RE: oil price24 Oct 2021 18:08
other key passages below from the link I posted. from these you can see more clearly the environment that San leon is now operating in in the Niger Delta where Shell (historically the major with the biggest investments here) has been much impacted by ESG agendas and imagine the opportunities that may open up. it is particularly pertinent that we have been mainly supported in our Niger Delta strategy by a London hedge fund (Tosca) and that our chairman is a recent past head of Shell Nigeria
“They [big institutional investors] are all so keen to get rid of oil assets, they’re leaving fantastic returns on the table,” added Odey, whose European fund is up more than 100 per cent so far this year. The company has been building its position in oil and gas stocks this year and has sizeable stakes in groups including Norwegian oil company Aker BP, whose shares are up about 43 per cent, and Asia-Pacific-focused producer Jadestone Energy, up 44 per cent. Odey said he had also been providing financing for unlisted vehicles that are being set up by commodities companies specifically to buy up unwanted assets being sold off by the oil majors. The move away from fossil fuels by big institutions has often left hedge funds, which face fewer pressures to conform to ESG norms than mainstream fund companies, among the only buyers.
“The ESG guys are causing terrible problems,” said Odey. “They’re ensuring price rises are not met by supply.” Another European-based manager said moves by big investors to stop backing fossil fuel companies may be “counterproductive”, adding that the sector offers a “huge investment opportunity” for their fund.
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