TXO Plc Share Discussion Threads

[lofuw] 26/10/2015 16:46

Oil Industry Badly In Need Of A Major Breakthrough





By Kurt Cobb
Posted on Thu, 22 October 2015 22:05 | 4











We all know Goldilocks from the story of Goldilocks and the Three Bears in which the young maiden wanders into the home of the bears and samples some porridge that happens to be sitting on the dinner table. The first bowl is too hot, the second is too cold and the third is just right.





Like a corporate version of Goldilocks, the oil industry has been wandering into the world marketplace in recent years often finding an oil price that is either too high such as in 2008 and therefore puts the brakes on economic growth, undermining demand and ultimately crashing the price as it did in 2009. Or it finds the price too low, as it is today, therefore making it impossible to earn profits necessary for exploiting the high-cost oil that remains to be extracted from the Earth's crust. Oil that hovered around $100 per barrel from 2011 through much of 2014 seemed to be just right. But those prices are now long gone.





Violent swings in the price of oil in the last decade have made it difficult for the industry to plan long term to produce consistent supplies at moderate prices. This has important implications for future supplies, which I will discuss later.





The great political power of the oil industry has led many to conclude, erroneously, that the industry must also somehow control the price of oil. If the industry has such power, it is doing a really lousy job of using it.





Related: Oil Market Showdown: Can Russia Outlast The Saudis?





It is true that in times of robust demand, OPEC can maintain high prices by limiting oil production in member countries. But when demand softens, OPEC rarely exhibits the necessary discipline as a group to cut production. Typically, Saudi Arabia shoulders most of the burden of reduced production under such circumstances.





Which is why it was so shocking when, during this most recent swoon in the oil price, the desert kingdom responded with an emphatic "no." No, Saudi Arabia will not curtail its production. And, since all the other OPEC members are unable to challenge Saudi Arabia's power--which consists of the ability to add production to counter cuts by others--the price of oil has stayed low.





The stated reason for this move is that Saudi Arabia wants to undermine American tight oil production. And, low prices are doing just that. The U.S. oil rig count peaked in October last year at 1609. In the week just passed that number was 595.





The low-price strategy seems to be knocking the competition out of the game. And, it's difficult to imagine investors in the future dumping great gobs of new money so freely into tight oil wells and the companies that drill them after having been thoroughly burned this time around. And, that's probably true even if the price of oil recovers significantly. There will always be the fear that Saudi Arabia will flood the market with oil and crash the price. (This is not, in fact, what Saudi Arabia has done so far. In the most recent oil price rout, the Saudis simply refused to cut the kingdom's then current production level--as it had regularly done in the past--even as demand softened and prices fell.)





Probably one of the best illustrations of the problematic future of oil supply is the recent abandonment of a multi-billion dollar arctic oil drilling project by Shell Oil Company, the American arm of the European-based Royal Dutch Shell PLC. Shell called its arctic discoveries "marginal" and indicated that it would cease drilling there for the "foreseeable future."





This emphasizes that the remaining oil available for extraction is both difficult-to-get and high-cost. It turns out that the oil discovered by Shell's arctic project comes in small packages instead of the giant reservoirs which have powered the oil industry and modern civilization up to now.





What this implies is that limitations on future supplies may result from the price of oil being too low. Contrary to the public perception that such limits would be accompanied by high prices, it is precisely high prices that make it possible to exploit the marginal deposits that are unprofitable today.





Related: How The Oil Price Crash Will Make Markets More Efficient






$80 Oil By Christmas – Do NOT Be Fooled By The Mainstream Media





The current market turmoil has created a once in a generation opportunity for savvy energy investors.




Whilst the mainstream media prints scare stories of oil prices falling through the floor smart investors are setting up their next winning oil plays.

Click here for more info on successful oil investing






Writer Gail Tverberg has developed this thesis in detail on her blog Our Finite World, a thesis first advanced by energy analyst and consultant Steven Kopits. (A presentation by Kopits is available here.) Tverberg's analysis is that high energy prices, particularly high oil prices, tend to suppress economic growth leading to recession and price declines. The lower incomes and lack of employment that accompany recessions make oil--despite its lower price--less affordable than is generally recognized. Lack of demand is partly the result of crimped living standards--which keep prices low, which, in turn, make it unprofitable to exploit high-cost oil.





