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[cpap man] 17/7/2018 10:20

UOG



Another good piece in this mornings papers


Irish explorer considering additional UK licence bids



Tuesday, July 17, 2018 - 12:00 AM
Geoff Percival

Irish exploration company, United Oil and Gas, is considering applying for further UK licences, as part of that country’s latest North Sea licensing round.


The Dublin-based company — headed up by former Tullow Oil executives — has built up a strong international asset base, since floating in London last year, by taking shares of licences in the UK, Italy, and Jamaica.

Last week, Britain’s oil-and-gas authority launched a new licensing round, with 1,766 offshore oil-and-gas blocks in the North Sea up for grabs, in a bid to attract further investment in under-explored areas of the mature basin, which is enjoying a revival of investor interest.

“We will be looking closely at the blocks on offer in Round 31 over the coming weeks. If we see an opportunity that we believe can enhance our UK portfolio, then we will make an application,” said United’s chief executive, Brian Larkin.

The application process will begin in November, with applicants likely to receive a decision during the first half of next year. Part of the areas on offer are covered by UK government-supported, seismic data packages.



The UK is planning to launch another licensing round next summer, which will focus on mature areas.

In May, United became the first Irish explorer in 10 years to be awarded in a UK licensing round. It won two licensing blocks in the North Sea, taking its British-based portfolio to three blocks, including a share of the highly-rated Crown discovery, which contains an estimated 16m barrels of oil.

United is due to drill at its first UK well in the autumn: the shallow water Colter discovery, lying next to Wytch Farm, on England’s south coast, which is Europe’s largest onshore gas field.

[cpap man] 17/7/2018 09:15

UOG



After the mega rise by BPC [Bahamas] to well over £100M MKT CAP it looks as though some really smart investors are now looking at UOG [Jamaica] where the MKT CAP is only about 10% of the Bahamas focus oil & gas play!

[grupo guitarlumber] 16/7/2018 06:47

Business World

Monday 16 July 2018
Trump's trade war set to hit oil prices
US President Donald Trump. Photo: Jane Barlow/PA Wire
1
US President Donald Trump. Photo: Jane Barlow/PA Wire

Julian Lee

July 16 2018 2:30 AM




Frustrated with Opec's inability to help him, US President Donald Trump may have inadvertently found a way of bringing down petrol prices - step up the trade war to cut oil consumption. The snag is that it may not work in time for the US midterm elections.

The threat of 10pc tariffs on an additional $200bn (€171bn) of Chinese-made products helped propel Brent crude to its biggest daily loss in dollar terms since 2011 on Wednesday, before the new tariffs had even come into effect. China will respond to this latest escalation as the president continues to fume over trade deficits, escalating a trade war that no one will win.

There are two ways that trade wars affect oil demand and prices: one direct and immediate, and the other indirect but potentially more profound in the longer term. The imposition of tariffs by the US will raise the cost of imports, while retaliatory levies imposed by China, Canada, Mexico and the EU will hit key exports. China is already considering a 25pc tariff on imports of US crude.

Higher costs will inevitably reduce the flow of things across the world's oceans and skies. With fewer goods moving around the globe, a smaller number of ships, planes and trucks will be needed to shift them, something that will have an immediate and direct impact on oil demand.

Irish Independent

[fangorn2] 14/7/2018 11:22

13th July'18:-”Global Crude Oil Supply-demand”
Thanks to a subscriber for this report from Nomura which may be of interest. Here is a section:

The IEA forecasts that US crude oil production will increase 1,720,000bbl/day in 2018 and 1,190,000bbl/day in 2019. In the Permian region, which has been driving growth in output, the lack of pipeline capacity is likely to persist until 2019. Because of this, Midland oil prices are some USD14/bbl lower than the WTI price. With issues including rising production costs and a lack of engineers, too, we think US shale oil output is unlikely to substantially exceed current forecasts even if tightening supply-demand causes oil prices to rise. See our 11 July 2018 Global research report US crude oil output - Sharp slowdown in pace of increase in 2019. We estimate that US production forecasts are predicated on WTI price assumptions of USD55-60/bbl for 2018 and USD60-65/bbl for 2019. We estimate WTI of around USD70-75/bbl were the aforementioned short supply to be made up with increased output in the US.


Eoin Treacy's view
A link to the full report is posted in the Subscriber's Area.

The USA’s onshore production of oil and gas continues to surge, fuelled by access to cheap credit. If we cast our minds back to 2015, private equity firms had amassed massive sums to invest in energy and that has helped to fuel the surge in US supply over the intervening period.

[la forge] 14/7/2018 09:05

Kurds In Syria Share Oil With Government As Part Of A Deal
By Tsvetana Paraskova - Jul 13, 2018, 4:00 PM CDT Oil field

Kurds in Syria are sharing part of the oil pumped at oil fields with the Syrian government under a recently signed deal that is working, Russian news outlet Sputnik reported on Friday, citing a well-informed source.

The Kurds are pumping 50,000 bpd at the al-Rmeilan and Jabsah oil fields in Syria, and they send a third of this production to a government-operated refinery at Homs, according to Sputnik’s source. The remainder is processed on site at a local oil refinery, the source added.

The current production at the al-Rmeilan oil field is around 38,000 bpd, while crude oil production at the Jabsah oil field stands at some 12,000 bpd, down from 30,000 bpd before the Syrian war started.

The Syrian government is close to liberating the entire Syrian territory and taking control over all of the country’s crude oil reserves, Sputnik quoted its source as saying.

Syria’s government and its President Syrian President Bashar al-Assad rely on Russia to help it to restore its oil and gas sector.

In April this year, a Russian delegation visited Damascus to meet with Assad and other officials, and a Russian lawmaker who is overseeing the ties with Syria relayed the contents of the talks to Russian news agency TASS.

Assad has told the Russian delegation that he doesn’t expect Western oil and gas companies to work in Syria.

“We are not waiting for Western companies here, especially in the oil and gas sphere. I spoke about that with [Russian] President [Vladimir] Putin in Sochi. We want Russian companies to work here, and we expect their fast market entry,” Assad told the Russian lawmaker, Dmitry Sablin, who in turn spoke to reporters in April.

According to the Syrian president, Syria will need US$400 billion to restore its economy, especially its infrastructure, and this will take 10 to 15 years, TASS reported.

By Tsvetana Paraskova for Oilprice.com