Member Info for Profitaker

Sure UK O&G is sold on the open market. But the point of energy security is that the UK government *could* requitision UK produced O&G in extremis. That is the security.

UK Petroleum licensing bill 2nd reading today.

Bressay green light is a given what with the recent Rosebank approval and Sunak on record wanting to "max out" the NS. Perhaps more pertinent, is what will the development cost and how will it be funded ?

Oil rose after Iran sent a warship to the Red Sea in response to the US Navy’s sinking of three Houthi boats over the weekend.

Brent up a $ in 9 minutes

8 Years.

Adding on dips throughout those 8 years. Still adding occasionally. Volume weighted average price 23.25

Wouldn't dream of selling any sub 30p (Market Cap £574m).

Heat pumps. A car crash in slow motion !

https://www.youtube.com/watch?v=GhAKMAcmJFg

Not many of them around with a publicly available price. Did find this:

https://www.oedigital.com/news/495980-bw-offshore-sells-laid-up-fpso-for-50-million

Dumbly

That’s not how I read the RNS. My understanding is they’ve bought a 15% interest in the Bressay fields and a 15% interest in the FPSO.

Anyone else think differently ?

Anyone care to estimate the value of the EnQuest Producer FPSO ?

Re ENQ tax losses - There are rules which apply in carrying forward tax losses when company ownership changes. Generally speaking a trading loss arising before the change in ownership cannot be carried forward for relief against profits arising after the change of ownership. There maybe ways around it, but it's far from simple and it's not straightforward.

"We are encouraged by government announcements relating to the fiscal regime governing the UK’s oil and gas sector"....

What announcments ?

Read this and chill out !

https://www.iea.org/reports/oil-market-report-may-2023

Rumours from China that Covid Zero policy will be reviewed. That would send Brent through the roof IF true.

A very good explanation. The why and the when....05:35

"Once people realise that OPEC is nearing exhaustion of it's spare capacity and it will take years to fix that , that's when I think we can really go parabolic on the oil price."

From the IEA….

“Of the 10.1 million barrels per day (b/d) of crude oil and condensate that Russia produced in 2021, Russia exported more than 45%, or 4.7 million b/d. The majority of Russia’s crude oil and condensate exports went to OECD Europe, which received almost half of Russia’s total exports. However, at a country level, China imported the largest volume of Russia’s crude oil and condensate exports in 2021.”

So about (4.7 / 2) 2.35 mbpd coming into Europe. They’ll find willing buyers for that, at a discount, naturally. The insurance sanctions are interesting and the EU might be onto something, but the Russians will find away around it.

92 killed in Sierra Leone oil tanker explosion.

https://www.bloomberg.com/news/articles/2021-06-21/oil-may-hit-100-a-barrel-next-year-on-demand-rebound-bofa-says

A fascinating reality check:

https://www.brookings.edu/essay/why-are-fossil-fuels-so-hard-to-quit/

https://oilprice.com/Energy/Energy-General/Goldman-Sachs-Doubles-Down-On-80-Oil-Prediction.html

I believe the energy in a barrel of oil is 1700 Watts.
World oil production 2020 was 76Mbpd.
So the energy in 76Mbpd is 129,200 gigawatts.
The output of a nuclear power station is about 1 Gigawatt.

Oil will be in demand for a long, long time. There is no VIABLE alternative.

Many thanks Hitman & Therapist.