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Oil & Gas News

Global trade set to slump 27% in Q2, report warns

By: Terence Creamer     13th May 2020 Global trade is projected to record a quarter-on-quarter slump of 27% in the second quarter of 2020 as a result of the Covid-19 pandemic, after falling by three percent in the first quarter, a new report by the Committee for the Coordination of Statistical Activities (CCSA) warns. The report,... 

Drilling of first inclined well to start at Renergen’s Virginia gas project

By: Simone Liedtke     13th May 2020 Emerging domestic natural gas and helium producer Renergen has signed a contract with hydraulic exploration drilling rig manufacturer Bohrmeister Technik to start the drilling of the first inclined well for the delivery of gas to Phase 1 of Renergen’s Virginia gas project, in the Free State.... 

CEF fills all vacant CEO positions for group companies

By: Donna Slater     11th May 2020 Having not had permanent CEOs since 2014, the Central Energy Fund (CEF) has now filled the position of group CEO, as well as all vacant CEO positions at its group companies, in particular at the Strategic Fuel Fund (SFF), the Petroleum Agency of South Africa (Pasa) and national oil company... 

Global oil production to see considerable cuts – IHS Markit

By: Tasneem Bulbulia     8th May 2020 The second quarter of this year will see the largest volume of liquids production cuts, including shut-in production, in the history of the oil industry, the latest assessment on oil markets by London-based global information provider IHS Markit’s Crude Oil Market Service shows. IHS Markit now... 

International oil, gas industry in unchartered waters – Norton Rose Fulbright

By: Donna Slater     6th May 2020 The oil and gas industry is experiencing a “truly historic moment”, with prices having dropped below zero for a barrel of oil and liquefied natural gas (LNG) shipments likely to be halted in the near future, says law firm Norton Rose Fullbright US oil and gas practice head Julie Mayo. She... 

International oil, gas industry in unchartered waters – Norton Rose Fulbright

Bestfly secures long-term contract for Angola oil, gas shuttle services

By: Tasneem Bulbulia     6th May 2020 Angolan fixed wing and rotary aircraft operator Bestfly has secured a three-year contract to support oil and gas company ExxonMobil’s requirements to ferry staff from Luanda to its main oil logistics base at Soyo. The contract includes the option of a two-year extension. 

Bestfly secures long-term contract for Angola oil, gas shuttle services
The Bestfly ATR 72-600 used for the long term oil and gas contract

Wolf Lubricants to expand Africa presence through Goldwagen partnership

By: Simone Liedtke     5th May 2020 Manufacturer Wolf Oil Corporation and vehicle spare parts supplier Goldwagen have entered into a new partnership that will see Wolf Lubricants products being distributed exclusively by Goldwagen’s retail outlets throughout Southern African markets, including South Africa, Namibia, Swaziland,... 

Total sets industry’s highest zero-emissions target

By: Marleny Arnoldi     5th May 2020 Petrochemicals giant Total plans to achieve net-zero emissions across its operations worldwide by 2050. This ambition is supported by the strategy to develop Total as a broad-based energy company, with oil and gas, low-carbon electricity and carbon-neutrality solutions as integrated parts of... 

Renewables to be only energy growth source in 2020 as markets experience ‘biggest shock since Second World War’

By: Terence Creamer     30th April 2020 Renewables will be the only energy source to experience growth in 2020, as Covid-19 lockdowns trigger a plunge in demand for all other energy sources amid what the International Energy Agency (IEA) is describing as the “biggest energy market shock since the Second World War”. A new IEA report,... 

Renewables to be only energy growth source in 2020 as markets experience ‘biggest shock since Second World War’
IEA executive director Fatih Birol

LNG market sees increased clean energy demand

24th April 2020 Global demand for liquefied natural gas (LNG) increased by 12.5% to 359-million tonnes last year, which is a significant increase that bolsters LNG’s growing role in the transition to a lower carbon energy system. This is according to a LNG outlook report that was published by natural gas and... 

