Member Info for meoryou

WP

I assume from that you have other plays outside oil .

If so it seems like a good plan.

The oil spill showed you can become too dependent on one company.

Have you anything green leaning ( renewables) or are you catching that through you oillies.

The total number of active drilling rigs in the United States fell by 5 again this week, according to new data from Baker Hughes published Friday.

The total rig count fell to 654 this week. So far this year, Baker Hughes has estimated a loss of 125 active drilling rigs. This week’s count is 421 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic.

The number of oil rigs stayed the same this week at 525, down by 96 so far in 2023. The number of gas rigs fell by 5 to 123, a loss of 33 active gas rigs from the start of the year. Miscellaneous rigs stayed the same.

The rig count in the Permian Basin slipped by 2 rigs—19 rigs below this same time last year. The rig count in the Eagle Ford fell by 1, and is now 19 fewer than this time last year.

Https://oilprice.com/Energy/Energy-General/Are-Oil-Bulls-Being-Overly-Confident.html

Spights

you are far to conservative ( with a small c) for Barclays,but I can’t see me lasting a week,so there may be a vacancy soon.

£6 is coming,but we need £5 first and I’m starting to think it might not be today

WP

None of it makes sense to me.

All targets should be easily attainable within a few months.

When a target is close to being reached then up your next target.

But they have targets that are stupidly high or suddenly down grade when a stock is flying.

I can understand if a stock has jumped,reflecting that it may now be fully priced,but very few really help.

I’m not a fan

Oh well I let my optimism get in the way.

As always timing is everything.

I start my new job giving Broker recommendations for Barclays on Monday

£10.00 anyone?

Is it attainable or will we have to wait till next week.

Oil showing good support.

UK showing small growth.

Spights is feeling optimistic ( as always).

Think there is a better than 50/50 chance we make it.

Onward and Upward.

Hi Spights

It’s a week early next Wed for 9 nights.

Bit busy this week trying to tidy up some loose ends in the garden before holiday.BP sp doing well.

Saga also finally on the up also.

Onward and Upwards

Crude oil inventories in the United States unexpectedly rose unexpectedly this week by 4.067 million barrels, the American Petroleum Institute (API) data showed on Tuesday—just one week after seeing the largest dip in inventories ever of 15.4 million barrels.

Analysts were expecting a draw of 233,000 barrels in U.S. crude-oil inventories. The total number of barrels of crude oil gained so far this year is nearly 24 million barrels, according to API data, although there is a net draw in crude inventories since April of 23 million barrels.

Https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Hold-Onto-Gains-Despite-Surprise-Crude-Build.html

BP has moved a step closer to boosting oil and gas production at its flagship Azeri-Chirag-Gunashli (ACG) field in Azerbaijan’s sector of the Caspian Sea, after a 20,000-tonne deck for the Azeri Central East (ACE) platform left a local shipyard this week.

ACE is a $6 billion development that includes a new offshore platform and facilities designed to process up to 100,000 barrels per day of oil.

According to BP, the project is expected to achieve first production in early 2024 and produce up to 300 million barrels of oil over its lifetime.

The ACE project is the first major investment by the BP-led ACG partnership since the extension of a production sharing agreement for the contract area to 2049 that was agreed in 2017.

The deck weighs about 19,600 tonnes and encompasses oil and gas processing facilities, an integrated drilling rig, a gas compressor and living quarters. Prior to sailaway, the topsides unit was mostly commissioned and operationally tested to minimise activities required for offshore installation and start-up, BP said.

This deck was built by Azeri-Turkish joint venture Azfen in the Bayil fabrication yard near Baku using available local infrastructure and resources.

At peak, the topsides construction activities involved up to 4400 workers — more than 90% of whom were Azerbaijani nationals, said BP’s regional president for Azerbaijan, Georgia and Turkey, Gary Jones.

