Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Oil firms urged to tap into £20 billion reservoir: Oil and gas firms in the U.K. can dive into a £20 billion reservoir by tightening up on their working capital, new research has suggested
Oil explorers predict 10,000 more job losses in the North Sea sector: Two of the biggest independent oil explorers in the North Sea have predicted a further 10,000 jobs will be lost from the sector, indicating a growing acceptance that oil prices are struck in a prolonged slump
At 0330GMT today, Brent crude oil one month futures contract is trading 0.24% or $0.12 lower at $50.34 per barrel. On Friday, the contract climbed 3.59% or $1.75, to settle at $50.46 per barrel, after Baker Hughes reported that the active US oil rigs dropped by 10 to 595 in the last week.
Arctic offshore drilling to be cut back as U.S. says it will not issue new leases: U.S. decision to cancel future lease sales follows decision by Royal Dutch Shell to stop exploration in Chukchi and Beaufort seas. The Interior Department announced it is cancelling future lease sales and will not extended current leases in Arctic waters off Alaska's northern coast, a decision that significantly reduces the chances for future Arctic offshore drilling
Oil nations feel the strain of  Opec’s continuing price war: Almost a year ago Rafael Ramirez, Venezuela’s long-serving former oil Minister, emerged from a tense meeting of the Organisation of the Petroleum Exporting Countries (Opec) looking red faced and furious
U.S. puts a plug on Arctic oil exploration: The U.S. government has put a final block on the prospect of oil exploration in the country’s Arctic in the foreseeable future, cancelling plans to sell more drilling leases in the region, and refusing to extend leases previously sold to Royal Dutch Shell and Statoil
BP to strengthen China ties: BP is to strengthen its links with China’s CNPC, the country’s state-owned oil group, under an agreement that could see them jointly develop new projects in China and elsewhere.
BP’s oil trading ‘king’ abdicates: One of the world’s most influential oil traders is to retire next year after a career in which he has brought in huge profits for his employers at BP and earned hundreds of millions for himself
Brent oil prices dropped last week, after the Energy Information Administration reported that the US crude stockpiles rose 7.6 million barrels for the week ended 09 October. Additionally, the International Energy Agency stated that supply glut will persist in 2016. Brent crude oil prices fell 4.2% to $50.46/barrel
Schlumberger says oil outlook in ‘increasingly challenging’: A recovery in the oil and gas industry has been delayed and companies will continue to cut their spending next year, the Chief Executive of the oil services group Schlumberger has warned
At 0330GMT today, Brent crude oil one month futures contract is trading 2.81% or $1.37 higher at $50.08 per barrel. Yesterday, the contract declined 0.9% or $0.44, to settle at $48.71 per barrel, after the Energy Information Administration reported that the US crude inventories advanced by 7.6 million barrels for the week ended 09 October.
Russia abandons hope of oil price recovery and turns to the plough: Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as U.S. shale production transforms the global energy market
Alaska Governor wants to drill for oil in protected lands – because of climate change: The Governor of Alaska has said that he wants to drill for oil in protected lands to pay for the damage caused by climate change.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.31% or $0.15 higher at $49.30 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled for released later today. Yesterday, the contract declined 0.18% or $0.09, to settle at $49.15 per barrel, after the American Petroleum Institute reported that the US crude stockpiles advanced more than expected by 9.4 million barrels to 465.96 million in the week ended 09 October.
Russia abandons hope of oil price recovery and turns to the plough: Russia has abandoned hopes for a lasting recovery in oil prices, bracing for a new era of abundant crude as U.S. shale production transforms the global energy market
Oil market glut will persist through 2016, says IEA: Higher oil output from Opec and a slowdown in world economic growth means the crude oil glut will persist through next year, the world’s leading energy forecaster said
BP Chief economist: ‘We will never run out of oil’: The Chief economist of global oil giant BP has said that it is unlikely we will ever run out of oil.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.16% or $0.08 higher at $49.32 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 1.24% or $0.62, to settle at $49.24 per barrel, after the International Energy Agency, in its report, stated that markets will remain oversupplied next year and demand for the commodity will reduce to 1.2 million barrels per day in 2016. Moreover, demand concerns from China also weighed on the commodity
Hold Shell as balance strong enough to support dividend: Shares in Royal Dutch Shell have gained more than 20% this month after the oil giant managed to ease fears over its mega-deal for gas group BG and as the oil price staged something of a recovery. So is now the time to buy into that 6.7% dividend yield? The main attraction with Shell shares has always been their stability and healthy dividend income. But both of those features have come under serious pressure this year. The shares have slumped to a five-year low as the oil price continued to fall and investors balked at the £47 billion deal to buy gas rival BG. The shares have been thrown a lifeline as the oil price has staged a mini-recovery in October. As tensions heat up in and around Syria, the oil price has jumped more than 10% to about $53 per barrel. Stepping back from the mini-rally, it is still a bleak picture for the oil industry. The oil price has declined 20% so far this year and demand is weak. Shell has a strong balance sheet and the 188 cents (123p) dividend looks sustainable for now. We would still be happy to hold on as it commands a strong position. So, at a net spend on 706p they could receive their 0.4454 share of the 123p Shell dividend, or a prospective yield of 7.9%. Royal Dutch Shell ‘B’ at £18.14 -19p. Questor says “Hold.”
North Sea gas: bottom fishing: This week Ineos, the U.K. chemical company founded by Jim Ratcliffe, decided that it too sees an opportunity off the U.K. coastline. It has bought some natural gasfields from LetterOne, which in turn acquired them from Germany’s DEA in 2014.
Climate fears mean oil will stay in ground, says BP: Most of the world’s remaining oil will stay in the ground because of rising concerns about climate change, BP has predicted.
Shell offloads North Sea assets as price slump bites: Royal Dutch Shell is selling two assets in the North Sea as the big energy companies respond to high production costs and a slump in crude prices by turning their backs on the basin..
At 0330GMT today, Brent crude oil one month futures contract is trading 0.96% or $0.48 higher at $50.34 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 5.3% or $2.79, to settle at $49.86 per barrel, as concerns about an oil supply glut exacerbated after the OPEC stated that its crude production increased to the highest level since April 2012 in September.
Kuwait Petroleum Company to sign service agreements by end 2015 Mon, 12th Oct 2015 08:01 KUWAIT, Oct 12 (Reuters) - Kuwait Petroleum Company (KPC) said on Monday it was in talks with Shell, BP and Total over sign technical service deals and aimed to finalise them by the end of the year. "It will be for heavy oil and greater Burgan and north Kuwait (oilfields), bids will be issued next week, mid-October, and we expect to sign by end of year," Chief Executive Officer Nizar Adsani told Reuters. (Reporting by Rania El Gamal; Writing by Maha El Dahan; Editing by Louise Heavens)
Oil market - Oil demand will grow and non-OPEC supply is due to contract, OPEC Secretary-General Abdalla Salem El-Badri said, hoping to see a more balanced market in 2016