We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ramco Energy | ROS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 49.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 49.50 | 49.50 |
| Top Posts |
|---|
Posted at 24/8/2011 21:18 by lady jennifer It seems that the BOD may have other things on their minds than the obvious.......-----Original Message----- From: Jennifer Sent: 04 August 2011 12:32 To: Steven Bertram Subject: Plans going forward. Importance: High Dear Sir, I have today posed the following question on the ADVFN bulletin boards for general discussion but would also like to lay it before the board. There are, as one reply has suggested, "over a dozen small wind farm transportation firms in the UK." And it is likely "that most of them could be snapped up for less than £5m." I do appreciate that you have ideas and plans existent that you are working towards but I would ask for as full an answer as possible to my various points as, above all, I would like a fuller understanding of the business going forwards than I currently have. Morning all, I have spent a little time considering our current position in the market and where we go next..... It is beginning to look, to me, as though the management only have eyes for the long term "mega-deal", hoping to find something which will take them back to the old "glory days" in one or two steps but that the market disagrees with that strategy. These are hard times that we are living through, money is tight and the opportunities for the "mega-deal" are few and far between. In my view the better strategy would to be to find some smaller "thing" that we can do well and for which the money is spent needfully rather than optionally. I can see something of this in the "flat-pack jackets" with Cosco but even this is high cost to all despite the savings over traditional jacket structures. We have less than £30MM in the bank, money which will disappear if not worked. Perhaps we should be looking at strategically positioned cash generative acquisitions. There are wide range of possibilities within the Oil, Gas, and Renewable industries that we may be able to choose from and could add value to the "Big Picture" going forward. Of course this will necessarily require new blood to be injected into "The Board" which is no bad thing as it also looks as though our current managers have become a little insular in their thinking and may be missing or dismissing viable short to medium term opportunities without due consideration. This kind of strategy may go some way towards changing the way both private and institutional investors look at our business as well as adding value and news flow to our ongoing strategy. One wonders............. Sincerely yours, Jennifer ==================== Reply Subject: RE: Plans going forward. From: "Steven Bertram" Date: Mon, August 22, 2011 9:08 am To: "Jennifer ??????" Priority: Normal Jennifer Apologies for the delayed response, unfortunately your message was caught up in our email filters. Please be assured that the Board are considering all alternatives for the future and are not only looking for "mega deals". Best regards, Steven |
Posted at 24/12/2010 17:48 by bones698 ron talks are at an advanced stage and i believe we are waiting on the buyer who will turn out to be chinese. i agree the lc loan extension points to a jan sale but maybe done to cover themselves in case they cant complete before the eoy target to rest scared investors worries.either way its close and its not when or who that matter but the price. i expect 20m but want 50m+, i think the latter is becoming more possible when looking at deals like dongs recent sale and other such deals that have happened. sea have the possibillity of over 1.5gw for sale depending on inch cape and taiwan, that is a big number and even early on is worth decent amount considering it will be worth almost 1 billion quid in 2-3 years time with 50m investment required to get it to that stage.plus the buyer gets serl managment team and the costco deal throw in both of which are worth a pretty penny alone. consider the odds on the chinese buyer seeing the costco deal and the chance to supply structures to the uk and europe at less than half the cost of any european company can manage even with shipping included. this is a big advantage to serl to any competition and would reduce the mw installed cost significantly making sea a very attractive buy to anyone seeking to get a foothold in europe,taiwan or the uk |
