Bahamas Petroleum Share Discussion Threads

[dynamohum] 09/2/2019 11:12

Feel , in hope, or desperation ! ✊

[whoppy] 08/2/2019 15:28

Going up I feel?

[whoppy] 08/2/2019 11:51

I can only assume the size and commitment needed to open up a new basin ala Exxon in Guyana needs more scrutiny and bigger decision making, hence the time it's taking. Got to be in it to win it, we hope.

[whoppy] 08/2/2019 11:35

Shell farming in on such small prospects with CLNR. Deals can be done and at a good % retaining interest, 30% and 50% along with costs paid. CLNR not yet drill ready or even 3D surveyed. Shell paying all costs to drill a 100Mm barrel prospect and up to £25m to drill a prospect with 90Mm barrels. BPC's well is £50-60m with multiple prospects and a 3D survey with over a billion barrels in one drill, opening up to 8-10 billion barrels running room with a top out of 28 billion barrels as estimated by Moyes report. I'm sure if a major offered 30% to BPC it would be agreed. It's a reasonable benchmark for a deal.

[martyn9] 08/2/2019 09:09

Jot don't forget the suntan cream :)

[jotoha2] 08/2/2019 08:40

So no license and no funding in place , so what has Potter been doing for the last few years , looks to me as though what little cash there is left is being used to pay for the coffee and biscuits.

[linton78] 08/2/2019 08:35

News today from CLNR shows that appetite for drilling is returning... notice the 3 month exclusivity agreement signed with Shell............

[linton78] 08/2/2019 08:25

BigSi - I’m expecting the next update to be a funding facility in place sponsored by the advisor.

If your a shareholder here you have to assume that BPC have agreement with the government already regarding license renewal. They will need to show funds are in place to drill in order to get the extension.

[bigsi2] 08/2/2019 07:53

No company will sign a JV agreement without the licenses first being confirmed, as the company will be in breech of terms.although you would think a non binding term sheet or HOA could have been forthcoming if there was genuine interest. looks more and more like asset based financing likely if the licenses are renewed..

[jotoha2] 06/2/2019 17:01

Am surprised Potter is still flapping around without even a sniff of some kind of joint venture , come on stop milking the gravy train and get working for your keep!!

[linton78] 06/2/2019 12:48

These guys know what they are doing!

Presumably the Guyana government are sharing the “secret details” on geology etc with other caricom countries now.

You would have thought bpc have signed an NDA to access this data / info.

[whoppy] 06/2/2019 11:09

Sounds like Exxon have made two new massive discoveries in Guyana. A double strike. All the other oil majors must feel like they are missing out in the exploration game. They need to find some Guyana type prospects. They need to do offshore drilling in new areas to keep up or get left behind. No risk, no reward as they say.

[dynamohum] 06/2/2019 11:05

Hummmmmmmmmmmmmm

[whoppy] 05/2/2019 14:38

Global Offshore Oil Set to Rebound?

Typically the last sector to resurge when oil prices start to rise again, the global offshore oil industry appears to be in a rebound period. Offshore spending is expected to increase 4 to 5 percent in 2019 and even outgrow onshore investment. Crude oil prices were higher for most of 2018 and hit four-year highs in October, before collapsing down the stretch. Meanwhile offshore operations have continued to become more efficient, namely because the oil bust from 2014 to 2017 made producers either significantly lower costs or be forced to fold. Over the past five years, the cost of developing deepwater barrels was sliced by nearly 60 percent. In the United States, for instance, offshore has become competitive again with onshore shale.

Still, the obvious connection is that offshore activity moves in the same direction as crude prices. For example, in early-March 2018, when WTI prices sat in the low-$60s per barrel, the Gulf of Mexico rig count stood at just 13, only to rise to 22 in early-October when prices soared into the mid-$70s.

Key Offshore Areas
To illustrate, the UK’s North Sea saw nearly 15 final investment decisions last year, or more than the previous three years put together. South America also holds promising offshore oil. Brazil’s new Bolsonaro administration wants to open up more pre-salt assets off the southeast coast beyond state-owned Petróleo Brasileiro S.A. (Petrobras) to private investors, hoping to bring in over $30 billion to narrow a huge budget deficit. Exxon Mobil Corp. and Hess Corp. having been announcing huge upgrades to reserve possibilities for an oil basin in Guyana dubbed Stabroek.

