Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
I read that Russia and Iran are trying to set up a gas cartel like opec , also trying to get arab states on board with aim of keeping prices high. Its a world market for gas with india and china big importers, USA is self sufficient and now an exporter of LNG along with UAE etc.. Then there's Belgium trying to get all European buyers to work together as a buying cartel and set a price cap. ..by not overbidding againt each other. That sounds sensible but will it work.?? Cartel v buying club. I think Ireland will be taking most of its gas through interconnector from Milford Haven LNG imports., some of course from Corrib. Its the end of the gas pipeline in many ways. The americans would like a LNG terminal in the Shannon, theres Barryoe and theres Corrib vying for attention. Then there's Mr Ryan holding firm currently. EOG is still waiting for permission to do a sea bed survey ( long overdue) so someway off for potential approval and field development. Enjoy the summer weather folks, come back in October for good news, and think of the poor b....... in Ukraine who will be feeling the cuts to gas supply the most.
SMcN I agree gas solution/planning aplication will have to incorporate future gas from Pennistone but that gas has been known about since the 2016 test discovery . If SO etc could be a bit more honest/informative about what the hold up is in design/funding/permisions we would all be clearer. I just hope we know more in next month or so, not just SO saying we are still talking about it.
Hoping Tovoc and all are right at 6p plus next month. ( Tennyson risked target at 7.8 p) We have been waiting a long time, but as ever with EOG ( Holmwood Surrey, Ireland et all once gamechangers ) best to be a bit cautious. I stayed in here for Wressle, but I still see no application for gas export pipeline or power equipment at Wressle Lodge farm, and current maximum production is limited by flaring consent. EOG still talking with partners on the gas solution for months now? So no change on production anytime soon. Come on EDR UJO EOG get a gas solution sorted!! I can SEE SO frustration on this on latest video. From July presentation, Serenity may still need one or two further wells ( next year? ) if its going to be a big field development , and if a small field we need agreement with adjacent Tain operators. We are in Serenity only because the big oil players are investing into wind etc. Still , overall its still looking positive, subject oil price staying above $90 next couple years. I think the switch to expensive electric cars will only start to have an impact on petrol demand after 5 years or so.
Positive on Serenity. A bit mixed on benefit /cost of high oil price , and with his ashover grit/wingfield flags mix up again, and how frustrating to hear yet again the partners are still discussing gas monetisation- pennistone plans which they started discussing a year ago...they have very long coffee breaks.!
As to Inniskea just forget it until Mr Ryan says ok, otherwise not worth even thinking about it. Good luck Serenity.
From RNS, end June 22, group has $673m net assets ( assets at book value) so real shame there dosn't seem to be anything the BOD/admimistrators could sell without trying to sell the whole company for peanuts. Is it not possible to sell the gold in far east? Is there still an export licence issue. ?
Sanctions certainly are a double edged sword.
Any chance of the war turning - Ukraine with better weapons,may lead to new boundary/peace negotiations., and possible relaxation in sanctions but that is likely months away. Until the liquidator actually arrives., vainly hope administrators can sort this mess out.
Mr Ryan not paying any attention to our chairman and other voices yet, but gas prices having been at a european price dip of 79 euro mwh in early june are now a staggering 186 euro mwh . If Inniskea were developed , big if, it would benefit from supply reducing excessive price, give more security to irish energy, and tax revenue. Are we waiting to see if there are really many new green energy investments that Ryan will pull out of the bag, or will he have a change of heart.
Meanwhile I dont see too much progress on the 600m gas pipeline planning application for Wressle. If anyone is in the know on this please advise.
If Serenity is as good as predicted, and can be brought into production in reasonable time scale and high oil prices remain for next five plus years-before any substantial electric vehicle use affects demand, I can see an EOG price of 20p possible this time next year. However as always a high caution with EOG projects., as there a a lot of ifs around the well being optimal or ifs on the co-operation needed with adjacent operators to bring the oil to market and how long all that takes. GLA long term holders.
Article very ambiguous.and saying cost of extraction higher further offshore just obvious.is this just more data room hype.? The data report on Eog website indicates prospects in Inezgaze are central and north of the licence.
..turtle; charlie;whisky. a long way from canary islands .no mention of previous article that suggested Hunt oil interested offshore Essaouria in north of licence.articles like this don't help unless backed up soon by a positive EOG statement ..before the licence runs out .p.s. the website page on morocco still refers to experience on porcupine.ha ha.
Only good thing mentioned in article was that spain may fund another pipeline if gas found..?
Interesting comment on Norweigan gas.Norway still part of EEA which was sort of Teresa May option for UK after brexit.There will be Norwegian UK UAE and USA gas coming into UK and Ryan can be happy enough to tap into that through the interconnectors., But when finally Germany stops import Russian gas there may not he enough for Eire.Maybe crunch time in the late autumn 22..
The article refers to report from april 13 that Hunt oil is lined up for a drill offshore assouria (mogador) which looks like it may be in northern limit of innegaze licence.Would be nice to see some firm information on this from Hunt or Eog in next month.Perhaps the story is true but subject to finalising a deal on farm out??.
You may be looking at US Hub price which today is up 4% to $7.29 per mmbtu ( i think)
Germany hub THE down a bit to €89.85 per MWh spot price a bit higher for future month at €96.7 per Mwh.
Uk hub 231.8 p per therm.
The differant currencies and way of measurement is confusing albeit to say prices are still very high..and there is more gas being sourced from permian in US and UAE for N.europe..southern europe gets gas from algeria and some from morocco....more potential in morrocco but we hear nothing yet from Simon. Ryan seems happy for Eire to import gas via uk connector..but I dont see too much progress there on additional renewables bridging the gap.
Current OIL production may be 75 bopd,- last EOG update, but looking at OGA data( now North Sea Authority) it seems that in December 2021, there was a gross m3 production of 513.7 m3 net to EOG from Crosby, W Firsby and Whisby( 65%) thats 16.57 m3 per day or 101 bopd. So maybe the current production is better than we expect. Lets see. Dont expect news on Wressle gas for a few more weeks , until EDR have made a decision on what gas equipment to install...Hopefully we will also get an update on approvals for I3 appraisal well , which the new North Sea Authority should be able to sort quickly. Inniskea still looks like Ryan will not approve unless the Energy security report ( was it due spring 22 ? ) goes in our favour .
I thought Finn Capps briefing today gave a low value to existing crosby etc. and wressle ashover..they currently have 1.8 p..
Now we know the placing ties up with low Finn Capp ..for the old boys in the know... should have got out of some part at 3.3p..like the old boys.. but this will recover in April and maybe a big win later in year.
A bit of a climb back for POLY today.