Energy Sector

Heating oil rises to hit 6-month high as concerns over eurozone debt crisis eases

Heating oil rises to hit 6-month high as concerns over eurozone debt crisis ease

Easing concerns over Eurozone debt crisis pushed heating oil to a six-month high on Friday.

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Petroleum Subsidies Could Derail Economic Growth

Petroleum Subsidies Could Derail Economic Growth

It seems that financial scarcity is pinching the organized private sector to an extent that voices are being heard to dissolve the so called subsidies offered to general public in petroleum products. The Federal Government has shown interest in loosening the controls over the private sector.

Power Restored at Cape Town

Power Restored at Cape Town

According to information, Eskom has confirmed power restoration at Cape Town on Wednesday noon, following a critical power failure which transpired in the city this morning.

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Petroleum Product Subsidy Ignites Series of Discussions in Nigeria

Petroleum Product Subsidy Ignites Series of Discussions in Nigeria

Subsidy on petroleum products can be considered as a recent matter of discussions in Nigeria. The issue succeeded the attention of a majority of natives such as civil society groups including the Nigerian Labour Congress. On the other hand, experts have suggested that government needs to follow a careful attitude in order to resolve the matter and advised to eradicate the fuel subsidy through a proper channel.

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BHP Billiton Offers $12.1 Billion for Petrohawk

BHP Billiton Offers $12.1 Billion for Petrohawk

On Thursday, the Floyd Wilson’s Petrohawk Energy Corp., has been offered a $12.1 billion bid from global miner BHP Billiton Ltd. The$38.57 per share bid signified a 65% premium to Petrohawk's closing stock price.

Mr. Wilson, the 64-year-old executive had initiated the company eight years ago with the investment of $60 million. He has developed oil and gas exploration companies earlier also from scratch and had sold them. Petrohawk will be the third company sold by Mr. Wilson.

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Petrochemical Group Sasol Announces To Build R1, 8bn Gas-Engine Power Plant

Petrochemical Group Sasol Announces To Build R1, 8bn Gas-Engine Power Plant

Petrochemicals group Sasol has finally announced its plans to make R1, 8bn gas-engine power plant, which will produce electricity from natural gas. The positive move by Sasol which is SA’s largest industrial company will further reduce company’s dependence on Eskom power.

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Petrol Strike Continues, Commoner Woes

Petrol Strike Continues, Commoner Woes

With the third day of the strike on the petrol stations in Engen, as many as 16 stations are running dry. This is causing a lot of trouble for the people of the vicinity. There were a number of protests made against the authorities who have declared major pay hikes in the executive classes.

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Middle East Oil Falls amid Uncertainties

Middle East Oil Falls amid Uncertainties

Decline in crude oil import by China and unchanged export policy of Saudi Arabia for the month of August declined Middle East crude for sale to Asia.

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Namibia Has Huge Oil Potential: Geologists

Namibia Has Huge Oil Potential: Geologists

Geologists have long said that Namibia has the same geological formations as that of Brazil, which indicates that the Southern African country has huge oil potential. Discovery of huge oil reservoirs in Angola, Brazil have raised hopes for similar finds across the Atlantic.

On Wednesday, Namibia's Mines and Energy Minister, Isak Katali told the Parliament this past week that drillers had found an approximately 11.2 billion barrels of crude off the Atlantic coast. Experts have warned that the recent oil findings in Namibia will be a huge challenge for Brazil.

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PatroSA to Boost Supply of LPG

PatroSA to Boost Supply of LPG

The shortage in the liquefied petroleum gas (LPG) will be corrected by the PetroSA. The company’s Board Chairman, Benny Mokaba, has announced that the Company will be converting some percentage of its mogas to LPG.

It has come to light that increased use of LPG in motor vehicles and water heating has shortened the supply of LPG. The Company is hoping that their efforts “will go a long way towards easing the situation and warming South Africans in these chilly days”.

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