Mining, Drilling and Discovery
The action, process or good fortune of discovery or discovering oil, gas or mining deposits. Disclaimer : this page is not intended for any specific nationality or jurisdiction. It is also not intended to solicit clients from any specific jurisdiction including the Republic of Mauritius inter alia.
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Saudi Arabia reversed some worker benefit and salary cuts — a move that could make the kingdom even more reliant on a higher oil price.
"Saudi Arabia took steps to reverse some cutbacks on worker benefits and ministers' salaries — a move that could make the kingdom even more reliant on getting a higher price for oil, analysts said."
*US crude stocks swell by 897,000 barrels to 532.5 million- API* Record 50 million bpd being shipped on tankers in May- Eikon* Brent crude oil curve.
"Oil price slips on bulging U.S. crude stocks, ample global supplies"
Oil prices rebounded from early losses on Wednesday after U.S. government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after several days of selling on worries that a global crude glut was persisting despite output cuts by producing countries.
"Oil prices rebounded from early losses on Wednesday after U.S. government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after prices slid for several days on worries that a global crude glut was persisting despite cuts in output by producing countries."
An area east of Bayfield could be a testing ground for an innovative technology developed by BP American Production Company that hold
"An area east of Bayfield could be a testing ground for an innovative technology developed by BP American Production Company that holds the possibility of opening previously inaccessible areas to oil and gas development."
" U.S. oil and gas drilling costs have started to rise in response to a surge in activity and are set to increase further as the slack in the rig market declines."
President Trump will sign a new executive order on Wednesday that could pave the way for oil and gas drilling on federally owned and managed public lands, two administration officials told The Post.
Trump will ask Interior Department officials to review monument designations made by previous presidents in the last two decades under the decades-old Antiquities Act and determine whether public lands like national parks, national forests and national wildlife refuges should continue to be protected from energy development and oil production.
The review will focus on national monuments that have been designated since 1996 and span 100,000 acres or more, Interior Secretary Ryan Zinke told reporters late Tuesday.
“We feel that the people those monuments affect should be considered,” Zinke said, noting that certain monuments “may have resulted in a loss of jobs, reduced wages and loss of public access.”
The latest executive order comes months after former President Obama used the Antiquities Act to designate more than 1.5 million acres for two new national monuments — Gold Butter in Nevada and Bears Ears in Utah — in one of his final actions before leaving office.
“Past administrations have overused this power and designated large swaths of land well beyond the areas in need of protection,” a White House official explained.
According to an Interior Department source, recent administrations have designated monuments that “did not have local support” and which the Trump administration has since characterized as massive land grabs.
“They did not follow the intent of the law which was to use the Act to designate the smallest area possible,” the source said.
"President Trump will sign a new executive order on Wednesday that could pave the way for oil and gas drilling on federally owned and managed public lands, two administration officials told The Post."
Crude will probably drop to $40 a barrel or below unless OPEC and allied producers extend their collective cuts in output beyond June, according to analysts including the Abu Dhabi Investment Authority’s head of research.
“If OPEC and the coalition don’t extend the agreement to continue cuts, that price floor will go,” he said. “Without it, prices would fall, and there’s nothing to stop oil going below $40 a barrel.”
Industry analyst Trilby Lundberg of the Lundberg Survey said consumers could see price increases slow as crude oil costs drop.
"The average price of a gallon of regular-grade gasoline jumped 3 cents nationally over the past two weeks, to $2.46."
Abu Dhabi has set its sights on developing a booming financial services sector in a continued push to diversify the UAE's oil-dependent economy.
"Abu Dhabi has set its sights on developing a booming financial services sector in a continued push to diversify the United Arab Emirates' economy as its comes under continued pressure from oil prices."
A new report shows that more than 54 gigawatts of wind power were installed in 2016.
"Over 54 gigawatts (GW) of wind power were installed in 2016 and cumulative capacity grew by more than 12 percent to hit 486.8 GW, according to a new report from global trade association, the Global Wind Energy Council (GWEC)."
