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Oil & Gas News

CEF, SFF welcome High Court decision on sale of strategic crude oil reserves

20th November 2020 The Central Energy Fund (CEF) and its subsidiary, the Strategic Fuel Fund (SFF), have welcomed the Western Cape High Court's judgment in reversing the 2015 sale of South Africa's strategic crude oil reserves. The CEF stated that the "landmark victory" was the culmination of a series of court... 

Price of oil to increase, gold to remain high going into 2021 – Fitch Solutions 

By: Donna Slater     20th November 2020 With the brent crude oil price continuing to rise in November, following reports of a second highly effective Covid-19 vaccine nearing emergency approval in the coming weeks, financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch... 

Green economy faces challenge to replace carbon energy sources

By: Bloomberg     19th November 2020 The march toward a greener global economy is headed into a more difficult second phase that will aim to replace carbon as an energy source, said panelists during the Bloomberg New Economy Forum. Companies including Honeywell International and Schneider Electricare offering solutions to reduce... 

Sasol working to reset business for low-carbon world 

13th November 2020 Financially and environmentally beleaguered energy and chemicals group Sasol is working to reset its business for a low-carbon world. Engineering News Editor Terence Creamer unpacks the emerging strategy. 

Sasol working to reset business for low-carbon world
Sasol working to reset business for low-carbon world

IEA cuts oil-demand outlook as vaccines won’t rescue market soon

By: Bloomberg     12th November 2020 The International Energy Agency (IEA) cut forecasts for global oil demand amid new lockdown measures and cautioned that the vaccine breakthrough won’t quickly revive markets. While crude prices rallied to a 10-week high above $45 this week on news of Pfizer Inc.’s progress, fuel use won’t... 

Chamber’s report plots recovery for continent’s oil, gas industry

By: Tasneem Bulbulia     11th November 2020 After a year of considerable shock for African energy markets, the African Energy Chamber’s 'Africa Energy Outlook 2021' report analyses the upcoming challenges and opportunities arising from a post Covid-19 recovery on the continent. During a webinar launching the report on November 10, the... 

Sasol pins low-carbon ‘reset’ hopes on gas, renewables and green hydrogen  

By: Terence Creamer     11th November 2020 Energy and chemicals group Sasol, which is coming under increasing pressure to reduce its carbon emissions, reports that climate change is now “front and centre” in its unfolding ‘strategic reset’, which will involve a transition away from coal to gas, renewable energy and green hydrogen. In... 

Sasol pins low-carbon ‘reset’ hopes on gas, renewables and green hydrogen
Photo by Creamer Media's Donna Slater
Sasol CEO Fleetwood Grobler

Covid-19 accelerates energy transitions - PwC 

By: Donna Slater     11th November 2020 Assurance, advisory and tax services firm PricewaterhouseCoopers (PwC) reports – through its newly released Africa Oil & Gas Review, titled Energising a New Tomorrow – that the rampant spread of the Covid-19 pandemic globally has resulted in galvanising of commitments to a green energy... 

Covid-19 accelerates energy transitions - PwC
PwC energy strategy and infrastructure director James Mackay discusses how Covid-19 has sped up developments in the green energy sector.

Opaque fossil fuel subsidies put South Africa near bottom of G20 list

By: Donna Slater     10th November 2020 South Africa emerged as the second worst performer of the G20 non-Organisation for Economic Cooperation and Development (non-OECD) member countries, according to a November 10 report, titled 'Doubling Back and Doubling Down: G20 Scorecard on Fossil Fuel Funding'. The report ranks countries... 

Renewables display Covid immunity with record 2020 and strong outlook 

By: Terence Creamer     10th November 2020 New additions of renewable-energy capacity worldwide will increase to a record level of almost 200 GW this year, shrugging off the demand slump that accompanied the Covid-19 crisis and which negatively affected the demand for fossil fuels. In addition, a new International Energy Agency (IEA)... 

Renewables display Covid immunity with record 2020 and strong outlook

UFS, CBSS partner to design groundwater monitoring network for Central Karoo 

By: Tasneem Bulbulia     5th November 2020 Independent specialists and researchers from the Institute for Groundwater Studies (IGS) at the University of the Free State (UFS), in partnership with specialists from Carin Bosman Sustainable Solutions (CBSS), have been appointed by the Petroleum Agency of South Africa (PASA) to design a... 

Germany examines ammonia to deliver green fuel for industry

By: Bloomberg     5th November 2020 Germany is looking at using ammonia and methanol as ways to deliver hydrogen as a clean-burning fuel for industry, part of its effort to make Europe’s biggest economy climate-neutral by 2050. The government is financing a feasibility study to evaluate ways of transporting hydrogen and is focusing... 

Germany examines ammonia to deliver green fuel for industry

French firms set to make R14bn in fresh investment pledges to South Africa  

By: Terence Creamer     4th November 2020 French Foreign Trade and Economic Attractiveness Minister Franck Riester, who is leading a business delegation to South Africa this week, reports that French firms will follow-up their R20-billion in investment commitments made to South Africa in 2019 with new promises worth a further... 

