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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... 

Company experiences growth despite difficult environment

     4th November 2016 Valve distributor TTV Fluval Group of companies is celebrating 18 years of success in the South African market, further illustrated and encapsulated by this year’s numerous successfully completed projects resulting in a total invoicing for valves and actuators amounting to more than R180-million.... 

Oanda posts 26% increase in interim turnover

By: Anine Kilian     2nd November 2016 Dual-listed Oando has lifted its turnover to N330-billion for the six months ended September 30, compared with the N262-billion turnover recorded in the prior interim period. Gross profit decreased by 52% to N28.7-billion, but its after-tax loss narrowed 25% to N35.9-billion for the six months... 

Robotic tank floor eliminates risks

By: Robyn Wilkinson     21st October 2016 Oil, gas and petrochemicals services provider A.Hak Industrial Services (A.Hak) will introduce a Robotic online storage tank floor inspection service in South Africa before the end of this year. This new technology eliminates the need for storage tanks to be decommissioned for lengthy periods for... 

Bloodbath in African stock markets

By: News24Wire      4th October 2016 Most African stock markets suffered heavy losses for the nine months to end-September 2016, amid concerns that economic growth for rest of 2016 are going to decline further. According to the World Bank's latest Africa's Pulse report, economic growth in sub-Saharan Africa is expected to fall... 

Astrapak strategy bears fruit as interim profit rises

By: Megan van Wyngaardt     29th September 2016 Packaging company Astrapak on Thursday reported a 25.4% year-on-year increase in its profit of R27.6-million for the six months ended August 31, while its revenue rose 15.2% year-on-year to R734-million. The increases came on the back of the company having exited all noncore businesses and... 

Origin appoints new CEO

By: Esmarie Swanepoel     9th September 2016 ASX-listed Origin Energy has appointed Frank Calabria, the current CEO of its energy markets business, as the new MD and CEO to replace Grant King, who will retire at the end of October. Calabria joined Origin as CFO in 2001, and was appointed as the CEO of the energy markets business in 2009. He... 

Big oil capex cuts may lead to supply deficit by 2025 – Wood Mackenzie

By: Terence Creamer     5th September 2016 An analysis of global oil markets conducted by Wood Mackenzie indicates that, following a period of structural oversupply, markets are “rebalancing” in a way that will support a steady recovery in prices to around $60/bl by the end of 2017. More startlingly, however, the energy and commodity... 

African industry urged to use oil downturn to address regulatory uncertainty

By: Schalk Burger     2nd September 2016 Though the depressed global oil price has led to reduced activity in the oil and gas sector across Africa, the industry should improve skill levels and governments should improve regulatory frameworks and licence systems to prepare for when price and activity increases, says PwC Africa Oil and... 

Industry challenges blunt investment in oil and gas sector

     2nd September 2016 Demand for oil and gas from markets in Africa remains high but low crude prices combined with poor physical infrastructure, inadequate logistical solutions and onerous government regulations have blunted investment in oil and gas field development, says independent oil and gas company SacOil... 

Phase 1 of refinery expansion project to be completed this year

     2nd September 2016 The Cameroonian government is planning to complete the first phase of the expansion and modernisation works at national refinery company Sonara’s refinery later this year, which will lead to an increase in production. According to local media, the refinery – the only one in the country – has been... 

Africa offers many oil, gas opportunities – PwC

By: Anine Kilian     22nd August 2016 Now is an opportune time for governments in Africa wanting to attract oil and gas investors to reform their regulatory, fiscal and licensing systems, says PwC Africa oil & gas advisory leader Chris Bredenhann. Speaking at the launch of PwC’s ‘Africa Oil & Gas Review 2016’ in Rosebank, on Monday,... 

Biggest miners’ project spending reboot signals rebound firming

By: Bloomberg     17th August 2016 The world’s two largest mining companies are planning to raise capital expenditure from decade lows as a firming rebound in commodity prices paves the way for at least $12-billion of growth projects. BHP Billiton Ltd., the No. 1 miner, expects to raise spending by 15% in fiscal 2018, while Rio... 

DTI calls for more to be done to boost local manufacturing

By: Shirley le Guern     16th August 2016 Significant successes characterise the national industrial effort but much more needs to be done to achieve the required scale and a higher impact industrial policy, Department of Trade and Industry (DTI) chief director Nigel Gwynne-Evans told delegates at the Manufacturing Indaba, in Durban, on... 

Santos flags $1bn Gladstone LNG charge on gas supply

By: Bloomberg     15th August 2016 antos will take a $1.05-billion writedown on its Gladstone LNG project due to rising prices for third-party gas supplies and slower-than-expected ramp up of its own equity output to feed the export project. The non-cash charge on the liquefied natural gas (LNG) development in Queensland, which... 

Infrastructure development critical to the success of the oil, gas industry 

By: Anine Kilian     12th August 2016 Demand for oil and gas in Africa remains high but low crude prices combined with poor physical infrastructure, inadequate logistical solutions and onerous government regulations have stunted investment in oil- and gasfield development, says SacOil CEO Thabo Kgogo. He believes industry activity on... 

Africa one of only two regions achieving FDI project growth – EY

By: Anine Kilian     25th July 2016 Sub-Saharan Africa remains one of the fastest growing regions in the world according to advisory firm EY’s 2016 Africa attractiveness programme, entitled Staying the course. This is reflected in the foreign direct investment (FDI) levels in 2015, where FDI project numbers increased by 7%. 

Santos half-year production hits record

By: Mariaan Webb     22nd July 2016 Oil and gas company Santos produced a record 31.1-million barrels of oil equivalent in the first half of 2016 and significantly boosted its sales volumes, but a 29% decrease in the average realised oil price has dented its revenue. Santos increased its production by 10% year-on-year in the first... 

Boeing, Mango in Africa's first jet biofuel flight 

By: Anine Kilian     15th July 2016 Aircraft manufacturer Boeing, along with South African Airways (SAA) and its low-cost carrier Mango on Friday celebrated Africa’s first commercial passenger flights using sustainable aviation biofuel. The flights used sustainable jet biofuel produced from research and development company... 

Falling commodity prices, Chinese slowdown weigh on economic growth in sub-Saharan Africa 

By: Anine Kilian     11th July 2016 Sub-Saharan Africa’s (SSA’s) economy is likely to grow by 2.6% this year, says international trade credit insurer Coface.   It points out that commodity prices had plummeted 45% in two years, while the oil price had fallen almost 60% to around $50/bl, placing strain on countries that are heavily... 

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