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RE: OPEC, for some quiet moments.. - Thylacine-2 - 12-21-2015

My calculations say 8 cents per cubic meter, which Iran finds unacceptably low, is $2.27 per 1000 cubic feet. Anybody else have a number?


RE: OPEC, for some quiet moments.. - Putncalls - 12-21-2015

That's about right. Oil might make better use of the  capital.




RE: OPEC, for some quiet moments.. - admin - 12-22-2015

The collapse of oil prices has claimed its first bankruptcy victim in Norway’s offshore industry, and analysts warn more may follow. Dolphin Group ASA, a seismic surveyor that maps the seabed for oil and gas reservoirs, became the first Oslo-listed company in the industry to file for bankruptcy Monday. One of its competitors, Polarcus Ltd., is in talks on restructuring debt--but the threat won’t stop there, with insolvency cases bound to multiply among drillers as well, analysts say.

Oil rout to claim more victims after first Norway bankruptcy

Ending the export ban, a relic of the 1970s, will help eliminate the discount on domestic crudes that has been hurting U.S. producers. But it is highly unlikely to increase prices at the pump because U.S. gasoline prices key off the global crude price, not the domestic one.

The Global Battle for Oil Market Share - WSJ

Cash-strapped U.S. shale oil producers are facing another sharp sell-off in a 18-month-old crude slump with reduced hedging protection, risking a severe hit to earnings if prices fail to recover. A Reuters analysis of hedging disclosures from the 30 largest oil producers showed the sector as a whole reduced its hedge books in the three months to September.

With oil hedges rolling off, U.S. shale producers face stiff test | Reuters

In the world’s biggest oil market, buyers have better options than U.S. crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil with higher sulfur content. The lighter and cleaner shale oil from the U.S. has also got about a third farther to come than alternative supplies from the Middle East and that represents an additional cost.

U.S. oil is too good, too pricey and too far for Asia buyers




RE: OPEC, for some quiet moments.. - admin - 12-23-2015

ConocoPhillips (COP) confirmed Tuesday that it sold its 50% stake in a joint venture, known as Polar Lights, that produced 4 million barrels a day in northwestern Russia. It launched the project in 1992 with state-owned Russian energy giant Rosneft. Conoco said it sold its Polar Lights stake to a firm called Trisonnery Asset Limited. The terms were not disclosed.

Oil giant ConocoPhillips pulls out of Russia - Dec. 22, 2015

Royal Dutch Shell Plc, Europe’s largest oil company, further reduced spending plans for this year and 2016 as it prepares to take over BG Group Plc amid slumping prices for crude. The combined company plans to spend $33 billion next year, lower than Shell’s previous guidance of $35 billion, the company said Tuesday in a statement. Shell also cut its spending forecast for this year by $1 billion to $29 billion.

Shell cuts 2016 spending by $2 billion as it prepares for BG

Chevron Corp.’s wholly owned subsidiary Chevron U.S.A. Inc. has signed a non-binding LNG supply Heads of Agreement (HOA) with China Huadian Green Energy Co., Ltd. When the agreement is finalized, China Huadian Green Energy is expected to receive up to 1 million metric tons per annum (mtpa) of LNG over 10 years starting in 2020.

Chevron signs long-term LNG supply agreement with China Huadian

For years, U.S. gas companies looking to export LNG dreamed of a booming Asia. Now, with demand there falling and the first shipment weeks away, Europe has emerged as the unlikely savior of American LNG. European gas production is down and countries there want to get more of the heating and power plant fuel from places other than Russia—a major supplier, but one that’s brought plenty of headaches.

American LNG exporters turn to Europe as Asian demand sputters




RE: OPEC, for some quiet moments.. - Thylacine-2 - 12-24-2015

Wow! That COP/Rosneft JV, Polar Lights, produces four million barrels of oil per day! Maybe the article got that a little high?


RE: OPEC, for some quiet moments.. - admin - 12-24-2015

'Thylacine-2' pid='65496' datel Wrote:Wow! That COP/Rosneft JV, Polar Lights, produces four million barrels of oil per day! Maybe the article got that a little high?

Yea, that's over a third of Russian production, that certainly seems a bit high




RE: OPEC, for some quiet moments.. - admin - 12-26-2015

Gazprom, the state-controlled, Moscow-based natural gas giant has long played a double role: as an instrument of Kremlin foreign policy; and as a major source of tax revenue for Vladimir Putin’s government. Things have changed. Gazprom has long been accustomed to dictating terms because of its size. In the European Union, it supplies about 30 percent of the gas. But with a 70 percent drop in profits, the Russian company finds itself fighting to protect its share of a market it depends on for as much as a third of its revenue of $100 billion. Gazprom is no longer a potent diplomatic tool at a time when customers have many more options.

Gazprom Is Losing Its Market Muscle - Bloomberg Business

Enterprise Products Partners has secured its first contract to export crude oil produced in the U.S. under a law enacted last week. The law, which was signed by President Obama on Friday, repealed decades-old export restrictions. The 600,000 bbl cargo of domestic light crude oil is scheduled to load at the Enterprise Hydrocarbon Terminal (EHT) on the Houston Ship Channel during the first week of January 2016.

First U.S. crude set to be exported in January after law change

OPEC remains defiant. Global reliance on oil and gas will continue unchanged for another quarter century. Fossil fuels will make up 78pc of the world’s energy in 2040, barely less than today. There will be no meaningful advances in technology. Rivals will sputter and mostly waste money. The old energy order is preserved in aspic. Emissions of CO2 will carry on rising as if nothing significant had been agreed in a solemn and binding accord by 190 countries at the Paris climate summit. OPEC’s World Oil Outlook released today is a remarkable document, the apologia of a pre-modern vested interest that refuses to see the writing on the wall.

