Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
I don't understand why (maybe someone with more knowledge can explain) but according to Wood Mackenzie shutting down has its own costs, and could make restarting more difficult and expensive. For some oil fields, shutting down could cause permanent damage to reservoirs.
That's why some companies prefer to carry on taking a loss than to shutdown.
Mr.Spacetomato
Russia need 25% of current production for their own use.
So a 50% cut in production would mean 2/3 cut in exports … they would need Oil to be at $60 not $40 to keep same income.
I find it unbelievable that people think that Russia and Saudi Arabia actually agreed to cut almost 50% of their Oil production …. just unbelievable !!
What's even more surprising is , even if Russia DID say they would make such a huge cut, that they would actually go and do it.
People seem to think that there will be vaccine out soon for Covid-19 and as in ww1 " It will all be over by Christmas " but the following is a sobering comment by a researcher.
"More than 30 years and 30 million deaths later, there’s still no approved HIV vaccine -- a cautionary tale for anyone expecting a coronavirus vaccine within the next year, according to Kinch, a former drug developer who’s now associate vice chancellor at Washington University in St. Louis."
It's been obvious for several years now that the World is getting overcrowded.
But if some religious people think that this Virus is God's way to solve the problem, it is going to badly backfire.
a) Because millions of very bored people are going to be cooped up together for weeks on end.
b) One of the biggest Condom manufacturers in the world has just been closed down because of Corona Virus at the factory !
Adoubleuk
"I refuse to believe that China deliberately unleashed this thing on the world"
I agree but it has happened when a virus was leaked from a lab accidently.
The last line of the report is the scary bit
" The hybrid virus was able to infect human cells."
It seems more than coincidence that a major virology lab is In Wuhan.
WIKIPEDIA states the following:-
In 2005, a group including researchers from the Wuhan Institute of Virology published research into the origin of the SARS coronavirus, finding that China's horseshoe bats are natural reservoirs of SARS-like coronaviruses.[6] Continuing this work over a period of years, researchers from the Institute sampled thousands of horseshoe bats in locations across China, isolating over 300 bat coronavirus sequences.[7]
In 2015, the Institute published successful research on whether a bat coronavirus could be made to infect HeLa. A team from the Institute engineered a hybrid virus, combining a bat coronavirus with a SARS virus that had been adapted to grow in mice and mimic human disease. The hybrid virus was able to infect human cells.
Looks like US Oil frackers are starting to hurt ... no wonder Trump is worried.
Area Total Month Year
U.S. ,,,,,,,,...……. 728 ……. -44 ,,,,,, -278
Canada ………..,, 54 ……..-44 ........ -34
International . 1,085 .......... +7,,,,,,,,, +58
LONGWAIT Thanks for the sarcasm … my first smile of the day.
Terrible day for SP today … one way only !
https://www.telegraph.co.uk/markets-hub/share/S165/HUR/HurricaneEnergy
I now ADUK likes a musical comment.
https://www.bing.com/videos/search?q=song+down+down+down+down+youtube&view=detail&mid=48F940635B1F1D18EA6048F940635B1F1D18EA60&FORM=VIRE0&ru=%2fsearch%3fq%3dsong%2bdown%2bdown%2bdown%2bdown%2byoutube%26form%3dWNSGPH%26qs%3dAS%26cvid%3d0e45150a0687444b83dc1d8ebf754094%26pq%3dsong%2bdown%2bdown%26cc%3dGB%26setlang%3den-US%26nclid%3d4A782BB3F262B0EC6560150CC984E717%26ts%3d1585324541916%26nclidts%3d1585324541%26tsms%3d916%26wsso%3dModerate
Maybe US will replace Russia in OPEC+ ?
https://www.investing.com/news/commodities-news/breakingtexas-oil-regulator-had-great-talks-with-opec-invited-to-june-meet-2117128
Looks like US frackers are starting to feel the heat from low WTI Oil price !
https://seekingalpha.com/news/3553903-u-s-oil-rigs-tumble-20-baker-hughes-reports?utm_source=investing.com&utm_medium=referral
Hurricane's original idea was :-
a) Discover Oil
b) Prove fractured basement concept
c) Get taken over or farm out
But from todays SP action, it's now obvious that HUR is more and more being treated as an Oil producer by the market.
HUR SP graph today so far looks like mount Everest.
It peaked today at 9:51 a.m. at exactly the same time as Brent (tongue in cheek comment ... maybe Brent is following HUR).
To me it is reassuring that, as soon as Russia and Saudi get their act together and Oil recovers, HUR SP should really take off.
MCB55
That's what I meant.
i.e. As the price of Oil drops, HUR pays Bluewater less per barrel produced by AM … thus lower Opex.
But that's little consolation when considering the amount being lost because of drop in PoO.
The RNS this morning is very reassuring but one thing puzzles me :
Why is everyone so happy that Opex is now only $17 ?
One of the reasons that it is now lower, is ( I believe ) that BlueWater get paid a %age of every barrel that is produced by AM.
It was a hell of a lot better to be paying $21 costs @ $61 Oil ( net $40) than now to be costing $17 on $26 Oil (net $9) don't you think ?!
Krakenoil
I don't think many of their customers are going to complain about cheaper oil !
When I checked the stock market prices this morning, it reminded me of a plaque that was on my office wall many years ago.
It stated :-
' Once upon a time, when things were going really badly for me and I was feeling sad and depressed, a little voice whispered "CHEER UP … things could be worse".
So I cheered up … and things got worse.'
PMO is now 17p … up 30% from its low for the day of 13p
It would be intriguing to conduct a study to find out if Muslim women (who wear the full veil) have more/less cases of flu than male Muslims.
If it is less then this could mean that the veil is acting like a mask … so masks do work.
On the other hand, if it is more then this could be because they get less Vitamin D from the sun … which could explain why Flu seems to occur more during the winter and we should all take Vitamin D supplements.