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[lofuw] 07/10/2015 17:09

Brent crude oil price dips below $50 a barrel


7 January 2015

From the section Business
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The price of Brent crude oil has fallen below $50 a barrel for the first time since May 2009.

It fell more than a dollar to $49.92 a barrel in early trading on Wednesday before edging back above the $50 mark.

Slowing global growth and increased supply of oil and gas have pushed prices sharply lower in recent weeks.

The price of oil traded in the United States, known as West Texas Intermediate crude, has already fallen below $50.

Many observers expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group Opec resists calls for cuts in production to support prices.




"With no sign that Opec will do anything about over-production, it seems likely that we could well see further declines towards $40 in the coming weeks," said CMC Markets analyst Michael Hewson.


line break

The skyline of Riyadh, Saudi Arabia
Image caption
Saudi Arabia has again insisted that it will not cut production to prop up oil prices in the short term

Analysis by Mark Lobel, business reporter, Dubai:

Oil industry insiders tell me they think it will be a year or two until prices return to around $80 - $90 per barrel.

A senior oil executive thinks Brent crude will drop to $45 per barrel, while an engineer suggested it could drop further.

Despite this, the Saudi King used a speech, delivered by the Crown Prince on Tuesday, to again insist the oil giant will not cut production, despite themselves having to decrease discounts to Asian customers as the low prices bite.

There are other signs Saudi Arabia may be feeling the pinch a little too hard, despite its large foreign reserves and cheap production costs.

The Kingdom's main oil company has suspended a major clean fuels plant and several new rigs.

Gulf economies are now budgeting for an assumed oil price of around $60 a barrel this year but insist that they will continue spending regardless, to build and diversify their economies, incurring a deficit if needs be.

Iraq however is suffering badly. With major security challenges there, they are already budgeting for a huge deficit.


line break
Producers suffer

Whilst many consumers and businesses welcome a drop in the cost of fuel, oil producing countries including Russia and Venezuela have been hit as the price of their main export falls.

The oil price has now fallen by more than half since June when the price stood at $110 per barrel.

"All the net exporters of oil are the ones that are suffering at the moment," said Iain Armstrong, oil market analyst at investment management firm Brewin Dolphin.

"Unless you're lucky enough to be tied to the dollar, your currency is going to be in big trouble, i.e. just like Russia."

Pump price

In the UK politicians have called for more of the fall in oil prices to be passed on to consumers.


Oil price budget balance graph
On Monday, Chancellor George Osborne tweeted that it was "vital this is passed on to families at petrol pumps, through utility bills and air fares".

Speaking BBC Radio 5 Live Sainsbury's chief executive, Mike Coupe said fuel prices could eventually fall below a pound a litre:

"We have certainly seen prices chased down, mainly by the supermarkets," he said.

"You could feasibly see fuel prices fall below the £1 barrier."

All the major supermarkets have reduced fuel prices this week.

However, former US treasury secretary Larry Summers, who says the world is not doing enough to combat climate change, warned there were increased risks associated with lower energy prices.

"The consequences of lower oil prices, lower natural gas prices, lower coal prices, is surely going to be more energy use, more emission of greenhouse gases and higher temperatures down the road," he told BBC World Service radio.

Mr Summers wants to see the widespread adoption of carbon taxes and says that the current system of combating carbon emissions is not working.

He says that putting a more appropriate price on carbon emissions would help tackle climate change

[howesp] 07/10/2015 16:41

FF, thanks to an earlier advice from you I have signed up to Share Profits and will hopefully follow future TXO developments there. Have also downloaded Report & Accounts and am currently wading through them. I am neither Accountant nor Lawyer but have considerable experience of both so quite looking forward to the "wading". I have to say a lot of work had to go into producing those Accounts and there are not many people employed to do it. Also Directors do not seem that greedy in terms of annual remuneration - most rewards seem to be in Options.

