Gulf Keystone Petroleum Share Discussion Threads

[beernut] 02/9/2020 20:43

Schlumberger’s North American frac exit may signal the end of the U.S. shale boom
By DAVID WETHE on 9/1/2020

HOUSTON (Bloomberg) --Schlumberger has become the biggest oil-service industry player yet to abandon frac work in North America, a sign that activity in the U.S. shale patch may never revisit previous highs.

The provider of drilling and oil-production equipment agreed to sell its U.S. and Canadian fracing business to smaller rival Liberty Oilfield Services Inc. After similar exits over the past few years by Baker Hughes Co. and Weatherford International Plc, Halliburton Co. is now the sole global provider of well completions for shale, and even Halliburton has said it’s looking overseas for better growth.

For Schlumberger, the world’s top oilfield-services company, the deal is a massive reversal from its North American buying binge over the past few years, which added frac-sand mines, artificial-lift technology and Weatherford’s frac fleet. For Liberty, meanwhile, buying Schlumberger’s OneStim unit in exchange for a 37% stake in the company means the oilfield contractor will more than double the size of its frac fleet in a market that has sidelined three-fourths of U.S. crews this year.

[urals] 02/9/2020 20:30

CVX did offer in 2017And the board did turn it down$6bnEquivalent to £21 a share...Imo it will go to a consortium with the Chinese leading party£35 +

[urals] 02/9/2020 20:30

In fact as the company explained on record they had 18 interested M and A parties , even pre the deleveraging.It will be a consortium that has won what has been a massively competitive private auction.Would be no surprise if the sale was announced this Thursday at HY.

[urals] 02/9/2020 20:30

Dot dot dot Lolololol

[broadford bay] 02/9/2020 20:14

Who else is leaving...

[beernut] 02/9/2020 18:00

Oil Prices Jump On Major Hurricane-Driven Crude Draw

By Irina Slav - Sep 02, 2020, 9:42 AM CDT
Crude oil prices rebounded on Wednesday morning after the Energy Information Administration reported a crude oil inventory draw of 9.4 million barrels for the week to August 30.

This compares with an inventory decline of 4.7 million barrels reported for the previous week, and a 6.36-million-barrel draw reported by the American Petroleum Institute yesterday. Analysts had expected a relatively modest inventory draw of 1.95 million barrels for the week to August 30.


At 498.4 million barrels, inventories remain above the five-year average for this time of the year as demand recovery stalls.

The EA also reported an inventory draw of 4.3 million barrels in gasoline and a 1.7-million-barrel decline in distillate fuel inventories for the last week of August. This compares with a gasoline inventory draw of 4.6 million bpd for the previous week and a build of 1.4 million barrels in distillate fuels.

Gasoline production last week averaged 9.5 million bpd, slightly up on the previous week. Distillate fuel production last week averaged 4.8 million bpd last week, down on the average of 5.1 million bpd in the previous week.

Refineries last week processed 13.9 million bpd of crude oil, compared with 14.7 million bpd during the previous week. Hurricane Laura had a big part to play in last week’s processing rates as some refineries had to close temporarily.

Oil prices have been trending higher since the start of the week on a string of bullish news, including strong economic data from China, a weaker U.S. dollar that made oil cheaper for buyers in foreign currencies, and reports of more economic stimulus discussions in key markets. All this fueled hopes of faster oil demand recovery, elevating prices.

At the time of writing, Brent crude was trading at $45.29 a barrel, with West Texas Intermediate at $42.31 a barrel, both down from the opening of trade today.