Now, oil demand actually went up somewhat in the face of recent lower prices. But if Tverberg's thesis is correct, then demand won't hold up when the economy sinks into a recession or stalls close to zero growth. If the world economy shrinks or merely stalls, as it now appears to be doing, we may be in for a long stagnation for other reasons as the world works off debt built up previously in a long 30-year credit boom.





It seems only logical that if world oil production drops as a result of low demand and low prices, at some point, shortages will appear and prices will rise even if the world economy remains in a slump. That may happen, but the big question will be this: Just how high can those prices rise before financially strapped consumers can't afford to pay more?





If that price turns out to be somewhat less than $100 a barrel, very few deposits of unconventional oil such as arctic and deepwater oil, tight oil from deep shale deposits, and tar sands will be profitable to produce. And these unconventional sources have been virtually the only engines of oil production growth in recent years. The International Energy Agency, a consortium of 29 countries which tracks energy developments, is already on record saying that conventional oil production peaked in 2006.





With violent swings in oil prices continuing, it's hard to imagine world markets delivering an oil price indefinitely above $100--which would encourage growth in unconventional oil production--but not above, say, $130, which could easily send the economy into recession and lower prices below the point of profitability for unconventional oil. It seems that either Tverberg's stagnation scenario will limit production because of low prices or that a return to robust economic growth will be doomed to be short-lived because oil prices would move above what the world economy could bear.





Related: Oil Prices Still Not Low Enough To Fix The Markets





It's always possible that some technological breakthrough will allow us to get out of this cycle. But we should not count on this soon. As I have pointed out, the most recently touted "new" technology, the technology that opened the deep shale deposits in the United States for oil drilling, has a 60-year history of development:





For those who point to hydraulic fracturing as a recent technological breakthrough, they need to do a little research. Hydraulic fracturing was first used in 1947. More than 30 years later in the early 1980s, building on government research, George Mitchell and his company Mitchell Energy and Development began pursuing natural gas in deep shale deposits. It took Mitchell 20 years of experimentation, government help and government incentives to perfect the type of hydraulic fracturing which is now used to release both natural gas and oil from deep shales. It took another 10 years for his methods to be widely deployed by the oil and gas industry.





For truly revolutionary technology to make an important contribution to the world's oil supply over the next 20 years, that technology would have to be available today, but not yet widely deployed. The cycles of innovation in the oil industry do not move nearly as quickly as those in, say, the semiconductor industry. Major breakthroughs in oil extraction require long lead times, and there doesn't seem to be anything but marginal improvements in some existing techniques in prospect for many years to come.





For now, we may be experiencing limits in oil production that are not absolute, but relative to what the world economy can afford. Of course, we could rework our infrastructure and daily practices to use less oil or even to begin to phase it out altogether. But, don't look for that kind of dramatic move anytime soon, either.





By Kurt Cobb





More Top Reads From Oilprice

[lofuw] 25/10/2015 10:31

Oil Industry Badly In Need Of A Major Breakthrough





By Kurt Cobb
Posted on Thu, 22 October 2015 22:05 | 4











We all know Goldilocks from the story of Goldilocks and the Three Bears in which the young maiden wanders into the home of the bears and samples some porridge that happens to be sitting on the dinner table. The first bowl is too hot, the second is too cold and the third is just right.

Like a corporate version of Goldilocks, the oil industry has been wandering into the world marketplace in recent years often finding an oil price that is either too high such as in 2008 and therefore puts the brakes on economic growth, undermining demand and ultimately crashing the price as it did in 2009. Or it finds the price too low, as it is today, therefore making it impossible to earn profits necessary for exploiting the high-cost oil that remains to be extracted from the Earth's crust. Oil that hovered around $100 per barrel from 2011 through much of 2014 seemed to be just right. But those prices are now long gone.

Violent swings in the price of oil in the last decade have made it difficult for the industry to plan long term to produce consistent supplies at moderate prices. This has important implications for future supplies, which I will discuss later.

The great political power of the oil industry has led many to conclude, erroneously, that the industry must also somehow control the price of oil. If the industry has such power, it is doing a really lousy job of using it.

Related: Oil Market Showdown: Can Russia Outlast The Saudis?

It is true that in times of robust demand, OPEC can maintain high prices by limiting oil production in member countries. But when demand softens, OPEC rarely exhibits the necessary discipline as a group to cut production. Typically, Saudi Arabia shoulders most of the burden of reduced production under such circumstances.

