Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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"While efforts such as the administration of U.S. President Donald Trump planning to send a special energy envoy to Saudi Arabia to work on stabilising global crude markets will give energy journalists something to write about, for the moment the efforts are likely to be as successful as whistling against the wind"
https://www.reuters.com/article/column-russell-health-coronavirus-crude/column-coronavirus-demand-hit-renders-opec-trump-manoeuvres-irrelevant-russell-idUSL4N2BN0OS
Second tanker in a week as I predicted the other day ;-)
KSARussia/OPEC now just a red herring. The article says it is pipeline operators, with no storage, and refineries with no demand, driving down demand for crude just as Cv has driven down demand for the refined product. Simple supply chain knock on.
Above due Lancaster field 1st. April 08.00.
LW... Look at it this way; how many people would die ...if China ...Europe ...et al, sat on their hands and did nothing ?
Sailplane: "as storage capacity dwindles.
And, apparently, a plan being pushed to limit Texas production in a deal with OPEC."
http://www.worldoil.com/news/2020/3/30/pipelines-ask-us-drillers-to-slow-output-as-storage-capacity-dwindles
Looks as though the Ruskies and the Sauds are going to have their wicked way with the Yankies shale then?
In the basement ... ?
....both must be very close to the floor. 'The only way is UP'
The number of COVID-19 fatalities is small compared to the 12 million total number of people who have already died this year from all causes, but the numbers could reach 3.6 million in just eight weeks at the current pace of deaths doubling each week. In the counterfactual, without COVID-19, we would expect 60 million global deaths in 2020, with 18 million people dying from heart disease, 10 million from cancer, 6.5 million from respiratory diseases, 1.6 million from diarrhea, 1.5 million in road incidents, and 1 million deaths from HIV/AIDS. Suicides could number 800,000.
https://www.brookings.edu/blog/future-development/2020/03/23/a-mortality-perspective-on-covid-19-time-location-and-age/
as storage capacity dwindles.
And, apparently, a plan being pushed to limit Texas production in a deal with OPEC.
http://www.worldoil.com/news/2020/3/30/pipelines-ask-us-drillers-to-slow-output-as-storage-capacity-dwindles
extrader,
Nb, I've changed the header!
"Closer to home, here's a well-reasoned argument to put UK news in perspective : most deaths are 'with' the virus"
That's an interesting article. Listening to the news this morning, I was intrigued to hear that the number of hospital admissions documented as 'stroke' or 'heart failure' has dropped significantly. Are such statistics in fact being 'masked' by CV-19?
One thing I've noticed, is not having heard the hospital helicopter for three days now. Most of its usual missions are related to road accidents. But now, there's almost nobody on the roads.
Not familiar with the author, but his postulation is similar to my post above.
https://giftarticle.ft.com/giftarticle/actions/redeem/ffecf681-7335-4447-afff-1616bdcee86b
Hi all,
Closer to home, here's a well-reasoned argument to put UK news in perspective : most deaths are 'with' the virus, not 'from 'it....bit like prostate cancer, actually …;-<
https://www.spectator.co.uk/article/how-to-understand-and-report-figures-for-covid-19-deaths-
ATB
Elsewhere I read 60,000… 42k or 60k sound so much more plausible considering the population, eating habits and living conditions (especially in the mega-factories). In another 20 to 30 years the truth might just surface.
Locals in Wuhan believe 42,000 people may have died there from Corona Virus.
https://www.dailymail.co.uk/news/article-8165717/Locals-Wuhan-believe-42-000-people-died-coronavirus.html
Longwait .
Your statement maybe accurate now but about a week ago the opposite was allegedly true . Victims succumbing to the virus who had an underling condition were reported as having died from the underling condition .
Not sure I would believe anything the BBC had to report if they were involved .
JAdam ; "price rockets on all these undervalued oil companies" would you mind holding your breath for me please, now ? JuJu economics ?
Still waiting for the blue day you promised last Weds, or was it Thursday; anomalous trichromacy ? Tomorrow you might be right, but then again, you might be wrong.
CV-19 angle, is relevant to the economy, to think otherwise is foolhardy, what a half-wit you are. Stick to collecting number plates.
Ninian Field Cebo
Good to hear Winalot, what rig are you on if you dont mind me asking.
Good to know Winalot! Shame Marks and Spencers don't take a leaf out of the rig operators book.
I am currently offshore myself and believe i feel far more safer here than at home (when i leave tomorrow). The measures put in place here are 2nd to none. We can't fart the wrong way without asking. The hygiene has been upped dramatically. We have 2 stewards back to back days nights who's sole job is to walk around the accommodation cleaning/ sanitising handrails, door knobs etc. I'm sure the Akoa M is exactly the same. My list of changes could go on and on and on. The AM production will continue!
Some big decisions needed. @ $24 Brent there is no spare cashflow for any drilling, after paying bond interest, G&A, etc.
Yes there is a decent cash cushion, but in this crisis that needs preserving. I imagine there will be some tough negotiations with contractors over cancellation clauses, and mb some rough staff decisions to be made. Better now than later, imho.
"Russia need $45 a barrel and Saudia Arabia need as much as $80"
These numbers get banded about, like they are fixed - when in fact they are based on the premise that the country's budgets are some how fixed - that is not so.
Just like the shale drillers who have cut aggressively against their budgets countries can amend theirs and the new situation does potentially change other important factors.
The Russians have benefitted from a 30% crash in the Rouble/Dollar exchange rate a massive boost to the sector, Igor Sechin (Rosneft boss) will pleased as punch. Other Russia sectors less so if carrying $ debt.
Russia can just, screw over their people and they'll accept any thing as long as Vlad says it's good for them, whereas SA has spoiled population who have been spoon fed vast personal wealth and luxuries, so they need to stop them spitting their dummy out if it hits their benefits or personal bank balance. There's where I see the problem, to compete they need to cut costs and their currency is pegged to the $, so don't get the benefit of the devaluation, if the prince decouples and takes away their package of goodies the spoiled people will want his head or an immediate end to the price war.
If he does take the huge risk of decoupling and cutting spending, the SA budget could be cut by a large % perhaps even halved to near Russian levels.
Everyone is under pressure, companies like HUR just need to preserve cash and survive, it will end or further down the line there will be a supply shortage crisis. Dr. Trice said we may not be able to fund the spending programme, I took it to mean he is preparing for a later announcement of a budget cut - excellent they are hopefully already taking action and planning a survival strategy. We are lucky to have the cash to be flexible.
Changfai, totally rubbish. It will be anyone that shares a cabin or works alongside him or possibly has shared an office with him or maybe worked closely on a couple of workscopes with the guy. (and the AM is one of the few assets that only has single cabins so no sharing). - We wouldn't close Tesco's and send all the staff home because the checkout person tests positive. FFS, get a grip.
The guys and girls in the AM will be a lot more relaxed, and cracking on with the job, than some of the pathetic panicky armchair experts on here. If the cap fits........
"Anyone deemed to be in close contact with him" .... believe me, considering the persons job title, that is the whole crew.