The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Sense and Gloucester
There's a lot of misinformation/propaganda and some wishful thinking about aspects of the Russia/NATO war,
This from Bloomberg on what's happening on the O&G front to date!
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From Bloomberg News
Today’s take: Russian resilience
Just days before the US and European Union impose fresh sanctions on Russian energy — supposedly the strongest thus far — Moscow has lifted its oil output to the highest level since its invasion of Ukraine. And that tells you all you need to know about the sanctions.
In the first half of November, Russian crude and condensate production rose to a nine-month high of 10.85 million barrels a day, according to figures from consultant OilX. If that increase holds for the rest of the month — and it looks like it will, based on anecdotal data — Russia will be pumping just 200,000 barrels a day below prewar levels, a decline of less than 2%.
Let that sink in: Almost 300 days into the war, and after countless diplomatic initiatives to curb the Kremlin’s flow of petrodollars, Russia produces nearly as much oil as it did before the invasion. The resilience of that supply is one of the reasons why crude prices have declined lately, though demand fears have, of course, played a bigger role.
The EU plans to slap an embargo on most Russian seaborne crude starting Dec. 5, while the Group of Seven will introduce a price cap on the country’s oil exports the same day.
Both measures will curtail Russian production, according to the International Energy Agency. But a word of caution: Back in March, the IEA predicted that Russian output would plunge by 25% in the initial months of the war. That didn’t happen. The agency then repeatedly raised its forecasts. I anticipate Russia will find ways to bypass the G-7’s cap and keep production higher than expected.
The most recent hike in output follows the restart of the Sakhalin-1 project in Russia’s Far East, which Exxon Mobil Corp. managed until it left the country earlier this year. State-controlled oil giant Rosneft PJSC now leads the development, which is also supported by several Japanese companies, with Tokyo encouraging its firms to stay put in Russia while Washington and London told theirs to exit.
Oil remains the economic lifeline of Vladimir Putin. Higher production means higher revenue, and more money for weapons. For Europe and the US, that’s a failure.
--Javier Blas, Bloomberg Opinion
Daltry
Sterling has been devaluing since (that event in) 2016!
Oofy
Thanks for taking the time!
J
Oofy
Welcome back!
What about the near-term future for Angs in view of your concerns about them invariably missing targets?
Thanks
Good to see his health has recovered!!
Jay Bhattacherjee said:
“I am delighted to join the Board of SDX, which I feel is a company that has a strong production base, and is materially undervalued.
“With a clear mandate to grow from shareholders, its existing gas-weighted production base, expanding cash flows and the commitment to deliver from its discoveries the Company is poised to support the energy markets at a time of great need.
“I look forward to the challenge to support your company and take it to the next level.”
Thanks
Petroleum
I'm a bit confused here.
For many months now, the future of Angs was considered of great significance to AAOG and generated thousands of words on these pages.
For the past month, there have been several developments which seem to be very positive for Angs and, if the previous speculation was correct, for AAOG too.
However there hasn't been a peep from those who previously very engaged with the prospects.
Petroleum, can you throw any light on this please?
Ooofy seems to have gone awol.
ANGS RNS today
Angus Energy Plc (AIM: ANGS), is pleased to announce that, following a scheduled maintenance shutdown last week, hourly throughput rates through the process plant (i.e. sales gas)
Now exceeds our October target production rate of 6 million standard cubic feet per day with well pressures holding in the high forties. Condensate production has stabilised at or around 120 barrels per day. As previously advised, we will report monthly gas sales figures at the end of each quarter.
Side-track planning progresses apace with a slight adjustment to spud date from 20 October 2022, as previously advised, to 24-26 October 2022 in order to accommodate a potential supply chain issue.
Al
"
Carmen
Carmen is a robot, or rather an algorithmic journalist, who creates valuable automated content for our audiences. Carmen's focus is to deliver deep, fact-based articles and to free up our human journalists to interpret, analyse and explain developments" !!!
Oofy, come in please!
It puzzles me why virtually everyone who posts on these boards (particularly on O&G) is unashamedly selfish and doesn’t give a **** about how at least half the population is affected. Surely it’s possible, and mentally more comforting, to take advantage of the current oil-supply squeeze without having to decry any effort to make life less unequal for most and long-term sustainable? Btw, I remember Denis Healey and also a lot of the 50s, 60s and 70s - enough to know that average living conditions were much better than in the decades ushered in by Thatcher’s economic experiment. Finally, a little self awareness is called for by right-wingers here: Cameron, May, Boris and Truss. Jesus H Christ!
Any update from Oofy on this Angs RNS data fits with his projections?
Petroleum
I think even Starmer was able to come up with this idea 6 months before Sunak!
RG
It must be: "Because Hur (!) have more than one Well and a BOD who update shareholders."
No other explanation since it works for Tullow!
https://www.spectator.co.uk/article/the-case-for-energy-nationalisation