LNG market sees increased  clean energy demand
AN EVOLVING MARKET New spot-trading mechanisms and a wider variety of indices used for long-term contracts point towards LNG becoming an increasingly flexible commodity

Opportune time for LPG growth

By: Cameron Mackay     24th April 2020 The local liquified petroleum gas (LPG) market is an underdeveloped industry and has significant growth potential, largely owing to its use as an energy source, says the Liquefied Petroleum Gas (LPG) Safety Association of South Africa acting MD Nirvan Brijlal. Moreover, he highlights the... 

Opportune time  for LPG growth
POTENTIAL UNLOCKED LPG’s versatility in domestic, commercial and industrial applications, and impending supply capacity improvements, are significant factors signalling the potential for growth for the industry

Total acquires Tullow’s Uganda Lake Albert project interest for $575m

By: Simone Liedtke     23rd April 2020 Petroleum refiner Total and multinational oil and gas company Tullow have entered into an agreement through which Total will buy Tullow’s entire interests in the Uganda Lake Albert development project, including the East African crude oil pipeline. Under the terms of the deal, Total will acquire... 

Sasol cuts output as Covid-19 eats into fuels and chemicals demand 

By: Terence Creamer     23rd April 2020 Embattled chemicals and energy group Sasol reports that South Africa’s lockdown is having a significant impact on fuel demand, as well as demand for chemicals used in the mining and construction sectors. The JSE-listed group has, therefore, been forced to curtail production at certain plants. In... 

Sasol cuts output as Covid-19 eats into fuels and chemicals demand

Crude production cuts in US too slow to support price – GlobalData

By: Tasneem Bulbulia     22nd April 2020 Crude oil production cuts in the US are too slow to support the price as storage runs out by mid-May, says data and analytics company GlobalData. This follows the historic fall of the West Texas Intermediate (WTI) futures price for May delivery into negative territory, going as low as negative... 

Oil plunges below zero for first time with May contract ending

By: Bloomberg     20th April 2020 Oil futures collapsed to below zero for the first time ever as the deepening economic turmoil caused by the coronavirus crisis left traders desperate to avoid taking delivery of physical crude. In an unprecedented day of trading, the price for the May contracts wiped out all value, breaking... 

Oil plunges below zero for first time with May contract ending

Nordgold to build new power plant at Guinea mine

By: Tasneem Bulbulia     20th April 2020 Diversified gold producer Nordgold Group has signed an engineering, procurement and construction agreement with Chinese manufacturing service group SUMEC, a key member of China National Machinery Industry Corporation, to design and build a 33 MW power plant at its Lefa mine – one of the largest... 

AfDB refutes media reports relating to East African crude oil pipeline project

By: Donna Slater     20th April 2020 Development finance institution, the African Development Bank (AfDB) has refuted allegations reported on by a news outlet stating that the bank plans to provide financial support to the East African crude oil pipeline project. The article references a letter by a group of civil society... 

M&R warns of impact of Covid-19 on full-year earnings

By: Marleny Arnoldi     17th April 2020 JSE-listed engineering and construction services group Murray & Roberts (M&R) continues to experience the impact on its projects from measures to contain the spread of Covid-19. In South Africa, the group is impacted by the extended lockdown period to end-April, and in Australasia and the... 

Restrictions eased on various industries as South Africa enters extended lockdown phase  

By: Terence Creamer     16th April 2020 The South African government announced the easing of lockdown restrictions for parts of the logistics, retail, services, mining and energy sectors on April 16, as the country entered the second phase of what was initially meant to be a 21-day nationwide lockdown in response to the Covid-19... 

 Restrictions eased on various industries as South Africa enters extended lockdown phase
Cooperative Governance and Traditional Affairs Minister Nkosazana Dlamini-Zuma

Business is booming for supplier

By: Darren Parker     10th April 2020 Stainless steel vessels and tanks supplier Metal Tank Industries has noted a definite market upswing in the past eight months, particularly in the food and beverage sector, as well as in the industrial sector, in terms of mineral oils, petroleum oils, chemicals and agrochemicals production.... 

Business is booming for supplier
MAKING IT WORK Metal Tank Industries’ streamlined production processes has helped it become more competitive in terms of costing

Mozambique expansion key for gas supplier

By: Darren Parker     10th April 2020 JSE-listed gas supplier Afrox has committed a R75-million capital investment to establish and develop a new regional branch in Pemba and an on-site store in Palma, both in Mozambique, over the next few years. Afrox Mozambique currently has no presence in the northern region of the country, which... 

