Canada’s oil sands firms face pressure to spend on transition

Mining News Pro - Canada’s biggest oil sands producers are generating billions more in free cash flow in a faster-than-expected pandemic rebound, but taking a cautious approach to spending it that is disappointing environment-minded investors.

State oil firms risk wasting $400 billion as energy transition speeds up

Mining News Pro - National oil companies (NOCs) risk squandering $400 billion on expensive oil and gas projects over the next decade that may only break even if the world fails to meet the Paris climate goals, a non-governmental organisation said on Tuesday.

Was 2020 really so bad for oil?

Mining News Pro - If ever a year needed a shot of glass-half-full attitude, it’s 2020. I got it recently from an oil executive. Conversation turned inevitably to the pandemic and 10 million barrels a day of oil consumption — one in ten — going *poof*. Against which they offered this: Despite epic disruption, we still used 90 million barrels a day of the stuff. How’s that for describing the worst drop in oil demand ever?

Dixie stock up on discovery of gold-in-soil anomalies

Mining News Pro - Dixie Gold has received assay results and corresponding interpretation from its inaugural SGH soil sampling program conducted this fall at the Red Lake project in Ontario.

ESCO’s good performance in non-oil exports

Mining News Pro - ESCO’s performance in non-oil exports and return of exchange resources was remarkable so far this year and according to the chief executive, they could reach the capacity of 3.5 million tons of steel this year.

Oil sands win Wall Street favour after years in shale’s shadow

Mining News Pro - After years in the shadow of the US shale boom, the Canadian oil sands are emerging from 2020’s historic market crash with a slew of upbeat outlooks from Wall Street equity analysts.

Commodities hit 6-year high with recovery boosting oil, copper

Mining News Pro - The world’s commodities markets are staging a comeback as the global economy bounces back from the steepest downturn since the Great Depression.

Price of oil to increase, gold to remain high going into 2021

Mining News Pro - With the brent crude oil price continuing to rise in November, following reports of a second highly effective Covid-19 vaccine nearing emergency approval in the coming weeks, financial risk management, solutions and insights company Fitch Solutions Country Risk and Industry Research (Fitch Solutions) expects a sharper recovery in oil demand in 2021.

A new method to monitor soil stability at open-cast mines from space

Mining News Pro - Researchers from Germany and China are using data from the Sentinel 1 mission of the European Union’s Copernicus Earth observation program to monitor soil stability at open-cast mines.

Oil and gold brace for volatility as voting wraps up across US

Mining News Pro - Commodity traders steadied themselves for a potentially wild ride as voting wrapped up across the eastern US in a historic year that’s seen more than nine-million Americans infected by the coronavirus, a crash in global demand for goods and sub-zero oil prices.

What a Biden presidency could mean for oil, gas and coal in Wyoming

Mining News Pro - In the final days leading up to the general election, Wyoming`s oil and gas industry is nervous, said Nathan McLeland, who runs the Gillette-based M&K Oil Company LLC.

Trump seizes on Biden oil comment to warn swing State voters

Mining News Pro - President Donald Trump seized on Joe Biden’s pledge Thursday to eventually replace fossil fuels with renewable energy, turning the Democratic nominee’s remarks into a warning for swing state voters that oil and gas jobs could be at risk.

Gold watchers say don’t rule out US election turmoil yet

Mining News Pro - The stock market is riding high, taking Joe Biden’s widening lead in the polls as a sign to discount the odds of a contested election. But some investors say it’s too soon to count out turmoil just yet, and that gold is poised to benefit from the uncertainty.

Crystallex asks US judge to approve sale Venezuelan oil refiner by January 2021

Mining News Pro - Canadian miner Crystallex asked Delaware District Judge Leonard Stark to set January 11, 2021, as the date to sell the shares of PDV Holdings, the parent company of refiner Citgo Petroleum Corp., which is owned by Venezuela.

BP says the era of oil-demand growth is over

Mining News Pro - BP said the relentless growth of oil demand is over, becoming the first supermajor to call the end of an era many thought would last another decade or more.

Beijing may be more addicted to coal than oil

Mining News Pro - There’s one surprise entrant in the group of oil companies announcing plans this year for how they’ll reduce emissions: PetroChina Co.

Zimbabwe diamond miner expects demand bounce after virus turmoil

Mining News Pro - Zimbabwe’s second-largest diamond miner sees demand picking up, after the coronavirus pandemic forced RioZim to halt sales in March amid slumping gem prices.

Nigerian oil-services firm Japaul seeks $70 million to switch to mining

Mining News Pro - Japaul Oil & Maritime Services Plc, a Nigerian petroleum-services company, plans to raise 27 billion naira ($70 million) in a share offer in November to fund its switch to mining as crude exploration and production activities wane.

Nigerian oil-services firm Japaul seeks $70 million to switch to mining

Mining News Pro - Japaul Oil & Maritime Services Plc, a Nigerian petroleum-services company, plans to raise 27 billion naira ($70 million) in a share offer in November to fund its switch to mining as crude exploration and production activities wane.

Six months set aside for merger of CEF’s oil and gas subsidiaries into ‘Newco’

Mining News Pro - The process of merging the State-owned entities of PetroSA, Igas and the Strategic Fuel Fund (SFF) into an “integrated national petroleum company” will formally begin on September 1, with six months having been set aside for the creation of a Newco that is “commercially viable”.

Russian oil spill cleanup to stretch into 2021

Mining News Pro - MMC Norilsk Nickel’s Vladimir Potanin said it’s impossible to estimate the cost of damages from May’s massive fuel spill in the Arctic until the miner completes the clean-up, which may extend into next year.

Oil companies wonder if it’s worth looking for oil anymore

Mining News Pro - A few dots near the bottom corner of the world map in the southern Atlantic, the Falkland Islands were once at the forefront of a new era for the oil industry as companies scoured the planet for resources.

Sasol swings to $5.3bn annual loss on lower oil prices

Mining News Pro - South African petrochemicals group Sasol reported an annual loss on Monday, hit by a writedown of R111.6-billion and a drop in oil and chemical prices due to the coronavirus outbreak.

Home of the oil sands eyes cleaner future as hydrogen superpower

Mining News Pro - The idea of producing cleaner-burning hydrogen to rid the world of fossil fuels is gaining traction in the unlikeliest of places: Alberta, home of the infamously dirty oil sands.

Uncertain when Milnerton oil refinery will come back on stream ­

Mining News Pro - Astron Energy’s oil refinery in Cape Town, where a fire broke out last month killing two people and injuring seven others, remains closed while a full investigation into the incident is carried out.

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