in oil. "In September 2016 we published a blog and we... 

Egypt expects IPO of state-owned ENPPI in Q1 2018 – minister

By: Reuters     25th September 2017 Egypt expects an initial public offering of state-owned oil company ENPPI during the first quarter of 2018, Investment Minister Sahar Nasr told Reuters on Monday, later than initially anticipated. The minority share offering in oil company ENPPI will be the first in an Egyptian state-owned... 

Egypt expects IPO of state-owned ENPPI in Q1 2018  – minister

Court draws ocean border favouring Ghana in Ivory Coast dispute

By: Reuters     25th September 2017 The International Tribunal for the Law of the Sea on Saturday drew an ocean boundary that appeared to favour Ghana in a dispute with its neighbour Ivory Coast, ruling that Accra had not violated Ivorian rights in drilling for oil. The decade-old row between the two West African neighbours has... 

Court draws ocean border favouring Ghana in Ivory Coast dispute

Opec says winning battle to curb oil glut

By: Reuters     22nd September 2017 Output cuts by Opec and other oil producers are clearing a supply glut that has weighed on crude prices for three years, ministers said at a meeting on Friday to review the pact that expires in March 2018. The Organization of the Petroleum Exporting Countries, Russia and several other producers... 

ARA recommits to 2020 clean fuels policy

By: Natasha Odendaal     21st September 2017 The African Refiners and Distributors Association (ARA) on Thursday confirmed its commitment to the 2020 clean fuel policy, which outlined a plan for vehicle emission controls and standards to achieve all the benefits of clean air quality. Following a clean fuels workshop in Togo last week, the... 

Sasol proposes new R21bn BBBEE ownership transaction 

By: Anine Kilian     20th September 2017 JSE-listed Sasol on Wednesday announced a proposed new R21-billion broad-based black economic empowerment (BBBEE) ownership transaction, Sasol Khanyisa, which will replace Sasol’s debt-ridden Sasol Inzalo fund, which expires in June 2018. When Sasol Inzalo lapses, it will not be able to... 

Sasol proposes new R21bn BBBEE ownership transaction
Sasol joint president and CEO Stephen Cornell talks about the lessons learned from the Sasol Inzalo transaction and how the proposed new Sasol Khanyisa transaction will be different. Video and editing: Nicholas Boyd.

Encha appoints new chief technology officer

By: Samantha Herbst     18th September 2017 Information and communication technology professional Andy Brauer is the new chief technology officer of investment company Encha – an appointment in line with the company’s strategy to attract partners who are subject-matter domain experts with relevant industry-specific experience and... 

Partnership to supply world-class chain slings in South Africa

     15th September 2017 Specialty steel products integrated producer Scaw Metals Group's operation, Distribution Network, has extended its cooperation with lifting, rigging and securement applications manufacturer Crosby by adding Crosby Platinum Line Grade 100 chain fittings to its product offering. Having made the... 

Partnership to supply world-class chain slings in South Africa
Photo by Bloomberg
FACILITY REVAMPED Scaw Metals Group has expanded its chain-manufacturing factory

Consortia, skills, logistics key factors for South Africa to make its mark in Africa

By: Natasha Odendaal     14th September 2017 Consortia, skills and logistics have become the most critical elements in ensuring South Africa’s input in a growing Africa, delegates at the Southern African Metals and Engineering Indaba heard on Thursday. Within a rapidly changing landscape, South Africa urgently needs to start planning... 

PetroSA upbeat about gas exploration

By: Kim Cloete     12th September 2017 Despite a slowdown in exploration and an underinvested industry, South Africa still holds great prospects for exploration in gas, believes PetroSA chief geophysicist Peter Dekker. He told delegates at the South African Geophysical Association (Saga) conference, in Somerset West, that there were... 

Geophysicists urged to innovate amid tough times for exploration

By: Kim Cloete     12th September 2017 The state of exploration for oil and gas as well as mining is in a fix, with exploration spending having decreased by 69% in the last four years, delegates attending the South African Geophysical Association (Saga) 2017 conference have heard. Lockheed Martin business development manager Dan Di... 

Afrox sees 22% increase in headline earnings  

By: Anine Kilian     8th September 2017 JSE-listed African Oxygen (Afrox) has reported a 22% rise in headline earnings a share to 93.3c, though this was at the lower end of the company’s recent guidance for the half-year ended June 30. Delivering the company’s financial results presentation in Johannesburg on Friday, CEO Schalk Venter... 

Afrox sees 22% increase in headline earnings
Afrox CEO Schalk Venter unpacks H1 financial results. Video and editing: Darlene Creamer 8.09.2017

Cost-effective workforce housing supports oil refinery shutdown

     8th September 2017 Prefabricated buildings manufacturer Kwikspace Modular Buildings helped to facilitate a smooth turnaround process during a three-month shutdown at one of Southern Africa’s largest crude oil refineries this year, through the supply of modular housing for critical staff. 

Cost-effective workforce housing supports oil refinery shutdown
SHORT-TERM SOLUTION Nearly 100 workers from various international locations needed to be trained and housed for the duration of the three-month project
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