Posted at 14/10/2009 06:27 by josels Oil prices near a new high for the yearNEW YORK: Oil prices neared new highs for the year Tuesday as the dollar slipped against other major currencies, demonstrating how much the weakened U.S. currency can affect consumers globally. The U.S. dollar index, where the U.S. currency is measured against other major currencies, hit a 14-month low Tuesday. Because crude is bought and sold in dollars, it essentially becomes cheaper for international investors who have flooded into energy markets despite a big surplus of oil. Energy experts expect the government will report Thursday that crude supplies are still growing. That does not appear to be a deterrent for many investors because the dollar is so weak. Benchmark crude for November delivery gained 88 cents to settle at $74.15 on the New York Mercantile Exchange. At one point, prices reached $74.47, just short of the $75 reached on Aug. 25, when the driving season was still in full swing. Prices have now risen for four straight days and a barrel costs 4 percent more than it did one week ago. Natural gas, which is not sold only in dollars, tumbled 29.2 cents, nearly 6 percent, to $4.588 per 1,000 cubic feet on Nymex. On Tuesday, OPEC said China and other developing countries would push global oil demand up slightly next year, but added that any recovery would be "slow and weak." The Organization of Petroleum Exporting Countries supplies over 35 percent of the world's crude. Iraq's oil minister said Tuesday that three international oil producers have accepted the country's terms to develop two fields and submitted revised offers, a major breakthrough for Iraq's oil industry. The country's first postwar bidding round flopped June 30 after most oil companies rejected terms from the Iraqi government. Only one contract was awarded out of the eight oil and gas fields offered. In other Nymex trading, heating oil rose almost 3 cents to settle at $1.9234 a gallon, and gasoline for November delivery gained about 3.3 cents to settle at $1.8318 a gallon. In London, Brent crude rose $1.04 to settle at $72.40 on the ICE Futures exchange. - AP |
Posted at 20/9/2009 08:53 by htrocka a related article..From The Sunday Times September 20, 2009 Warren Buffett in UK wind bidDanny Fortson and Ben Marlow Recommend? AMERICAN investor Warren Buffett is considering making a £1 billion bet on Britain's green energy revolution. The government wants to make Britain the world's largest offshore wind energy generator, but the plans require hundreds of miles of undersea cables to bring the electricity ashore to the national grid. The network is expected to cost more than £12 billion and regulator Ofgem has launched an auction for the rights to build and maintain it. Under the first phase, investors have been invited to bid on the connections for nine offshore farms that are built or planned, including the London Array off the Kent coast. Mid-American Energy, owned by Buffett, is among those through to the qualification stage and is expected to bid on a 20-year deal to build and maintain the networks. Others include National Grid, Scottish and Southern Energy, RWE, Norway's Statkraft, Dong of Denmark, and infrastructure investors Macquarie, Transmission Capital and IFM. The auction is expected to raise £1.15 billion. Information memoranda will be sent out the week after next by RBC Capital Markets, which is running the auction. Two larger auctions covering future networks will be launched after next summer's sales. |
Posted at 14/9/2009 17:14 by aquaman European Offshore Wind 2009 - 1416 September Stockholm, Sweden14 de septiembre de 2009 As policy makers, scientists, entrepreneurs and journalists gather in Stockholm for the third bi-annual European Offshore Wind Conference and Exhibition, there is a sense that a historic moment is is about to arrive. Much has changed in the two years since the last offshore conference was held in Berlin: European wind power got a huge boost earlier this year when the Renewable Energy Directive with its target of 20% renewable energy was adopted; the world's economy spiralled down into the nastiest recession since the Great Depression of the 1930s, and concern over global warming caused by burning fossil fuels became permanently etched onto the media horizon. Yet throughout this whirlwind of change it became crystal clear that the vast promise of offshore wind, which represents Europe's largest domestic energy resource, must be increasingly harnessed and complemented with a new trans-national power grid. Just as onshore wind power began to do so successfully two decades ago, offshore wind is quickly making the transition from a concept to a mature power sector in its own right. The more than 3,000 participants, 260 exhibitors, 300 presentations, and 23 sessions on display in Stockholm over the next three days all attest to that indisputable fact. In effect, the conference will allow attendees to learn as much as they can about the fastevolving offshore sector. As Maud Olofsson, Swedish Minister for Enterprise and Energy and confirmed keynote speaker at the event said, "European Offshore Wind 2009 is an important initiative in the European Community and it is a pleasure for Sweden to support this event arranged during the Swedish Presidency of the European Union." Among the many aspects of wind energy that will be highlighted at the conference is a report by the European Wind Energy Association (EWEA) called Oceans of Opportunity which indicates enormous investor interest in developing offshore wind power. There will also be a declaration signed by businesses pledging to deliver what is needed to achieve Europe's offshore wind power potential and demanding that national governments and the European Union take the necessary