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News on Perth to be announced end of first quarter it could well be monetised unless a big major comes in.
Skerryvore has three Zones they anticipate to encounter with Parkmead the operator
Diever still drilling half way there.
Athena abandonments are currentley in operation x 6;
1 at platypus and one at Perth to follow !
gasman
We all know he's full of deramping he's never going to change.
Logging results can't be far away !
MRC
Keep guessing !
Be sold before end of tax year to the highest bidder the auction has began.
Serica in bed with Parkmead !
That's three weeks drilling at the Diever site canna be far from logging the well providing there's been no issues.
Bring it home Tom .
Jamie Dimon: Prepare For The Oil And Gas Crisis To Get Much Worse
By Irina Slav - Dec 12, 2022, 1:09 AM CST
The energy crisis gripping Europe could get much worse over the next years as the fallout from Russia's war in Ukraine extends over time, JP Morgan’s Jamie Dimon warned in an interview for CBS.
“The danger of this war is extraordinary,” Dimon told CBS, adding that it could last for years.
“But this oil and gas thing, it looks like the Europeans will get through it this winter. But this oil and gas problem is going to go on for years. So if I was in the government or anywhere else, I’d say, I have to prepare for getting much worse. I hope it doesn’t. But I would definitely be preparing for it to get much worse,” the chief executive of JP Morgan also said.
Commenting on the recent slump in oil prices, Dimon attributed it to the economic slowdown in China—prompted by the increase in new Covid infections and the government’s zero-Covid policy—and said that the price decline will only be temporary.
Indeed, the Chinese government has begun to relax Covid restrictions after protests erupted across several cities.
“Those things will reverse,” Dimon told CBS’s Margaret Brennan. “And this underinvestment in oil and gas, it will hurt you two or three years out. It’s quite predictable, but it’s not today.”
In these last remarks, Dimon echoes something that OPEC has been warning about for years: underinvestment in new oil and gas production. In other words, underinvestment is not a direct result of Russia’s invasion of the Ukraine. It dates further back and is more closely related to the energy transition push of Western governments rather than any reaction to the war.
“We need secure, reliable, cheap oil and gas,” JP Morgan’s Dimon also said during the interview. “The problem, you know, a lot of people think that oil and gas prices being high is good for CO2. It’s not.”
By Irina Slav for Oilprice.com
Jamie Dimon: Prepare For The Oil And Gas Crisis To Get Much Worse
By Irina Slav - Dec 12, 2022, 1:09 AM CST
The energy crisis gripping Europe could get much worse over the next years as the fallout from Russia's war in Ukraine extends over time, JP Morgan’s Jamie Dimon warned in an interview for CBS.
“The danger of this war is extraordinary,” Dimon told CBS, adding that it could last for years.
“But this oil and gas thing, it looks like the Europeans will get through it this winter. But this oil and gas problem is going to go on for years. So if I was in the government or anywhere else, I’d say, I have to prepare for getting much worse. I hope it doesn’t. But I would definitely be preparing for it to get much worse,” the chief executive of JP Morgan also said.
Commenting on the recent slump in oil prices, Dimon attributed it to the economic slowdown in China—prompted by the increase in new Covid infections and the government’s zero-Covid policy—and said that the price decline will only be temporary.
Indeed, the Chinese government has begun to relax Covid restrictions after protests erupted across several cities.
“Those things will reverse,” Dimon told CBS’s Margaret Brennan. “And this underinvestment in oil and gas, it will hurt you two or three years out. It’s quite predictable, but it’s not today.”
In these last remarks, Dimon echoes something that OPEC has been warning about for years: underinvestment in new oil and gas production. In other words, underinvestment is not a direct result of Russia’s invasion of the Ukraine. It dates further back and is more closely related to the energy transition push of Western governments rather than any reaction to the war.
“We need secure, reliable, cheap oil and gas,” JP Morgan’s Dimon also said during the interview. “The problem, you know, a lot of people think that oil and gas prices being high is good for CO2. It’s not.”
By Irina Slav for Oilprice.com
Jamie Dimon: Prepare For The Oil And Gas Crisis To Get Much Worse
By Irina Slav - Dec 12, 2022, 1:09 AM CST
The energy crisis gripping Europe could get much worse over the next years as the fallout from Russia's war in Ukraine extends over time, JP Morgan’s Jamie Dimon warned in an interview for CBS.
