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Oil & Gas News

Size of possible Sasol rights issue hangs on asset-disposal and savings progress

By: Terence Creamer 17th March 2020 The eventual size of Sasol’s possible rights issue – tentatively capped at $2-billion – will depend on progress the group makes in the coming months with its cash-conservation and asset-disposal programmes, initiated in an effort to reduce its $10-billion debt burden by $6-billion by the end of... →

Sasol includes $2bn rights-issue option in plan to reset capital structure

By: Terence Creamer 17th March 2020 Debt-laden chemicals and energy group Sasol announced on Tuesday that it could pursue a $2-billion rights issue as a “supplemental initiative” in the event that cash-conservation initiatives and asset disposals proved insufficient to reset its capital structure. The JSE-listed group had set a... →

Oil falls deeper into turmoil triggered by epic demand collapse

By: Bloomberg 16th March 2020 Oil’s spectacular collapse deepened as widening global efforts to fight the spread of coronavirus were set to trigger the most severe contraction in annual oil demand in history. Futures tumbled by more than 6% after plunging by a quarter last week -- the largest drop since 2008. Even a massive... →

Shares in South Africa's Sasol jump nearly 30% as oil price recovery sparks buying

By: Reuters 13th March 2020 Shares in South African petrochemicals group Sasol surged nearly 30% on Friday as a recovery in oil prices sparked buying of the stock, which was pummelled in the previous session. Brent crude prices rose over 3% on Friday after falling more than 7% the day before, a drop which helped send Sasol... →

Sasol confirms possible equity issue as it breaks silence amid massive sell-off

By: Terence Creamer 12th March 2020 Chemicals and energy group Sasol, which has seen its market capitalisation decimated in recent days as a result of a series of adverse developments, including a ratings downgrade, a big slump in the oil price and Covid-19-induced market volatility, broke its silence on Thursday afternoon when it... →

Johannesburg stocks plunge most since 1997 in ‘panic’ sell-off

By: Bloomberg 12th March 2020 South Africa’s benchmark stock index plunged the most since the market crash of October 1997 as reaction to US measures aimed at curbing the spread of the coronavirus accelerated the sell-off sweeping through global equities. The FTSE/JSE Africa All Share Index sank as much as 9.3% as of 3:34... →

Shell reports 41% rise in onshore Nigeria oil spills due to sabotage

By: Reuters 12th March 2020 Royal Dutch Shell's onshore Nigeria subsidiary saw a 41% rise in the number of crude oil spills due to theft or pipeline sabotage in 2019, the group said in its annual report. Shell Petroleum Development Company of Nigeria (SPDC) also recorded a rise in the volume of oil spilt in the Niger Delta... →

Opec sees no oil demand growth in 2020 as virus batters forecast

By: Bloomberg 11th March 2020 Opec expects there will effectively be no growth in global oil demand this year, slashing its forecasts as the coronavirus hits the world economy. Having expected a month ago that fuel consumption would increase by just under 1-million barrels a day, or 1%, in 2020, the group said in a report on... →

Amid Saudi-Russian oil price war, other Opec States sound alarm

By: Reuters 11th March 2020 While Opec's de facto leader Saudi Arabia trades blows in a war for market share with Russia after their three-year pact to cut oil supplies collapsed last week, other Opec States are already sounding the alarm over plunging oil prices. Crude lost as much as a third of its value this week after... →

Five LPG companies to answer to allegations of price fixing

By: Marleny Arnoldi 9th March 2020 Five liquefied petroleum gas (LPG) companies will have to answer to allegations of price fixing in a hearing to be heard by the Competition Tribunal from Tuesday. The companies – Totalgas Southern Africa, Oryx Oil South Africa, KayaGas, Easigas and African Oxygen (Afrox) – have been under... →

IEA expects 90 000 bbl/d fall in oil demand as a result of Covid-19

By: Marleny Arnoldi 9th March 2020 The International Energy Agency (IEA) expects global oil demand to decline this year as the impact of the Covid-19 virus continues to spread around the world. The extent of the global impact of the virus is still uncertain, but demand for oil has nonetheless dropped for the first time since... →

Oil drops 31% in worst loss since Gulf War as price fight erupts

By: Bloomberg 9th March 2020 Oil markets crashed more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest decline on record in the opening seconds... →

Opec+ on brink of failure as Russia resists deeper oil cuts

By: Bloomberg 6th March 2020 Russia resisted pressure from its Opec allies to make deeper production cuts, pushing the cartel’s high-stakes diplomatic gamble to the brink of failure and sending prices plunging. Energy Minister Alexander Novak arrived from Moscow on Friday morning and told fellow ministers that he favored... →