political decisions to allow offshore to reach its amazing potential. In addition, EWEA will be unveiling a plan for the offshore grids that Europe needs to develop both to harness the potential of offshore wind and achieve a truly single European electricity market. Simply put, the conference promises oceans of opportunity for the offshore sector, which is set to experience an immense expansion in the next few years. Sessions at the conference will address the latest science, technology, research, engineering, policy, business and environmental issues that deal with taking advantage of offshore wind and allowing Europe to remain the global leader in the sector. People attending this year's event, organised by EWEA with the support of the Swedish Energy Agency and the Swedish Wind Energy Association, understand that offshore wind offers an indigenous, clean energy supply for Europe that comes at a knowable price, creates jobs and strengthens the economy. They also understand that in order for offshore wind to reach its tremendous potential and begin to provide a multitude of welcome benefits for Europe, several hurdles still have to be overcome. These obstacles include the construction of a dedicated offshore power grid, a streamlining of the supply chain, and a fair, efficient and transparent administrative process. Much is at stake as this necessary metamorphosis takes place, but, as the highly successful onshore wind sector has continually proven, change is good, change is necessary and change is the future. And, as this week's conference will reveal, offshore wind is about to become a part of everyone's future. Europe's offshore wind potential is enormous and able to power Europe seven times over. Huge developer interest Over 100 GW of offshore wind projects are already in various stages of planning. If realised, these projects would produce 10% of the EU's electricity whilst avoiding 200 million tonnes of CO2 emissions each year. Repeating the onshore success EWEA has a target of 40 GW of offshore wind in the EU by 2020, implying an average annual market growth of 28% over the coming 12 years. The EU market for onshore wind grew by an average 32% per year in the 12-year period from 1992-2004 what the wind energy industry has achieved on land can be repeated at sea. Building the offshore grid EWEA's proposed offshore grid builds on the 11 offshore grids currently operating and 21 offshore grids currently being considered by the grid operators in the Baltic and North Seas to give Europe a truly pan-European electricity super highway. Realising the potential Strong political support and action from Europe's policy-makers will allow a new, multi-billion euro industry to be built. Results that speak for themselves This new industry will deliver thousands of green collar jobs and a new renewable energy economy and establish Europe as world leader in offshore wind power technology. A single European electricity market with large amounts of wind power will bring affordable electricity to consumers, reduce import dependence, cut CO2 emissions and allow Europe to access its largest domestic energy source. Offshore wind power is vital for Europe's future. Offshore wind power provides the answer to Europe's energy and climate dilemma exploiting an abundant energy resource which does not emit greenhouse gases, reduces dependence on increasingly costly fuel imports, creates thousands of jobs and provides large quantities of indigenous affordable electricity. This is recognised by the European Commission in its 2008 Communication 'Offshore Wind Energy: Action needed to deliver on the Energy Policy Objectives for 2020 and beyond'. Europe is faced with the global challenges of climate change, depleting indigenous energy resources, increasing fuel costs and the threat of supply disruptions. Over the next 12 years, according to the European Commission, 360 GW of new electricity capacity 50% of current EU capacity needs to be built to replace ageing European power plants and meet the expected increase in demand. Europe must use the opportunity created by the large turnover in capacity to construct a new, modern power system capable of meeting the energy and climate challenges of the 21st century while enhancing Europe's competitiveness and energy independence. EWEA target In March, at the European Wind Energy Conference 2009 (EWEC 2009), the European Wind Energy Association (EWEA) increased its 2020 target to 230 GW wind power capacity, including 40 GW offshore wind. Reaching 40 GW of offshore wind power capacity in the EU by 2020 is a challenging but manageable task. An entire new offshore wind power industry and a new supply chain must be developed on a scale that will match that of the North Sea oil and gas endeavour. However, the wind energy sector has a proven track record onshore with which to boost its confidence, and will be significantly longer lived than the oil and gas sector. To reach 40 GW of offshore wind capacity in the EU by 2020 would require an average growth in annual installations of 28% - from 366 MW in 2008 to 6,900 MW in 2020. In the 12 year period from 