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#Post#: 4537--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 18, 2016, 8:12 pm
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Ocean Rig Has Two More Drilling Rig Contracts Cancelled [img
width=20]
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February 17, 2016 by gCaptain
Deepwater drilling contractor Ocean Rig UDW has announced two
drilling contracts held with two separate clients have been
terminated, with CEO George Economou calling the early
terminations ‘regrettable’ and describing industry prospects as
‘bleak’. [img
width=30]
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/>
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/>
The contracts included one by TOTAL E&P Congo, which on February
11th gave the notice of termination of the long-term contract
for the 7th generation ultra-deepwater drillship Ocean Rig
Apollo for convenience. Ocean Rig says that, as per the
contract, it is entitled to a termination fee that varies from
50% to 90% of the operating daily rate payable over the balance
of the contract. The company added that the Ocean Rig Apollo
will be demobilized from Congo and is available for rehire.
The second was a contract with Premier Oil, which on February
12th terminated the contract for the ultra-deepwater
semisubmersible drilling rig the Eirik Raude operating in the
Falkland Islands. Ocean Rig says that it has accepted Premier
Oil Plc.’s termination for convenience and is therefor it is
entitled to a termination fee of up to $62.9 million or face
arbitration. The termination follows Ocean Rig’s announcement
dated February 1 that it had receive a notice of breach of
material obligations from Premier Oil under the drilling
contract for the rig. Ocean Rig said that at the time it was
evaluating the contents of the notice and its options under the
contract.
The Eirik Raude will demobilize from the Falkland Islands in due
course and is available for alternative employment.
George Economou, Chairman and CEO commented:
“It is really regrettable that two of our clients have decided
to terminate drilling contracts for convenience. This is a
reminder of the extremely challenging times facing the offshore
drilling industry and oil companies taking unprecedented action
to reduce their capital expenditures. The prospects for the
industry remain bleak and we currently see limited prospects of
a recovery before 2018 at the earliest.”
Ocean Rig now owns and operates 13 offshore ultra deepwater
drilling units, comprising of 2 ultra deepwater semisubmersible
drilling rigs and 11 ultra deepwater drillships, including one
scheduled to be delivered in 2017, one to be delivered during
2018 and one to be delivered during 2019.
Last month, the Italian oil and gas company ENI terminated its
contract for Ocean Rig’s Ocean Rig Olympia after a reassessment
of its drilling activities due “dramatic fall of the crude oil
price and the volatile market context”.
HTML https://gcaptain.com/ocean-rig-has-two-more-drilling-rig-contracts-cancelled/
#Post#: 4570--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 23, 2016, 9:27 pm
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[center] [img
width=400]
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/> [/center]
[move][font=courier]Deloitte: A third of E&P firms at risk of
bankruptcy[/font][/move]
Staff Writers February 19, 2016
As many as 175 E&P firms may be vulnerable to bankruptcy as 18
months of low oil prices continues to take a toll on the energy
sector, according to a new report by Deloitte.
The report found that nearly 35 percent of pure-play E&Ps listed
worldwide, or about 175 companies, are at a “high risk” for
insolvency.
Deloitte said that 50 of the firms studied are in a “precarious”
financial position due to negative equity or a leverage ratio of
above 100, with shares in some of those firms now trading below
the $5 mark.
“The probability of these companies slipping into bankruptcy is
high in 2016, unless oil prices recover sharply or a large part
of their debt is converted into equity or big investors infuse
liquidity into these companies,” Deloitte said.
The report added that the “situation is almost equally alarming
for about 160 E&P companies, which are less leveraged but
cash-flow constrained.”
Thirty-five U.S. E&P firms with a cumulative debt of under $18
billion filed for bankruptcy protection from July 2014 to
December 2015.
Although that number is small compared to the 62 firms that
filed during the 2008 to 2009 downturn, Deloitte said an
increase in filings during the second half of 2015 and lower oil
prices could signal a coming wave of bankruptcies.
“Greater access to finance/capital, protection due to hedges at
favorable prices, focus on costs after natural gas prices
slumped in 2012, and lower capex commitment per shale well have
helped E&P companies withstand today’s weak environment, at
least until now,” the report said.
As oil prices continue to hover near multi-year lows, those
firms that have already sought bankruptcy protection may also
find it more difficult to exit restructuring.
While more than 80 percent of U.S. E&P firms that have filed for
bankruptcy since July 2014 are still operating under Chapter 11
protection, Deloitte said the majority of those restructuring
plans were approved when oil prices were around $55 to $60 per
barrel.
With oil prices holding near $30 per barrel and favorably priced
hedges expiring, those companies may find it difficult to “meet
lenders’ earlier stipulations,” the report said.
Deloitte expects that low prices coupled with expiring hedges
will increase “the probability of US E&P company bankruptcies
surpassing the Great Recession levels in 2016.”
