Renergen signs $40m loan agreement with US govt for gas project in SA

    JOHANNESBURG – Emerging liquefied natural gas and helium producer, Renergen, on Wednesday said it had signed a $40 million (R610m) loan agreement with the Overseas Private Investment Corporation (OPIC) for a gas project in the Free State province. Renergen’s principal asset is its 90 percent shareholding in Tetra4, which holds the first and only onshore petroleum production right in South Africa, giving it first mover advantage on distribution of domestic natural gas. OPIC is the US government’s development finance institution that mobilizes private capital to help solve critical development challenges and…

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A really ‘refined’ solution: Rand-Air Durban supplies Class-0 oil-free air to oil refinery shutdowns

While Durban is one of South Africa’s major industrial hubs, it is also home to some of South Africa’s major oil refineries. The fuel and oil from these refineries keep much of South Africa and its economy on the move and flowing smoothly every day. A refinery is a very large and highly complex operation which has been designed to run most of the time with a minimum of supervision. However, usually every two years, oil refineries need to be shut down for a period of intensive maintenance, replacement or…

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Oil resumes drop as demand fears overshadow Iran tanker seizure

Oil has resumed its decline as a sharp drop in the Chinese yuan compounded fears that a deepening trade war will depress demand, countering concerns crude flows may be disrupted following Iran’s seizure of another ship. Futures lost as much as 1.5% in New York. The yuan weakened beyond 7 a dollar for the first time in more than a decade after President Donald Trump said Friday he can raise tariffs on China to a “much higher number.” That followed his threat the day before to increase levies, which spurred…

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China launches world’s first intelligent mega tanker

  An Oil carrier with a capacity of 308,000 tons, amounting to approximately 2.275 million oil barrels is the world’s first intelligent mega tanker, a VLCC, which has been installed with an intelligent operating system and is the first smart carrier in the world. China currently stands as the fourth-largest oil producer in the world, and with the petroleum industry rapidly increasing, it’s easy to see why China has invested in upgrades of marine technology, as demand to supply oil to foreign countries has risen quickly. The new VLCC carrier,…

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Africa economic performance looks promising as oil markets recover – report

  JOHANNESBURG- The outlook for Africa’s economic performance is promising, particularly as global oil markets finally recover from their 2015-2016 lows, a report released by Africa Oil Week and Menas Associates says. Africa Oil Week, which will run in November in Cape Town, is the leading oil and gas event for the continent, with over 1,500 key executives attending from around the world to broker new deals. In a statement, organisers of the conference cited experts who predicted that 2019 and beyond would see deep offshore exploration and mega gas…

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Transnet eyes Richards Bay port for new liquefied gas hub

  Signs multi-million rand cost-sharing agreement with International Finance Corporation to fund feasibility study. Moves are afoot for a new multi-billion-rand liquefied natural gas (LNG) storage and regasification terminal to be established at the port of Richards Bay by 2024, but state-owned Transnet wants the private sector to be the main investor and operator of the facility. The plan was revealed on Tuesday as Transnet announced the signing of a cost-sharing agreement with the World Bank’s International Finance Corporation (IFC) to jointly fund a feasibility study into the terminal project.…

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What a major offshore gas find means for South Africa’s energy futur

  Many South African politicians, economists and specialists in the energy sector are celebrating the news that a promising show of natural gas has been discovered in deep water south of Mossel Bay. It was found in an offshore prospecting area called Brulpadda (Afrikaans for bullfrog), which is licensed to global energy giant Total. The discovery, comes against the backdrop of rising fuel prices and an electricity utility in crisis, has raised hopes that it may be a game changer. The Conversation Africa’s Nontobeko Mtshali spoke to Robert Scholes and Rod Crompton about the significance…

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Saldanha Bay woos global traders with new million-barrel tanks

What started as a strategic oil storage for South Africa during apartheid is now gearing up to attract the biggest traders as it turns into a global center for crude. A venture building a dozen new interconnected tanks at Saldanha Bay will add to neighbouring government-owned capacity, making it one of the world’s biggest hubs. They are on some of the busiest energy transit routes, giving traders the option to store and blend various crude grades to help maximize profits at a time earnings have taken a beating. “The location…

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OPINION: Rumblings in the belly off the waters of Port Shepstone

CAPE TOWN – Here is an express announcement detailing plans and intent to drill for crude oil on the waters off the coast of Richard Bay all the way down to Port Shepstone in KwaZulu Natal. It arrives at a time when South Africa is gripped in a svengali hold of ever rising fuel prices. And before I get ahead of myself, let’s pay attention to the enormity of the announcement and the implication of what ENI of Italy and Sasol Oil intend to do. Besides, until we resolve the…

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Total’s huge discovery opens new petroleum play off SA’s coast

Total SA said it has opened up a new “world-class” oil and gas province off the coast of South Africa after making a significant gas-condensate discovery there. Success in the nation’s first deep-water well is a potential boon for a country that imports most of its oil, processing the remainder of its fuels from coal and natural gas. “We are very pleased to announce the Brulpadda discovery, which was drilled in a challenging deep-water environment,” Kevin McLachlan, senior vice president of exploration at Total, said in a statement on Thursday.…

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