1992-2004, the market for onshore wind capacity in the EU grew by an average 32% annually: from 215 MW to 5,749 MW. There is nothing to suggest that this historic onshore wind development cannot be repeated at sea. Unlimited potential By 2020, most of the EU's renewable electricity will be produced by onshore wind farms. Europe must, however, use the coming decade to prepare for the large-scale exploitation of its largest indigenous energy resource, offshore wind power. That the wind resource over Europe's seas is enormous was confirmed in June by the European Environment Agency's (EEA) 'Europe's onshore and offshore wind energy potential'. The study states that offshore wind power's economically competitive potential in 2020 is 2,600 TWh, equal to between 60% and 70% of projected electricity demand, rising to 3,400 TWh in 2030, equal to 80% of the projected EU electricity demand. The EEA estimates the technical potential of offshore wind in 2020 at 25,000 TWh, between six and seven times greater than projected electricity demand, rising to 30,000 TWh in 2030, seven times greater than projected electricity demand. The EEA has clearly recognised that offshore wind power will be key to Europe's energy future. Over 100 GW already proposed It is little wonder therefore that over 100 GW of offshore wind energy projects have already been proposed or are already being developed by Europe's pioneering offshore wind developers. This shows the enormous interest among Europe's industrial entrepreneurs, developers and investors. It also shows that EWEA's targets of 40 GW by 2020 and 150 GW by 2030 are eminently realistic and achievable. The 100 or more GW is spread across 15 EU Member States, as well as three other European countries. The rewards for Europe exploiting its huge offshore wind potential are enormous this 100 GW will produce 373 TWh of electricity each year, meeting between 8.7% and 11% of the EU's electricity demand, whilst avoiding 202 million tonnes of CO2 in a single year. In order to ensure that the 100 GW of projects can move forward, and reach 150 GW of operating offshore wind power by 2030, coordinated action is required from the European Commission, EU governments, regulators, the transmission system operators (TSOs) and the wind industry. Working in partnership on developing the offshore industry's supply chain, putting in place maritime spatial planning, building an offshore electricity grid based on EWEA's 20 Year Offshore Network Development Master Plan, and ensuring continued technological development for the offshore industry, are key issues. By 2020, the initial stages of an offshore pan-European grid should be constructed and operating with an agreed plan developed for its expansion to accommodate the 2030 and 2050 ambitions. Grids The future transnational offshore grid will have many functions, each benefitting Europe in different ways. It will provide grid access to offshore wind farms, smooth the variability of their output on the markets and improve the ability to trade electricity within Europe, thereby contributing dramatically to Europe's energy security. We must stop thinking of electrical grids as national infrastructure and start developing them -- onshore and offshore -- to become European corridors for electricity trade. And we must start developing them now. The faster they are developed, the faster we will have a domestic substitute if future fuel import supplies are disrupted or the cost of fuel becomes prohibitively expensive, as the world experienced during 2008. The future European offshore grid will contribute to building a well-functioning single European electricity market that will benefit all consumers, with the North Sea, the Baltic Sea and the Mediterranean Sea leading the way. Preliminary assessments of the economic value of the offshore grid indicate that it will bring significant economic benefits to all society. Europe's offshore grid should be built to integrate the expected 40 GW of offshore wind power by 2020, and the expected 150 GW of offshore wind power by 2030. It is for this reason that EWEA has proposed its 20 Year Offshore Network Development Master Plan. This European vision must now be taken forward and implemented by the European Commission and the European Network of Transmission System Operators (ENTSO-E), together with a new business model for investing in offshore power grids and interconnectors which should be rapidly introduced based on a regulated rate of return for new investments. 