Which is why it was so shocking when, during this most recent swoon in the oil price, the desert kingdom responded with an emphatic "no." No, Saudi Arabia will not curtail its production. And, since all the other OPEC members are unable to challenge Saudi Arabia's power--which consists of the ability to add production to counter cuts by others--the price of oil has stayed low.

The stated reason for this move is that Saudi Arabia wants to undermine American tight oil production. And, low prices are doing just that. The U.S. oil rig count peaked in October last year at 1609. In the week just passed that number was 595.

The low-price strategy seems to be knocking the competition out of the game. And, it's difficult to imagine investors in the future dumping great gobs of new money so freely into tight oil wells and the companies that drill them after having been thoroughly burned this time around. And, that's probably true even if the price of oil recovers significantly. There will always be the fear that Saudi Arabia will flood the market with oil and crash the price. (This is not, in fact, what Saudi Arabia has done so far. In the most recent oil price rout, the Saudis simply refused to cut the kingdom's then current production level--as it had regularly done in the past--even as demand softened and prices fell.)

Probably one of the best illustrations of the problematic future of oil supply is the recent abandonment of a multi-billion dollar arctic oil drilling project by Shell Oil Company, the American arm of the European-based Royal Dutch Shell PLC. Shell called its arctic discoveries "marginal" and indicated that it would cease drilling there for the "foreseeable future."

This emphasizes that the remaining oil available for extraction is both difficult-to-get and high-cost. It turns out that the oil discovered by Shell's arctic project comes in small packages instead of the giant reservoirs which have powered the oil industry and modern civilization up to now.

What this implies is that limitations on future supplies may result from the price of oil being too low. Contrary to the public perception that such limits would be accompanied by high prices, it is precisely high prices that make it possible to exploit the marginal deposits that are unprofitable today.

Related: How The Oil Price Crash Will Make Markets More Efficient


$80 Oil By Christmas – Do NOT Be Fooled By The Mainstream Media

The current market turmoil has created a once in a generation opportunity for savvy energy investors.
Whilst the mainstream media prints scare stories of oil prices falling through the floor smart investors are setting up their next winning oil plays.

Click here for more info on successful oil investing


Writer Gail Tverberg has developed this thesis in detail on her blog Our Finite World, a thesis first advanced by energy analyst and consultant Steven Kopits. (A presentation by Kopits is available here.) Tverberg's analysis is that high energy prices, particularly high oil prices, tend to suppress economic growth leading to recession and price declines. The lower incomes and lack of employment that accompany recessions make oil--despite its lower price--less affordable than is generally recognized. Lack of demand is partly the result of crimped living standards--which keep prices low, which, in turn, make it unprofitable to exploit high-cost oil.

Now, oil demand actually went up somewhat in the face of recent lower prices. But if Tverberg's thesis is correct, then demand won't hold up when the economy sinks into a recession or stalls close to zero growth. If the world economy shrinks or merely stalls, as it now appears to be doing, we may be in for a long stagnation for other reasons as the world works off debt built up previously in a long 30-year credit boom.

It seems only logical that if world oil production drops as a result of low demand and low prices, at some point, shortages will appear and prices will rise even if the world economy remains in a slump. That may happen, but the big question will be this: Just how high can those prices rise before financially strapped consumers can't afford to pay more?

If that price turns out to be somewhat less than $100 a barrel, very few deposits of unconventional oil such as arctic and deepwater oil, tight oil from deep shale deposits, and tar sands will be profitable to produce. And these unconventional sources have been virtually the only engines of oil production growth in recent years. The International Energy Agency, a consortium of 29 countries which tracks energy developments, is already on record saying that conventional oil production peaked in 2006.

With violent swings in oil prices continuing, it's hard to imagine world markets delivering an oil price indefinitely above $100--which would encourage growth in unconventional oil production--but not above, say, $130, which could easily send the economy into recession and lower prices below the point of profitability for unconventional oil. It seems that either Tverberg's stagnation scenario will limit production because of low prices or that a return to robust economic growth will be doomed to be short-lived because oil prices would move above what the world economy could bear.