“The danger of this war is extraordinary,” Dimon told CBS, adding that it could last for years.
“But this oil and gas thing, it looks like the Europeans will get through it this winter. But this oil and gas problem is going to go on for years. So if I was in the government or anywhere else, I’d say, I have to prepare for getting much worse. I hope it doesn’t. But I would definitely be preparing for it to get much worse,” the chief executive of JP Morgan also said.
Commenting on the recent slump in oil prices, Dimon attributed it to the economic slowdown in China—prompted by the increase in new Covid infections and the government’s zero-Covid policy—and said that the price decline will only be temporary.
Indeed, the Chinese government has begun to relax Covid restrictions after protests erupted across several cities.
“Those things will reverse,” Dimon told CBS’s Margaret Brennan. “And this underinvestment in oil and gas, it will hurt you two or three years out. It’s quite predictable, but it’s not today.”
In these last remarks, Dimon echoes something that OPEC has been warning about for years: underinvestment in new oil and gas production. In other words, underinvestment is not a direct result of Russia’s invasion of the Ukraine. It dates further back and is more closely related to the energy transition push of Western governments rather than any reaction to the war.
“We need secure, reliable, cheap oil and gas,” JP Morgan’s Dimon also said during the interview. “The problem, you know, a lot of people think that oil and gas prices being high is good for CO2. It’s not.”
By Irina Slav for Oilprice.com
LONDON, Dec 7 (Reuters) - British finance minister Jeremy Hunt will meet leaders of North Sea oil and gas producers on Friday to discuss the government’s windfall tax, three industry sources told Reuters on Wednesday.
Hunt last month announced plans to boost the Energy Profits Levy (EPL) on oil and gas companies from 25% to 35%, bringing the total taxes on the sector to 75%, one of the highest rates in the world.
The government said the levy would raise funds to help people struggling with increased living costs, largely driven by energy prices that surged after energy exporter Russia invaded Ukraine in February.
Friday’s meeting, which will be held in either Aberdeen or Edinburgh, will be attended by senior representatives from more than a dozen North Sea producers inlcuding BP and Shell as well as industry bodies, according to a list seen by Reuters.
A Treasury source confirmed Hunt would meet oil and gas executives this week. Senior officials from the Department for Business, Energy and Industrial Strategy (BEIS) would also attend, the sources said.
Shell and BP declined to comment. BEIS did not immediately respond to a request for comment.
Oil and gas industry executives warned that the new tax risked a flight of capital from the ageing basin at a time when the government is trying to increase Britain’s energy security.
Executives have urged the government to introduce a price floor to the EPL to allow stable investments.
Benchmark Brent oil prices traded below $80 a barrel, the lowest since January and far below a spike well above $100 shortly after the Ukraine war began. Natural gas prices remain above their historical average. (Reporting by Ron Bousso and Shadia Nasralla; Editing by Alex Richardson and Nick Macfie)
TRD25 must have sold out
JamesSimon
Why would the Buchan oil field need an FPSO when the original production was tied into the forties pipeline.
take chutes with pinch of salt.
MRC
Don't change the subject, I have already asked if you are going to the AGM along with do you need picked up ?
MRC
More chance of a £1 than £0:50......As I have transport and stay local are you wanting to be picked up at the airport or train station for the AGM ?
Oil and gas firms can expect to benefit from strong market conditions for some time amid the fallout from the war in Ukraine.
Jersey welcomed the fact that the chancellor left in place the generous investment allowance that Mr Sunak introduced in May, while serving in Boris Johnson’s administration, to encourage firms to invest in North Sea developments. The Government hopes to boost North Sea production to help reduce the UK’s reliance on imports.
Meanwhile a firm that plans to develop an 80 million-barrel field east of Aberdeen has won an endorsement from an international oil services giant in the wake of the windfall tax increase.
Orcadian Energy has signed a Memorandum of Understanding in respect of well services on the Pilot field with SBL, which used to be known as Schlumberger.
“Partnering with SLB, which is a global technology company that drives energy innovation and has a wide range of capabilities and technologies, should ensure the successful delivery of the Pilot project,” said Orcadian.
It added: “ In recognition of the fact that SLB is committing significant resources to the finalising of the Project Agreement, Orcadian has undertaken not to award contracts for the core services to third parties.”
SLB’s decision to commit such resources to the project signals confidence in the commercial potential of Pilot, which Orcadian hopes will provide a model for how the industry can reduce emissions associated with the production process.
