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LONDON, Oct 11 (Reuters) - BP (BP.L) has 18 billion barrels of oil equivalent resources in its portfolio that would meet its expectations for returns on investment, equating to 20 years of output at 2022 levels, it said in an investor presentation released on Wednesday.
"We will of course remain disciplined evaluating these potential projects – applying our investment hurdle rate of 15-20%, and payback periods of 10 years for oil and 15 years for gas," BP said.
BP said on Tuesday it remained committed to its financial and carbon reduction ambitions, as interim Chief Executive Officer Murray Auchincloss hosted an investor day.
The company aims to achieve zero net carbon emissions by 2050 and to invest billions in renewable and low-carbon power. In February, BP scaled back plans to reduce oil and gas output by 2030 to 25% from 40% from 2019 levels.
In the presentation, BP also raised its forecast for earnings before interest, taxes, depreciation, and amortisation (EBITDA) from oil and gas businesses for 2030 by $2 billion to $41 to $44 billion at an average oil price of $70 a barrel.
Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Agreement goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.
Hurricane’s previous run-in with the regulator was put down to the last management team, it seems that the current team make them look like diplomats and it is quite astonishing that in a hostile environment with the NSTA can continue when Government departments are trying to get companies like Hurricane to up their production.
Hurricane are debt free having paid off the convertible and with the cash being thrown off something rotten and should be £100m by Christmas and another £250m next year there must be a queue of suitors after all people wanted Capricorn’s cash, maybe Tullow should buy it……………
Hurricane are looking like a wallet left on a table at an international pick pockets convention and the shareholders are being treated like second class citizens…
Who on earth could live in a house like this…?
1 thing i know, it costs 10mil to replace a subsea water inj choke valve - all in, 2018 farm in presentation (page 4), was 180mil for 3 wells, so best guestimate i think is +70mil for a new drill.
https://www.hurricaneenergy.com/investors/presentations
can be anywhere from 60 to 100 + days, we are only next door & i think the average was about 85 days but im not 100% on that figure. obviously weather & the sub-strata are a lot too do with it. Annuli casings need to be drilled for not sure if its 3 annuli as a conventional platform well uses. Cemented & then tested for communication, well drilled & manifolded, then theres the flexible riser tie back & the umbilical contol lines from topsides down to sub sea manifold.
3 months plus depending on weather is my guesstimate
they're not all free, we do get to buy at a 20% discount on the 'share save' ones, don't forget the 'share match' where we get 1.5 share for every 1 bought & then finally there's the 'shave value plan' to finish ............ :-)
start date ? no flare out here, so maybe its commenced or going that way soon
when is the maintenance outage scheduled to commence ? currently no flaring on AM, so it looks to me it has already begun
i thought everyone had sunk its been that quiet !
Yes, all we need now is the BIG FINANCE MONEY too purchase the Foinavon feild complete with subsea infrastructure ( decomissioned too how much of a point ? I dunno ) complete a tie backs to Aoka Mizu ...... its so easy as it seems due to BP not running back into Glen Lyon for production (circa 350 million barrels remaining )nGL currently circa 70 mbs day offload every 6 - 9 days weather dependant ) .... the reason is sea bed elevations requiring infrastructure of subsea pumps etc to get what oil remains to where it needs to go ) also compressors of high discharge pressure on the Aoka Mizu to export into the WOSPs system. we are talking probably 15 miles distance between the two feilds ............. i know as my subsea friends in subsea WOS have said exactly the above, hence why the Foinavon feild is for sale. Requires an FPSO in position above the wells to be cost efficient
think you find they were looking after their investment fund ............... no one on the BOD directly employed by Hur have bought into what they think they believe in and bought any shares in the last year
shame none of this BOD have not supported HUR and what THEY believe THEY are acheiving by purchasing shares in a company that employ them ...........
Against the backdrop of our demonstrable operational track record, financial discipline and the significant rise in oil prices, we are preparing Hurricane for the future.
Yet another set of good numbers from Hurricane and even in its current state it beggars belief what the board nearly did to shareholders last year. I can’t wait to see something from Crystal Amber about this because in a rare comment from the CEO things seem to be going swimmingly… interesting it sounds a bit like fraudulent activity
9bn loss on roseneft is miniscule compared to the 60 odd billion mocondo hit the company for. dont usually here as they pay my mortgage. the ethics the company rely on is transitioned thru to the share price. oil is big big money, wind, solar wave etc is big money just over a very longer reovery period for roce
the only infrastructure AM has for gas handling is to burn it. No reinjection wells, not attached to the WoSPS system
If Hur won't drill a water injector they certainly won't commission a subsea tie into the WOSPs, best option for the gas would be flare recovery compressor, these are miniscule compared to other offshore gas compressors, but no idea how much spare space is on the AM fpso