South Africa is currently redrafting its Mining Charter, hopefully bringing to an end a long period of disagreement and uncertainty. The original Charter was passed in 2002 as part of the government’s black empowerment strategy, to overcome the historic economic imbalance in South Africa between black and white citizens that was cemented under Apartheid.
The Barrel: the essential perspective on global commodities
March 14, 2017 08:28 UTC
Comedy actor Peter Sellers knew a thing or two about comic timing and delivery needed to make a good joke shine. After all he played Inspector Clouseau, Dr Stranglove, and Dr Fritz Fassbender among his many famous Hollywood characters. That’s why when Sellers sang the old Cockney London musical hall song Any Old Iron, he was able to deliver with aplomb the line, ‘You look neat. Talk about a treat! You look so dapper from your napper* to your feet.’
Neat now has a different meaning to Platts, but of course this would be unknown to Sellers and the Cockney musical hall songwriters of Any Old Iron.
March 10, 2017 05:01 UTC
The presenter who arguably received the best questions at Wednesday’s Crude Oil Quality Association meeting in New Orleans was the US Department of Energy’s economist, Kenneth Vincent.
His presentation was part overview, such as the locations of the four salt caverns that hold the more than 700 million barrels of US oil – Texas and Louisiana, and the maximum drawdown capacity – 4.4 million b/d. But there were also some nuggets not found on factsheets such as the how the physical salt caverns are shrinking due to geological pressures and how “distribution issues are a major concern (for the DOE) currently and going forward.”
March 8, 2017 15:58 UTC
If you are in LNG today, you want to be in Asia, the world’s biggest market for the power plant fuel.
As much as there is opportunity, however, there also is uncertainty.
The opportunity comes from the fact that the continent accounts for more than 70% of the world market for LNG. At the same time, concerns about oversupply due to significant new and expected output from the US and Australia have raised questions about how the renewal of long-term contracts will shake out as they expire by early next decade.
March 7, 2017 15:44 UTC
Shortly after ExxonMobil Chairman and CEO Darren Woods took the stage at CERAWeek by IHS Markit in Houston, the White House sent out a statement congratulating Woods and his company on a $20 billion plan to expand refining and chemical-manufacturing along the Gulf Coast.
“This is exactly the kind of investment, economic development and job creation that will help put Americans back to work,” President Donald Trump said in a statement.