Murray & Roberts (M&R) has confirmed that it is a coapplicant with GE’s in court bid to prevent Eskom from implementing a contract with Dongfang Electric Corporation for the Duvha Unit 3 boiler recovery project. The 600 MW boiler was damaged catastrophically in March 2014 as a result of over pressurisation of the boiler furnace, which triggered an explosion that resulted in the entire unit being shut down.
"The 600 MW boiler was damaged catastrophically in March 2014 as a result of over pressurisation of the boiler furnace, which triggered an explosion that resulted in the entire unit being shut down."
Low-cost platinum group metals (PGMs) producer Sylvania Platinum’s Sylvania Dump Operations (SDO) is on track to meet, and possibly exceed, full-year guidance of 63 000 oz to 65 000 oz of PGMs. The SDO delivered 17 096 oz of PGMs in the third quarter, ended March 31.
The miner said decision was unrelated to Elliott Management's call earlier this month to unlock shareholder value by spinning off about $22 billion of BHP's US oil assets.
"BHP said its gas-rich Fayetteville field in Arkansas was under review, and that it was "considering all options, including divestment."
The Africa-focused diamond producer aims to recover 300,000 carats from its Liqhobong mine by the end of the financial year.
"The Africa-focused diamond miner aims to recover 300,000 carats from Liqhobong by the end of the financial year."
Junior iron-ore miner Manngwe Mining plans to expand its asset base and increase production at its existing operation over the next five years to provide integrated steel and mining company ArcelorMittal South Africa (AMSA) with between four-million and five-million tons of iron-ore a year. Speaking at the official opening of the company’s Assen iron-ore mine, near Brits, in the North West, on Wednesday, CEO Matodzi Nesongozwi said that, as a “proudly emerging black-owned and -run mining company”, Manngwe intended to grow its business by extending into Limpopo and by targeting the domestic market.
The firm, the world's largest primary silver producer and Mexico's second-largest gold miner, said output of the grey precious metal hit 13.5 million ounces in the quarter.
"Silver output rose thanks mainly to the contribution of the first phase of its San Julián mine in Mexico."
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British sunseekers are running out of options, as old hotspots become no-go areas due to fears of terrorism, Greek tragedy or zika. But there’s a new paradise on buyers’ radars: Mauritius
"Safe, stable and eager for foreign investment, Mauritius is enticing buyers in search of an African adventure. And that’s before they see the glorious beaches."
For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with OPEC was an easy win. Extending the deal will be less straightforward.
" For Russian oil companies, the historic agreement to boost prices by cutting output in conjunction with OPEC was an easy win. Extending the deal will be less straightforward. "
88 Energy ltd (LON:88E) - The Arctic Fox rig started drilling Icewine-2 last night, at 19:15 local time in Alaska.
"The spud of Icewine#2 represents another milestone for the company and its shareholders and we now look forward to a safe operation, above all else,” said Dave Wall, 88 Energy managing director.
Grand Junction - BATTLEMENT MESA — A rig that has begun drilling some of the first of many natural gas wells Ursa Resources plans to develop in this
"A rig that has begun drilling some of the first of many natural gas wells Ursa Resources plans to develop in this western Garfield County residential community stands out in the sense that it doesn’t stand out."
LUKOIL has drilled 1,000 m of its first exploration well on the Vostochno-Taymyrsky license block. About 374 m of core samples from eight formations will be collected and analyzed during drilling.
North Africa-focused oil and gas firm SDX Energy today said its exploration permits in Morocco were renewed, allowing it to drill new wells this year.
"The London-based firm will drill two exploration wells at its Lalla Mimouna site in the second half of 2017, where its contract has been renewed until March 2018."
Tethyan Resources PLC (LON:TETH) - Drilling will be carried out by Serbian contractor Drillex International
The orders could expand oil drilling in the Arctic and Atlantic oceans and upend public lands protections.
" President Donald Trump will sign executive orders this week aimed at expanding offshore oil drilling and reviewing national monument designations made by his predecessors, continuing the Republican’s assault on Democratic President Barack Obama’s environmental legacy."