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RE: OPEC, for some quiet moments.. - admin - 11-23-2016

More than a month after shocking the market by saying that Russia was ready to join OPEC’s efforts to reduce global oil supply, Russian President Vladimir Putin said that his country was ready to freeze production at “today’s level”, injecting more optimism that OPEC and non-OPEC producers might really pull off a deal.

Putin Is Ready To Join An OPEC Freeze | OilPrice.com

The IEA said in its forecast that U.S. LNG will enable the United States to turn from a net importer of gas into a net exporter, with all the consequences stemming from it, such as having a much greater say in price formation on international markets. According to the IEA – and to BP – LNG will become the dominant fossil fuel in international markets by 2035 as more and more countries switch from oil to gas, which is lower on the emissions scale.

U.S. LNG Is Changing The Global Gas Game | OilPrice.com

Earlier this year, things had been looking great for Argentinean oil developers. When the government said it would fix domestic crude prices at around $67.50 per barrel — significantly higher than world prices, in a bid to encourage exploration and development across the country. But news late last week suggests those attractive subsidies are now off the table. Reuters cited industry sources in Argentina as saying that the government has now backtracked on the crude pricing plan, with the country apparently planning to eliminate higher crude prices immediately. Companies interviewed by the news service said they now expect the local oil price to fall by as much as 30 percent.

Is Argentina About To See An Oil Crash? | OilPrice.com

One of the oil world’s longest and best kept secrets may finally be revealed. Saudi Arabia is preparing to unveil how much oil it holds, a closely guarded state secret that has been kept quiet for decades. The decision to bring such important data to light comes as Saudi Aramco is preparing to partially privatize its assets, an IPO that could bring in some $100 billion. The IPO will be a monumental event, one that the Wall Street Journal says could offer Wall Street some of the largest fees in history.

Are The Saudis About To Reveal The Best Kept Secret In Oil? | OilPrice.com




RE: OPEC, for some quiet moments.. - admin - 11-24-2016

Exxon Mobil has reported a significant discovery with a potential recoverable resource of between 500 MMbbl and 1 Bbbl of oil on Owowo field, offshore Nigeria. The Owowo-3 well, which was spud on Sept. 23, encountered about 460 ft of oil-bearing sandstone reservoir. Owowo-3 extends the resource discovered by the Owowo-2 well, which encountered about 515 ft of oil-bearing sandstone reservoir.

Exxon Mobil in billion barrel discovery offshore Nigeria

Capital investment in the oil and gas industry in Sub-Saharan Africa has been cut by $100 billion over the next five years, according to Wood Mackenzie's latest report on upstream activity in the region. Major oil companies are heavily invested in Sub-Saharan Africa and account for the bulk of the cuts.

Upstream capex spend cut by $100 billion over the next five years in Sub-Saharan Africa: WoodMac

Oil and gas companies in Norway cut spending forecasts for 2017, deepening what was already a record reduction in offshore investment. The companies expect to invest 147 billion kroner ($17.2 billion) next year, down 3.6% from a previous estimate, according to a quarterly survey published Wednesday by Statistics Norway. They previously reduced their forecast in August.

Norwegian producers deepen record spending cuts amid rout

Wood Mackenzie's latest study on Libya's oil production shows the country's output has doubled from 300,000 bopd in early September to close to 600,000 bopd today, adding to the global oil supply glut. Although an OPEC member, Libya's output has fallen so drastically it won't be bound by any production restrictions. The country will seek to recover its lost market share, notably in southern Europe where refineries prize its light, sweet blends.

Libyan oil production shows signs of continued gains: Wood Mac




RE: OPEC, for some quiet moments.. - admin - 11-25-2016

After fueling the 20th century automobile culture that reshaped cities and defined modern life, gasoline has had its day. The International Energy Agency forecasts that global gasoline consumption has all but peaked as more efficient cars and the advent of electric vehicles from new players such as Tesla Motors Inc. halt demand growth in the next 25 years. That shift will have profound consequences for the oil-refining industry because gasoline accounts for one in four barrels consumed worldwide.

Tesla Shock Means Global Gasoline Demand Has All But Peaked - Bloomberg

An oil price surge triggered by a successful OPEC agreement to cut production could be snuffed out as supply surges back, according to the head of International Energy Agency. If OPEC members agree to limit supplies at their meeting next week, prices could rise to $60/bbl and trigger a jump in global output, particularly from U.S. shale producers, Fatih Birol, executive director of the Paris-based IEA, said during an interview with Bloomberg Television. The output boom could put downward pressure on prices again within nine months to a year, he said.

Oil price hike from OPEC deal may snuff itself out, IEA says

While the rise of the liquefied natural gas market has accelerated the globalization of natural gas, the energy security implications of this transformation have attracted much less attention. Through an extensive analysis of global gas data, a new report from the International Energy Agency seeks to provide more transparency into the LNG market. There is no doubt that global gas markets are well supplied today. While this is positive for global gas security, the new analysis from the first Global Gas Security Review warns that LNG markets are less flexible than is commonly believed.

