Sasol's Earnings Plunge on Low Oil Price
Company earnings down 17 percent, in line with guidance; $680 mln write-down on Canadian shale assets. South African energy and chemicals group Sasol reported a 17 percent fall in full-year earnings on Monday due to lower crude oil prices and said the economic environment it operates in remained "volatile and uncertain". Sasol's earnings were also hit by a writedown of 9.9 billion rand ($680 million) on its Canadian shale gas project, an impairment which had stood at 7.4 billion rand when the group released its interim results in March.
Lamprell Appoints New CEO
Lamprell a leading provider of diversified fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries has appointed Christopher McDonald as Chief Executive Officer and director effective 1 October 2016, succeeding Jim Moffat who will be retiring from the Company as previously announced. Prior to his appointment, Mr McDonald held the position of Executive Vice President and Group Head of…
Oklahoma Earthquake Surge Tied to Energy Activity -Study
A dramatic jump in the number of earthquakes in Oklahoma to a rate never seen there by scientists before, appears to be caused by a small number of wells where wastewater associated with oil and gas production is injected into the ground, a study released on Thursday said. Just a few of these so-called disposal wells, operating at very high volumes, "create substantial anthropogenic seismic hazard," according to findings from Cornell University researchers published in the journal Science.
