News / International
South Africa to Start Shale Gas Exploration Next Year
The first exploration for shale gas in South Africa will begin in the next financial year, following years of postponement. A World Energy Council report mentions South Africa as having significant potential for shale gas development.
Chevron’s Mega Gas Project in Australia Starts Production
US Chevron Corporation commenced LNG and condensate production at the $54b Gorgon Project on Barrow Island, located off the northwest coast of Western Australia. Its first cargo is scheduled to be shipped in mid March.
Norway’s Statoil Ends China Oil Rig Contract in the North Sea
Norway's Statoil has decided to end its contract with the China Oilfield Services Limited, or COSL, which operates a drilling rig in the North Sea over unsatisfactory performance.
Iranian Crude Cargo Reaches Europe
The Monte Toledo oil tanker became the first to have delivered Iranian crude into Europe since mid-2012, after the economic sanctions on Tehran were lifted earlier in January 2016. The tanker carried a haul of 1m barrels of crude.
South African Sasol Records 24% Profit Decline
South African petrochemicals company Sasol said its earnings in the first-half of the current fiscal year dropped by 24% amid low oil prices and the company will cut its interim dividend by almost 19% in line with its cash conservation plan.
Iran Determined to Settle $6b Oil Dues with India
Iran is sending its Central Bank Vice Governor, Gholamali Kamyab, to India this month in order to re-claim nearly $6b in past oil dues from Indian refiners such as Essar Oil, Mangalore Refinery and Petrochemicals Ltd (MRPL) and to resettle current disputes over exchange rate mechanisms.
Algeria to Issue Local Debt to Offset Global Oil Price Drop
Algeria plans to issue local-currency debt as a source of financing to offset the collapse in world oil prices, which halved government's energy revenues last year.
Georgia Confirms Gas Supply Deal with Azerbaijan
Georgia has confirmed details of its recently signed gas deal with Azerbaijan, according to which Georgia will receive up to 500mcm/year of natural gas from the Azerbaijani national oil company SOCAR until 2030.