French firms set to make R14bn in fresh investment pledges to South Africa

Motorists can expect fuel price decrease for November

By: Simone Liedtke     2nd November 2020 South African motorists can breathe a little easier in November as petrol and diesel prices are both set to decrease on November 3, by 27c/ℓ and 12c/ℓ, respectively. Illuminating paraffin will, however, increase by 15c/ℓ. 

Venkat, Magara to join Weir Group board in 2021

By: Simone Liedtke     2nd November 2020 Srinivasan Venkatakrishnan and Ben Magara will join the board of global engineering group Weir as nonexecutive directors from January 19, 2021. Both Venkatakrishnan, who is popularly known as Venkat, and Magara have extensive experience leading global mining businesses, Weir said in a statement... 

Venkat, Magara to join Weir Group board in 2021
Photo by Creamer Media
Srinivasan Venkatakrishnan

Sasol to test market for Southern African carbon-offset prospects 

By: Terence Creamer     29th October 2020 Chemicals and energy group Sasol has indicated that it intends issuing a request for information (RFI) for the development and implementation of carbon-offset projects in South Africa and the Southern African Development Community (SADC) and has called on potential participants to register their... 

Sasol to test market for Southern African carbon-offset prospects

Total finds gas at Luiperd prospect

By: Marleny Arnoldi     28th October 2020 Petroleum company Total has announced that it has made a significant gas condensate discovery on the Luiperd prospect, located on Block 11B/12B in the Outeniqua Basin, about 175 km off the southern coast of South Africa. The discovery follows the adjacent Brulpadda discovery made in 2019, which... 

IDC aims to ‘catalyse’ recovery plan, but won’t go it alone as impairments bite 

By: Terence Creamer     26th October 2020 The Industrial Development Corporation (IDC) – which reported a R3.8-billion loss for the 2019/20 financial year, driven by a surge in impairments from R4.8-billion to R9.6-billion – has revised its investment strategy with the aim of “catalysing” government’s Reconstruction and Recovery Plan... 

IDC aims to ‘catalyse’ recovery plan, but won’t go it alone as impairments bite
Photo by Creamer Media's Donna Slater
IDC CEO TP Nchocho

Oil demand may see lasting impact from pandemic, World Bank says

By: Bloomberg     23rd October 2020 Oil demand could see “lasting impacts” from the coronavirus while modest gains are projected in metals and agriculture prices as commodity markets recover from the shock of the pandemic, according to the World Bank. The World Bank boosted its projections from April for the average oil price in... 

Renergen drilling programme back on track

By: Simone Liedtke     21st October 2020 Emerging domestic natural gas and helium producer Renergen’s re-drill of the inclined drilling programme (referred to as P2V2) at its flagship Virginia gas project, in the Free State, is expected to be at, or be close to, target by the end of the first week of November. In a statement on October... 

Report discusses challenges, options as world continues to drive decarbonisation agenda 

By: Simone Liedtke     16th October 2020 While the global shift from fossil fuels to renewables is helping new ecosystems and technologies to emerge, many of the pursued steps towards decarbonisation pose unique challenges. Many participants in the energy and resources industries have declared an intention to become carbon neutral by... 

Report discusses challenges, options as world continues to drive decarbonisation agenda
Deloitte's Andrew Lane discusses the company's new global report and value beyond compliance with Creamer Media journalist Simone Liedtke. Video: Recorded on Zoom. Editing: Creamer Media's Nicholas Boyd.

Recognition of LPG benefits in energy mix growing

16th October 2020 For many years, the benefits of liquefied petroleum gas (LPG) for South Africa “have been largely, frustratingly, moot”, according to a statement from industry association LPG South Africa (LPGSA). The doubt surrounding LPG’s benefits stems from an historically inconsistent and unreliable supply... 

Recognition of LPG benefits in energy mix growing
BIG BOY Bidvest Tank Terminal’s large-scale mounded LPG storage facility in Richards Bay was scheduled for completion this year

Natural gas to play important role in the energy future

By: Darren Parker     16th October 2020 Energy solutions company GE expects gas power to play an increasingly important role in the medium- to long-term future of the country’s energy mix as government continues to pursue decarbonisation through balancing the demands between a coal-fired past and a renewables future. GE Gas Power... 

Natural gas to play important role in the energy future
GAS FOR GROWTH The industrialisation ambitions of African nations depend on cleaner energy sources such as renewables and gas

Gap analysis needed to guide gas-to-power industry growth

By: Darren Parker     16th October 2020 With the potential of gas as an alternative energy source in South Africa an encouraging prospect, South African Oil and Gas Alliance (Saoga) CEO Adrian Strydom says the gas-to-power industry needs to conduct an accurate gap analysis, and engage in upskilling and capacity building to ensure that... 

Gap analysis needed to guide  gas-to-power industry growth
Photo by Adobe
FLOATING GAS South Africa will need to import liquid natural gas for the short-term future, which will serve to stimulate the market

Gas-powered solutions offer lower upfront cost

By: Darren Parker     16th October 2020 In a capital-constrained Covid-19-affected market, gas-fired generators offer the advantage of a relatively low upfront capital cost, compared with coal- or diesel-fired alternatives, says energy solutions company GE Gas Power Sub-Saharan Africa  executive Nosizwe Dlengezele. She adds that it is... 

