We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Https://www.livecharts.co.uk/MarketCharts/brent.php
meoryou excellent news
From the COPL BB
(Shareholders have formed an Action group: CAG)
COPL have MASSIVE OIL (Circa: 1 Billion Barrels) discovery in Wyoming, however company has been run down 99.% in past 2 years.
- See Copied "STAS20"note below
RE: KSV Advisory - New Documents Added
25/04/2024 - 18:10
RBM that was a serious question as regards recruiting BP, I think there might be merit in Cotter contacting BP and bringing them up to speed with what we know and if they might wish to join the fight, particularly as based on the below, they are now also being shafted?
BP Energy Company's main objections to the proposed Approval and Vesting Order (AVO) are as follows:
1. Prejudice to BP's Interests: BP argues that the proposed AVO is prejudicial to its interests because it seeks to sanction a preference of one creditor over another of equivalent seniority. The order fails to meet the requirements of the Companies’ Creditors Arrangement Act (CCAA) and further fails to meet the criteria for the extinguishment of third-party interests.
2. Failure to Meet Statutory Requirements: BP contends that the proposed AVO fails to meet the applicable statutory requirements for approval under the CCAA. It highlights section 36(6) of the CCAA, which stipulates that proceeds from the sale of assets must stand in place and stead of the assets, with security attaching to the proceeds with equivalent priority. BP argues that the proposed AVO does not adhere to this requirement, as it directs proceeds to a singular creditor, thereby undermining the legislation.
3. Violation of Common Law Principles: BP asserts that the proposed AVO also fails common law tests, particularly in terms of fairness and equity. It cites the Soundair factors, which include considerations of whether sufficient effort has been made to obtain the best price, whether the interests of all parties have been considered, and whether the process has been fair. BP argues that the sale process was flawed, with efforts to market the COPL assets being limited, and the process stifling participation without delivering any consideration back to BP.
4. Reordering of Priorities: BP objects to the proposed reordering of priorities in insolvency proceedings, which it views as contrary to legal principles and prejudicial to its position as a senior secured creditor. It argues that allowing certain creditors to lift their pre-filing debt to a priority position ahead of other existing claims is akin to a rollup, which is prohibited by section 11.2 of the CCAA.
Overall, BP contends that the proposed AVO fails to meet legal requirements and common law principles, and it advocates for the rejection of the application.
(Apologies - it is a long thread, but quite interesting)
Julianne Geiger
JULIANNE GEIGER
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
More Info
SHARE
Facebook
Twitter
Linkedin
Reddit
RELATED NEWS
Ukraine Asks Europe to Help Protect Gas Storage Sites From Russian Strikes
Alberta First Nation Challenges Imperial Oil on Energy Transition Impact
Petrobras Books 4.4% Rise in Q1 Oil Output
Rystad: Global Upstream Could See Another $150B Merger This Year
Iraq To Start First West Qurna Gas Production This Year
OPEC+ Overproducers Present Plans For Cutting More Oil Production
By Julianne Geiger - Apr 30, 2024, 11:30 AM CDT
As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts.
Both Iraq and Kazakhstan, nations that had surpassed their agreed-upon oil production targets by several hundred thousand barrels per day in the first quarter of the year, have submitted their respective plans to the alliance. Kazakhstan's Energy Ministry confirmed via email that it has finalized its schedule for compensatory cuts. Iraq has also submitted its proposal, an anonymous official familiar with the matter told Bloomberg.
However, the Iraqi Oil Ministry has yet to provide official comments on the matter.
The OPEC+ coalition, spearheaded by the largest producers in the group, Saudi Arabia and Russia, had initiated additional production cuts at the beginning of 2024 to mitigate the risk of a global oil surplus. Despite apprehensions regarding economic growth in key consuming nations, this intervention has proven somewhat effective and helped to maintain Brent crude futures around $90 per barrel.
Both Iraq and Kazakhstan—and others—have struggled to adhere strictly to their OPEC+ production quotas. Iraq, aiming to rebuild its economy following years of turmoil, often prioritizes revenue generation, while Kazakhstan is in the process of ramping up new production capacities.
The upcoming OPEC+ meeting scheduled for June 1 will serve as a pivotal moment to decide on the future course of action regarding output curbs for the second half of the year.
Earlier this week, OPEC Secretary General Haitham Al Ghais called on oil industry participants and analysts to be careful about their predictions
WTI Finds Support After Sell Off Suddenly Halts
Tuesday, April 30, 2024
The de-escalation of the Israel-Iran conflict and ongoing ceasefire talks in the Egyptian capital city of Cairo that could potentially halt hostilities in Gaza have lowered the geopolitical risk priced into oil prices, dragging Brent back to the $88 per barrel mark.
I try to ignore, rather than wonder, ' today's ' reason for fundamentally baseless movements either in SP or oil price. It took many years of unnecessary worry to get to this point.
Well it tanked for a bit !
I would not describe oil as tanking. Similar retracts have soon reversed. Just fiinancial market's play on possible middle east peace talks progressing. I expect no deal is possible. Been here before. Also Fed meeting causing a market wobble.
Peak season will soon be here so just a blip.
Im focusing on fundementals
Thanks meoryou, that would do it !
DOW down over 200 points.