2010 will be a key year for grid development planning The European Commission will publish a 'Blueprint for a North Sea Grid' making offshore wind power the key energy source of the future. ENTSO-E will publish its first 10 Year Network Development Plan, which should, if suitably visionary, integrate the first half of EWEA's 20 Year Offshore Network Development Master Plan. The European Commission will also publish its EU Energy Security and Infrastructure Instrument which must play a key role in putting in place the necessary financing for a pan-European onshore and offshore grid, and enable the European Commission, if necessary, to take the lead in planning such a grid. Supply chain The offshore wind sector is an emerging industrial giant. But it will only grow as fast as the tightest supply chain bottleneck. It is therefore vitally important that these bottlenecks are identified and addressed so as not to constrain the industrial development. Turbine installation vessels, substructure installation vessels, cable laying vessels, turbines, substructures, towers, wind turbine components, ports and harbours must be financed and available in sufficient quantities for the developers to take forward their 100 GW of offshore wind projects in a timely manner. Through dramatically increased R&D and economies of scale, the cost of offshore wind energy will follow the same path as onshore wind energy in the past. The technical challenges are greater offshore but no greater than when the North Sea oil and gas industry took existing onshore extraction technology and adapted it to the more hostile environment at sea. An entire new offshore wind power industry and a new supply chain must be developed on a scale that will match that of the North Sea oil and gas endeavour, but one that will have a much longer life. Technology Offshore wind energy has been identified by the European Union as a key power generation technology for the renewable energy future, and where Europe should lead the world technologically. The support of the EU is necessary to maintain Europe's technological lead in offshore wind energy by improving turbine design, developing the next generation of offshore wind turbines, substructures, infrastructure, and investing in people to ensure they can fill the thousands of new jobs being created every year by the offshore wind sector. To accelerate development of the technology and in order to attract investors to this grand European project, a European offshore wind energy payment mechanism could be introduced. It should be a voluntary action by the relevant Member States (coordinated by the European Commission) according to Article 11 of the 2009 Renewable Energy Directive. It is important that such a mechanism does not interfere with the national frameworks that are being developed in accordance with that same directive. Spatial planning The decision by countries to perform maritime spatial planning (MSP) and dedicate areas for offshore wind developments and electricity interconnectors sends clear positive signals to the industry. Provided the right policies and incentives are in place, MSP gives the industry long-term visibility of its market, and enables synergies with other maritime sectors. Consolidated at European level, such approaches would enable investments to be planned out. This would enable the whole value chain to seek investment in key elements of the supply chain (e.g. turbine components, cables, vessels, people) while potentially lowering risks and capital costs. 2008 and 2009: steady as she goes 2008 saw 366 MW of offshore wind capacity installed in the EU (compared to 8,111 MW onshore) in seven separate offshore wind farms, taking the total installed capacity to 1,471 MW in eight Member States. The UK installed more than any other country during 2008 and became the nation with the largest installed offshore capacity, overtaking Denmark. Activity in 2008 was dominated by ongoing work at Lynn and Inner Dowsing wind farms in the UK and by Princess Amalia in the Netherlands. In addition to these large projects, Phase 1 of Thornton Bank in Belgium was developed together with two nearshore projects, one in Finland and one in Germany. In addition, an 80 kW turbine (not connected to the grid) was piloted on a floating platform in a water depth of 108 m in Italy. Subsequently decommissioned, this turbine was the first to take the offshore wind industry into the Mediterranean Sea, which, together with developments in the Baltic Sea, North Sea and Irish Sea, highlights the pan-European nature of today's offshore wind industry. 2009 has seen strong market development with a much larger number of projects beginning construction, under construction, expected to be completed, or completed during the course of the year. EWEA anticipates an annual market in 2009 of approximately 420 MW, including the first large-scale floating prototype off the coast of Norway. By the end of 2009 EWEA expects a total installed offshore capacity of just under 2,000 MW in Europe. 2010: annual market passes 1 GW Assuming the financial crisis does not blow the offshore wind industry off course, 2010 will be a defining year for the offshore wind power market in Europe. Over 1,000 MW (1 GW) is expected to be installed. Depending on the amount of wind power installed onshore, it looks as if Europe's 2010 offshore market could make up approximately 10% of Europe's total annual wind market, making the offshore industry a significant mainstream energy player in its own right. www.offshorewind2009 |