I still think we have all been told a pack of lies over the years and it would be nice if Tim Baldwin put his hands up and said sorry. No chance!

[lofuw] 07/10/2015 12:43

Oil Prices Skyrocket On News OPEC May Consider Production Cuts

















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October 07, 2015 04:23 (GMT)

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Oil Prices Skyrocket On News OPEC May Consider Production Cuts
Oil Prices Skyrocket On News OPEC May Consider Production Cuts
Crude oil and Brent oil surged on Tuesday afternoon gaining almost 5% and continued to rally on Wednesday morning. Crude oil rose to 49.15 up by 62 cents in the early session. Brent oil added 10 cents to 52.27 but the spread remained dangerously close at just over $3. Russia, currently the world's biggest oil producer, in the past has refused to cooperate with rival Saudi Arabia the top producer in the oil cartel OPEC, despite a collapse in oil prices that has crushed Russia's economy and government revenues in the last year.


But Novak said for the first time this weekend that Russia is ready to meet with the cartel in a remark that helped drive up oil prices October 5.


The US Energy Information Administration said domestic crude production fell 120,000 barrels a day from August to September. At 9 million barrels a day last month, the US production hit its lowest level in a year. The agency slightly cut its production forecasts putting it at 8.8 million barrels a day in 2016.


Prices had also received a boost earlier in the day from talk of a meeting between Russia and the Organization of the Petroleum Exporting Countries. Industry executives and reports have mentioned a potential meeting to discuss the conditions on the oil market, causing some to speculate the world's other largest producers could join the US in a continuing pullback.



crude oil+


OPEC's secretary-general also said that oil prices are set to rebound amid steep cuts in global oil investments. There will be "less supply in the very near future. Less supply means high prices," Abdalla Salem el-Badri said at the conference.


In November last year, the 12-nation oil producer group embarked on a policy to defend its market share by keeping its output stable despite the slump in prices. OPEC has since indicated it will only consider a cut if other big suppliers join it.


But any production cuts by Russia remain unlikely, given the country's current economic situation, said Hamza Khan, head of commodities strategy at ING Bank. Higher production is the only way Russia can keep its revenues stable, he said.


After markets closed on Tuesday the American Petroleum Institute said that crude supplies fell 1.2 million barrels for the week ended Oct. 2. Analysts polled by Platts expected supplies to be up 1.75 million barrels.


Markets are awaiting the EIA weekly report on US commercial crude inventories, a closely watched indicator of demand in the world's top consuming nation. Today’s report is expected to show inventories rose by two million barrels in the week to Oct 2, according to a Bloomberg News survey.



brent oil+


Oil prices, which tumbled in August to six-year lows under pressure from strong global output, have been slowly climbing back up.


"Oil prices have been supported by a number of factors lately, including... a slightly weaker US dollar, the positive vibes arising from the rebounding stock markets, and Russia's military actions in Syria which has increased supply-side risks in the Middle East region," said an analyst at traders Gain Capital.


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[lofuw] 06/10/2015 16:08

Crude oil washing


From Wikipedia, the free encyclopedia


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Crude oil washing (COW) is washing out the residue from the tanks of an oil tanker using the crude oil cargo itself, after the cargo tanks have been emptied. Crude oil is pumped back and preheated in the slop tanks, then sprayed back via high pressure nozzles in the cargo tanks onto the walls of the tank. Due to the sticky nature of the crude oil, the oil clings to the tank walls, and such oil adds to the cargo 'remaining on board' (the ROB). By COWing the tanks, the amount of ROB is significantly reduced, and with the current high cost of oil, the financial savings are significant, both for the Charterer and the Shipowner. If the cargo ROB is deemed as 'liquid and pumpable' then the charterers can claim from the owner for any cargo loss for normally between 0.3% up to 0.5%. It replaced the load on top and seawater washing systems, both of which involved discharging oil-contaminated water into the sea. MARPOL 73/78 made this mandatory equipment for oil tankers of 20000 tons or greater deadweight.



