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Saudi Aramco Says Oil Price Falls May Curb Investment
Saudi Aramco, the world’s biggest state-owned oil company, said a further drop in crude oil prices may curtail investments needed to offset declining output in aging fields.
Investment is also needed to expand production capacity to meet long-term demand growth, Chief Executive Officer Abdallah Jum’ah said in a handout distributed today at an industry summit in [...]
OPEC to cut oil production by 5 percent
The Organization of Petroleum Exporting Countries (OPEC) Friday announced a slash in oil production of about 5 percent, or 1.5 million barrels a day, in order to shore up rapidly plummeting prices in a grim global economic environment.
Eleven members of the 13-nation oil cartel, meeting in an emergency session at OPEC’s headquarters in Vienna, decided [...]
OPEC Try To Stabilise Crude Oil Prices $70 to $90
OPEC will likely implement a production cut when it meets for an emergency meeting in Vienna on Friday, as it tries to stabilise global crude oil prices at around $70 to $90 a barrel, analysts said.
The cartel, which typically steers clear from price target discussions, has in recent weeks become more vocal about the sort [...]
Iron Ore Mine Company Makes Two Hematite Discoveries
Budding Pilbara iron ore producer Atlas Iron (AGO) has made two new hematite discoveries at its wholly owned Pardoo project near Port Hedland in Western Australia.
The two deposits, Chloe and Willy, are within Atlas’s Olivia target area and contain sought-after direct-shipping ore, which requires no processing. Atlas said the deposits were at or near surface. [...]
London Mining Plans to Produce 20m metric tonnes Iron Ore
London Mining and Saudi-based National Mining Company have announced the formation of their 50:50 held joint venture company, Saudi London Iron Limited (”SLI”), with registration number 1/1026 issued by the Saudi Arabian General Investment authority (SAGIA). SLI is targeting production of up to 20mtpa of DRI pellets from facilities near Tabuk in North-western Saudi Arabia [...]
First Quarter 2008 Financial and Mining Exploration Result by London Mining (report)
During the second quarter of 2008, London Mining has continued to make progress towards its goal of maximizing shareholder value by conducting a strategic review of its Brazilian operations. The resulting sale of Brazilian assets, announced on 20 August 2008 to ArcelorMittal for US dollars 809.9 million, marks the conclusion of the Brazilian strategic review. [...]
Mining Exploration Report, Shell Confirms Find at Saudi Empty Quarter
Royal Dutch Shell, said a joint venture with state-owned Saudi Aramco had discovered a hydrocarbons system at the kingdom’s Empty Quarter, Middle East Economic Digest (MEED) reported.
Ceri Powell, vice-president of strategy at Shell International, said South Rub al-Khali Co (Srak) had made a hydrocarbon discovery, but declined to give details, the London-based magazine, published on [...]
U.K. Iron-Ore Exploration Company, London Mining First Step Into The Coal Mining Exploration Sector
South Africa’s coal assets have been attracting increasing investment as international coal prices soar and Eskom builds new coal-fired power stations.
DMC is an unlisted South African resources company founded by Heine van Niekerk nine years ago.
The Liberian government named DMC this year as provisional winner of the tender to develop the $1.6 billion Western Cluster [...]
Oil Sand Mining Exploration in Saskatchewan
The oil sands of Alberta have overtaken Saudi Arabia as the world’s next source of long lived petroleum reserves. Never mind that they’re wrapped up in sand – technology renders that issue less important on a daily basis. Conventional oil too, is still present in Alberta, though its been a while since anything major has [...]
