R/€ = 14.31 Change: 0.03
R/$ = 11.66 Change: 0.02
Au 1324.09 $/oz Change: -4.30
Pt 991.00 $/oz Change: -5.51


Canada's oil sands output to grow despite record-low investment, export bottlenecks

By: Henry Lazenby     16th February 2018 Canada's oil sands output is expected to continue on its upwards trajectory despite investment in the sector lagging behind historical levels, a recent report has found. Oil sands production in Canada's oil patch of Alberta is expected to grow through the next decade, albeit at a slower rate than... 

Record performance by South Africa’s biggest private-sector airline

By: Rebecca Campbell     13th February 2018 South African private-sector airline group Comair, operator of the British Airways in South Africa and Kulula low cost carrier brands, announced on Tuesday that it had achieved a record performance for the first half of the current financial year (July 1 to December 31, 2017). Earnings before... 

Chevron slips on Q4 earnings miss; lifts dividend

By: Henry Lazenby     3rd February 2018 Oil giant Chevron saw its NYSE-listed equity slip more than 6% on Friday after it reported disappointing fourth-quarter earnings. The San Ramon, California-based energy company reported earnings of $3.1-billion, or $1.64 a share for the fourth quarter ended December 31, compared with just... 

Sasol says higher oil price, if sustained, bodes well for H2

By: Terence Creamer     23rd January 2018 Chemicals and energy group Sasol indicated on Tuesday that its second-half results would be positively affected should the recent rise in oil prices to levels approaching $70/bbl be sustained for the remainder of its financial year, which runs to June 30. In a trading statement for the six months... 

SA Reserve Bank likely to keep repurchase rate unchanged this week – economists

By: African News Agency      15th January 2018 The South African Reserve Bank is likely to keep its repurchase rate at 6.75 percent this week, although it will probably lower its consumer inflation projections, financial group Investec said at the weekend. The Sarb is set to announce its decision on the repo rate on Thursday after a two-day... 

Container supplier sees opportunities despite market slump

By: Nica Schreuder     1st December 2017 The chemicals, power generation, oil and gas, and petrochemicals sectors have created a significant demand for tanktainers, says container industry provider Container World. Tanktainers, or tank containers, are intermodal containers used to transport liquids, gases and powders as bulk cargo. 

Global oil exploration dips to 60-year low

By: Natasha Odendaal     1st November 2017 With exploration activity waning, global oil and gas exploration has reached an historic low, according to the latest PwC Africa oil and gas review 2017, which highlights just three new major discoveries in Africa during 2016 and the first half of 2017, compared with 11 in 2015. In 2016, there... 

Oil Search unveils A$400m Alaska oil deal

By: Esmarie Swanepoel     1st November 2017 ASX-listed Oil Search on Wednesday announced a $400-million investment to acquire a number of tier-one oil assets in the Alaska North Slope. The assets include a 25.5% interest in the Pikka Unit and adjacent exploration acreage, and a 37.5% interest in the Horseshoe Block, which contain some... 

Sasol mitigates material matters issues in 2017

     27th October 2017 To mitigate material matters that could substantially affect its ability to create value in the short, medium or long term, as a result of not being able to execute its strategy and the impact thereof on its ability to stay competitive, petrochemicals giant Sasol has outlined a five-step process... 

Oil prices still struggling but huge potential ahead for Africa

By: Kim Cloete     26th October 2017 Experts from UK-based Standard Chartered Bank expect the oil price will remain in the $45/bl to $60/bl-plus range. “We are in a lower for a longer cycle,” Standard Chartered Bank global head of energy and natural resources Peter Gaw told delegates at the Africa Oil Week, in Cape Town. 

Chevron cans $400m Great Australian Bight drilling plan

By: Esmarie Swanepoel     13th October 2017 US oil and gas major Chevron will abandon its $400-million exploration programme in the Great Australian Bight, saying drilling in the region could not compete for capital in Chevron’s global portfolio, given the low oil price environment. “We appreciate the strong support from governments,... 

Hybrid solar systems punted as the way forward for sub-Saharan Africa mines

By: Dylan Slater     13th October 2017 Factors such as limited and unreliable energy transmission and distribution grids, across many countries in sub-Saharan Africa, have created a dependency among large industrial and mining houses on diesel and heavy fuel oil (HFO) to provide a reliable energy supply, says renewable-energy... 