Related: Oil Prices Still Not Low Enough To Fix The Markets

It's always possible that some technological breakthrough will allow us to get out of this cycle. But we should not count on this soon. As I have pointed out, the most recently touted "new" technology, the technology that opened the deep shale deposits in the United States for oil drilling, has a 60-year history of development:

For those who point to hydraulic fracturing as a recent technological breakthrough, they need to do a little research. Hydraulic fracturing was first used in 1947. More than 30 years later in the early 1980s, building on government research, George Mitchell and his company Mitchell Energy and Development began pursuing natural gas in deep shale deposits. It took Mitchell 20 years of experimentation, government help and government incentives to perfect the type of hydraulic fracturing which is now used to release both natural gas and oil from deep shales. It took another 10 years for his methods to be widely deployed by the oil and gas industry.

For truly revolutionary technology to make an important contribution to the world's oil supply over the next 20 years, that technology would have to be available today, but not yet widely deployed. The cycles of innovation in the oil industry do not move nearly as quickly as those in, say, the semiconductor industry. Major breakthroughs in oil extraction require long lead times, and there doesn't seem to be anything but marginal improvements in some existing techniques in prospect for many years to come.

For now, we may be experiencing limits in oil production that are not absolute, but relative to what the world economy can afford. Of course, we could rework our infrastructure and daily practices to use less oil or even to begin to phase it out altogether. But, don't look for that kind of dramatic move anytime soon, either.

By Kurt Cobb

More Top Reads From Oilprice

[sweet karolina] 25/10/2015 03:45

sharptack I had noticed all the new companies TEB had started recently and think you are probably right. TXO is dead and the website may be being recycled to support TEB's next great value enhancing, superb return to shareholders providing company - Clean Tech Assets PLC incorporated on 16 April 15. May be some or all of the limited companies will form the group. There would be various paper swaps between them, at entirely reasonable prices of course, which would end up valuing the group and an entirely sensible overall price and then no doubt an attempt will be made to float this fine enterprise on a market somewhere. There is not even a whiff of boiler rooms about this one.

Red Squirrel has appointed some other directors.

Gregory Blesson

Jason Duncan-Anderson

Peter Wright

I have not looked into these undoubtedly fine upstanding businessmen (I have absolutely no reason to suspect that they are anything other than honest and competent businessmen, who may have unfortunately associated themselves with Tim (may be he drinks at one of their pubs)) yet (had a few other distractions recently), but will do so.

If you have any further info on any of this please post it or drop me a line: [e-mail]

I foresee another great song and dance routine with much comedy for all, except those silly enough to invest, who won't be laughing at the end of it. Even weebles stay down once they are struck off as directors.

I hope CTA has paid TXO for the reuse of its webspace. I wonder if other more "valuable" assets have also been syphoned off from TXO. Once I know who the administrators are I will drop them a line to get them to look closely at all transactions over the Baldwin years.

[sharptack] 24/10/2015 21:54

Reinventing a webspace is not the same as reinventing a company via a corporate event. A certain link to the previous user/owner of the space is logical but not necessarily a direct business link to between old and new users of the space.

So look not for change of name for TXO at companies house, look instead for a newco with a single director. Namely 09546358 and TEB. Or while busy, maybe a run of new Companies should be noted e.g. 09771302 - Marine Waste Oil Recycling (ring any bells?) 09771304 - Cleaner Fuels Limited (link to Clean Tech Assets?) 09649496 - Red Squirrel Group (fancy a quick one?) A Weeble never lies down, question is only where it will next pop up for a feed.

[sweet karolina] 24/10/2015 12:34

Great new(t) article on Share Prophets:



In my last article o this zombie company I asked whether Halloween would be the final date for TXO? It would certainly look as though the Board of TXO believes it will be. On 20 Oct 15 three of the NEDs walked. They were:

First up was Andrew Glendinning, who had been at TXO since May 2003 and who had sufficient finance experience for TXO not to need to appoint a proper Finance Director when Daniel French walked in Jun 2012. Daniel did eventually get the money owed to him, but it was paid in TXO shares and it is not clear whether he ever got the chance to sell them.

Second to quit was Richard Harvey who had been at TXO since Jul 2009 and was the NED with legal experience, though I suspect other legal masterminds were behind TXO’s 2 legal fiascos – the Licence appeal in Tasmania and the $3bn lawsuit against the Chinese in New York, in which TXO’s investee company TOG had a 50% stake (not one penny received as predicted in previous articles).