“Stocks traded into the red Tuesday after higher-than-expected wage data raised fresh inflation concerns ahead of the Federal Reserve’s rate decision on Wednesday”
From CNBC
Can't see why ATM
Anyone else think BP is still in play for a takeover
Https://www.livecharts.co.uk/MarketCharts/brent.php
Out for the day
Onwards and Upwards:)))
So far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals, according to the latest report from Rystad Energy on Monday.
While recent deals have focused on the Permian Basin, Rystad says it is looking to other American shale patch venues for the next big deals amid an ongoing trend of consolidation.
The $64 billion in global M&A value booked so far this year is the best Q1 performance the industry has seen since 2019. The $64 billion also represents a 145% jump in M&A dealmaking in the industry compared to the same quarter of last year. North American upstream M&A accounted for almost $54 billion this year, representing around 83% or the total value of deals so far this year, Rystad said, as reported by Reuters.
According to Rystad, North American upstream deals for the first quarter of this year came in at $54 in value, and $80 billion in North American oil and gas assets remain up for sale. Rystad estimates that the American shale patch will account for the bulk of new M&A activity.
“The Permian has been the focal point for M&A activity in recent times, but that focus is waning as available assets in the basin become scarce. But with appetite still strong, deal-hungry players are looking outside the basin for acquisitions. A power shift could be on the cards, with non-Permian assets taking center stage in the future North American deals pipeline,” Rystad Energy’s Atul Raina, Vice President of Upstream Research, said in a report.
Attention will now shift to Bakken, Marcellus and Haynesville assets, with key companies still looking to divest non-core assets, including Chevron, which is seeking to divest up to $15 billion in assets by 2028
All eyes on results! Hopefully oil trading has had a banging quarter with the upward volatility in Q1 which will make up for refinery downtimes
I am here :))))))))))
Doesn’t look like anyone is coming out to play today.
Who would have thought an sp in the £5.20s would be boring.
Oil price still holding up well so far.
More Onwards and Upwards please
Https://www.insidermedia.com/news/north-east/bp-submits-plans-for-major-teesside-hydrogen-project
Saudi Arabia has warned the war between Israel and Hamas could have repercussions for the whole region and the world unless brought to a quicker end.
The kingdom called for regional stability on Sunday, at the start of talks organized by the World Economic Forum, taking place in Riyadh.
"I think cool-headed countries and leaders and people need to prevail, and you need to make sure that you actually de-escalate," Saudi Finance Minister Mohammed al-Jadaan said, as quoted by the New Arab.
A top concern within the context of the Israel-Hamas war is the security of oil supply, of course, with prices jumping every time there is news about a potential escalation of the conflict, and deflating once the danger passes.
Right now, bullish factors have the upper hand, with signs that both sides are ready to talk about a ceasefire this week. The news has weighed on oil prices, helped by the latest U.S. inflation report.
“The world is today walking a tightrope right now, trying to balance security and prosperity,” Saudi Arabia’s planning minister, Faisal al-Ibrahim told media at the event. “We meet at a moment when one misjudgment or one miscalculation or one miscommunication will further exacerbate our challenges.”
World Economic Forum president Borge Brende, however, sounded a positive note, saying that there was “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza”.
Reuters reported Sunday that a Hamas delegation will be traveling to Cairo today for ceasefire talks. The report came hours before the news broke that Israeli forces had attacked Rafah, killing at least 13 people. Before that, the media had reported Israel had agreed to address U.S. concerns about the humanitarian implications of such a strike
What’s good for markets is not necessarily good for all markets because the prospect of continued elevated interest rates is normally taken as bearish for oil because higher rates make the U.S. dollar more expensive and most global oil is traded in dollars. These close ties between U.S. monetary policy and oil prices have traders acting promptly, as evidenced by the fact that every time a delay in rate cuts is announced prices decline.
On the Middle Eastern front, Reuters reported on a statement by Hamas that they would be attending ceasefire talks in Cairo today, rekindling hopes for an end to the conflict. If that happens, oil will have further down to go as the risk of supply disruption would end with the fighting.
Bloomberg, for its part, quoted ING’s head of commodity strategy, Warren Patterson, as saying that “Geopolitical risks have eased considerably.” The Dutch bank still expects a substantial deficit in the oil market in the current quarter but “the outlook for the second half of the year is less clear with it largely depending on OPEC+ policy,” Patterson said.
Crude oil prices began the week with a loss, reversing the climb from last week after the latest U.S. inflation data suggested there will not be any rate cuts anytime soon.
Signals from Israel that a ceasefire with Hamas is still a possibility also helped bring oil down, with Brent crude slipping below $89 per barrel in midmorning Asian trading and West Texas Intermediate at a bit over $83.
On Friday, the Commerce Department reported an inflation rate of 2.7% for March in personal consumption expenditures, up from an annual rate of 2.5% in February.
"Markets should breathe a sigh of relief this morning," Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told Reuters in comments on the figures. "Given the elevated levels of inflation, and this is the new normal for 2024, the market is going to need to get over hopes for Fed rate cuts."
What’s good for markets is not necessarily good for all markets because the prospect of continued elevated interest rates is normally taken as bearish for oil because higher rates make the U.S. dollar more expensive and most global oil is traded in dollars. These close ties between U.S. monetary policy and oil prices have