The facility includes two pre-fabricated major modules — a modular drilling support module and a drilling equipment set — that Netherlands-based Mammoet integrated into the topsides’ structure last year.

The new platform will have 48 slots to drill development and injection wells, and is located midway between the existing Central Azeri and East Azeri platforms in a water depth of about 140 metres.

ACE also includes new subsea pipelines to transfer oil and gas to the existing ACG network, serving the second phase of the project for further transportation to the onshore Sangachal terminal, a starting point for the Baku-Tbilisi-Ceyhan oil pipeline to international markets.

BP’s 16,000-tonne jacket to host the topsides was taken to its location in the Caspian Sea earlier this year from the Baku deep-water jackets factory named after Azerbaijan’s first President Heydar Aliyev.

BP operates ACG with a stake of more than 30%. It is partnered by Azeri state oil player Socar, Hungary’s MOL, ExxonMobil of the US, India’s ONGC Videsh, Japan’s Inpex and Itochu, Norway’s Equinor and Turkey’s TPAO.(Copyright

Good summary

I do wonder if someone like Ulvr or similar might at some time come in and take a strategic holding ( perhaps 10%) just to be at the table in future discussions on brands for sale or if a bid came in.

Not really expecting anything soon ,with all the debt they have, but with the big share overhang someone might be able to get a good deal.

Failing that it’s all about paying down the debt, and waiting on developments on the share overhang.

I’m hoping when that finally happens we can maybe see some of the value the Ulvr bid saw be realised.

Https://oilprice.com/Geopolitics/International/Pentagon-Considers-Armed-Protection-For-Oil-Tankers-In-Strait-Of-Hormuz.html

May be a very worrying development

Very unpredictable outcomes possible

No great insights, but I will stick around for a bit yet.

Took some off the table couple of weeks ago as had a good profit.

When you look at a graph over 5 years it’s very cyclical ,it goes up and you finally think the market sees the value, only for gravity to take over and bring it back down.

It’s almost predictable enough to trade, but that not for me.

If comes down a bit more may buy back what I sold.

Good luck with you decision

The Imminent Peak In Permian Oil: What Does it Mean For Investors?

( article a couple of weeks old, but still topical to the discussion)

https://oilprice.com/Energy/Crude-Oil/The-Imminent-Peak-In-Permian-Oil-What-Does-it-Mean-For-Investors.html

Https://oilprice.com/Energy/Crude-Oil/Distillate-Prices-Soar-On-The-Back-Of-Refinery-Issues-And-Expensive-Crude.html

The technology in fracking has certainly moved on,and more oil is being produced with less rigs.

Refracting old wells and Driiled but Un Completed ( DUKs), also makes it harder to see trends.

Less wells drilled eventually translate into less oil.

Are we close to peak?

Some say it’s not far away.

As said below its production numbers that are important.

It’s also good to see some of the fracking skills used in normal oil fields,as they squeeze as much oil from pockets of oil within an existing field.

Some good posts thankyou

They say it’s because the oil price is too low and also that many of the best places to drill have already been used.

The big companies like BP and Chevron, and Exxon are still increasing their output, but I think BP only uses 11 or 12 rigs.

That’s close to 20% lost this year.

It cannot be just ignored, at some time the dynamics will start to make a difference.

The total number of active drilling rigs in the United States fell by 5 again this week, according to new data from Baker Hughes published Friday.

The total rig count fell to 659 this week. So far this year, Baker Hughes has estimated a loss of 120 active drilling rigs. This week’s count is 416 fewer rigs than the rig count at the beginning of 2019 prior to the pandemic.

The number of oil rigs declined by 4 this week to 525, down by 96 so far in 2023. The number of gas rigs stayed the same at 128, a loss of 28 active gas rigs from the start of the year. Miscellaneous rigs lost 1 rig this last week.

The rig count in the Permian Basin slipped by 5 rigs—18 rigs below this same time last year. The rig count in the Eagle Ford fell by 1, and is now 18 fewer than this time last year.