Although COWing is most notable for actual tankers, the current chairman for Hashimoto Technical Service, Hashimoto Akiyoshi, applied this method in washing refinery plant oil tanks in Japan. Hashimoto is currently using this method in the Kyushu, Chugoku, and Tohouku regions in Japan.[1] Because of the logical nature of the technical complexities of COW, crude oil wash is still frowned upon by many who are not able to understand the exact mechanism behind COW; however, it is undeniable that COWing will become the norm not only in saving money for oil companies but moreover for recycling crude oil waste that should not be dumped and neglected.



Seawater washing[edit]



Originally oil tankers used one set of tanks for cargo and about one third of the same tanks were for water ballast on their empty trips. High pressure, hot, seawater jets were used to clean the tanks and the mixture of seawater and residue called slops discharged into the sea, as was the oil-contaminated ballast water. The 1954 OILPOL Convention attempted to reduce the harm by prohibiting such discharges within 50 miles (80 km) of most land and 100 miles (160 km) of certain particularly sensitive areas.



Load on top[edit]



The discharges from seawater washing were still considered a problem and during the 1960s the load on top approach began to be adopted. The mixture of cleaning water and residue was pumped into a slop tank and allowed to separate by their different densities into oil and water during the journey. The water portion was then discharged, leaving only crude oil in the slop tank. This was pumped into the main tanks and the new cargo loaded on top of it, recovering as much as 800 tons of oil which was formerly discarded.



History[edit]



Even with load on top there is still some oil in the discharged water from the slop tank. Starting in the 1970s, equipment capable of using crude oil itself for washing began to replace the water-based washing, leading to the current technique of crude oil washing. This reduces the remaining deliberate discharge of oil-contaminated water and increases the amount of cargo discharged, providing a further benefit to the cargo owner.



Crude oil washing equipment became mandatory for new tankers of 20,000 tons or more deadweight with the 1978 Protocol to the 1973 MARPOL Convention. Revised specifications for the equipment were introduced in 1999.



Modern tankers also use segregated ballast tanks and these remove the problem of discharge of oily ballast water.



External links[edit]
International Maritime Organization description of Crude Oil Washing
Scanjet Crude Oil Washing Machine







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Ocean pollution







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[lofuw] 06/10/2015 16:04

U.S. Attorney General Loretta Lynch and other federal officials gathered Monday morning (Oct. 5) to file the details of the $20 billion settlement agreement with BP over the 2010 Gulf of Mexico oil spill in federal court. The 90-page settlement resolves federal and state claims as well as claims over natural resource damage caused by the disaster.



Louisiana is set to receive more than $6.8 billion from the agreement the U.S. Justice Department and five Gulf Coast states reached with BP in July. The deal ends years of complex litigation and allows payments to start flowing to clean and restore the coast, compensate for lost local tax revenue and meet other needs.



NOLA.com is still reading through the details of the settlement, but here are seven things we know right now:

1.BP will pay more than $20 billion under the finalized settlement. This sum includes $5.5 billion to pay federal pollution fines under the Clean Water Act, $7.1 billion for natural resource damage claims, federal oil response costs and outstanding royalty payments linked to BP's failed Macondo well.

2.BP will make payments over the next 16 years, starting next year. BP will start making certain smaller payments next year, including previous costs the federal government and Louisiana incurred while assessing the spill's environmental hit. BP will pay the $5.5 billion in pollution fines and $7.1 billion natural resource damages in annual installments from 2017 to 2031.

3.BP and federal and state governments each have the option to accelerate payments. The agreement allows BP to quicken the pace it pays down settlement costs any time it wants. The U.S. and affected states have a right to accelerate payments if BP is sold to a competitor or goes bankrupt.

4.BP will be penalized for any late payments. BP will face a penalty anywhere from $50,000 to $200,000 per day for failure to make a settlement payment. The company will have a 30-day grace period to make payments, which will be due each year on the anniversary of the agreement's effective date. Louisiana will get a 10 percent share of any late penalties paid.