By Irina Slav for Oilprice.com

[beernut] 02/9/2020 17:58

Kurdistan Region President meets with Iraq’s Parliament Speaker

Baghdad, Iraq, September 2, 2020
Kurdistan Region President Nechirvan Barzani met with the Speaker of the Council of Representatives, Mr. Mohammed al-Halbousi in Baghdad on Wednesday.
At the meeting, both sides shed light on the political process in the country, the activities of the Council of Representatives and the Federal Supreme Court, and the process of nominating its members. The two sides also exchanged views on the upcoming elections in Iraq, the threats of terror activities, and Erbil-Baghdad bilateral relations.
The general situation in the country, particularly in the areas affected by ISIS terror activities and the needs of the people of these areas, the COVID-19 pandemic, and the situation of the country’s diverse communities were also highlighted in the meeting. Both sides reaffirmed the importance of collective efforts and cooperation among all communities in confronting the current challenges and hardships facing the country.
At the meeting, which was attended by Kurdistan Region Vice Presidents, the situation of the displaced people in the camps hosted by the Kurdistan Region following the ISIS war and efforts to facilitate their return home were discussed.
The President and the Speaker also spoke about the need to attach greater importance to the security situation in the country, restoring stability, reconstruction of war-torn areas, and offering services to the displaced people who have returned to their homes.

[beernut] 02/9/2020 17:57

Barzani from Baghdad: UN can mediate to solve Baghdad-Erbil disputes
Kurdistan
Nechirvan Barzani
2020-09-02 16:56
A- A A+
Shafaq News / President of the Kurdistan Region, Nechirvan Barzani, met on Wednesday afternoon with the Special Representative of the Secretary-General of the United Nations in Iraq, Mrs. Jenin Hennes-Blackshart.
According to a statement of the presidency of the region received by Shafaq News agency, Barzani and Blackshart discussed the political process and the developments in Iraq and Kurdistan Region, pointing out that they highlighted the relations and dialogue between Erbil and Baghdad in the light of the recent understanding between the two sides on the issue of the budget and salaries of Kurdistan Region employees.
Barzani referred to the role of the United Nations team in Iraq to urge them to conduct a serious dialogue to reach a radical and final solution to the outstanding issues on the basis of the constitution. Barzani also highlighted the report which the representative of the United Nations Secretary-General in Iraq submitted to the UN Security Council on the importance of implementing the constitution and the Federal system in Iraq.
The statement noted that the latest developments regarding the outbreak of COVID-19 pandemic and how to confront it, the upcoming Iraqi elections, the election law and the conditions of displaced and refugees in Kurdistan Region camps were also discussed in the meeting.

[beernut] 02/9/2020 17:55

Kurdistan President, Iraqi PM Discuss Erbil-Baghdad Negotiations
Basnews English 2020/09/02 - 12:50 Kurdistan


ERBIL — Kurdistan Region President Nechirvan Barzani was received by Iraqi Prime Minister Mustafa al-Kadhimi during a visit to Baghdad on Wednesday.

Barzani and Kadhimi discussed a range of issues during an official meeting, including the Erbil-Baghdad relations, the pandemic and its economic repercussions, the war on terror, as well as the political developments in Iraq and beyond.

The sides agreed that the negotiations between Erbil and Baghdad should continue until they find a viable solution based on the Constitution, according to the readout of the meeting published on the Kurdistan Region Presidency website.

Kurdistan Region president emphasized that a durable solution to the prolonged disputes between the regional and federal governments would serve the best interests of all Iraqis and it will enhance stability in the country.

Barzani is visiting Baghdad as part of an official trip during which he is scheduled meet with the French counterpart Emmanuel Macron, who is traveling to the Iraqi capital from Lebanon.

[beernut] 02/9/2020 17:53

U.S. crude stockpiles fall for sixth straight week, sending oil prices higher
By SAKET SUNDRIA AND ALEX LONGLEY on 9/2/2020

SINGAPORE (Bloomberg) --Oil rose on signs a glut was easing with U.S. crude stockpiles shrinking for a sixth week.

The American Petroleum Institute reported crude inventories dropped by 6.36 million barrels last week, according to people familiar with the figures. That would be the longest run of declines this year if confirmed by government data on Wednesday. Yet, there are lingering concerns about the economy as U.S. companies added fewer jobs than expected, paring some of oil’s earlier gains.