Tightening credit lines are also expected to put a strain on
at-risk firms and has pushed the debt to EBITDA ratio of a
“large section of US oil and gas companies” past the typical
threshold of six, the report said.
Deloitte said that with a price recovery now expected no earlier
than late 2016 and a “looming capital crunch and heightened cash
flow volatility” this year is shaping up to be a “period of
tough, new financial choices for the industry.”
“Even after 18 months of falling oil prices, pessimism has not
bottomed out in the oil and gas industry,”
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the
report said.
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#Post#: 4575--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 24, 2016, 3:07 pm
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[center]Canada job cuts: Encana [img
width=40]
HTML http://rs165.pbsrc.com/albums/u55/BJ_BOBBI_JO9/Summer%20and%20Spring%20activties/sterb038.gif~c100[/img]<br
/>slashing half of workforce[/center]
Staff Writers February 24, 2016
Calgary-based Encana said Wednesday that it will cut 20 percent
of its workforce as part of a cost cutting plan.
The company plans to cut 20 percent of its workforce, bringing
its total workforce reduction since 2013 to over 50 percent.
Encana has not disclosed how many jobs will be impacted by the
cuts or a timeline for the layoffs.
The company expects its cost structure in 2016 to be about $550
million lower than in 2015, with between $200 million and $250
million being new and incremental savings from the company’s
previous 2016 guidance.
Encana reported a fourth quarter 2015 cash flow of $383 million,
or $0.45 per share, compared to fourth quarter 2014 cash flow of
$377 million or $0.51 per share.
Fourth quarter operating earnings increased to $111 million, up
from $35 million in the fourth quarter of 2014.
Encana reported a 2015 annual cash flow of $1.4 billion and a
2015 operating loss of $61 million on a full year net loss of
$5.2 billion.
The company said [img
width=80]
HTML http://2.bp.blogspot.com/_9HT4xZyDmh4/TOHhxzA0wLI/AAAAAAAAEUk/oeHDS2cfxWQ/s200/Smiley_Angel_Wings_Halo.jpg[/img]<br
/> its full year net loss was largely tied to after-tax non-cas
h
ceiling test impairments of $4.1 billion and a non-operating
foreign exchange loss of about $700 million.
[center][img
width=440]
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Encana produced 406,800 barrels of oil equivalent per day in the
fourth quarter with its four core assets accounting for about 67
percent of total production.
Total liquids production in the fourth quarter jumped 36 percent
year-over-year to 145,000 barrels per day.
Full-year 2015 production averaged 405,900 boe per day with
liquids averaging 133,400 bpd, a 54 percent increase from 2014.
Encana’s full-year natural gas production was 1.635 billion
cubic feet per day.
HTML http://petroglobalnews.com/2016/02/encana-cutting-workforce-by-20-percent/
Agelbert NOTE: Some "minor" costs that are contributing to the
future bankruptcy of the biosphere math challenged fossil fuel
industry greed worshippers.
[center]
[img
width=100]
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[center]
[img
width=640]
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#Post#: 4576--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 24, 2016, 6:40 pm
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[center][img
width=640]
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[center]Goldman Sachs: Nearly half of our oil and gas loans are
junk
HTML http://www.desismileys.com/smileys/desismileys_0293.gif[/center]
Staff Writers February 23, 2016
Nearly half of Goldman Sach’s oil and gas loans are now tied to
junk-rated firms, the company said in its annual 10-k filing.
According to Bloomberg, non-investment-grade firms now account
for 40 percent of the bank’s loans and lending commitments to
oil and gas companies.
Goldman’s loans and lending commitments to junk-rated oil and
gas firms are currently worth $4.2 billion, with loans to energy
firms rated below investment grade coming in at $1.5 billion
along with $2.7 billion related to lending commitments.
The bank’s total credit exposure to oil and gas companies tied
to loans and lending commitments was $10.6 billion as of
December 2015.
“Significant declines in the price of oil have led to market
concerns regarding the creditworthiness of certain companies in
the oil and gas industry,” Goldman said in the filing.
Goldman’s credit exposure related to derivatives and receivables
with oil and gas companies stood at $1.9 billion as of December,
with the bulk of that exposure tied to investment grade firms,
according to the filing.
The bank’s total market exposure to oil and gas firms fell to
negative $677 million in 2015, down from $805 million a year
ago.
Investment-grade issuers or underliers account for the majority
of Goldman’s market exposure related to oil and gas companies,
the company said.
The extended oil price rout and swelling crude inventories have
stoked concerns that the oil and gas sector may be hit by a wave
of bankruptcies.
According to a recent report from Deloitte, nearly 35 percent of
pure-play E&Ps listed worldwide, or about 175 companies, are at
a “high risk” for insolvency.
