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Interesting to see PMO swallowed up by a private equity buyer accumulating north sea oil and gas assets.
Oil market has not priced in prospect of a Biden victory
https://www.ft.com/content/0d6d0fbf-93b5-4f01-a6c8-f2d8ca95dc4a
FPSO vessels can work even more effectively here. Think Shell just retired one and that’s available. Can be adapted for H2S. Think TC just can’t get deal agreed with CNOOC. Lots of other options. Platypus could come back into play very soon as could Windfarm PPA. The fact this valued at cash and has gas fields producing with Natgas prices rising and our Dutch fields developing is just crazy.
@Gogsy - maybe "walked away" was not quite as it seemed? Reposting an older post (ref LBE) :
Maybe they'll try for a second bite at Perth?
They had a stake in Perth and 100% of Lowlander, and were very enthusiastic, with Graham Stewart saying earlier: "Faroe is building an exciting core area around Perth and Lowlander in the Central North Sea and work is underway together with our Perth partners to progress the potential high value Perth/Lowlander joint development project." Then gave it up in 2016, and PMG (who had a sizeable stake in FPM themselves) got it all.
As WH Ireland said in a research report a while back "Faroe has written off its remaining investment in PDL as non-core in its recently announced H1 results, which we believe reflects its Norwegian focused strategy. In our opinion it is untenable to have an uncommitted partner in a high-quality and undeveloped oil project that is of material scale from the perspective of the OGA. Parkmead is committed to progressing the field and the OGA would not hesitate, in our opinion, to force Faroe to exit the Perth, Dolphin, Lowlander hub-area given that they are manifestly pursuing a strategy outside of the UK in terms of future growth and capital allocation decisions. "
So if they were forced out of it previously, maybe they still fancy it?
Only WH Ireland's opinion of course...not fact.
Apart from the fact that FPM walked away (not sold out ) from Perth ascribing it zero value seeing it as unlikely to be developed. I suspect that operated big old platforms is not what LBE are looking for but I could be wrong
But FPM...oops LBE..could. Production + potential + hub concept ticks many of the boxes....
And FPM were very keen on Perth..see my previous posts.
Interesting article. Just my view but very unlikely that PMG would bid for Scott. TC does not do operator status. The only field where Cross was operator was the Hudson field in his Dana days and that was only because it was part of an acquisition. Possibly CNOOC upping the stakes because PMG really need Scott infrastructure to develop Perth economically.
Rumoured that PMG want a tariff per. barrel and CNOOC and partners want PMG to share the cost of operating Scott so stalemate at the moment.
The % share ownership of Cross and associates mean any hostile bid can only succeed with the blessing of PMG. Interesting JV with Pharis in the latest licensing round.
GLA.
EnQuest have also recently acquired a stake in the Bressay heavy oil field they intend to tie back to kraken. Acquiring the Scott platform, With EnQuest's proven capabilities in heavy oil, drilling low risk subsea tie backs, extending the life of mature assets makes an interesting potential move for a EnQuest & Pmg partnership imo.
EnQuest are potential buyers https://www.google.co.uk/amp/s/uk.mobile.reuters.com/article/amp/idUKKCN26F1MD
News buyers would bring new investment and could push the hub forwards
https://www.energyvoice.com/oilandgas/north-sea/267406/cnooc-scott-platform-buyers/
(Bloomberg) -Exxon Mobil’s UK North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant seeks to exit the aging region altogether, according to people with knowledge of the matter.
China Petroleum & Chemical Corp., Kuwait Foreign Petroleum Exploration Co. and the UK’s EnQuest Plc are among bidders, the people said, asking not to be identified as the process isn’t public. Exxon started the sale in July following delays caused by the spread of the coronavirus and slumping oil prices.
Tailwind Energy, whose equity partner is commodity trader Mercuria Energy Group, also submitted a bid, as did NEO Energy and Siccar Point Energy Ltd., according to the people. Newcomer Viaro Energy, which recently acquired North Sea company Rockrose Energy Plc, is involved in the process as well, two people said.
Exxon is offering its stake in 15 fields, which are expected to produce 37,000 barrels of oil equivalent a day net to the company this year, according to marketing documents seen by Bloomberg. Stakes in pipeline infrastructure as well as two exploration areas are also up for grabs.