IEA report warns on flexibility of global LNG market

Advisers to Donald Trump are exploring ways he can green light the Keystone XL oil pipeline on the day he is sworn into office, including by rescinding a 48-year-old presidential order. Two people familiar with Trump’s transition planning say the issue is actively being discussed, as the incoming president looks for ways to jump-start infrastructure development and deliver on a campaign promise to approve the pipeline that would connect Canadian oil sands with U.S. Gulf Coast refiners.

Trump aides eye Keystone XL revival by rescinding 48-year-old order




RE: OPEC, for some quiet moments.. - admin - 11-26-2016

Saudi Arabia is backing an effort to make the steepest oil-production cuts possible at OPEC’s meeting next week and to convince producers outside the cartel to help remove almost 2% of the world’s oil supply, people familiar with the matter said.

Saudi Arabia Backs OPEC Push to Make Steep Oil Output Cuts - WSJ

OPEC will meet next week amid a growing consensus the cartel will strike a deal to cut crude production. OPEC will meet next week amid a growing consensus the cartel will strike a deal to cut crude production. A question remains: How much would that actually affect oil prices? The days of $100 a barrel oil prices are over, oil-industry analysts said

Oil Prices Await Effect of OPEC Deal - WSJ

An oil price surge triggered by a successful OPEC agreement to cut production could be snuffed out as supply surges back, according to the head of International Energy Agency. If OPEC members agree to limit supplies at their meeting next week, prices could rise to $60 a barrel and trigger a jump in global output, particularly from U.S. shale producers, Fatih Birol, executive director of the Paris-based IEA

An OPEC Oil Price Surge May Not Last, IEA Says - Bloomberg

The world’s use of oil is approaching a tipping-point, writes Henry Tricks. But don’t expect it to end imminently

The future of oil | The Economist




RE: OPEC, for some quiet moments.. - admin - 11-28-2016

Rystad Energy's latest North American Shale Report shows that the average wellhead break-even price has decreased on average by 22% year-over-year from 2013 to 2016. The most commercial wells currently exhibit breakeven prices between $25 and $30/bbl. Among the key shale plays, Permian Midland has experienced the largest drop in breakeven prices, falling by 33% year-over-year on average from 2014 to 2016.

Average shale wellhead break-even prices are below $40, Rystad says

A new independent estimate of world oil reserves has been released by Rystad Energy, showing that the US now holds more recoverable oil reserves than both Saudi Arabia and Russia. For US, more than 50% of remaining oil reserves is unconventional shale oil. Texas alone holds more than 60 billion barrels of shale oil according to this new data.

United States now holds more oil reserves than Saudi Arabia

But OPEC’s policies now are misguided, according to Ali Al-Naimi, the former Saudi oil minister who masterminded the pump-at-will policy the group adopted two years ago. Trying to drive prices up will only lead to loss of market share, so OPEC should just get out of the way and let capitalism run its course, Al-Naimi said in “Out of the Desert,” his new memoir.

Even If OPEC Gets a Deal, It Risks Reviving Battered Oil Rivals - Bloomberg

A report from auditors PricewaterhouseCoopers (PwC) has revealed that oil prices are unlikely to climb back to the $100 level, and will have a limited rise from the current spot price to between $60 and $70 per barrel over the next few years.

Will We Ever See $100 Oil Again? | OilPrice.com




RE: OPEC, for some quiet moments.. - Putncalls - 11-28-2016

Maybe we should upgrade the IOC MB with small US energy opportunities? OAS, QEP and SYRG come to mind.


RE: OPEC, for some quiet moments.. - admin - 11-28-2016

'Putncalls' pid='77953' datel Wrote:Maybe we should upgrade the IOC MB with small US energy opportunities? OAS, QEP and SYRG come to mind.

I've no problem with that, you can always start a thread in the New Stock Ideas forum yourself, as it happens. If things get popular we can give it their own forum.




RE: OPEC, for some quiet moments.. - admin - 11-28-2016

Saudi Arabia pulled out of planned talks with non-OPEC nations including Russia as disagreements about how to share the burden of supply cuts stood in the way of a deal to boost prices just days before a make-or-break meeting in Vienna. OPEC officials were scheduled to meet with non-members including Russia on Monday before a ministerial meeting in Vienna two days later. The meeting was later canceled entirely after the Saudis decided not to take part.

Saudis sink Russia oil talks as OPEC deal hangs in the balance

As OPEC prepares for talks on eliminating a global crude glut, Nigeria’s oil minister says he’s more concerned about the potential for U.S. shale suppliers to replace the lost barrels by ramping up their own output, quelling any price rally the producer club might achieve. “The challenge is less with OPEC and more with the outer forces we don’t control,” Emmanuel Ibe Kachikwu, the country’s minister of state for petroleum, said Thursday in an interview in Tokyo. “The U.S. is beginning to ramp up volumes again.”