Gas-powered solutions offer lower upfront cost
NOSIZWE DLENGEZELE Gas plays an important role in bridging the energy gap to help create a lower-carbon energy future

Eni seeks World Bank arbitration in Nigeria oilfield dispute

By: Reuters     13th October 2020 Eni has filed a request for arbitration against Nigeria at the World Bank's dispute settlement body and plans to argue that the country's failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell nearly a decade ago breaches their investment agreement, court documents show.... 

Mozambique outlines fund plan for $96bn gas windfall

By: Bloomberg     13th October 2020 Mozambique published its proposed model for a sovereign wealth fund as it prepares to reap as much as $96-billion – more than six times the size of its current gross domestic product – from liquefied natural gas projects that companies including Total are building. The developments, which are... 

KZN govt reaches out to Engen amid its oil refinery considerations

By: Marleny Arnoldi     9th October 2020 KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Nomusa Dube-Ncube has tasked the Trade & Investment Council KwaZulu-Natal (TIKZN) to look into the matter of the Engen Oil Refinery potentially closing its doors in a few years’ time. Engen confirms in a statement that it... 

Renergen, Logico Logistics ink LNG supply agreement

By: Simone Liedtke     6th October 2020 Emerging domestic natural gas and helium producer Renergen has signed an agreement with trucking company Logico Logistics to supply liquefied natural gas (LNG) at Total filling stations along the N3 between Johannesburg and Durban. Logico specialises in the retail industry and fast-moving... 

Renergen, Logico Logistics ink LNG supply agreement

Sasol sells 50% of Lake Charles base chemicals unit to LyondellBasell for $2bn 

By: Terence Creamer     2nd October 2020 Debt-laden chemicals and energy group Sasol has announced a $2-billion joint venture (JV) agreement with LyondellBasell for its base chemicals business in Lake Charles, Louisiana, in the US. Under the agreement, LyondellBasell will acquire 50% of Sasol’s 1.5-million-ton ethane cracker, as well as... 

Sasol sells 50% of Lake Charles base chemicals unit to LyondellBasell for $2bn
Lake Charles Chemicals Complex

Emissions roadmap launched

2nd October 2020 Chemicals and energy group Sasol has announced the launch of its 2030 emissions roadmap for its South African operations. “This roadmap details our path to at least 10% reduction in greenhouse gas (GHG) emissions by 2030, off a 2017 baseline and was developed taking a long-term view. It places us... 

Emissions roadmap launched
Photo by Adobe Stock
BRIGHTER FUTURE The need for South Africa to move towards a lower-carbon economy, and to pursue an energy mix that supports this imperative, is of utmost importance

Financial response plan implemented

2nd October 2020 In the face of the oil price collapse and unprecedented challenges, chemicals and energy group Sasol took immediate steps to implement a comprehensive response plan to stabilise the business in the short term and raise cash of at least $6-billion by the end of financial year 2021 to repay debt,... 

Financial response plan implemented
QUICK RESPONDERS Sasol took immediate steps to implement a comprehensive response plan to stabilise the business in the short term

NDT viable in volatile environments

By: Theresa Bhowan     2nd October 2020 Rope access specialist Skyriders provides non-destructive testing (NDT) for a large petrochemicals producer in South Africa. “NDT comprises a number of techniques that enable us to evaluate and test the integrity of a structure, component or system without having to physically damage or take... 

NDT viable in volatile environments
HIGH ROLLER NDT comprises a number of techniques that enables Skyriders to evaluate and test the integrity of a structure, component or system

ARA conference to be held virtually next month

By: Simone Liedtke     28th September 2020 Newly appointed executive secretary of the African Refiners and Distributors Association (ARA) Anibor Kragha has called for urgent financing to upgrade oil refineries and associated infrastructure to avoid premature deaths caused by air pollution in developing economies. Speaking ahead of the... 

Transition to green energy needs to happen as soon as possible, says think tank

By: Donna Slater     25th September 2020 The transition from burning fossil fuels and the large-scale emitting of carbon dioxide and other harmful gases to renewable energies needs to happen as quickly as the industry can manage, independent financial think tank Carbon Tracker Initiative founder and executive chairperson Mark Campanale... 

Council for Geoscience starts deep drilling in Karoo basin  

By: Marleny Arnoldi     22nd September 2020 The Council for Geoscience (CGS) on September 21 launched Phase 2 of the Karoo Deep Drilling and Geo-environmental Base Programme (KDD), in Beaufort West. The council, as mandated by the Department of Minerals and Energy, in 2016 initiated the research programme to investigate the resource... 

Council for Geoscience starts deep drilling in Karoo basin

Glencore admits deal to buy South African strategic crude oil reserves was invalid

By: Marleny Arnoldi     17th September 2020 The Strategic Fuel Fund (SFF) has reached an in-principle agreement with diversified miner Glencore to reverse the 2015 sale of South Africa's strategic crude oil reserves. Glencore has agreed that the sale of the three-million barrels of oil was invalid, after first challenging the matter with... 

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