The sale builds on Exxon’s retreat from Europe as part of a multibillion-dollar global divestment plan and a renewed focus on U.S. operations. The company exited Norway last year, selling its assets to Var Energi AS for $4.5 billion.
Exxon previously said it’s “exploring market interest for a number of assets worldwide, including its interest in non-operated assets in the UK central and northern North Sea.” It had no further comment to add for this story.
Sinopec and EnQuest declined to comment, as did NEO Energy and Viaro. Kufpec didn’t immediately respond to requests for comment. Tailwind Energy and Siccar Point also didn’t respond.
Binding bids are due in October, and the deal is expected to close in the first quarter of 2021, the people said.
Of course there is the odd exception, regrettably.
Still we have the Netherlands gas production to pay the salaries eh?
https://www.lse.co.uk/share-prices/sectors/fossil-fuel-producers/
This has gone from bouncing around at 60 to 70p to slumming at 30 to 35p.
Any chance the board could give us an idea of what plan they have to take this back up to 2018 levels ?
Back on board, like the entry price and possibilities.
Thanks chaps
I think you will find that the proposed wind farm which has been described as " massive " will be the major driver of the s.p. in the short/ medium term.
An asset rich and cash rich company, I will be holding on to my shares.
GLA
Btb
Thanks ab76. Are you a long term holder? Do you see success in a reasonable time horizon here
Still sitting on the sidelines here watching, after riding the crest of an enjoyable wave with Dana. That Dana success was about 10 years ago, and the 'Dana on speed (or whatever)' that TC promised at the time has not happened yet. Was TC a one trick pony? Presumably he isn't that young now so will he retire soon and drink single malt in a Croft on Skye? Who knows
Parkmead has broadened its focus to include renewable energy in recent months.The Aim market-listed company is considering plans to develop a big windfarm on land that it acquired in rural Aberdeenshire in September last year. It is producing gas from assets in the Netherlands.
NORTH Sea-focused Parkmead Group has shown confidence in the potential of a heavy oil find that has been left undeveloped off Scotland for years.
The Aberdeen-based group led by entrepreneur Tom Cross has acquired an interest in the Fynn Beauly find north east of Aberdeen in the latest offshore licensing round.
In its announcement of the award Parkmead underlined the potential scale of the find, which was made by BP in 1978. It noted that Fynn Beauly extends across several blocks and has been estimated to contain up to 1.3 billion barrels.
It is one of a number of undeveloped heavy oil discoveries in the UK North Sea which have attracted renewed interest.
The costs involved in extracting and refining heavy oil have deterred firms from developing finds. However, advances in technology have helped improve the economics of heavy oil developments.
Cairn Energy and EnQuest brought the 130 million barrel Kraken heavy oil field off Shetland into production in 2017.
EnQuest noted last week that production from Kraken increased by 19 per cent annually in the first half, to around 39,000 barrels of oil daily
The acreage Parkmead has been offered also includes the Fynn Andrew find, which is estimated to contain 50 million barrels.
Parkmead has been offered a block containing an extension of the Lowlander oil find nearby. It has raised the possibility of developing Lowlander with other finds in the Greater Perth Area.
The company has been offered an interest in a block close to the Tolmount gas find in the southern North Sea. Tolmount is being developed by Premier Oil and Dana Petroleum.
Mr Cross grew Dana into a significant North Sea player. It was bought by Korea’s KNOC for £1.9bn in 2010.
Mr Cross said yesterday the licence awards made to Parkmead demonstrated the strength of the firm’s energy expertise and had the potential to extend the company’s asset base as it developed into a balanced energy group.
Parkmead has broadened its focus to include renewable energy in recent months.The Aim market-listed company is considering plans to develop a big windfarm on land that it acquired in rural Aberdeenshire in September last year. It is producing gas from assets in the Netherlands.
Interesting article of where our licenses are on the Map
https://www.energyvoice.com/oilandgas/north-sea/263032/oga-32nd-round-licences-articleisfree/
Eh ? Don't you mean old news !
28 seconds of trading on news.
"These awards demonstrate the strength of Parkmead's energy expertise and have the potential to extend the Company's asset base as we develop into a balanced energy group."
Pharis energy a company founded by petroleum engineers looking to develop heavy oil fields in the North Sea with polymer flood technology
https://player.vimeo.com/video/415908422