Nigeria eyes U.S. shale as OPEC readies oil cuts

The CI-GNL (Ivory Coast LNG) consortium led by Total has been awarded the rights to build and operate a liquefied natural gas re-gasification terminal in the Ivory Coast with a capacity of 3 mtpa. The decision was followed by the signature of the shareholders’ agreement in Abidjan between Total, which will operate the project with a 34% interest, PetroCI (11%), CI Energies (5%), SOCAR (26%), Shell (13%), Golar (6%) and Endeavor Energy (5%). Total will use the terminal to supply LNG volumes from its global portfolio in proportion to its participating interest in the project. The re-gasification terminal project'>project is expected to become operational by mid-2018.

Total to operate Ivory Coast re-gasification project

Now, in a recent report, analysts including Damien Courvalin at Goldman have turned “tactically bullish,” forecasting $55 a barrel for the first half of 2017, up from their earlier forecast of a range-bound market between $45 and $50 a barrel for that period. However, they have not upgraded their annual average of $52.5 a barrel for next year.

Goldman Sachs Turns Bullish On Oil | OilPrice.com




RE: OPEC, for some quiet moments.. - admin - 11-29-2016

U.S. oil and gas companies are slowly stepping up investment in wells and other industry building blocks for the first time in more than two years, potentially reversing a long slump and offering a small boost to overall economic growth as the year ends.

Energy firms step up business investment for first time in 2 years - MarketWatch

Anyone planning to trade the outcome of this week’s OPEC meeting might consider the lessons of the group’s last production cut. Then take a deep breath. In December 2008, as oil demand and prices slumped during the global financial crisis, the Organization of Petroleum Exporting Countries, announced a record output reduction. What was supposed to stabilize the market initially sowed more confusion as the group’s statement bundled together previously announced supply curbs and omitted a breakdown of how much each member would cut—details of which leaked out days later.

OPEC’s last cut shows oil market could get a whole lot messier

Low crude prices that have been hammering oilfield service companies for the past two years might be ready to give a little back. Sinopec Oilfield Service Corp., Keppel Corp. Ltd. and others will have a chance to fight for $1 billion a year in new business in Asia as the crude crash forces energy producers to decommission aging and unprofitable fields, industry analyst Wood Mackenzie said in a new report. More than 600 fields, mostly in China, Australia, Indonesia and Malaysia, could be shut down over the next decade.

Low oil prices create a $1-billion business killing aging fields

The oilfield service companies that supply everything from sand to sophisticated rigs are seeking a new lease on life as America’s fracing fortunes begin to turn. Shale drillers have added 158 rigs since May, according to Baker Hughes. At the same time, companies such as Chesapeake Energy Corp. and EOG Resources Inc. have been increasing their efficiency by cramming more and more sand into individual wells, aiming to extend their reach miles further. That’s boosted sand prices roughly 25% to about $24/ton, according to IHS Inc.

Shale rebound starts with costlier grains of sand




RE: OPEC, for some quiet moments.. - admin - 11-30-2016

There has been no slowing in the job losses in the oil and gas industry this year, and there are further cuts to come, but the crisis could be reaching a turning point, according to a new industry report. The stark findings of the 25th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and sponsored by law firm Bond Dickinson, reveal that more contractors have reduced both their permanent and contract staff than at any other point in the history of the survey and fewer are working at or above optimum levels than ever before.

Energy job losses continue but optimism rises, report finds

The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years. This rapid trend toward decommissioning is causing spending to rise significantly, according to a new study by IHS Markit. IHS Markit expects spending on decommissioning projects to increase from approximately $2.4 billion in 2015, to $13 billion-per-year by 2040, or an increase of 540%

Over 600 offshore projects to be decommissioned over the next five years

The world’s biggest liquefied natural gas suppliers have a warning for Japan: flexibility will likely cost you. Royal Dutch Shell and BP say that if Japan moves to ease restrictions that prevent its importers from reselling the gas, the Asian nation may have to purchase the fuel at a higher price in return. Suppliers could also try to toughen other contract terms, according to industry consultant Clavis Energy Partners.

Biggest LNG sellers warn top buyer over price of its freedom

In a recent report, Indonesia’s expiring PSCs: $10 billion of potential upstream value, Wood Mackenzie valued Indonesia's expiring oil and gas production licenses or production sharing contracts (PSCs) at close to $10 billion. These 35 licenses account for over 1 MMboed of production in 2016 and will face expiration in the next decade. The lack of clarity on license extensions, and the scale of production at risk, make expiring PSCs one of the biggest issues facing Indonesia's upstream sector.

Indonesia's expiring production licenses valued at $10 billion