Mozambique expansion key for gas supplier
EXPANDING GAS Afrox’s R75-million investment into Mozambique is aimed at taking full advantage of the country’s offshore liquid natural gas development

Interior tank cleaning made easier through rope access

By: Darren Parker     10th April 2020 Work at height company Skyriders is cleaning the interiors of large storage tanks for a major petrochemicals producer, in Mpumalanga, using rope access. Having completed its first cleaning scope of the year in February, it started its second cleaning in late March. 

Interior tank cleaning made easier through rope access
ROPING IN THE PROS In many cases, a client’s maintenance and inspection budgets can be stretched further by using rope access

Wentworth delays release of financial results until later in April

By: Donna Slater     8th April 2020 As a result of the impact of the Covid-19 pandemic, Aim-listed independent, East Africa-focused natural gas company Wentworth is delaying the release of its full year financial results, which were due to be released on April 8, to later in the month. The company was also compelled by the level of... 

Sasol says Natref refinery to be temporarily shut, synfuels output reduced

By: Tasneem Bulbulia     8th April 2020 The national Covid-19 lockdown has resulted in an unprecedented decline in fuel demand in South Africa. Chemicals company Sasol and Total South Africa have, therefore, decided to suspend production of fuel at the Natref refinery from April 9, until further notice. 

Sasol says Natref refinery to be temporarily shut, synfuels output reduced
Photo by Creamer Media
Sasol Natref

Chemicals industry likely to face longer-than-expected downturn, says ICIS

By: Donna Slater     7th April 2020 The Independent Commodity Intelligence Service (ICIS) has warned the international chemical sector to prepare for an extended downturn along with lower-for-longer oil prices, both of which will have big implications for profitability and investments. ICIS demand forecasting lead analyst Rhian... 

ENS Africa unpacks amendments to the MPRDA

By: Marleny Arnoldi     2nd April 2020 Law firm ENS Africa has unpacked some of the amendments made to the Mineral and Petroleum Resources Development Act (MPRDA), which came into effect from March 27. The publication of the amended regulations follows the publication of the Draft Amendments to the MPRDA, which was published for... 

Sasol advises of capacity reductions, further credit downgrades

By: Marleny Arnoldi     31st March 2020 Although JSE-listed chemicals company Sasol is permitted to operate during South Africa’s lockdown period, ending April 16, it has advised that some plants will be operated at lower capacity, or even shut down, owing to lower product offtake during this time. The company explains that some... 

Sasol advises of capacity reductions, further credit downgrades

Chemicals, oil projects under threat following coronavirus outbreak

By: Simone Liedtke     23rd March 2020 In the wake of the coronavirus (Covid-19) outbreak and collapse in crude oil prices, midstream chemicals, oil and gas companies must cut capital expenditure (capex) for growth projects to preserve cash, Independent Commodity Intelligence Services (Icis) said in a statement on Monday. The US and... 

Sasol appoints Harper to board, audit committee

By: Marleny Arnoldi     23rd March 2020 JSE-listed petrochemicals company Sasol has appointed Katharine Harper independent nonexecutive director and audit committee member, effective April 1. Harper, who is based in the US, is currently the CFO of global logistics company BDP International. She also serves as a nonexecutive director... 

Privatisation slowly becoming reality

By: Tracy Hancock     20th March 2020 The type of participants attending this year’s Power & Electricity World Africa & The Solar Show are proof that Africa seeks to become less reliant on governments for its electricity supply, says event organiser Terrapinn Power & Electricity World Africa conference producer Caroline Mubima.... 

Privatisation slowly becoming reality
DRIVEN DISCUSSION The growing adoption of electric vehicles is one trend expected to dominate discussion at Power & Electricity World Africa 2020

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... 

 Size of possible Sasol rights issue hangs on asset-disposal and savings progress
Sasol CEO Fleetwood Grobler (left) and CFO Paul Victor

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... 

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

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... 

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

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... 

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