• 9 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 11 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 13 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 14 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 16 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 17 hours Aramco Says No Plans To Shelve IPO
  • 3 days Trump Passes Iran Nuclear Deal Back to Congress
  • 3 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 4 days Renewable Energy Startup Powering Native American Protest Camp
  • 4 days Husky Energy Set To Restart Pipeline
  • 4 days Russia, Morocco Sign String Of Energy And Military Deals
  • 4 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 5 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 6 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 6 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 6 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 7 days Brazilian Conglomerate To Expand Into Renewables
  • 7 days Kurdish Independence Could Spark Civil War
  • 7 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit
  • 7 days The Capital Of Coal Is Looking For Other Options

A Brief and Unexpected Uranium Comment

Short, but potentially very important tidbit in uranium last week.

Local press noted comments from the world's top uranium producer, Kazakhstan's Kazatomprom. Suggesting that the company is eying an unexpected path for growth.

Going to Africa.

The company's project manager and advisor to the chairman Azat Betekbayev told a conference in Durban, South Africa that Kazatomprom will enter the African market. Few details were given of the exact plans.

If such a move comes to pass, it would be an unusual direction for the uranium major. Representing one of its first forays outside of Kazakhstan.

The tack is all the more unexpected given the destination. With Africa recently having fallen out of favour as a uranium exploration and development locale.

Some activity has been taking place for the yellowcake sector in places like Tanzania. But at the same time, developments in producing nations like Namibia and Malawi have painted a bleak picture of the industry here. With mines shutting down, and owners looking at strategic options for selling or mothballing operations.

One potential standout on the continent is Niger. Where a number of relatively high-grade deposits have been identified. And a decent production history has been established by operators like Areva--putting the country in the top five amongst uranium-producing nations globally.

Of course, Kazatomprom hasn't indicated where in Africa they might be investigating. But whatever the target, it will be off the beaten path in the industry--where focus has recently shifted to proven and politically-stable districts like Canada and Australia.

The expansionary move could be driven by Kazatomprom's difficulties on its home turf. With the company having recently announced it won't pursue any new development projects in Kazakhstan. Due to poor economics spurred by low uranium prices.

It's of course unlikely the company will find better development economics anywhere in Africa. But perhaps this is a "look to the future" play. Implying the major sees brighter prospects ahead for the industry--and is moving to position itself accordingly.

Here's to stepping out,

By Dave Forest




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News