Both the United States and Mexican sides of the Gulf of Mexico have tremendous oil potential. Just a few weeks ago, BP plc credited advancing seismic technology for speeding up its ability to confirm major discoveries at its Thunder Horse field in the Gulf. And a logjam of activity in onshore shale could push U.S. players into the offshore. Mexico’s untapped deepwater reserves could stand at over 60 billion barrels, but the new Lopez Obrador’s administration must fully embrace the foreign investment that the 2013 Energy Reforms enabled.

Africa, Nigeria, Ghana, and Angola are pushing landmark offshore bidding rounds this year. And offshore development in the Middle East, China, and India is also expected to grow, likely helped along by huge gas deposits that should equate to more oil supply.

The Future
The deepwater industry could grow 20 to 25 percent or so over the next three years. Offshore breakevens have been greatly reduced, and consistent profits can be had as prices rise closer to $60 and above. More bullish sentiment entering the market this year will help. Offshore still faces threats if prices pull back into the $40s again and from escalating costs, particularly for drilling rigs and other services. And the industry must be perpetually vigilant to improve environmental performance, as the BP Deepwater Horizon oil spill in 2010 was a disastrous setback.

Yet, offshore technologies are constantly evolving, so it would be wise to not underestimate the industry as most have done with shale. Higher efficiencies and cost reductions are ongoing achievements. And since significant new demand is a steady drumbeat, we are sure to need offshore oil to deliver as much as possible in the years ahead. Offshore is critical to the global supply because the deposits are typically much larger.

Indeed, the full potential for global offshore oil is just now coming to light. Because their offshore deposits sit largely unappraised, most countries do not even know hold much oil they truly possess. For example, the Trump administration is trying to change the fact that some 94% percent of the U.S. Outer Continental Shelf, perhaps holding well over 100 billion barrels, is off-limits to exploration. As more and better seismic testing ensues, massive new offshore oil finds around the globe are quite probable.

[linton78] 05/2/2019 13:12

PORT OF SPAIN, Trinidad (CMC) — The Trinidad and Tobago government on Monday said it is prepared to assist its fellow Caribbean Community (CARICOM) countries develop their hydrocarbon sector as it placed much emphasis on the importance of technology in developing its own industry.

Rowley told delegates that the findings of the US Geological Survey have been validated by the hydrocarbon discoveries in Guyana's deep-water.

“As a consequence, there has been great interest by major upstream companies in conducting exploration for hydrocarbons in the territorial waters of Barbados, Jamaica, Suriname, Bahamas and Grenada.”

[linton78] 05/2/2019 12:59

2019 outlook

However, the exploration business will continue to be an exclusive club in 2019. The recent uptick in exploration economics over the last 2 years shows how the sector has slimmed down. Fewer companies are drilling fewer wells, and many companies, regardless of size, have cut their exploration spend.

“Even as average exploration returns rise to double digits, newcomers will be few and far between. If anything, the current corporate landscape will continue to narrow,” Latham said.

He said, “Exploration remains critical for the majors and all eyes will continue to follow their wells. A small number of independent [international oil companies] and international [national oil companies] will also be readying their high-impact prospects. Less active in exploration in the coming year will be the private equity-backed explorers.”

Those companies that are sticking with exploration have renewed confidence. “A stronger oil price, lower cost base, refocused portfolios, and greater drilling success in 2017-18, and a healthy inventory of new quality acreage have cheered up the industry. It is using more efficient rigs at lower rates and avoiding technical complexity. These changes will help the industry stay on track and continue to be profitable.”

He said, “However, this more upbeat spirit has been hard won and companies will be loath to give it away. Purse strings are not about to burst open. We expect companies will focus on their best prospects, with global exploration and appraisal spending for 2019 staying close to its 2018 level of just under $40 billion/year.”

[bigsi2] 04/2/2019 15:19

Seems hideously simplistic to ignore objectivity and focus instead on a single large trade.It has been known for positions to be closed piecemeal.additionally shorts closing will still show as a long trade.the large trade in question may have been someone with the good sense to open a short position last year.

[martyn9] 04/2/2019 14:50

Very true gismo,fingers crossed.

[gismo] 04/2/2019 14:20

Hi Martyn seen that too. Still the big buy of a few months ago is holding. All we can do is wait and hope for good news gl

[martyn9] 04/2/2019 13:32

Noticed the last couple of weeks quite a lot of 500,000 buys going through,either someone accumulating or individuals getting on board.

[linton78] 01/2/2019 19:57

Did he shout Alan’s snackbar also?