PETROLEUM AGENCY SA EXPLORE SOUTH AFRICA OIL & GAS IN THE NEWS

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1 PETROLEUM AGENCY SA EXPLORE SOUTH AFRICA OIL & GAS IN THE NEWS 1 February 2019

2 LOCAL INDUSTRY NEWS Treasury says SOEs a risk to the economy In the report on the financial statements of national departments and SOEs tabled in Parliament on Friday, the Treasury said the government must get the SOEs on the right track before damage was done to the economy. Saudi $10bn SA investment to bring new refinery, petrochemical plant On Friday, Minister of Energy Jeff Radebe and his Saudi Arabian counterpart Khalid Al-Falih confirmed the kingdom s investment in South Africa would be in the form of a new crude oil refinery and petrochemical plant. Zululand communities oppose off-shore drilling During the draft Environmental Impact Assessment (EIA) comment period for Eni and Sasol Africa s proposed drilling off the coast of Richards Bay, Zululand communities raised a number of concerns, including the fact that all documentation was in English. SA: Working towards a sustainable future South Africa and Namibia have signed a rectified agreement which will see the countries working towards restoring, maintaining and conserving the biological integrity within the fisheries space.

3 REGIONAL INDUSTRY NEWS What Angola can learn from Nigeria for marginal oil production With production declining and investment scarce, Angola`s government has put a number of new policies in place to reboot its oil industry and propel economic development. However, those changes take time and renewed deep-water oil and gas exploration for fresh reserves will take years to yield the desired results and stop the daily production crunch. Seismic oil exploration starts offshore Portuguese-based energy company Galp will start with a 3D seismic research campaign in Namibia s Deepwater Offshore Licence PEL83 in the Orange Basin on Friday. The survey, contracted to Polarcus UK, will cover an area of around square kilometres and should be completed in March. Total boss wants FG to issue more exploration licenses The Nigerian Government has been urged to issue licenses for exploration. The suggestion was made by the Chief Executive Officer of Total, Patrick Pouyanne, who also disclosed their are plans to expand Nigerian Liquefied Natural Gas company. Local oil firms need collaboration to blossom, says Nestoil Nestoil Limited has proffered ways to transform local oil companies in the country into regional powerhouses capable of developing the economies of the West African region to the whole of Africa.

4 INTERNATIONAL INDUSTRY NEWS Oilfield services lift Halliburton profit despite North America slowdown Miller said the company would dramatically respond to the changing market and reduce capital spending. Shares of rival Schlumberger rose sharply last week after it said it would spend less in French Energy Group Total will approve decision to proceed with Nigeria`s Ikike project in coming months Patrick Pouyanne, the Chief Executive Officer of Total, a French oil and energy group, said the company will formally approve a decision to proceed with the Ikike project in Nigeria in the coming months. The oil and gas firm also to expand its liquefied natural gas (LNG) project in the country. What`s Driving Oil Prices Down? Report Oil prices started Tuesday down on gloomy economic news, with mounting fears that economic growth will slow in 2019.IMF warns economy weakening. The International Monetary Fund warned on Monday that economic growth could slow this year. Oil rises as U.S. slaps sanctions on Venezuela, but economic worries still loom SINGAPORE (Reuters) - Oil prices rose on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA a step that may curb the OPEC member`s crude exports to the United States.

5 FRACKING & SHALE GAS Fracking earthquake limits `may be too strict` The limit on earthquakes caused by fracking can safely be raised because the risk of harm is vanishingly small, according to government advisers. Cuadrilla was repeatedly forced to suspend fracking last year after breaching the limit of 0.5 magnitude at its site in Lancashire. It wants the limit to be raised and has said that if it is not Britain may never have a viable fracking industry

6 PETROLEUM AGENCY SA EXPLORE SOUTH AFRICA We hope you found this newsletter to be useful. However, if you d rather not receive any future s of this sort, please send an to news@petroleumagencysa.com with unsubscribe as the subject line. This Publication/Newsletter has been prepared as general information on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice Petroleum Agency South Africa. All rights reserved.