Pilot is expected to utilise a wind turbine to produce the power needed for production facilities. Led by chief executive Steve Brown, Orcadian plans to use sophisticated polymers to help cut emission associated with the extraction of oil from the field
Industry leaders warned that the increase in the rate of the Energy Profits Levy could result in an exodus from the North Sea as firms decided to shift investment to other countries.
However, two firms that are working on significant North Sea developments yesterday made clear that they remained confident that they will be able to go ahead with their plans.
Jersey Oil and Gas said it expects to secure backing for its 150 million barrel Greater Buchan Area development plan from investors in coming months through a farm-out process. Completion of the farm-out could allow the firm to proceed with its longstanding plan to develop a major new production hub in the Moray Firth.
This will involve the company restarting production from the giant Buchan field and developing the Verbier find it made, which generated excitement in the industry.
Jersey indicated that the windfall tax moves had made the fund-raising process harder. However, they do not appear to have frightened investors off.
The company’s chief executive Andrew Benitz said: “Although multiple fiscal changes have slowed progress with closing out commercial farm-out discussions, we look forward to a successful conclusion if not by the end of the year then certainly in Q1 2023.”
Oil and gas firms can expect to benefit from strong market conditions for some time amid the fallout from the war in Ukraine.
Jersey welcomed the fact that the chancellor left in place the generous investment allowance that Mr Sunak introduced in May, while serving in Boris Johnson’s administration, to encourage firms to invest in North Sea developments. The Government hopes to boost North Sea production to help reduce the UK’s reliance on imports.
North Sea oilfield developments generate interest despite tax hike
4 hrs ago
By Mark Williamson
@MarkWHerald
Columnist
0 Comments
2
NORTH Sea-focussed oil and gas firms have provided indications that investors are ready to back developments in the area although the recent windfall tax hike has created complications.
Chancellor Jeremy Hunt caused dismay in the industry earlier this month when he increased the rate of the windfall tax levied on North Sea profits to 35 per cent from the 25% set by Rishi Sunak in May.
A series of North Sea firms have posted big increases in profits following the surge in oil and gas prices fuelled by Russia’s war on Ukraine.
Industry leaders warned that the increase in the rate of the Energy Profits Levy could result in an exodus from the North Sea as firms decided to shift investment to other countries.
However, two firms that are working on significant North Sea developments yesterday made clear that they remained confident that they will be able to go ahead with their plans.
Jersey Oil and Gas said it expects to secure backing for its 150 million barrel Greater Buchan Area development plan from investors in coming months through a farm-out process. Completion of the farm-out could allow the firm to proceed with its longstanding plan to develop a major new production hub in the Moray Firth.
This will involve the company restarting production from the giant Buchan field and developing the Verbier find it made, which generated excitement in the industry.
Jersey indicated that the windfall tax moves had made the fund-raising process harder. However, they do not appear to have frightened investors off.
The company’s chief executive Andrew Benitz said: “Although multiple fiscal changes have slowed progress with closing out commercial farm-out discussions, we look forward to a successful conclusion if not by the end of the year then certainly in Q1 2023.”
Oil and gas firms can expect to benefit from strong market conditions for some time amid the fallout from the war in Ukraine.
Jersey welcomed the fact that the chancellor left in place the generous investment allowance that Mr Sunak introduced in May, while serving in Boris Johnson’s administration, to encourage firms to invest in North Sea developments. The Government hopes to boost North Sea production to help reduce the UK’s reliance on imports.
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Meanwhile a firm that plans to develop an 80 million-barrel field east of Aberdeen has won an endorsement from an international oil services giant in the wake of the windfall tax increase.
Orcadian Energy has signed a Memorandum of Understanding in respect of well services on the Pilot field with SBL, which used to be known as Schlumberger.
“Partnering with SLB, which is a global technology company that drives energy innovation and has a wide range of capabilities and tec
Draft: looks a done deal to me
Orcadian and SLB now plan to develop a comprehensive Project Agreement to detail the terms and conditions for the provision of core services. The finalisation of the Project Agreement is subject to, amongst other items due diligence and drafting of legal documents, so it is possible that the Project Agreement may not be executed, but the Directors have every expectation that it will be.
900 million barrels minimum projected to go through GPA
It's a no brainer.Farm in interest must be knocking the door down !
The project is worth taking because SLB are throwing money at ORC and selling there wares in return for probably barrels of oil.