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Hi Maske2g,

Even if Bloomberg gets in ?
Sorry for o/t - but v interested !

ATB

Hi IJWT,

I'm sure if Dr Trice had had his 'druthers', HUR would be in a position now to fast-track. As both ECO and HUR now know, geology can be a b**tch.
Operating conditions and hence capex/opex are harsher WoS, which adds to the headwinds and the difficulties of making an investment decision.
The respective CEO's are also something of a study in contrasts - I'll say no more ;-> / ;-<

ATB

Hi all,

Meanwhile, from a global perspective, we can add this point of view to the mix :

https://economicconfidential.com/2020/01/oil-firms-stake-30bn-exploration/

Various mentions of Total, Exxon , Surinam, Guyana etc. Suggests - quelle surprise ! - that there'll be more 'churn' in assets as oilco's look to exploit quicker-payback opportunities in view of shortening (maybe) window for exploitation.

ATB

Hi all,

(1) These are rewards for the 'other ranks', likely based on objective performance challenges.
(2) Note conditional nature.

FWIW
ATB

Hi Maverick 7,

Thanks for this. Unfortunately - "once bitten, twice shy " - I wouldn't set much store any more by what Gil says, or even puts on a slide.
We unfortunately seem dependent on ECO and TLW for 'hard' info and both have credibility issues, I feel. Has Total had anything interesting/useful to say, does anyone know ?
I'm tied up atm, but may try digging around a bit myself...but would rather not re-invent the wheel if the spade-work's already been done.
It's a new 'energy-saving' feature I'm trying out.....;->

ATB

donmac101,

AIUI, WTE has 2.4% of Cataleya Energy, which has a 25% interest (reducing if/when carried) on Kaieteur. That's max 0.6%. On a share with a 15-18p bid/offer spread.

Thanks, but no thanks

I think you'll find that the only link is that the port Sapro was planning to use is also the port that GLEN/ZIOC plan (ned) to use...

Congo Republic Ships First Iron Ore from Upgraded Port
Tue Apr 23 08:40:20 CEST 2019 arnekiel
(Reuters) – Congo Republic shipped its first iron ore exports on Friday from a rehabilitated deep-water port that will be used by Congolese billionaire Paul Obambi’s Sapro SA and Swiss commodities giant Glencore.

Sapro mined the oil-dependent Central African country’s first iron ore in 2017 from its Mayoko project in the southwest and plans to reach output of 12 million tonnes per year by 2022.

Glencore’s joint venture with British Virgin Islands-incorporated Zanaga Iron Ore Co plans to ship 2 million tonnes of iron ore per year through Sapro’s port and rail link over the next two years, and 30 million tonnes by 2024.

Hi jw1952,

Could you provide a link, pls , re GLEN link to Sapro ?

If you believe the goss ( the unlamented Minorminer certainly did) , there should be a lot of cash looking for a home...
https://aaccargo.com/en/2019/04/23/congo-republic-ships-first-iron-ore-ahead-of...

23/04/2019 · Sapro, the Congolese government and British shipping company Ashley Global are also spending a combined $550 million on rehabilitation to Pointe Noire’s deep-water port, the Mayoko mine and an old railway track connecting the two...

TIA and ATB

Hi noix,

Here's another line in the permutations - Total and TLW looking to (part) sell Kenya....

https://www.reuters.com/article/us-m-a-oil-kenya/total-and-tullow-launch-joint-sale-of-stakes-in-kenyan-oil-project-sources-idUSKBN1ZM1FZ

Lots of moving parts, let's hope some align in ECO's favour.

ATB

Hi e-Jay,

Well, that's a 'black swan' type of question !
I've trawled and found nothing from Exxon.....and we've recently had John Hess (of Hess, partnering Exxon) spouting about the qualities of Guyanese geology inshore from Hammerhead, declining to be drawn on his own fields quality , in what some might consider 'pot-stirring'.....
Maybe Proselenes will come up with something.

ATB

Hi atg,

Thanks for this. An extract that reminds us of the challenges re transport...