Posted at 08/9/2009 12:03 by lady jennifer Snob,1) I never left the main board. It has always been the first discussion tab on my browser, a tab that has not been closed for several months. I simply refrained from posting. When I stopped my regular posts there was so much bickering and fighting that I no longer looked forward to joining in. 2) I agree. The other thread is, without doubt, the home of information and I have the deepest respect for the "Main Posters" who are able to do far more than I could currently dream of. I copy certain data to here as I have a more contentious view than some and fearing a potentially vitriolic backlash and not wanting to be accused of "trashing the board" took this view to "a side room, off the main conference hall". How sad would I seem if I simply posted my thoughts without any of the source material? 3) is it any wonder nobody comes here? Yes! It is available for anyone to "spout drivel" or discuss alternative views without the fighting or simply to prove me to be a fool. 4) I am a newbie having only been investing since March and have never claimed otherwise. 70% of what I have learned has come from the main thread. If people think I "prance around like a seasoned investor" then surely it is best kept off the main thread out of respect to those who are more experienced than I. The rapport had gone and I received my first and only (posted) filter on the main board before I started Drivel Freely. 5) People will only answer my questions if they want to regardless as to where I post them. Enough of the self defence. Now on to more important matters. ==================== Ramco = SeaEnergy PLC. I wonder if this was a forced move. I had expected MPC to help with funding for SeaEnergy Renewables. It does ring true that the eco-investors would only get involved if there was no oil but I get the impression that SERL was to be granted separation via another route in the future. It looks to me like the anticipated value from Iraq will be severely reduced and somewhat later than needed otherwise why mention a "risk of losing a part of Ramcos' interest in the acreage secured by SERL through being unable to fund Ramcos' share of the projects alongside Ramcos' partners" Regarding the selling of the peripheral arms of the Ramco "Spider" to itself. It has been done before and I wonder if it will be again. If some of the various parts of Ramco were "sold" to MPC it would, as has been said elsewhere, do much to aid other activities in Iraq and Kurdistan. Whilst raising value to help fund the " number of new and promising opportunities (which) have been brought to MPC and are currently being evaluated". This will not be a be completed quickly as stated in the RNS.... "Reaching a satisfactory conclusion may take longer than we might hope but we believe it will be time well spent." ........ As do I. I THINK Bones was right when he said........ bones698 - 8 Sep'09 - 07:46 - 45019 of 45062 "MPC was always planned to be floated off. i believe this way investors have the choice of which of the entities they want to invest in. this was Remps plan years ago.........." And "This way investors of all types can decide on their risk profile and choose or even split it accordingly. I believe this is correct and about the only thing that makes sense from yesterdays' RNS. Ethical green funds can invest in sea and others in Iraq with no links between the two!!" But the timing was probably not planned as it now stands. Snob says... "Can you imagine if they get say 30 wells lined up, and then sell on the company at a premium?" Yes, I think that is about all that remains to them, although I consider an IPO more likely than "selling on". LJ |
Posted at 07/9/2009 10:01 by talha2 Highlights: * Creation of the first publicly quoted pure-play offshore wind company; * Company to be renamed SeaEnergy PLC; * The Company has 456MW (net) secured through participation in the Scottish Round; * Additionally the Company has submitted bids in the UK Offshore Round 3; * Funding secured from Lanstead to provide working capital at a price of 55p, a premium to the closing price on 4 September 2009: amounting to GBP5.0 million secured with a further GBP2.5 million subject to shareholder approval; * Significant utility partnerships already formed with major European utilities SSE Airtricity, RWE npower and EDP Renewables; * Five year global goal of 1GW net of offshore generation capacity; * Changes to the Board proposed to reflect the refocusing of the strategy; * Existing interests in Oil & Gas to be exited in an orderly fashion to maximize value; * Mesopotamia Petroleum Company's discussions with Iraqi Drilling Company and potential investors continue. Stephen Remp, Executive Chairman of Ramco Energy plc said: "The offshore wind opportunity is truly enormous, with over GBP130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds. The North Sea is once again opening up for development, this time driven by the global demand for clean energy, and SeaEnergy will be at the heart of this revolution -------------------- ps two massive positives for me today 1. * Mesopotamia Petroleum Company's discussions with Iraqi Drilling Company and potential investors continue 2. The offshore wind opportunity is truly enormous, with over GBP130 billion of investment envisaged over the next 11 years through the Scottish and UK Offshore Rounds. The North Sea is once again opening up for development, this time driven by the global demand for clean energy, and SeaEnergy will be at the heart of this revolution -------------------- ps talks with IDC and other investors continue so nothing negative there plus Mr Remp has hinted why they are shifting to renewables GBP 130 billion investment envisaged over the next 11 years .wow and seaenergy is at the heart of the revolution . |