5.BP must make settlement information publicly available on its website. The company will be required to post the full text of the agreement, annual payment reports, notices of non-compliance, audits and other documents online for public viewing.

6.Louisiana is waiving its right to future oil spill claims against BP. The five Gulf Coast states involved in the agreement have agreed to "fully, finally and forever" release and waive any claims against BP related to the 2010 disaster. To be clear, that does not include any claims states may have if BP does not comply with the settlement agreement.

7.BP may still be able to take tax breaks on its damage payments. It is illegal for companies to deduct penalties paid for breaking the law from their taxes, but damage payments -- such as money paid for coastal restoration -- can be treated as a business expense. The settlement terms specifically state BP cannot deduct its Clean Water Act penalties, but places no restrictions on the natural resource damage money.

[whe4to] 06/10/2015 15:49

Thanks FF, would be interesting to have your take.

Written this off mentally!!

[lofuw] 06/10/2015 11:28

Oil remediation is the process used to clean up oil spills. Oil spills threaten the health of humans and are harmful to the environment and may be remedied in a variety of ways. The threat level and the exact type of oil remediation used depends on the size of the spill, the type of oil, the location of the spill and the climate where the spill occurs.



The most preferred method of oil remediation, especially in the water, is to leave it alone and let it naturally disintegrate. When there is no danger of spills affecting marine wildlife or coastal regions, the wind, sun, ocean currents and waves will effectively break up and evaporate most kinds of oil. The lighter the oil the easier it will break down naturally.



Containing the oil with booms and collecting it with skimmer equipment is another method of oil remediation for spills in the water, except for the high seas. Booms may be made of a wide array of materials and come in a large variety of shapes. Depending on the size of the spill, they may be placed in deep water, float evenly with the water line or sit above the water line up to three feet (one meter). Once the oil is contained, it is scooped or sucked out and placed in nearby containers or vessels. In some cases it may even be placed on shore for easier cleanup.



In cases where oil remediation takes place within the first few hours of the spill, and sea grass and deep-water coral are not in danger, dispersant products may be used. Dispersants work to break up the oil so it may biodegrade more quickly. When the oil is broken up it allows it to mix with the water, which promotes evaporation and consumption by bacteria.



When oil, petroleum and other hydrocarbons are spilled in large and small amounts, they may be cleaned up by using a PRP (petroleum remediation product). PRPs were developed by NASA (The National Aeronautics and Space Administration) and come in different forms. PRPs consist of tiny balls of treated wax which have added nutrients, such as nitrogen and phosphorus, that fertilize the microorganisms which eat the oil. Powder PRP products are scattered over a spill to quicken the natural biodegradation process. The oil latches onto the balls when it comes in contact with the wax while the nutrients help promote the growth of bacteria which consume the oil.

[lofuw] 06/10/2015 11:23

THE Bahamas Reef Environmental Educational Foundation yesterday released a photo of a visitor’s legs partially covered in oil following a snorkelling trip off Clifton Bay, highlighting the persistent environmental threat oil spills are posing to the area.



#BREEF Executive Director Casuarina McKinney-Lambert said the oil spill has been “unbearable,” negatively impacting the “precious marine environment, human health, livelihoods and the reputation of The Bahamas around the world.”



#This comes despite the fact that the government pledged $10m towards the removal of oil from waters off Clifton Pier in January in response to the longstanding problem.



#Last year, there were complaints that significant amounts of oil washed ashore on the nearby Adelaide Beach.



#Mrs McKinney-Lambert said: “BREEF has been advocating for the clean-up of this environmental disaster for many years, and is hopeful that the clean-up will start soon. There is no time to wait.



#“Last year, BREEF installed the Coral Reef Sculpture Garden to draw attention to critical threats to the marine environment, particularly the use of fossil fuels that can contaminate the environment with spills, and whose combustion changes the global climate.



