Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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At 0330GMT today, Brent crude oil one month futures contract is trading 0.72% or $0.38 higher at $53.03 per barrel. On Friday, the contract declined 0.75% or $0.40, to settle at $52.65 per barrel. Meanwhile, Baker Hughes reported that the number of US oil rigs declined by 9 to reach 605 in the last week.
Shell and Exxon's €5 billion problem: gas drilling that sets off earthquakes and wrecks homes: Shell and Exxon Mobil, and a government that, for two decades, denied responsibility for its actions and ignored the voices of citizens and scientists. The scandal has already cost the oil companies €1.2 billion [£880 million], but last month a landmark court ruling gave the victims fresh hope that their voices could be ignored no longer. And if they are right, the consequences could be profound: a compensation bill that could stretch to more than €5 billion in Holland, an energy security headache for Europe, and an invocation for the world to think about the real cost of burning fossil fuels.
Ratcliffe dives into North Sea: Jim Ratcliffe, the billionaire who crafted an empire by scooping unloved industrial assets, has made a £500 million bet on the North Sea just as the industry grapples with a historic downturn.
Shell turns its back on Alaska after $8 billion bet ends in a handful of dust: Ben van Beurden is putting the oil major on another track after Arctic setback. It was a black hole of the worst kind for an oil company. Since 2008, Shell had poured about $8 billion into its Burger J prospect in Alaska’s Chukchi Sea, but instead of delivering a “gusher” and opening up a new oil frontier in the frozen north, it was dismayed to discover two weeks ago that it had drilled a “duster”.
Brent oil prices gained last week, after Russian military strikes intensified in Syria. Price also found support after the OPEC Secretary-General Abdalla Salem El-Badri stated that oil demand would increase more than expected this year amid lower prices. Brent crude oil prices rose 9.4% to $52.65/barrel.
Tullow regains Gabon licence with Prime Minister’s help: Tullow Oil has regained a licence in West Africa after David Cameron, the Prime Minister, intervened personally to resolve a year-old dispute over an oilfield stake.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.51% or $0.27 higher at $53.32 per barrel. Yesterday, the contract advanced 3.35% or $1.72, to settle at $53.05 per barrel, following geo-political crisis in Syria due to Russian military operations and amid a weaker greenback
Oil majors to stage climate change talks: The Bosses of eight of the world’s biggest oil companies are to meet in Paris next week to set out plans for tackling climate change, as the industry intensifies a charm offensive before United Nations talks on the issue next month
At 0330GMT today, Brent crude oil one month futures contract is trading 0.29% or $0.15 higher at $51.48 per barrel. Yesterday, the contract declined 1.14% or $0.59, to settle at $51.33 per barrel, after the EIA reported that the US crude oil inventories rose by 3.1 million barrels for the week ended 02 October
Oil prices edge back above the $50 per barrel mark: Crude oil prices jumped above the $50 per barrel mark, after a monthly energy report suggested supplies are set to fall in the U.K. and global markets.
Shell pledges to keep dividend despite slump in oil prices: Royal Dutch Shell has reassured investors that it will maintain its dividends regardless of a prolonged slump in oil prices below $50 per barrel.
Royal Dutch Shell warns of risk of oil price spike: Royal Dutch Shell on Tuesday warned of the risk of a “spike” in oil prices should Opec keep pumping flat-out in the face of an expected decline in output after spending cuts by energy groups outside the producers’ cartel.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.58% or $0.30 higher at $52.22 per barrel, ahead of the EIA weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 5.42% or $2.67, to settle at $51.92 per barrel, after API reported that US crude oil stockpiles unexpectedly narrowed by 1.2 million barrels for the week ended 02 October. Also, oil prices gained after the OPEC projected that there would sharp cut in crude investments, thereby reducing the ongoing supply glut in the future.
BP to pay $20 billion over Deepwater Horizon oil spill in Gulf of Mexico: BP has agreed to pay out more than $20 billion in compensation for the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.2% or $0.10 higher at $49.35 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 2.33% or $1.12, to settle at $49.25 per barrel, on expectations that oil demand would rise in China following measures taken by the government to boost the slowing economy. Also, oil prices found support after Russia decided to meet other producers to discuss the market conditions
Shell may post loss after taking £2.7 billion Arctic exploration hit: Shell is set to reveal that quitting the Arctic cost it up to $4.1billion (£2.7billion) in its third-quarter results when it unveils them later this month – in a move that could push the oil giant into reporting a loss.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.35% or $0.17 higher at $48.30 per barrel. On Friday, the contract climbed 0.92% or $0.44, to settle at $48.13 per barrel, after the number of active US drilling oil rigs dropped to their lowest level in five years.
Shell may post loss after taking £2.7 billion Arctic exploration hit: Shell is set to reveal that quitting the Arctic cost it up to $4.1 billion (£2.7 billion) in its third quarter results when it unveils them later this month - in a move that could push the oil giant into reporting a loss.
Shell and BP make new inroads in Iran: The possibility of a major British oil company regaining access to one of the world’s great hydrocarbon markets rose on Friday with officials in Tehran saying Shell would be allowed to build 100 petrol stations in Iran.
Brent oil prices dropped last week, after the EIA informed that the US crude oil stockpiles unexpectedly climbed 4 million barrels for the week ended 25 September. Brent crude oil prices fell 1.0% to $48.13/barrel
North Sea oil and gas firms told: Get on and collaborate: North Sea oil and gas firms recognise they need to collaborate more to help the industry survive the crude price plunge but only a small minority are doing anything about it experts have found
BP hopes to strike deal with Iran and go back to its roots: BP is in talks about a return to Iran that could mean the oil company investing billions in the country where it was founded more than a century ago
At 0330GMT today, Brent crude oil one month futures contract is trading 0.94% or $0.45 higher at $48.14 per barrel. Yesterday, the contract declined 1.41% or $0.68, to settle at $47.69 per barrel, after lower than expected manufacturing data from global economies raised demand concerns for the commodity.
Aggressive North Sea expansion planned by London oil and gas firm: A London-based oil and gas firm has unveiled plans to expand aggressively in the North Sea as its Chairman said the crude price slump might be good news for the area.
Aberdeen oil and gas firm highlights appeal of Nigeria: Aberdeen-based Eland Oil & Gas is facing fresh challenges in Nigeria but has emphasised its commitment to investing in the country where Directors believe the new administration is doing good things.