OPEC faces a mortal threat from electric cars - Telegraph

OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 MMbopd by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 MMbopd more than projected a year ago, and 1 million less than the group pumped in November.

OPEC sees demand for its crude falling for rest of decade




RE: OPEC, for some quiet moments.. - admin - 12-27-2015

Royal Dutch Shell Plc is on the brink of pulling off its biggest acquisition. Yet the widening discount of target BG Group Plc to the offer price shows that a further steep drop in oil prices could still put the deal in doubt. BG’s discount to Shell’s bid price widened to 12.6% on Monday, the steepest since early September, compared with a 6.4% gap on Dec. 4. While BG shares soared when news of the deal broke eight months ago, they’ve since tumbled more than 22% as oil prices slumped.

Shell-BG deal not yet in bag amid fears of further oil slump

In the fight for market share among the world’s oil producers this year, Russia wasn’t supposed to be a contender. But the world’s No. 3 producer has been pumping at the fastest pace since the collapse of the Soviet Union, adding to the flood on an already-swamped market and helping push prices to the lowest levels since 2009.

Siberian surprise: Russian oil patch just keeps pumping

OPEC on Wednesday predicted oil prices would rebound, but the cartel said it expects to reduce its own production in the coming years. The report comes after global oil prices this week fell to levels not seen since 2004 amid ballooning oversupply.

OPEC sees oil rebounding to $70 within five years - MarketWatch

U.S. crude production in November posted the first annual decline in almost five years as falling prices curbed investment. The U.S. pumped an average 9.11 MMbopd of in November, down 0.8% from a year earlier, the American Petroleum Institute said in a monthly report Thursday. Tumbling crude prices have lead companies to cut back on exploration and the development of new fields. The number of active oil rigs in the U.S. dropped to 524 in the week ended Dec. 11, the least in five years, according to data compiled by Baker Hughes Inc. "I think we’re about to see another round of cutbacks, which will result in further decline in output next year," said Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut.

U.S. oil output has first year-on-year drop since 2011, API says




RE: OPEC, for some quiet moments.. - admin - 12-29-2015

The Barnett shale contains estimated mean volumes of 53 Tcf of shale natural gas, 172 MMbbl of shale oil and 176 MMbbl of natural gas liquids, according to an updated assessment by the U.S. Geological Survey (USGS). This estimate is for undiscovered, technically recoverable resources.

USGS doubles Barnett shale gas estimate on new study

Following years of cost escalations that coincided with rapid production growth, oil sands costs are falling. However, their competitive position as a major source of global supply growth may still shift, a new IHS report says

IHS: “Turning point” for oil sands costs and competitiveness

In 2015, the fracking outfits that dot America’s oil-rich plains threw everything they had at $50-a-barrel crude. To cope with the 50 percent price plunge, they laid off thousands of roughnecks, focused their rigs on the biggest gushers only and used cutting-edge technology to squeeze all the oil they could out of every well. Those efforts, to the surprise of many observers, largely succeeded. As of this month, U.S. oil output remained within 4 percent of a 43-year high. The problem? Oil’s no longer at $50. It now trades near $35.

Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure - Bloomberg Business

The Energy Information Administration now predicts that companies operating in U.S. shale formations will cut production by a record 570,000 barrels a day in 2016. That’s precisely the kind of capitulation that OPEC is seeking as it floods the world with oil, depressing prices and pressuring the world’s high-cost producers. It’s a high-risk strategy, one whose success will ultimately hinge on whether shale drillers drop out before the financial pain within OPEC nations themselves becomes too great.

Shale's Running Out of Survival Tricks as OPEC Ramps Up Pressure - Bloomberg Business




RE: OPEC, for some quiet moments.. - admin - 12-29-2015

The GLNG project participants have executed an agreement with AGL Energy Ltd. (AGL) for the purchase of 254 petajoules of gas for supply to the GLNG project, Santos, the project’s operator, has announced. The gas will be delivered at Wallumbilla, Queensland, over a period of 11 years commencing in January 2017, with pricing based on an oil-linked formula. The gas will be sourced from coal seam gas fields in Queensland.

GLNG signs gas purchase agreement with AGL: Santos

OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs. The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the one hand, OPEC does not see oil prices returning to triple-digit territory within the next 25 years, a strikingly bearish conclusion. The group expects oil prices to rise by an average of about $5 per year over the course of this decade, only reaching $80 per barrel in 2020. From there, it sees oil prices rising slowly, hitting $95 per barrel in 2040.

$10 Trillion Investment Needed To Avoid Massive Oil Price Spike Says OPEC | OilPrice.com

Bankruptcies among oil and gas companies have reached quarterly levels last seen in the Great Recession, according to the Federal Reserve Bank of Dallas. At least nine U.S. oil and gas companies that accounted for more than $2 billion in debt have filed for bankruptcy in the fourth quarter, the bank said Wednesday in its energy economic update for the final three months of the year.

Oil bankruptcies reach highest quarterly level since recession

Wall Street analysts once again are betting big on oil and gas producers. This may see like a case of déjà vu, considering what were their favorite calls as this year began. And they may eventually be right about prices for oil and other commodities, and therefore the financial prospects for energy stocks. But based on recent developments, including the decision by major producers not to cut production, investors need to be picky and patient.

10 favorite stocks on Wall Street for 2016 - MarketWatch