Saudi Arabia's decision to raise oil prices to its main customers in Asia may just be another sign that crude markets are indeed on the road to recovery. The world’s biggest oil exporter lifted the official selling price (OSP) of its benchmark Arab Light crude by 25 cents a barrel for cargoes loading in April. The April OSP for Arab Light will be a discount of 75 cents a barrel to regional market Oman/Dubai, down from a discount of $1 for March cargoes. While the OSPs have moved around a bit in recent months, a trend is emerging toward higher prices over the past six months, with the discount having dropped from $1.60 a barrel for November cargoes.
Indonesia plans to raise coal royalties by the end of the first quarter to boost mining revenue amid shrinking incomes from oil and gas, according to an official at the Energy and Mineral Resources ministry. Parliament has asked the government to increase non-tax revenue from coal and metals mining to 52.2 trillion rupiah ($4.1 billion) this year from 35 trillion rupiah in 2014, Sujatmiko, the ministry’s director of mineral and coal program supervision, said in an interview Thursday in Jakarta. It will be the first change in coal royalties in three years.
The offshore Mahakam Block discoveries (INPEX)
ONGC has contracted McDermott International and L&T Hydrocarbon Engineering to supply and install subsea facilities for the Vashista and S1 development offshore eastern India. The fields are in 250-700 m (820-2,296 ft) of water off the Amalapuram coast. Workscope includes 30 mi (48 km) of umbilicals and 64 mi (103 km) of dual rigid pipelines extending from the shore line out to 2,300 ft (701 m) of water, which will likely be installed by McDermott’s DB30 and NO105vessels.
Falling oil prices are causing a shake-up in the gas industry. The latest sign of this is Australian energy company Woodside’s indefinite deferral of its huge gas project off northwest Western Australia. The A$40 billion project was to convert natural gas extracted from deepwater areas to liquid (LNG) on a floating barge-like structure for export – a world first on a commercial scale. Major oil companies Shell and BP are partners in the joint venture. Some have suggested the solution is for companies to work together to bring down costs. The project is just the latest victim as companies adapt to lower oil prices. So how else is the sector dealing with the low prices?
The recent rally mining commodities saw are more likely to have a negative impact in the long run, according to market analysts.
Speaking at a roundtable earlier this week, UBS analysts Glyn Lawcock and Daniel Morgan outlined the reasons for the shortlived rally experienced by iron ore earlier this month, and why the metal’s softening to more sustainable levels will be more beneficial for the industry.
The metal experienced an aggressive rally mid-March, recording the largest one day spike in years as the price for ore of 62 per cent grades jumped by nearly a fifth to just over US$63 per tonne.
A former boss of Hanlong Mining has been sentenced to eight years in jail on insider trading charges.
The case has been ongoing since 2011, when Hanlong chief executive Steven Hui Xaio fled Australia after the Australian Securities and Investment Commission (ASIC) froze his and other Hanlong executives assets as it carried out investigations of “suspected insider trading activities in relation to Bannerman Resources and Sundance Resources”.
DUSSELDORF, GERMANY. There’s general consensus that the connected truck and its path to real-time data will solve many of the trucking industry’s problems, but still to be determined is whether access to that data coming off the connected truck will be in an open format accessible to all or remain tied to proprietary systems developed by truck makers and other providers.
With a pledge this week to invest half a billion Euros by 2020 in developing connected trucks, Daimler Trucks has made its stake in the technology clear. And responding to questions at a press event to announce that commitment, Daimler Truck head Wolfgang Bernhard also took a stand on the question of data access.
“We need open platforms eventually to make connected truck platform valuable to customers,” he said. “We have to open it to everybody.”
Prime Minister Malcolm Turnbull with Joko Widodo at the Presidential Palace in Jakarta last year.
The Australian government hopes to identify areas where there can be a swift reduction in trade barriers with Indonesia as a result of the first visit to Australia by the relatively new Trade Minister Thomas Lembong.
The visit this week marks a subtle shift in priorities in Australia's trade diplomacy. Indonesia is now seen as amongst the potentially most receptive countries for improved business ties after languishing for three years due to other bilateral tensions.
Lockheed lands $480m customer for aircraft combining power of helicopter, airplane and hovercraft dramatically altering mining and exploration economics
On Wednesday, Lockheed Martin signed the first customer for the LMH-1, the giant defense contractor's hybrid airship. The LMH-1 is a unique new aircraft which is part helium dirigible, part cargo helicopter, part passenger airliner and part hovercraft.
UK-based Straightline Aviation signed a letter of intent with Hybrid Enterprises, the exclusive reseller of the hybrid airship, to purchase up to 12 aircraft with a potential value of roughly $480 million.
ATEX radios are essential tools for those working in the potentially explosive environments found in the oil, gas and mining industries, providing a safe alternative for two-way communications. Beyond the primary function of ATEX radios to prevent any potential sources of ignition, additional considerations should be made regarding the features of the radio and its suitability to the unique challenges presented in these applications.
MANY miners enjoyed big on the last day of Q1 as the overall market rose. The S&P/ASX 200 rose by nearly 1.5% to finish March, with all sectors in positive territory. Metals & Mining gained 1% as heavyweights BHP Billiton and Rio Tinto added around 1.5% each. There were plenty of big movers as companies rushed to get announcements out on the last day of the quarter. OreCorp jumped more than 56% to A25c after reporting a maiden resource of 2.78 million ounces at 4.1 grams per tonne gold for its Nyanzaga project in Tanzania.