#“We were very pleased to hear that the prime minister has committed funds for the clean-up, and we are anxiously awaiting for it to result in remediation of the current situation, and on the ground measures to ensure that oil does not leak into the water in the future.



#“This is critically important. BREEF recognises that the oil spills at Clifton have been going on for many years, and that it will take a number of steps to effectively fix this problem.”



#She added: “The installation of BREEF’s Coral Reef Sculpture Garden generated tremendous positive publicity for The Bahamas around the world with print and online media reporting on the story, with over 100 stories in dozens of countries.”



#The Sculpture Garden is home to the world’s largest underwater sculpture – “Ocean Atlas” by Jason deCaires Taylor.



#“The media coverage has inspired many people to visit the country to enjoy our marine environment, and has raised the reputation of the Bahamian artists Andret John and Willicey Tynes who contributed important pieces to the sculpture garden,” she added.



#“The underwater sculptures are now turning into living reefs and BREEF is monitoring both the growth of new corals on this underwater art, as well as monitoring the oil that contaminates the area daily.



#“It is imperative that local and international visitors leave with a positive impression and an enthusiasm to visit again, rather than covered in oil.”

[fishermansfriend] 06/10/2015 11:14

Whilst there is still no sign of the TXO annual report on the TXO website, it is available now from Companies House:

[lofuw] 05/10/2015 19:43

U.S. Attorney General Loretta Lynch and other federal officials gathered Monday morning (Oct. 5) to file the details of the $20 billion settlement agreement with BP over the 2010 Gulf of Mexico oil spill in federal court. The 90-page settlement resolves federal and state claims as well as claims over natural resource damage caused by the disaster.

Louisiana is set to receive more than $6.8 billion from the agreement the U.S. Justice Department and five Gulf Coast states reached with BP in July. The deal ends years of complex litigation and allows payments to start flowing to clean and restore the coast, compensate for lost local tax revenue and meet other needs.

NOLA.com is still reading through the details of the settlement, but here are seven things we know right now:
1.BP will pay more than $20 billion under the finalized settlement. This sum includes $5.5 billion to pay federal pollution fines under the Clean Water Act, $7.1 billion for natural resource damage claims, federal oil response costs and outstanding royalty payments linked to BP's failed Macondo well.
2.BP will make payments over the next 16 years, starting next year. BP will start making certain smaller payments next year, including previous costs the federal government and Louisiana incurred while assessing the spill's environmental hit. BP will pay the $5.5 billion in pollution fines and $7.1 billion natural resource damages in annual installments from 2017 to 2031.
3.BP and federal and state governments each have the option to accelerate payments. The agreement allows BP to quicken the pace it pays down settlement costs any time it wants. The U.S. and affected states have a right to accelerate payments if BP is sold to a competitor or goes bankrupt.
4.BP will be penalized for any late payments. BP will face a penalty anywhere from $50,000 to $200,000 per day for failure to make a settlement payment. The company will have a 30-day grace period to make payments, which will be due each year on the anniversary of the agreement's effective date. Louisiana will get a 10 percent share of any late penalties paid.
5.BP must make settlement information publicly available on its website. The company will be required to post the full text of the agreement, annual payment reports, notices of non-compliance, audits and other documents online for public viewing.
6.Louisiana is waiving its right to future oil spill claims against BP. The five Gulf Coast states involved in the agreement have agreed to "fully, finally and forever" release and waive any claims against BP related to the 2010 disaster. To be clear, that does not include any claims states may have if BP does not comply with the settlement agreement.
7.BP may still be able to take tax breaks on its damage payments. It is illegal for companies to deduct penalties paid for breaking the law from their taxes, but damage payments -- such as money paid for coastal restoration -- can be treated as a business expense. The settlement terms specifically state BP cannot deduct its Clean Water Act penalties, but places no restrictions on the natural resource damage money.