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Petroleum / Mining in Oceania

  • PNG underwater mine getting closer to start date

    PAPUA NEW GUINEA, 2017/07/20 Prospective ocean floor miner, Nautilus, says it is making significant ground with its plans to develop the world's initial ever deep sea mine in Papua New Guinea. The company is planning to mine the ocean floor in PNG's Bismarck Sea. The Post Courier reported that part the gains is the completion of the company's sea floor production tools, which are currently being trailed at Motukea Island outside Port Moresby.

  • Oil slips as data points to fast-growing supply

    WORLD, 2017/06/15 Oil fell on Wednesday next reports showed world supply was rising and US crude inventories were still increasing, raising concerns the market could remain oversupplied for longer than expected. Brent crude oil fell by 28 cents to $48.44 a barrel by 1330 GMT, while US crude futures were down 29 cents on the day at $46.17. Crude prices have fallen additional than 10 % since late May, pulled down by heavy world oversupply that has persisted despite a move led by the Organization of the Petroleum Exporting Nations to curb production.

  • A temporary reprieve for OPEC

    WORLD, 2016/12/03 OPEC has agreed to reduce current production levels in the initial such move since the 2008 world financial crisis. The transaction marks a major reversal of the "free-for-all" market-share strategy that Saudi Arabia and other Gulf Arab states have adopted in recent years as they sought to drive down prices and undermine US shale producers. However, there are reasons to doubt that the agreement will hold, not least because of weak enforcement mechanisms and the prospect of rising US shale production should prices rise significantly. As a result, The Economist Intelligence Unit will not make substantial changes to its oil price estimate, which currently stands at an average of US$45/barrel in 2016, rising to US$57/b in 2017 and US$61/b in 2018.

  • Treasurer Scott Morrison announces petroleum tax inquiry

    AUSTRALIA, 2016/11/30 The Federal Government will review Australia's petroleum taxes amid a plunge in oil and gas revenue and a crackdown on multinational tax avoidance. Before this week, the Commonwealth auditor-general revealed that the operators of Australia's biggest oil and gas project, the North West Shelf, had underpaid millions of dollars in royalties and said not all their tax deductions were legitimate. Treasurer Scott Morrison said revenues from oil and gas taxes have plummeted in recent years, and the review would examine why the fall has been so great.

  • Reality Check for Australia's 'Mining to Dining' Hopes

    AUSTRALIA, 2016/09/23 One of the themes in Australia as the resource boom comes to an end is that the country will be able to compensate by boosting its agricultural sector, the so-called "mining to dining" maneuver. An Internet search of the terms Australia and "mining to dining" reveals almost 4,000 items, a lot of focused on the view that China, the top buyer of Australia's resources, will not only continue to suck up the country's iron ore and coal, but as well all the farm goods it can produce. This idea became all the additional prevalent as the prices of iron ore and coal, Australia's major exports, started to plunge in 2011, shattering the unrealistic hopes of politicians and voters of an endless commodity boom that would deliver a tax revenue bonanza.

  • Oil prices fell 35%. What now?

    WORLD, 2016/01/02 Crude prices dropped a whopping 35% last year and are hovering around $37 a barrel. That's a level not seen since the world financial crisis. It won't get better any time any minute at this time. Most oil experts believe prices will bounce back in late 2016, but they expect additional pain initial. Goldman Sachs forecasts that oil will average about $38 a barrel in February, even lower than for most of 2015. Oil is under pressure because of a growing world glut. The crude market is hugely unbalanced.

  • The price of oil fell again in the world markets.

    WORLD, 2015/10/14 The price of oil fell again in the world markets. On the New York Stock Exchange NYMEX (New York Mercantile Exchange) cost of the US Light crude oil decreased $2.60 to stand at $47.39. Price of British Brent crude oil at the London ICE (InterContinental Exchange Futures) fell $2.86 to trade at $50.17. The Marketing and Economic Operations Department of the National Oil Company of Azerbaijan said the price of a barrel of Azeri Light crude oil decreased $0.66 to stand at $53.99 on the world markets.

  • Auroch Minerals Defines Gold Deposit Mozambique

    AUSTRALIA, 2014/12/06 Australian mining company Auroch Minerals has announced that its equitable Bride deposit in the central province of Manica holds a million ounces of gold. Using the Australian code for reporting mineral resources, JORC, the company stated that the deposit has 923,200 ounces of gold, of which 291,600 ounces are measured, 263,300 ounces indicated and 368,300 ounces inferred. On 19 November the company announced that tests have shown that it can recover between 74 and 78 % of the gold. However, the company stated that the process is from presently on to be optimised and significant improvements in the extraction rate are expected.

  • AUSTRALIAN mining company base titanium expects to ship out

    AUSTRALIA, 2014/03/18 AUSTRALIAN mining company base titanium expects to ship out of the country the second batch of minerals this weekend. The company which is moving bulks of minerals from its Maumba mining site in Kwale to its Likoni jetty and storage facility is gearing to send out of the country an extra 25,000 tonnes of Ilmenite, similar to the initial shipment made last month. Speaking to the Star on phone, the company's general manager - External Affairs and Development Joe Schwarz yesterday confirmed the minerals will be heading to China, the same market it exported the initial batch.

  • OPEC no longer wields the same influence on global oil markets

    EUROPE, 2013/12/06 The Organization of Petroleum Exporting Nations meets today with something new on its schedule - what to do about Iran? It's unlikely the prospect of Iran agreeing to limit its nuclear activities to electricity-related endeavours - as happened in the completed two weeks, and is something that would mean the end of the sanctions that have been imposed upon the country and severely restricted its economic increase - was on the radar at last May's conference. Presently, it's not just Iraq's potential increase in oil production that OPEC must address in terms of whose production within the 12-member group may be trimmed. The prospect of Iran boosting its production as a result of renewed investment is a very real prospect.
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