There was a positive technical signal for crude as West Texas Intermediate’s 50-day moving average rose above the 200-day marker for the first time in more than six months, forming a so-called golden cross and indicating that prices could break higher.

Oil rose for a fourth month in August but has struggled to sustain a rally above $43 a barrel as major economies continue efforts to contain the coronavirus outbreak. While a weaker dollar, sliding U.S. stockpiles and a surge in equity markets have supported crude, there are still concerns that a slow demand recovery is going to limit further gains.

“The positive tone is being sustained amid hints of a bigger-than-expected drawdown in U.S. oil inventories,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates. “Market players are currently riding a wave of optimism though it could come crashing down at any moment.”

Prices:

WTI for October delivery added 0.5% to $42.97 a barrel as of 8:41 a.m. in New York
Brent for November settlement gained 0.4% to $45.76
American crude inventories -- a key metric used to gauge global supply -- have slipped from near record highs in June, helped partly by Saudi Arabia limiting shipments to the country. Cargo data show that deliveries in the week ended Aug. 28 dropped to what could be the lowest in decades.

The longer-term outlook remains more uncertain. Demand may take a hit over September and October as Chinese imports ease with state-issued quotas for independent refiners dwindling following a crude buying spree earlier this year.

[0ili0] 02/9/2020 16:30

Take it for a song? Which one? "We are the champions" - "Don't stop believin" - "Winner takes it all".... you're choice BD5. Innit.

[pensioner2] 02/9/2020 16:20

Why would they want to do that, Muttley? It's a tiny, shrinking puddle of unmarketable tar - according to you. Innit?

[bigdog5] 02/9/2020 16:10

I note that there's now a few others over on unava bb reckoning the MNR will eventually take the company for a song.

Kozel had that plan. However I'm sure that you will all be comforted by the words from delusional posters here that could never happen because the company has a legal binding PSC innit.

[thicktony] 02/9/2020 15:42

In fact as the company explained on record they had 18 interested M and A parties , even pre the deleveraging.It will be a consortium that has won what has been a massively competitive private auction.Would be no surprise if the sale was announced this Thursday at HY.

[thicktony] 02/9/2020 15:42

CVX did offer in 2017And the board did turn it down$6bnEquivalent to £21 a share...Imo it will go to a consortium with the Chinese leading party£35 +

[thicktony] 02/9/2020 15:41

#GKPVOLEON closing short for weeksNON INDY non exec APPOINTMENTMajor holder distribution to real ownersHY THURSDAYUT Yesterday >2,900,000No nothing going on ,honest Guv;))Sold/bids incoming ?)

[stockport loser] 02/9/2020 15:32

Is that a pig i can see flying outside the window? SELL.

[thicktony] 02/9/2020 14:13

In fact as the company explained on record they had 18 interested M and A parties , even pre the deleveraging.It will be a consortium that has won what has been a massively competitive private auction.Would be no surprise if the sale was announced this Thursday at HY.

[thicktony] 02/9/2020 14:13

CVX did offer in 2017And the board did turn it down$6bnEquivalent to £21 a share...Imo it will go to a consortium with the Chinese leading party£35 +

[thicktony] 02/9/2020 14:13

#GKPVOLEON closing short for weeksNON INDY non exec APPOINTMENTMajor holder distribution to real ownersHY THURSDAYUT Yesterday >2,900,000No nothing going on ,honest Guv;))Sold/bids incoming ?)

[pensioner2] 02/9/2020 14:08

$10M for a load of old tar for which there's no market? Odd that, innit?

[bigdog5] 02/9/2020 14:02

Very quiet here today and no ramping excitement ahead of tomorrow? Are you all saving yourselves for the spin that will be required going forward?

I note that there was a major shareholder announcing they had disposed of even more shares. Odd that innit?

[bigdog5] 02/9/2020 12:37

LOL and so very true.

[nestoframpers] 02/9/2020 10:45

I think as someone mentioned Voleon getting out of trouble using a prior arrangement ?