TransCanada snuffs out Energy East, Eastern Mainline projects

By: Henry Lazenby     6th October 2017 TransCanada has pulled the plug on the Energy East and Eastern Mainline pipeline projects, the oil and gas infrastructure major revealed on Thursday. The TSX- and NYSE-listed oil and gas company said it will inform the National Energy Board (NEB) that it will no longer be proceeding with its... 

Kinross to proceed with Tasiast Phase 2, Round Mountain expansion projects

By: Henry Lazenby     18th September 2017 Senior Canadian miner Kinross Gold has revealed that it will spend about a $1-billion on two significant capital growth plans for the Phase 2 expansion of its Tasiast mine, in Mauritania, as well as the Phase W of the Round Mountain mine, in Nevada. “With Phase 2, Tasiast's annual production is... 

It’s time to counter antinuclear propaganda

By: Kelvin Kemm     15th September 2017 Of all sources of electricity, nuclear is the safest, cleanest and cheapest. These are all easily provable assertions, yet, in the open forum of public debate about nuclear power, issues such as provable claims count for little. An unfortunate development in international public debate has been... 

Well-managed upgrades essential at African refineries

By: Robyn Wilkinson     8th September 2017 With demand for cleaner fuel products driving refinery upgrades in Africa, turnaround planning must be carefully managed to eliminate the risks of costly overruns and production losses, which can threaten the economic viability of the projects, says project management consultancy Turner &... 

Santos redeems notes

By: Esmarie Swanepoel     23rd August 2017 Oil and gas major Santos will redeem its €1-billion subordinate notes issued in 2010, in line with a strategic focus to reduce debt and costs, and on prudent capital management. The notes to be redeemed are Santos’ most expensive debt instrument, and replacing it with more efficient long-term... 

Sasol review may result in sale or closure of assets, but no ‘fire sale’  

By: Terence Creamer     21st August 2017 Chemicals and energy group Sasol has announced that an asset-review process is under way that could result in the sale, closure or growth of certain assets. However, the JSE-listed company has also stressed that there will be no “fire sale”. Joint president and CEO Bongani Nqwababa reports that... 

Sugar industry to make the most of yield recovery

By: Robyn Wilkinson     21st July 2017 As KwaZulu-Natal’s sugar cane growers start to recover from the effects of the drought, the South African Canegrowers’ Association (SA Canegrowers) is urging the industry to remain resilient and look for opportunities to diversify their operations. 

Gold Fields opts for hedging amid commodity price volatility

By: Megan van Wyngaardt     20th June 2017 Given recent volatility in commodity prices and exchange rates, dual-listed Gold Fields has undertaken select hedging of the oil price and the Australian dollar gold price, the miner said on Tuesday. Gold Fields’ Australian dollar gold price hedge would comprise 165 000 oz at a floor price of A$1... 

Buru restarts production at Ungani

By: Esmarie Swanepoel     16th June 2017 ASX-listed Buru Energy has restarted oil production from its Ungani oilfield, in the Kimberley region of Western Australia. Production at Ungani was suspended in January 2016, following the deterioration of the oil price. 

Higher gas prices driving away investment - report

By: Esmarie Swanepoel     6th June 2017 A new report by independent energy consultancy EnergyQuest has revealed that instead of driving a gas investment boom, high energy prices on Australia’s east coast was in fact resulting in lower underlying gas demand. EnergyQuest CEO Dr Graeme Bethune on Tuesday said that total east coast... 

Adcorp posts significant loss owing to labour law changes

By: Megan van Wyngaardt     24th May 2017 Management consultancy company Adcorp’s shares fell as much as 8% on Wednesday morning to R10.80 a share, from Tuesday’s close of R11.74 a share, after it posted a headline loss a share of 27.9c for the year ended February 28. Its normalised earnings a share decreased by 76% year-on-year to... 

Misgivings about ratings agencies

By: Kelvin Kemm     28th April 2017 “For all the talk of all this being such a deliberative scientific process . . . to have this decision was remarkable to me.”  That was US Congresswoman Jackie Speier speaking. She went on to say that the analysis “should have been disciplined, and they should have gone back and looked at their... 

Two pipelines test economics of East Africa’s oil developments

By: Bloomberg     7th April 2017 A decade after its first big oil find, East Africa’s emergence as a crude exporter has been hindered by security and cost concerns that left the region building two pipelines instead of one. Uganda and Kenya are developing two new basins and originally agreed to build one line to connect the... 