…"In May 2018, Sapro's first-ever 20-car mineral train crushed a sixty-year-old near the town of Mossendjo. In the same month, Sapro's second mineral train derailed between Mayoko and Tsinguindi station in the southern Niari. Six cars loaded with several tons of iron ore came off the rails and overturned. And even the train sent for troubleshooting broke down a few kilometres from the derailment site. Damage from the accident amounted to several million CFA francs, including damage to cars and rail infrastructure.
In December 2018, Sapro's third mineral train from Mayoko was stopped at Dolisie station due to lack of fuel. According to a reliable source, Sapro is also indebted to the Congo Ocean Railway (CFCO).
Last April, some twenty-three thousand tonnes of iron extracted by Sapro Mayoko SA were loaded into Ashley Global Shipping's Ivy Ocean boat bound for China at the Pointe-Noire Autonomous Port....."

There's been no follow-up announcement that the shipment made it...….jes' sayin' , like....

Ho hum
ATB

Hi Proselenes,

You ask a good question : .."can you point me to OFFSHORE oil fields producing 11API and 5% Sulfur and also where the demand for this Super Heavy and Super Sulfur content oil is coming from ?????"
after pointing out how long TLW took to come 'clean' (geddit ?) on Jethro outcome.
How about adjacent Hammerhead, where AFAIAA tier 1 oilco Exxon as operator has yet to disclose its oil quality, yet nevertheless seems happy to proceed to the development phase.....this would be the Exxon that made the Hammerhead discovery in August 2018, ie over a YEAR before Jethro/Joe drills....

Jury still out, I would say.
ATB

Hi IJWT,

I’ve just reread MrScar’s link and don't see any ref to predicted Hammerhead Production....anotherarticle, perhaps ?

TIA and ATB

Oh....and that'll be still 30-35% of a far higher overall energy consumption level, in all probability.

My source was The Economist, but I can't locate atm. For anyone interested, a Chinese source says that they expect to be at 35 %, not 30% as I suggested, COAL usage in 2050....https://www.smart-energy.com/industry-sectors/smart-energy/coal-use-in-china-to-decline-by-39-by-2050-report/

ATB

Hi oogleflugal,

I can't see a world voluntarily giving up the benefits of hydrocarbons without a fight.

When you consider (per The Economist) that China currently gets 60% of its energy from COAL and is still projected to be getting 30% from COAL in 2050, it's hard to see us giving up on an energy source that's more intensive and more flexible in its range of applications.

There's a reason (well, lots actually) why Greta and co make their pitch in the First World (un PC term) and not in the Second or Third, where they'd (rightly, in my view) be given very short shrift : try telling somebody on 1/20th or 1/50th of your living standard that they should stay there 'for the common good' …..
;-<
ATB

Hi Mr Scar,

Thanks for this, esp. re local political flavour. Hope the journalist is more up to speed there than on the geology, where he rather unfortunately refers to Tullow's (overtaken by events ;-<) expectations re Jethro etc....

ATB

Hi atg,

Taking a break from the olive harvest, a quick google brought up this snippet from 2018 :

https://www.miningglobal.com/investing/fortescue-metals-group-sign-eight-mous-leading-chinese-steel-mills

.."One of the world’s leading iron ore producers has significantly strengthened its Chinese relationships, singing a eight new partnerships this week alone.
Fortescue Metals Group announced in a statement this week that it is signing eight new Memoranda of Understanding (MMOUs) with major Chinese steel mills as it attends the inaugural China International Import Expo (CIIE).
Among the steel mills which Fortescue will sign deals with is Baowu Steel Group, the largest steel group in China and recipient of Fortescue’s first cargo of ore 10 years ago and its Echeng subsidiary, as well as Hebei Iron and Steel Group, China’s second largest steel group. …"

We're always being told how important relationships are to the Chinese...

All grist to the (steel ?) mill !

ATB

Hi atg,

Thanks for this ! Another snippet from the same article :

.."Baowu Group has a stake in several overseas mines. In 2002, Baosteel Group formed a joint venture with Bao Ruiji Iron Mine and Australia’s Hamersley Iron Pty. Ltd., and it has also established projects with Australian ore company Fortescue Metals Group Ltd...."

Having recently missed out on Simandou, FMG may be a particularly 'motivated participant' in any upcoming project that Baowu is working on.

ATB

Hi Genghis15

I appreciate the “Chinese walls” argument, but it seems inconsistent , to say the least, that BMO is promoting Spark as having great potential because of its proximity to HUR / Lancaster.....at the same time as its analyst downgrades his target price on HUR to 30 p......

ATB