' the truth is out there but it's not what people want to hear' - IMO readers would be well advised to examine very carefully ' the truth ' that poster would have you believe - most will remember the numerous posts he put up against me when i was arguing that LGO had tax allowances which would result in a higher netback than had been deduced from the OAT formula - i bothered to check my info with LGO - he had the opportunity to check but chose to continue opposing until he became risible - is he a genuine truth seeker - not from what i've seen and that's before anyone get's me started on the ' placing Monday - word on the street' idea of truth!
January 19, 2016: The Dominican Republic presented in Trinidad and Tobago, before potential energy investors and government authorities of this oil-producing island, the opportunities it will shortly open for private capital in hydrocarbon exploration and production in its territory.
Information on this was shared by the Minister of Energy and Mines of the Caribbean nation, Antonio Isa Conde, with a select audience gathered at the Regional Energy and Development Conference, being held from January 18-20 in this English-speaking country, major natural gas and liquefied petroleum gas supplier to the Dominican Republic.
Isa Conde revealed undisclosed information that the country will shortly make available to interested investors more than 12,590 linear kilometres (7,885 miles) of 2D seismic lines, in a virgin territory with no concessions granted for the prospecting and production of hydrocarbons.
He also said the country will soon have a National Hydrocarbon Database which is being set up by the renowned international firm of Schlumberger-Surenco, whose services were engaged by the Dominican government. This company is a regional subsidiary of Schlumberger which is, in turn, the major oil services provider worldwide.
The official stated that the institution has been able –since May last year– to organize, systemize and enter data for a series of high-value information for potential investors which will serve to create hydrocarbon exploration blocks to be tendered in the upcoming months under specific contracts.
· North Sea Brent crude oil prices averaged $31/barrel (b) in January, a $7/b decrease from December and the lowest monthly average price since December 2003. Brent crude oil prices averaged $52/b in 2015, down $47/b from the average in 2014. Growth in global liquids inventories, which averaged 1.8 million barrels per day (b/d) in 2015, continues to put downward pressure on Brent prices.
· Brent crude oil prices are forecast to average $38/b in 2016 and $50/b in 2017. Forecast West Texas Intermediate (WTI) crude oil prices are expected to average the same as Brent in both years. However, the current values of futures and options contracts continue to suggest high uncertainty in the price outlook. For example, EIA’s forecast for the average WTI price in May 2016 of $36/b should be considered in the context of recent Nymex contract values for May 2016 delivery suggesting that the market expects WTI prices to range from $21/b to $58/b (at the 95% confidence interval).
· U.S. crude oil production averaged an estimated 9.4 million b/d in 2015, and it is forecast to average 8.7 million b/d in 2016 and 8.5 million b/d in 2017. EIA estimates that crude oil production in January was 70,000 b/d below the December level, which was 9.2 million b/d.
Nathan only spend a quarter off your pot if you can go 4-6mths not spending before doing same again you will start to think like an investor and understanding the market find what works for you before buying into it
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