Lesedi keen to retain nuclear skills built up over years in South Africa

By: Kim Cloete 5th March 2020 South African engineering, procurement, construction and maintenance company Lesedi is keen to use its nuclear expertise and skills in South Africa and other African countries and is also looking to expand its focus to Saudi Arabia and Abu Dhabi. Lesedi has diversified its business and is active... →

Photo by Creamer Media
Koeberg power station

M&R’s order book rises to R50.8bn on back of oil and gas platform recovery

By: Terence Creamer 4th March 2020 Specialised engineering and construction group Murray & Roberts (M&R) reported on Wednesday that its order book had increased to R50.8-billion during the interim period to the end of December, up 60% on the R31.7-billion level reported for the corresponding period in the previous year. The... →

Healthcare business gives Afrox’s earnings, profits a boost

By: Marleny Arnoldi 4th March 2020 Growth in strategic markets, solid price cost inflation recovery, continued productivity gains from efficiency projects and the positive impact of restructuring activities contributed to a 23.3% year-on-year increase in earnings before interest and taxes for JSE-listed African Oxygen (Afrox) in... →

Afrox CEO Schalk Venter discusses the company's performance in 2019

Africa urged to ramp up its energy investment

By: Kim Cloete 4th March 2020 Getting more energy to more people in Africa is imperative, particularly as the continent's population is set to soar over the next few decades, the Africa Energy Indaba has heard. “This is an opportunity for all of us to move forward faster and further together,” World Energy Council secretary... →

Nigeria’s immense gas reserves offer great scope to boost economic growth

By: Kim Cloete 3rd March 2020 Nigeria is hoping to make the most of its immense gas reserves, but needs to refine its legislation and get its projects moving swiftly. Professor Abubakar Sani Sambo from the Nigerian Ministerial Task Force on Power said Nigeria had the ninth largest gas reserves in the world and was number one... →

Companies urged to gear up for gas revolution in Mozambique

By: Kim Cloete 3rd March 2020 Key players in the gas industry have urged the South African government and companies to gear up for the tremendous opportunities that the gas resources uncovered in Mozambique will offer. A final investment decision (FID) has been taken for two projects, while the FID for a third project is... →

Germany moves into hydrogen with lessons from Opec, Russia

By: Bloomberg 3rd March 2020 Germany is taking its first steps to build an economy based on hydrogen instead of fossil fuels, seeking to deliver both green growth and to avoid being trapped by a small cartel of suppliers. Ministers have been quietly lining up deals with nations including Nigeria that might produce hydrogen... →

Insufficient customer commitment stalls liquid bulk terminal project

By: Irma Venter 27th February 2020 The development of the liquid bulk terminal in the Port of Ngqura, in the Eastern Cape, has been halted, says Oiltanking Grindrod Calulo (OTGC). OTGC is a joint venture (JV) between operating partner Oiltanking, a German multinational that is one of the largest independent operators of tank... →

Coronavirus to tip oil and gas prices – Woodmac

27th February 2020 The Coronavirus, which has caused nearly 2 800 deaths world-wide, was likely to have a bigger impact on prevailing oil and gas prices than on project construction, industry analyst Wood Mackenzie (Woodmac) said on Thursday. Manufacturing shutdowns and shipping bottlenecks were causing project... →

Sasol confirms making 600 MW own-gen proposal in response to DMRE RFI

By: Terence Creamer 24th February 2020 Sasol CEO Fleetwood Grobler confirmed on Monday that the energy and chemicals group made a submission to the Department of Mineral Resources and Energy in line with its request for information (RFI) on possible emergency electricity solutions that could be “grid-connected in the shortest time at... →

Sasol CEO Fleetwood Grobler on the need for a culture change at the company following major cost overruns at its US project. Camera Work: Kutlwano Matlala. Editing: Nicholas Boyd. Recorded: 24.2.2020

Sasol pulls back on capex as it seeks to deleverage from ‘peak gearing’

By: Terence Creamer 24th February 2020 Energy and chemicals group Sasol has indicated that its capital expenditure (capex) will continue to taper during its 2020 and 2021 financial years as the group seeks to deleverage a balance sheet that reached “peak gearing” of close to 65% in the six months to December 31, 2019. Sasol’s gearing... →

Sasol CFO Paul Victor on how capex will be tapered as it seeks to navigate its 'peak gearing' phase. Camera Work: Kutlwano Matlala. Editing: Nicholas Boyd. Recorded: 24.2.2020

