Harbour Energy Share Discussion Threads

[pounddreamer] 30/11/2016 08:04

70% Chance of OPEC deal IMO

[leoneobull] 30/11/2016 07:57

Dean on another board you said clearly you think pmo will be £5 by 2018 You have the credibility of OPEC

[steve73] 30/11/2016 07:51

dec-dec covenant test is the next "regular" one anyway...

By my rough calc oil need only be at c. $50 provided Solan is upto full rates, due to the reductions in OPEX, G&A (and CAPEX assumptions).... bwtfdik.

[deanroberthunt] 30/11/2016 07:43

the OPEC cut is akin to asking a small child to hand back some sweets.....

[deanroberthunt] 30/11/2016 07:34

why don't they just defer the test until Oil is back over $60 in around 2020?

[mreasygoing] 29/11/2016 21:19

You're the perfect buy indicator mate, always deramping at the bottom of the cycle just as you did with the mining sector in your previous incarnations. Happy to hold and buy on weakness.

[marvin9] 29/11/2016 20:44

HOT OFF THE PRESS:

With the last day of OPEC pre-negotiations almost over, the latest from Vienna is that Iran and Iraq appear to have softened their positions ahead of a crucial OPEC meeting on Wednesday, however as the WSJ reports, "it may not be enough to satisfy Saudi Arabia’s demands for a broad-based oil-production cut."

The two main wildcards remains Iran and Iraq, the latter of which has agreed to use independent estimates of its output at 4.55 million barrels a day, however Iraq has said it would only freeze from that level, not cut. 

Iran meanwhile has said it would be willing to freeze its production in early 2017 at a level of 3.797mmbpd, to claw back the market share it lost during years of Western sanctions. The negotiations continue as part of a push to reach an agreement that cuts total output by 1.2 million barrels from October levels. The latest draft of the Vienna agreement would ask 10 OPEC members to make a 4.5% oil production cut, with Libya and Nigeria exempted because they are increasing output after civil unrest disrupted their oil industries. 

Earlier in the day, the Ecuador Foreign Minister said that OPEC still disagrees on individual production quotas.

The discussions continue amid a skeptical climate of as OPEC members have expressed pessimism ahead of the gathering. As reported earlier today, Indonesia’s oil minister Ignasius Jonan said his country hadn’t decided yet whether to join production cuts. Asked if Iraq and Iran remained obstacles to a deal, he made a face and declined to comment. “It’s a mixed feeling,” he said of his expectations for Wednesday’s meeting of 14 oil ministers.

[marvin9] 29/11/2016 20:42

Having another wet dream are ya lol, lets just see who gets shafted ;)

[mreasygoing] 29/11/2016 20:36

Remember that spike tomorrow dear as you close your eyes tonight.

[marvin9] 29/11/2016 20:31

The United States Geological Survey has announced the discovery of the largest oil field in the United States to date.The Wolfcamp formation, in the Permian Basin in a West Texas desert, is believed to hold some 20 billion barrels of oil, worth roughly $900 billion at today's prices. It is also believed that this field contains an estimated 16-trillion cubic feet of natural gas, and 1.6 billion barrels of liquid natural gas

[marvin9] 29/11/2016 20:30

Would love to see a single Bullish post about the oil price?

Reason, there is none, all bearish and will be for years

[marvin9] 29/11/2016 20:29

OPEC's wrangling is crushing oil prices, and an immediate drop to $42 per barrel could be in the cards if the cartel doesn't step up with a deal.
Analysts say $42 is just the starting point for a steep decline if OPEC walks away from the table before cutting production at its meeting Wednesday in Vienna.

[marvin9] 29/11/2016 20:20

Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014.
The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 in October 2016.

The international rig count excludes North America, which has also experienced a slump in drilling, as well as onshore China, Russia and the Caspian region.
However, the number of rigs operating in Saudi Arabia has climbed from 105 to 126 over the same period, according to oilfield services company Baker Hughes.

The only other countries to report a significant increase in rig counts were the United Arab Emirates and Kuwait, which produce from the same petroleum basin as Saudi Arabia.
Saudi Arabia has kept the number of rigs targeting oil-bearing formations steady at around 70, which is high by historical standards, while adding an extra 20 rigs targeting gas-rich targets.

Continued drilling is intended to protect the country's crude market share at a time when rivals in Iran, Iraq and Russia are also increasing output.
The drilling programme demonstrates the country's determination to maintain its production capacity despite the slump in prices and natural decline rates at older fields.

The kingdom's reserves and field-by-field production rates remain secret, but the increased number of rigs over the last five years is an indication the country is investing significantly to maintain output.

Saudi Arabia's large onshore fields remain some of the most attractive and lowest cost in the world with superb geology and high flow rates per well.
Most fields have now been producing for several decades and exhibit natural declines in field pressure as well as increased water production.

So significant investment is needed to maintain output from existing wells, open up new sections in existing fields and develop completely new targets.
But most drilling in Saudi Arabia is field development work and extension rather than wildcat exploration, meaning the risks are lower and returns higher, supporting continued expenditure.

And the programme has been supported by a big cut in contract costs for all aspects of drilling and well completion, enabling drilling to continue despite lower oil prices.

As one of the few oil companies around the world maintaining rather than cutting its drilling programme, Saudi Aramco has been able to extract big price reductions from the services companies.

The resilience of drilling programmes in Saudi Arabia, UAE and Kuwait underscores their importance to service providers.

On the gas side, the increased number of rigs operating is consistent with Saudi Arabia's strategy of switching power generation to gas from oil, reserving more valuable crude for refining or exporting.

The strategy helped Saudi Arabia cut its direct combustion of crude in power plants this summer even as temperatures hit record levels across the Arabian peninsula.
Reduced direct burn freed up oil for export, either as crude or refined products, enabling the kingdom to maintain crude exports near record levels this summer, but pressuring prices.

[cyan] 29/11/2016 19:38

I really would like to see PMO succeed so they progress SEALION.
However there are legitimate concerns.

"Starvin Marvin, it won't go bust - it will be taken over."

I do not see that happening. Who has the enormous pockets to buy PMO ? , and why would anyone want all the debt liabilities?

The hope is that PMO is just too big to be allowed to fail. One wonders if a D4E deal may be something that has to be faced if OPEC disappoints. IMO , its no good waiting until things go from bad to critical before biting that bullet.

[mreasygoing] 29/11/2016 19:27

Read it again. You were trying to put me off buying miners a year ago in one of your other incarnations. You're not very good at putting me off are you.

[mreasygoing] 29/11/2016 18:39

Still confident that a big spike is coming. You know where it's going. I hold all my oilers and will continue for at least another 12-24 months. The recovery is coming and a re balancing of oil is coming. A year ago I was buying miners when all were saying they were bust. Now I am buying oilers.

[ny_boy] 29/11/2016 18:30

Starvin Marvin, it won't go bust - it will be taken over.