Finally walking the plank was Spencer Wilson who joined TXO in Jul 2013 and who had all the contacts in the Middle East that were going to finance OTR and provide access to all the waste oil lakes ORS were going to clean up. I rather liked Spencer, he was the only one who had the decency to come and shake my hand after the AGM in Apr 2014.

Then on 22 Oct 15 the TXO website was taken down and now just has the message:

“Clean Tech Assets PLC – New website coming soon”



There has been no notification of company name change filed with Companies House and this just looks like a ruse to hamper access for anyone wanting to dig into the company’s disastrous history.

That just leaves Tim Baldwin and Chris Foster holding the fort. You will remember that the Nomad who was prepared to take TXO on and thereby save the AIM listing earlier this year would only do so on the condition that both Tim and Chris step down. They refused and the calamitous result for trapped shareholders is now crystal clear – oh well just one more breach of their directors’ responsibilities as laid down in the Companies Act 2006 (acting in the best interests of all members? Hardly!)

So with that dynamic duo staying behind to ensure the soon to be appointed Administrators do not find where the skeletons are buried, it is all rather reminiscent of the evacuation of the American Embassy in Saigon.

[sweet karolina] 22/10/2015 18:47

The other non execs walking and that there is, at time of posting, no notification of a company name change on the Companies House beta service:



leads to me GUESSING that this is the prelude to the company being put into administration. My GUESS is that Tim and Chris are staying to make sure the administrators do not find where they have buried the skeletons and to continue to spam this thread (at least one director has to stay and Tim got badly mauled by the directors who got caught holding the baby at RAM) See Para E of RAM Administrators report filed 14 April 14:



This is all a complete guess and could be wholly wrong. Another possible explanation is that someone has ponied up enough cash to bring the company back to life and they are trying to wipe the slate clean with a new name, a partially new board and a new website. I think this explanation is highly improbable, but offer it anyway for balance.

[lofuw] 22/10/2015 17:47

By NICO SCAVELLA



#Tribune Staff Reporter



#[e-mail]



#THE government has allocated $10m towards the removal of oil from waters off Clifton Pier, Prime Minister Perry Christie announced on Friday.



#Mr Christie said the money has been spent “bringing in engineers” to “remediateR21; all of the “environmental degradation at Clifton Pier”. However, he did not confirm whether the government had identified a culprit in the matter, but said the government would not allow any “entity that is at fault to bring such damage to this country”.



#Mr Christie’s comments referenced a situation last year that saw a significant amount of oil wash ashore on Adelaide Beach, prompting the Ministry of Environment to begin an investigation into the origin of the spill.



#Around the same time, Stuart Cove’s officials had complained that “black crude oil” and fuel emanating from the Bahamas Electricity Corporation’s Clifton Pier Plant were preventing them from conducting their diving business.



#Residents of Adelaide Beach had claimed that it was BEC’s Clifton Pier plant that was leaking the oil; however BEC Chairman Leslie Miller denied those allegations, saying that rather than “pointing fingers at BEC” people should investigate the other companies in the area.



#Addressing the matter at a coral reef preservation conference at Paradise Island yesterday, Mr Christie said: “I advised my colleagues that the implication is a profound one when it comes to damages, not just to think about the environment and the rights for people to swim in waters that are conducive to good health. So the government has made a decision to spend up to $10m in bringing in engineers to remediate all of that environmental degradation at Clifton pier.



#“We’ve hired firms to put booms in place, we’ve hired a firm to extract the oil, we have an engineering formula that would cause concrete to be poured down to five feet below sea level and then 10 feet below sea level, and then for thousands of gallons of oil to be extracted.”



#Mr Christie added: “We cannot allow, whether it’s BEC who is at fault or any other entity that is at fault, to bring such damage to this country.”



#Last September, residents of Adelaide complained of waves of “smelly black oil” that had washed up on the beach, claiming that it might have been a result of ongoing oil leaks from BEC’s Clifton Pier plant. And Stuart Cove told Tribune Business that his diving business had suffered a “huge” impact after its boats and facilities were covered in oil, and added that the oil spill could leave the Bahamas with a “real black eye internationally.R21;



#Albany’s marina chief Derek Roderick also told Tribune Business that it had been impacted “nine to 12 times” by oil pollution since it opened in October 2010.



#Additionally, Sam Duncombe, Director of Rebirth Bahamas, and Save the Bays Director Fred Smith expressed their distaste with the situation.