Even without a case, Africa may be a big victim of coronavirus

By: Bloomberg 24th February 2020 Even without a single confirmed case, sub-Saharan Africa may be the region hardest hit outside of Asia by the spread of the coronavirus. The outbreak has shut down entire swathes of the Chinese economy, threatening world economic growth and curbing appetite for oil and metals that are the... →

New energy paradigm can drive Africa’s development

By: Schalk Burger 21st February 2020 Africa can meet its major sustainable energy and development goals without becoming more energy intensive, as it has a unique opportunity to use renewable energy, natural gas and energy efficiency to meet its development needs and provide reliable and modern energy services. This is the... →

Mboweni moots referendum on rescuing State-owned companies on Twitter

By: African News Agency 17th February 2020 After a short hiatus from Twitter, Finance Minister Tito Mboweni is once again posting prolifically, using the platform at the weekend to call for a public debate, possibly a referendum, on the use of taxpayers' money to bail out failing State-owned enterprises. "We must develop a democratic... →

Finance Minister Tito Mboweni

Arbitrator backs Woodside in Senegal tussle

By: Esmarie Iannucci 14th February 2020 The International Arbitration Court has backed oil and gas major Woodside in a dispute with fellow listed FAR. Woodside and FAR are joint venture (JV) partners in the Sangomar field development, offshore Senegal. →

IEA sees first global oil demand drop in a decade on coronavirus

By: Bloomberg 13th February 2020 Global oil demand will drop this quarter for the first time in over a decade as the coronavirus batters China’s economy, the International Energy Agency said. The new estimates show that oil markets face a significant surplus despite the latest production cuts by OPEC and its partners. Crude... →

Total chief dismisses Tullow Oil takeover idea

By: Reuters 12th February 2020 Total chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation. Total is a partner in all growth markets for Tullow Oil whose market... →

World emissions kept in check as rich nations kick coal habit

By: Bloomberg 11th February 2020 Global emissions from energy held steady in 2019 for the first time in three years as developed nations continued to move away from coal power and toward renewable energy and natural gas. Even as the world economy grew, energy-related carbon dioxide emissions remained at 33.3-billion tons.... →

Nigeria's petroleum bill to be passed by mid-2020, says oil minister

By: Reuters 11th February 2020 Nigeria's oil ministry will send a new Petroleum Industry Bill to parliament next week, aiming to pass it into law by mid-2020, Minister of Petroleum Timipre Sylva said on Monday, hoping to end years of delay that have hampered investment. For nearly two decades, the bill has seen various... →

Astron’s Milnerton refinery meets deadline for producing very low-sulphur fuel oil

By: Marleny Arnoldi 10th February 2020 Energy company Astron Energy’s refinery has been successfully supplying ships in the ports of Cape Town and Richards Bay with low-sulphur fuel oil for the last month. The oil meets the stringent new International Maritime Organisation regulations, which had to be met by refineries globally by... →

Port of Cape Town

Oil hovers near $50 on signs Opec+ virus action not imminent

By: Bloomberg 10th February 2020 Oil hovered around $50 a barrel on signs an extraordinary Opec+ meeting to decide on further production cuts to deal with the demand hit from the coronavirus is looking less likely. Ministers from the group and its allies are unlikely to hold an early meeting this month, while one planned for... →

Opec may meet sooner as coronavirus puts oil demand at risk

By: Bloomberg 30th January 2020 The Organisation of Petroleum Exporting Countries (Opec) is considering pushing forward a meeting initially scheduled for March, according to Algeria’s energy minister, after oil prices slumped on concern that the spread of coronavirus would hurt oil demand. Mohamed Arkab said the producer... →

Most commodity prices on the rise amid increasing demand, risk appetite

By: Marleny Arnoldi 27th January 2020 The past month has seen a rally in many parts of the commodities complex, owing to the signing of the first phase of a trade deal between China and the US boosting equity markets and risk appetites, states analytics and forecasting organisation Oxford Economics. In its latest commodity price... →

Angola closes in on Africa’s richest woman with Sonangol inquiry

By: Bloomberg 23rd January 2020 Isabel dos Santos has been named as a suspect in an investigation over alleged mismanagement during her time as chairwoman of Sonangol, Angola’s State oil company, a position she was appointed to by her father, ex-President Jose Eduardo dos Santos. Four others were also named on state TV late... →

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Africa Business Energy Financial PROJECT Resources Exploration Flow Gas Health Safety Petroleum Projects Service Storage System transport Eskom International Atomic Energy Agency Flow Energy Nuclear Project Management Nuclear Reactor Technology Drilling Karen King Bearing Operations Africa South Africa International Atomic Energy Agency ... more

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