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BP to invest around £640 million extending lives of North Sea fields: BP has decided to proceed with a $1 billion (£640 million) investment intended to maximise recovery of oil and gas from some North Sea fields, highlighting the impact of a Budget move to boost spending in the area amid the crude price slump.
Samson Resources close to filing for bankruptcy protection: Samson Resources, the Oklahoma-based oil and gas producer, is close to filing for bankruptcy protection, wiping out the $4 billion investment made by the KKR-led group that acquired the business in a $7.2 billion deal in 2011
At 0330GMT today, Brent crude oil one month futures contract is trading 0.24% or $0.12 higher at $49.71 per barrel. Yesterday, the contract declined 0.8% or $0.40, to settle at $49.59 per barrel, after the EIA report indicated that US crude output increased by 52,000 barrels a day to 9.5 million barrels a day in the week ended 31 July. Also, US refiners operated at their highest rates last week since 2005 while inventories of gasoline and distillate rose in the previous week.
Russia’s economy hit hard by falling oil prices and Western sanctions: Russia’s economy is set to shrink by 3.4% this year as Western sanctions and falling oil prices take a heavy toll.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.5% or $0.25 higher at $50.24 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 0.95% or $0.47, to settle at $49.99 per barrel, amid expectations that the EIA would report a drop in the US crude oil supply for the previous week. Moreover, the American Petroleum Institute (API) also reported a decline of 2.4 million barrels in US oil inventories last week
North Sea shrugs off falling prices and sees first increase in production in 15 years: Price pressure and cost-cutting can apparently be good for some industries.
Iran promises to pour its oil on troubled waters: Oil prices slid to their lowest level in more than six months after Iran indicated that it would boost production as soon as sanctions against it were removed.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.57% or $0.28 higher at $49.80 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract tumbled 5.15% or $2.69, to settle at its lowest level since January at $49.52 per barrel, after the Iranian Oil Minister, Bijan Namdar Zanganeh, stated that the nation could boost its oil production by 500,000 barrels a day within a week after sanctions are lifted and by 1 million barrels a day within a month. Also, slowdown in Chinese economy has further reduced demand for the crude oil.
Commodities take centre stage in Asia Equities pressured with oil in the spotlight amid China worries
(ShareCast News) - UBS upgraded Royal Dutch Shell to 'buy' from 'neutral' and lifted the price target to 2,150p from 2,130p. Following a decline in the share price since the announcement of its proposed BG transaction both on an absolute and relative basis, the bank remains positive on the deal's merits. It noted that Shell has better clarified the benefits of the deal and initiated a more significant response to the lower oil price environment than at the start of the year. "This, alongside the positive Q2 results, drives our growing conviction concerning the deal's prospects and we upgrade." UBS reiterated its view that strategically, BG's Brazilian position is unique among the international oil companies and provides Shell a low cost, high returning operation at scale and one that is complementary to its own global deepwater business. It said the combination of leading liquefied natural gas operations could potentially generate significant follow-on opportunities and synergies.
Allow fracking or U.K. will become living museum’, warns top business leader who wants to over-ride local planners: The Government is expected to announce the winners of a new wave of licences allowing firms to explore fracking opportunities across Britain as early as this week
Dubai state oil group lands Dragon with £4 billion deal: Dragon Oil is to be bought by its largest shareholder in an improved offer that values the business at £4 billion and has won the backing of rebel investors who had been holding out for a higher bid.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.48% or $0.25 lower at $51.96 per barrel. On Friday, the contract declined 2.06% or $1.10, to settle at $52.21 per barrel, after Baker Hughes weekly report indicated that active oil rigs in the US increased by 5 to reach 664 last week.
Record production at BG Group: BG Group said its oil and gas production has hit record levels, which has helped to pare back the damage of the oil price falling by half since last summer
Shell set to sell off North Sea assets: The Chief executive of Royal Dutch Shell, Ben van Beurden, has signalled the planned takeover of BG will be followed by a big sell off of North Sea assets as the company prepares to live with a long period of low oil prices.
Boost for Enegi Oil’s plan for low cost North Sea field developments: Enegi Oil has won further support for its plan to bring undeveloped North Sea fields into production using technology such as unmanned buoys and towers.
Tom Cross closes in on North Sea acquisitions: Tom Cross has said the Parkmead Group he runs is braced for the oil price to stay low but can still make plenty of money from North Sea acquisitions. The oil and gas entrepreneur said Aberdeen-based Parkmead is eyeing 10 deals which could involve it shelling out up to $100 million (£65 million) for the right asset.
Oil price collapse hammers big U.S. energy groups: Shares in some of the world’s biggest energy groups tumbled as the collapse in oil prices battered the profits of ExxonMobil and Chevron, capping a week in which European rivals announced thousands of job losses and slashed spending by billions of dollars
Oil prices ended lower last week, amid a strong US Dollar and despite the Energy Information Administration reporting an unexpected drop in weekly crude oil inventories in the US. Meanwhile, the American Petroleum Institute also announced a decline in US oil stockpiles. Brent crude oil prices fell 4.4% to $52.21/barrel.
WASHINGTON (Alliance News) - US crude oil plunged to end sharply lower for a second straight session Friday, on supply glut fears with rig counts in the US rising and over concerns of a slowing Chinese economy denting demand growth, even as the dollar weakened against some major currencies. For the month, crude oil plunged about 21%. Meanwhile, oil services firm Baker Hughes Inc. in its weekly rig count on Friday said US oil rigs actively drilling for oil rose 5 units to 664 rigs, its highest level since May. Last week, the rig count increased by 21 rigs to 659.
Shell to look at North Sea assets amid cost cutting: Oil major Royal Dutch Shell is to “take a good look” at its North Sea assets after the planned acquisition of BG Group, Chief Executive Ben van Beurden said as he confirmed thousands of job cuts
Royal Dutch Shell: the hard bit: Shell’s earnings, at $3.8 billion, were above expectations. European refining margins have been at their strongest in several years. Refining and chemical profits in the first half surpassed the full year average of each year since 2010. But the good news for earnings ends there. The upstream business in the Americas lost money for the second consecutive quarter and refining margins will probably fall back in the second half, especially as U.S. based refineries have increased their exports of diesel to Europe. Shell knows it cannot count on the downstream earnings bounty lasting much longer — another reason for the volte face on cost guidance. Shell will cut jobs (including expensive contractors) and take a $5 billion chunk out of its investment programme. Pro forma capital spending will drop to $35 billion in 2016. Most of these adjustments will come at Shell, reflecting a desire to clarify that management’s plans are not only for the BG deal, but apply more widely. They are also a clear recognition that the current oil price weakness could last several years; management had refrained from acknowledging that but have clearly reconsidered
Falling oil prices bite into Repsol profits: Spurred by an almost 50% drop in gas and crude oil prices and a interruption of production in war-torn Libya, Spanish energy conglomerate Repsol posted a first-half profit of €1.05 billion, down 20.6% from the same period in 2014
Fracking could be delayed for up to two years across U.K. after Lancashire council rejects test drilling: Government plans to roll out fracking across Britain face delays of up to two years following a surprise decision to reject exploration for shale gas in Lancashire.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.47% or $0.25 lower at $53.06 per barrel. Yesterday, the contract declined 0.13% or $0.07, to settle at $53.31 per barrel.