#Both Adelaide residents and Stuart Cove’s at the time suggested that BEC was the main culprit, however Mr Miller emphatically denied those claims.



#Mr Miller claimed that if BEC was indeed the source, then the oil would have “run the opposite way” near Jaws Beach away from Adelaide. The Ministry of Transport and Aviation subsequently stated that the complaints and the oil leak problem were priorities for the Christie administration.



#BEC executives met government officials and a team of biological engineers from the United States after it was discovered that fuel from the corporation’s Clifton Pier facility was leaking along the coastline.



#Environment Minister Kenred Dorsett at the time said the fuel from BEC was mixed with oil from another source that began spilling into canals near Stuart Cove’s Aqua Adventures and Albany.



#During a subsequent address in the House of Assembly, Mr Dorsett said an inspection of BEC’s plant revealed that not only was fuel being discharged from one of the facility’s outfalls, but it also revealed that BEC’s containment booms were not preventing all of the fuel from spreading.



#Speaking on the issue on Friday as well, Mr Dorsett said the government would not “sit idly by and allow the continued degradation of the environment while waiting on an assessment to determine who to point the finger at”.



#“The cabinet of the Bahamas has approved up to $10m being dedicated to the recommendations that were advanced by Caribbean coastal systems to address containment of oil going into the marine environment, to address extraction of oil that is in the ground and for the construction of a wall along the shoreline, 1,500 feet that will create a trench where the oil will then rest in and we will then be able to do further extractions,” he said.



#“We’re going to advance all of those things hopefully simultaneously. Morgan Oil out of Grand Bahama has already been mobilised to come in and begin the extraction of oil in the ground. They will then take that product, recycle it, and then we will determine whether to sell it, reuse it or whatever. But the bottom line is they’ve been engaged already to recycle it. They have facilities in Grand Bahama where they can do just that. Other Bahamian companies, some out of Grand Bahama, some out of Nassau, have been involved in putting in more containment booms out there at Clifton and the engineering works are now underway for the construction of that trench and that wall, which hopefully will enable us to get more products out of the ground.



#“It will be ongoing investigations as to the source. There was a team on the ground involving all of the oil companies together with the government yesterday on site were involving all of the stakeholders. The finger-pointing exercise is secondary in my mind’s eye to addressing the environmental degradation and advancing the remediation that needs to take place.”

[lofuw] 22/10/2015 17:45

By DANA SMITH



#Tribune Staff Reporter



#[e-mail]



#CONCERNED locals reported a “huge” oil spill in the Clifton area yesterday

afternoon, but the source of leak has yet to be discovered.



#Gary, an employee of Stuart Cove’s Dive Bahamas, said he was leaving the dock in a boat with a small group of customers at around 2.30pm when he noticed the water was dark and murky with oil.



#“It was right outside the Bahamas Electricity Corporation plant,” he said. “As we went through that area, the water just went black.



#“It’s all in the containment area and all inside the bay. It’s huge.



#“You can put your hand in and you can see the black oil on your hand. If you put a white cloth in the water, it turns black. It’s thick, dark oil.”



#Gary said it appeared to him the oil was reportedly coming from the BEC Clifton power plant.



#When called for comment, BEC public relations and corporate programmes officer Arnette Ingraham said the corporation had no knowledge of a spill.



#“At this point we have not heard of anything,” she said. “We haven’t gotten any reports of anything going on down there.”



#Ms Ingraham explained the oil could have come from a ship or even another company in the area, adding: “For now, we don’t know anything about it and we don’t think that we’ve had any issues down there.”



#However, she added that she would follow-up with the plant and send a representative out there to assess the situation.



#Earlier this year, Robert Kennedy Jr, senior attorney at the Natural Resources Defence Council, urged Bahamians to take a serious stand on the preservation of the country’s precious underwater resources.



#He said he was very concerned about the progressive breakdown of one of the country’s most famous underwater reefs.



#According to Mr Kennedy, several reefs in the Clifton Pier area have been nearly destroyed by repeated oil spills from BEC’s Clifton Pier Diesel Power Plant.



#Last April, Fred Smith – who represents the Coalition to save Clifton – along with Mr Kennedy Jr and Troy Albury of the Save Guana Cay movement, said he has spoken to Esso, Texaco, Shell and BEC about their environmental responsibilities at Clifton.



