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Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

High profile PNG development licences under threat

ASX-listed Horizon Oil reports that participants in the high profile PDL-10 Petroleum Development Licence have received a second notice of intention to cancel the licence from the PNG Petroleum Minister, Fabian Pok. The new notice of intention to cancel for PDL-10 and Pipeline Licence 10 (PL-10) follows a similar letter from the Petroleum Minister in May. In that instance, the Petroleum Minister subsequently convened a meeting of the PDL-10 joint

Lihir stays strong for Newcrest in PNG

INCREASED gold production during the December quarter for Newcrest Mining was primarily driven by increased output at Lihir and Telfer, with Newcrest managing director Sandeep Biswas saying Lihir’s performance is “very pleasing”. Lihir achieved a 12.4 million tonnes per annum annualised milling throughput rate for the quarter, according to Newcrest’s December report. “Lihir’s performance was very pleasing, surpassing its 12mtpa target by achieving a record mill throughput, at an annualised

Niuminco stumbles after adversity

PRODUCTION at the Niuminco Group-operated Edie Creek Mine was down in the June quarter, but strong prior performance has left the group in a good position. Niuminco produced 164.5 ounces of gold and 134.5 ounces of silver during the quarter, leading it to sales of A$237,000 for the period. Gold production and sales were down 59 per cent in June compared to the March quarter, when 402.7 ounces of gold

Simberi helps St Barbara reach annual production record

ST BARBARA’s Simberi mine had a significant turn-around in the 2014-2015 financial year, helping its parent company to a statutory net profit after tax of A$39.7 million for the year. Full year production of 377,387 ounces was a group record and exceeded the upper end of St Barbara’s full year guidance range of between 350,000 ounces and 370,000 ounces. Company managing director Bob Vassie said St Barbara had acheived each

Crater achieves first gold sale from High Grade Zone

CRATER Gold sold its first gold of 17.4 ounces (oz) from the processing of ore at the High Grade Zone project at Crater Mountain in early May, the company said in its June quarterly report. The average recovered grade was 6 grams per tonne of gold, with gold recovered from a combination of mostly low and some high grade development drives and processed through the company’s bulk sampling gravity separation

Crater excited by gold results

MINING company Crater Gold has reported bonanza gold results from its Crater Mountain High Grade Zone project in Papua New Guinea. Channel sampling of development on mineralised gold bearing structures returned bonanza gold grades on at least three separate structures, Crater said in an August announcement. Crater said channel sampling of mineralised gold bearing structures in development drives has confirmed contiguous zones of high grade mineralisation along strike suitable for

Record production for St Barbara at Simberi

MINING company St Barbara achieved record gold production at its Simberi mine in Papua New Guinea (PNG), the company said in its June quarterly report. Simberi gold production was 27,137 ounces for the quarter, comfortably in excess of the targeted 100,000 ounces per annum run rate. St Barbara said mining, ore transport and processing operations at Simberi all exceeded their targets and achieved record results. Quarterly production at Simberi more

Crater Gold set for underground mining at High Grade Zone

CRATER Gold Mining is set to become Papua New Guinea’s next gold producer after its local subsidiary Anomaly Limited was granted a mining lease for the High Grade Zone (HGZ) project at Crater Mountain. The company said it expects to extract about 10,000 ounces of gold in the first year of operation. Gold mineralisation at the HGZ is confined to several narrow, highly oxidised veins that would be best targeted