Colter + Oil Price18 Feb 2019 08:29
Colter - article in Guardian: https://www.theguardian.com/…/oil-firm-bids-to-extend-drill… Oil firm aims to extend Dorset coast drilling despite marine life risk:
Extract: 'Neil Garrick-Maidment, of the Seahorse Trust, said the waters were home to the UK’s two seahorses, the short-snouted and the spiny, and permission should never have been given for the drilling. The seahorses are protected under schedule 5 of the Wildlife and Countryside Act, one of the strongest wildlife protections under law.
He said protected species had been totally ignored in the evaluation for the well. “The rig should never have been put there in the first place and to now go into the spring is absolutely appalling,” he said. “The potential risk of disaster for these species is huge. Seahorses are migratory, they shelter in winter in the seas exactly where the rig is, and in the summer they move inland. The noise from the rig causes them stress and activates diseases. The sediment from the drilling makes it difficult for them to feed.”
The rumour yesterday on lse RBD that permission has been granted for extension to 31st March was not confirmed by RNS today.
(My view, frankly, is that permission should never have been granted - so you can imagine what I think about the extension).
You may have noticed oil is now over $65 a barrel - let's hope it stays there:
Flurry Of Bullish News Boosts Oil Prices
By Irina Slav - Feb 17, 2019, 6:00 PM CST
'Oil market sentiment has swung from bearish to bullish in the last few days as tailwinds for the commodity strengthen. A string of updates from OPEC and Venezuela, along with a couple of oil price forecasts served to push Brent to the highest since the start of the year, with prospects for the near future also positive.
OPEC said in its latest monthly oil market report its total production last month had fallen to 30.8 million bpd, down by almost 800,000 bpd, as the cartel seeks to prop up prices once again. That’s down from 31.6 million bpd in December and was in large part driven by Saudi Arabia’s efforts to accelerate the price rise by cutting more. The Kingdom pumped 350,000 bpd less oil in January than in December, at 10.2 million bpd, which was also more than it had agreed to cut.
Judging by the reaction of prices, with Brent touching US$65 a barrel earlier this week for the first time in more than a month, the “whatever it takes” approach has finally started working. Russia, meanwhile, added to the optimism with Energy Minister Alexander Novak saying it will speed up the cuts it had agreed to make this month and next....'
Sign In
Follow the stocks