Posted at 13/8/2009 17:30 by allalogie The head of Iraq's state-owned North Oil Company (NOC) expects the next auction to develop the country's oil and gas fields to be a success, provided would-be foreign investors rein in their "greed".Iraq's first tender offer in four decades last June -- which saw investors snub all but one of the eight contracts put up for auction -- failed because "foreign investors were a little bit greedy", Manaa al-Obaydi told AFP earlier this week. "I think the Iraqi government put up a price, which may or may not have been fair, but the bidders came with a price that is four times as much," Obaydi said. "It's okay if it was twice or one and a half times as much, but not four times," he said. "I think the second round will be more successful," he added. British energy giant BP and China's CNPC International Ltd were the only companies to win a bid in the last round of offers, accepting two dollars per barrel to work jointly in the giant Rumaila oil field in southern Iraq, which has known reserves of 17.7 billion barrels. A slew of foreign firms rejected as too low other contracts offered by Baghdad, all of which were based on companies accepting a fixed fee -- also mostly around two dollars -- per barrel of oil or oil equilavent extracted, rather than an equity stake. In the next round, scheduled for November, 15 oil fields wrapped into 10 contracts will be offered to 45 qualified bidding companies. The oil ministry is planning a road show in the Turkish city of Istanbul on August 25 to promote investor-interest. "We want (foreign companies) to come so that we will learn, so we are open," Obaydi said. "I would not ask them to accept my price, but at least I want them to be fair with me." Obaydi stood by the ministry's decision to deny foreign companies equity stakes in local fields, saying Iraqi oil companies should run the show while foreign firms focus on providing expertise in order to provide employment for Iraq. NOC currently produces 650,000 barrels per day (bpd), still below the 750,000 bpd produced before the 2003 US-led invasion that toppled dictator Saddam Hussein. Obaydi said NOC expects to raise oil production by around 75,000 bpd in the oil-rich province of Kirkuk by the end of next year thanks to increased investment in production facilities. Baghdad is investing around 150 million dollars to ramp up output at the Bai Hassan oil field in the disputed province in northern Iraq, which is the site of a tussle for control between Baghdad and the autonomous Kurdistan Regional Government (KRG). The money would help install new equipment that would increase production from the current daily average of around 173,000 bpd to as much as 230,000 bpd by the end of next year, he said. Improvements already made at the Jambur field will see production there increase from 52,000 to 70,000 bpd, while the region's biggest field, Kirkuk, is set for an as-yet unspecified rise from a current 382,000 bpd. Iraq has the third-largest proven reserves of oil in the world, behind Saudi Arabia and Iran, but large-scale exploration and development has not occurred in the country for decades. The nationalisation of the country's energy companies in the early 1970s, followed by decades of war and UN-led sanctions during Saddam's rule -- as well as chaos after his overthrow -- curtailed the industry. Iraq currently produces around 2.4 million bpd, with oil accounting for around 85 percent of the government's revenues. It exports some two million bpd, most of it from the fields of the southern province of Basra. Insurgent attacks and tensions between Baghdad and the KRG have cast a pall over efforts to develop oil and gas in the country's north, especially at the contested Khurmala dome, part of the massive Kirkuk field. Observers fear tensions in the disputed region could be a trigger for further conflict. Obaydi said a move earlier this year by Kurdish peshmerga militia to bar NOC employees from working on the Kirkuk fields was a "misunderstanding" that had been resolved. Disputes between Baghdad and the Kurds over Kirkuk would not disturb continued oil extraction in the region, Obaydi maintained. "Whatever solution comes from Baghdad and Arbil, at the end of the day NOC will continue to take care of the oil," he said. |
