Expected oil surplus could force new Saudi oil minister to cut output and boost prices

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https://energymx.co.za/2019/09/12/expected-oil-surplus-could-force-new-saudi-oil-minister-to-cut-output-and-boost-prices/ COMPETITION in the oil market is getting tougher, which could lead to an oil surplus and lower prices, the International Energy Agency said in its monthly Oil Market Report on Thursday. In August, three major countries Russia, Nigeria and Iraq, produced 0.6 million barrels of oil per day (mb/d) more than their allocations, while… Read More

Eni, Sasol get green light to explore controversial KZN basins

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https://energymx.co.za/2019/09/12/eni-sasol-get-green-light-to-explore-controversial-kzn-basins/ TO fast-track Operation Phakisa to unlock the economic potential of South Africa’s oceans, the Department of Mineral Resources has granted environmental authorisation to two companies to conduct exploratory drilling in the Durban and Zululand basins, covering a total offshore area of more than 4,600km2. The go-ahead to the Italian energy group, Eni, and Sasol… Read More

La Mancha lifts stake in Golden Star Resources to 35%

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LA Mancha Holding has tightened its grip over Golden Star Resources, the Toronto-listed gold producer, increasing its holding to 35% from 30% previously. “We are pleased that La Mancha has expressed its desire to be free to increase its investment in the company,” said Andrew Wray, CEO of Golden Star, and formerly the CEO of La… Read More

Sibanye-Stillwater to unveil Lonmin restructuring in a month as shafts “not contributing”

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SIBANYE-Stillwater would unveil restructuring plans for Lonmin in about a month as there were certain of the former firm’s older shafts that “weren’t contributing to the bottom line”, said Neal Froneman, CEO of the Johannesburg-listed group. Froneman was responding to questions following presentation of the firm’s interim results in which it posted a loss largely… Read More