Expect more oil price volatility over the coming months – Vitol

By: Kim Cloete     15th March 2017 A continuing massive stock overhang could contribute to more volatility in the oil price over the coming months, says energy and commodities company Vitol global analyst Simon Warren. He told delegates at the yearly conference of the African Refiners Association (ARA), in Cape Town, that despite... 

Ungani poised for restart – Buru

By: Esmarie Swanepoel     10th March 2017 ASX-listed Buru Energy has completed the restart plan for its Ungani oilfield, in the Kimberley region of Western Australia. The company on Friday said the restart of the oilfield was subject to final joint venture and regulatory approvals, as well as the award of the various contracts. 

Supplier delivers products for chemical conveyance system

By: Nadine James     10th March 2017 Thermoplastic products supplier Astore Keymak – formerly Astore Africa – supplied and delivered several polymer plastic products to assist with the installation of a conveyance system at Omnia Group’s chemical subsidiary Protea Chemicals’ plant, in Wadeville. The project, a result of a... 

Origin warns of A$1.9bn impairment

By: Esmarie Swanepoel     15th February 2017 Oil and gas major Origin Energy has warned of a A$1.9-billion post-tax impairment charge for the 2017 financial year. The company told shareholders that its Australia Pacific liquefied natural gas (APLNG) joint venture recognised an impairment charge on its assets, with Origin expected to reflect... 

Truck group expects market to recover in 2017, but risks persist

By: Irma Venter     3rd February 2017 Both the South African and sub-Saharan African (SSA) new-truck markets should see growth this year, following a tough 2016, says UD Trucks Southern Africa (UDTSA) marketing director Rory Schulz. The South African new truck market, including exports from South Africa into Africa, declined by 11%,... 

Recovery possible for SA, sub-Saharan truck markets, says UD Trucks

By: Irma Venter     20th January 2017 Both the South African and sub-Saharan African (SSA) new-truck markets should see growth this year, following a tough 2016, says UD Trucks Southern Africa (UDTSA) marketing director Rory Schulz. The South African new truck market, including exports from South Africa into Africa, declined by 11%,... 

AWE sells interest in Tui oil field

By: Esmarie Swanepoel     13th December 2016 ASX-listed AWE has struck a deal to divest of its 57.5% interest in the Tui Area oil fields, offshore New Zealand, for $1.5-million to Tamarind Management. Under the terms of the agreement, Tamarind will acquire all of the outstanding shares of AWE New Zealand and AWE Taranaki, which jointly... 

Continued gas development needed to keep WA market well supplied

By: Esmarie Swanepoel     8th December 2016 Western Australia’s domestic gas market is expected to be well supplied over the next ten years, if gas reserves continue to be developed. “Growth in domestic gas demand is forecast to be a marginal 0.1% over the outlook period, as there are only a handful of large gas consumers that are expected... 

Scotiabank index stronger on oil, copper rally

By: Megan van Wyngaardt     5th December 2016 The Scotiabank Commodity Price Index gained 9.1% month-on-month in October, supported by large positive moves in both the oil and gas and metals and minerals sub-indices. Of note in each of these markets are the recently concluded Organisation of the Petroleum Exporting Countries (Opec) agreement... 

BP sanctions Mad Dog Phase 2 in Gulf of Mexico

By: Esmarie Swanepoel     2nd December 2016 Oil major British Petroleum (BP) has sanctioned the $9-billion Mad Dog Phase 2 project, in the US, which will include a new floating production platform with a 140 000 bbl/d capacity. Oil production is expected to begin in late 2021. 

Kenya to pilot oil production from June

By: John Muchira     2nd December 2016 Kenya has unveiled an Early Oil Pilot Scheme in terms of which it will produce 2 000 bbl/d of crude oil from June next year. Ministry of Energy and Petroleum principal secretary Andrew Kamau says "the Early Oil Pilot Scheme is not a money making operation", explaining: "We are simply proving our... 

Project to add 260 000 jobs by 2019

By: Simone Liedtke     2nd December 2016 With its objective of increasing the economic contribution of three key focus sectors by up to R59-billion, the Western Cape government has put in place its Project Khulisa growth strategy, which also aims to add about 260 000 jobs across these sectors. 

BMI expects soft oil price recovery in 2017

By: Anine Kilian     18th November 2016 While the global outlook for oil is relatively bullish going into next year, there will be a soft oil price recovery, according to BMI oil and gas head Chris Haines. Speaking during a webinar session focused on the global oil and gas industry on Thursday, Haines noted that BMI expected to see... 

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