Posted at 10/8/2009 14:58 by julcester Investors who have already takenadvantage of the benefit of being first into the market include: [Edited - deleted companies] Mesopotamia Oil and Gas (UK) The government of Iraq passed a modern and open investment law in 2006 which encourages both local and foreign private investors to invest in the country and which protects investors property rights. The law: Exempts approved investment projects from certain taxes and fees for at least 10 years. Allows investors to withdraw their capital and proceeds from it in exchangeable currency. Allows investors to rent or lease land for the whole period of an investment project, in some cases for up to 50 years. Enables investors to repatriate capital brought into Iraq in hard currency. Allows investors to insuring projects with any national or foreign insurance company Permits investors to open accounts in Iraqi or foreign currency or both at Iraqi banks or at banks outside Iraq Assures investors that projects will not be confiscated or nationalised. Allows non-Iraqi workers to transfer salaries outside Iraq |
Posted at 19/7/2009 12:42 by cyberpost Security issues still shadow Iraqi oilBy BRETT CLANTON Copyright 2009 Houston Chronicle July 18, 2009, 1:03AM Iraq's recent moves to open its vast oil fields to international companies could help U.S. oil producers that have eyed the region for years and give a boost to Houston's oil field services sector. Early this month, Iraq awarded a contract that allows European oil giant BP and China National Petroleum Corp. to develop Iraq's mammoth Rumalah oil field and is preparing to dole out contracts for other coveted fields. "If all those things run their course, then there will be more oil field services work coming out of Iraq of a reasonably substantial nature throughout 2010," said Nick Gee, vice president of investor relations at Weatherford International, a Geneva-based firm with large operations in Houston. But doubts remain about the ability of outside oil companies to work safely as U.S. troops withdraw in the coming year and upcoming parliamentary elections threaten more political instability. "As long as Iraq does not have a basic legal framework to really manage and regulate energy-related activities, it will remain extremely risky for any company to really go in completely reassured. We're just not there yet," said Rochdi Younsi, director of Middle East and Africa for the Eurasia Group in Washington. Prospects for new business in Iraq will likely be a discussion topic this week as oil field services giants Weatherford, Halliburton and Schlumberger kick off quarterly earnings season in the Oil Patch. Those earnings are expected to be lower than a year ago as lower commodity prices and a still-weak global economy force oil companies to spend less this year on oil field services such as seismic surveying, drilling fluids and well completions. Amid particularly weak business in North America, investors are hopeful business in Iraq will begin to materialize soon, said Neal Dingmann, industry analyst with Memphis-based brokerage firm Wunderlich Securities, who believes oil services companies could win "relatively large" Iraq contracts by year-end. "If they can just announce the contracts, that's going to go a long way, because the one thing most investors are very nervous about is a rapidly declining backlog, and this would help mitigate that," Dingmann said. Iraq was the world's 13th-largest oil producer in 2008 at roughly 2.4 millions barrels per day and has the world's third-largest proven petroleum reserves after Saudi Arabia and Canada, according to the U.S. Energy Information Administration. But years of economic sanctions and wars have hampered development and left many of its fields damaged or neglected. Iraq, which nationalized its oil and gas fields in 1972, recently allowed foreign oil companies to bid on contracts for work on half a dozen of its most prized fields. Though not all awards in a first round of bidding have been made, a second bidding round on different fields is expected before year end. Separately, a division of Iraq's national oil company has invited foreign oil companies to bid for rights to develop its giant Nasiriyah oil field in southern Iraq. Japan's Nippon Oil, Italy's ENI Group and others are competing for the work. Officials with major oil field services companies said they are hopeful they will see a piece of that work, but also acknowledge they are approaching the region with caution. Weatherford, for instance, already has two contracts with Iraq National Oil Co. dating to 2005, but staffs the projects only with Iraqi nationals because it sees too much risk in bringing expatriates in to do the work, Gee said. Halliburton also sees Iraq as an "important opportunity for our company" but is waiting to see "a more stable security environment for our personnel," said Cathy Mann, a spokeswoman for the company, with dual headquarters in Houston and Dubai, United Arab Emirates. Such concerns have fueled uncertainty about when Iraq's oil fields will truly be open for business. "We believe something will happen in 2010," Andrew Gould, CEO of oil field services giant Schlumberger, told analysts in April. "But what's going to happen and with whom, we really don't have a good view today." Halliburton and Weatherford report second-quarter earnings Monday, with Schlumberger following on Friday and Houston's Baker Hughes releasing results Aug. 5. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