#Those companies all run industrial operations at Clifton Pier.



#Mr Smith said he has asked the companies for their Environmental Impact Assessments for the area and for them to assist with cleaning up the area.



#Mr Albury said Clifton’s reefs seem to be in good condition despite oil spills in the area, but added that “stiff penalties” must be implemented for individuals who break the law.



#Mr Smith had told Tribune Business in April that he has dived with Stuart Cove in Clifton’s waters “and they are saturated with pools and drips of oil and pollution. Each industrial sector blames the other.”



#Noting the number of industrial plants in the area, Mr Smith did not single out any particular entity for blame.

[sweet karolina] 22/10/2015 16:13

Andrew Glendinning, Richard Harvey and Spencer Wilson all stood down as directors on 20th Oct, leaving Tim and Chris the 2 scumbags who would not stand down to save TXO's AIM listing.

This has a bad smell about it.

[hitman92] 22/10/2015 15:51

TXO plc down - now states CTA (Clean Tech Assetts Plc) Website coming soon. WTF

[bili1946] 22/10/2015 12:01

Sweet Karolina.....brilliant result, well done.

[monkey puzzle] 22/10/2015 11:56

oh well at least with my filter on I don't have to read the shyte

[monkey puzzle] 22/10/2015 11:05

Love it, Blobby & his henchmen shafted themselves with their empty threats and bully boy tactics....and no more posts from Blobby's bird iofuw any more, even better.

[lofuw] 18/10/2015 18:31

Oman Invited To The Table At Next Week’s OPEC Meeting





By Matt Smith
Posted on Fri, 16 October 2015 15:06 | 0











Two hundred and twenty-two years after the death of Marie Antoinette, and the crude complex is trying not to lose its head. After a week of dragging its feet and looking downbeat, oil prices are finally mustering a bounce into the weekend, as bad news is not good news….it’;s great!

Crude is not only being led higher by gasoline, which is garnering support amid peak refinery maintenance, but is also finding some buying interest in the oxymoronesque results from oil services company, Schlumberger – for they were so bad they must bode well for future oil prices.

Related: Can China’s SPR Rescue Oil Markets?

Schlumberger’s third quarter earnings made for pretty grim reading, as year-over-year revenue fell by a third, while profits were basically halved. As cost-cutting grips the U.S. oil industry (Schlumberger’s revenues from North American operations fell 46 percent), the prospect of further cost-cutting and capitulation is lending some support to prices at the end of a week of persistently bearish news. While on the theme of capitulation, the Baker Hughes oil rig count could drop below 600 rigs this afternoon, for the first time since July 2010:

RigCount

Baker Hughes Oil Rig Count (source: investing.com)

In terms of economic data flow, Asia was quiet, while Eurozone inflation was in line with expectations; it continues to meander along a somewhat deflationary path, down -0.1 percent year-on-year in September. University of Michigan sentiment data is out in the U.S., while industrial production has shown a second consecutive month of contraction, dropping -0.2 percent.

Related: U.S. Shale Is Too Adaptive For The Saudis To Kill

Focusing back on oil, the below graphic is a pretty stark illustration of the divide between low- and high-cost producers. IEA highlights that the capital cost of developing Canadian oil sands is one of the highest in the world, while Saudi’s onshore production is one of the lowest:


$80 Oil By Christmas – Do NOT Be Fooled By The Mainstream Media

The current market turmoil has created a once in a generation opportunity for savvy energy investors.
Whilst the mainstream media prints scare stories of oil prices falling through the floor smart investors are setting up their next winning oil plays.

Click here for more info on successful oil investing


CheaperInTheGulf

File under: random but interesting. The only member of the current exporting Arab Gulf region who is not a member of OPEC, Oman, has seen September oil production come in at 990,000 barrels per day, just shy of its record in July of just over 1 million bpd.

Related: Is The Oil And Gas Fire Sale About To Start?

According to our #ClipperData, loadings are accordingly elevated, at 885,000 bpd for last month (mirroring Gov’t data). Its rising prominence has earned the nation an invite to next week’s OPEC + 8 technical meeting in Vienna (Azerbaijan, Brazil, Colombia, Kazakhstan, Norway, Mexico, and Russia are also invited) to discuss potential ways they can boost prices…while trying to avoid cutting production. Good luck, fellas!

OmanCrudeOil

Oman crude oil exports