“The probability of these companies slipping into bankruptcy is
high in 2016, unless oil prices recover sharply or a large part
of their debt is converted into equity or big investors infuse
liquidity into these companies,” Deloitte said.
Low crude prices may also make it more difficult for those firms
that have already sought bankruptcy protection to exit
restructuring.
Although more than 80 percent of U.S. E&P firms that have filed
for bankruptcy since July 2014 are still operating under Chapter
11 protection, Deloitte found that the majority of those
restructuring plans were approved
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/>
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when oil prices
were around $55 to $60 per barrel.
HTML http://petroglobalnews.com/2016/02/41136/
[center]
[img
width=440]
HTML http://cdn.images.express.co.uk/img/dynamic/23/183x122/633968_1.jpg[/img][/center]
Renewable energy=
HTML http://www.createaforum.com/gallery/renewablerevolution/3-301014181553.gif<br
/> [img
width=60]
HTML http://www.freesmileys.org/smileys/smiley-scared002.gif[/img]=Fossil<br
/>Fuelers
#Post#: 4581--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 25, 2016, 5:00 pm
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[center]Halliburton to slash 5,000 more jobs amid oil slump
HTML http://www.freesmileys.org/smileys/smiley-scared002.gif
[img
width=30]
HTML http://www.pic4ever.com/images/245.gif[/img]
[/center]
(Reuters) - Oilfield services provider Halliburton Co (HAL.N),
pressured by a prolonged slump in crude oil prices, will further
slash its workforce by about 8 percent, or by 5,000 jobs,
company spokeswoman Emily Mir told Reuters on Thursday.
The more than 70 percent fall in global crude prices since
mid-2014 has led to a series of job cuts and additional
cost-cutting efforts from several companies including the
world's largest oilfield services provider, Schlumberger Ltd
(SLB.N).
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HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp
Halliburton has already reduced its global headcount by 25
percent, or almost 22,000 employees, since 2014.
The company had about 65,000 employees worldwide at the end of
2015, compared with more than 80,000 at Dec. 31, 2014, according
to a regulatory filing.
Halliburton is awaiting regulatory approval for its acquisition
of Baker Hughes Inc (BHI.N), and the company said last month it
was yet to reach an agreement with U.S. and European regulators
about the "adequacy" of proposed divestitures.
Rival Schlumberger laid off 10,000 employees in the last quarter
of 2015, taking its total job cuts to 34,000, or 26 percent of
its workforce, since November 2014.
Schlumberger Chief Executive Paal Kibsgaard said in January he
was "optimistic" the company would not have to cut more jobs in
the current oil downturn.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-220216203149.gif
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Maju
Samuel)
HTML http://finance.yahoo.com/news/halliburton-slash-5-000-more-193005041.html
#Post#: 4582--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 25, 2016, 5:09 pm
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[center] [img
width=640]
HTML http://i.telegraph.co.uk/multimedia/archive/03366/wile_3366650b.jpg[/img]<br
/>[/center]
[center]Chesapeake Energy posts $14.8 billion full year loss,
cuts capex by half[/center]
Staff Writers February 25, 2016
Chesapeake Energy said Wednesday that it has cut its 2016
capital expenditure budget in half after reporting a $14.8
billion full year loss.
The company reported a full net loss available to common
stockholders of $14.85 billion, or $22.43 per fully diluted
share, on revenue $12.76 billion of revenues, down from $23.12
billion.
Items typically excluded by securities analysts in their
earnings estimates reduced net income available to common
stockholders for the 2015 full year by $14.52 billion, the
Oklahoma-based company added.
[quote]Chesapeake took an $18.23 billion impairment charge tied
to its oil and natural gas properties for the full year.[/quote]
Full year adjusted net loss available to common stockholders was
$329 million, or $0.20 per fully diluted share, a steep fall
from an adjusted net income of $957 million for 2014.
Adjusted EBITDA was $2.38 billion for the 2015 full year,
compared to $4.94 billion for the 2014, while full year
operating cash flow fell to $2.26 billion from $5.14 billion for
the 2014 full year.
The company swung to an $18.91 billion full year loss from
operations, down significantly from $3.4 billion in full year
income from operations in 2014.
Chesapeake realized hedging gains on its oil and gas production
that resulted in $1.3 billion of additional pre-tax revenue for
the full year, compared to realized hedging losses of $375
million for the 2014 full year.
The company reported a fourth quarter 2015 net loss available to
common stockholders of $2.22 billion, or $3.36 per fully diluted
share, on $2.64 billion of revenues.
Fourth quarter adjusted net income slid down to a $168 million
loss available to common stockholders, or $0.16 per fully
diluted share, from an adjusted net income of $34 million in the
prior year quarter.
Adjusted EBITDA for the fourth quarter was $298 million,
compared to $916 million in the fourth quarter of 2014.
Chesapeake has set its 2016 capital expenditures budget
,including capitalized interest, at between $1.3 to $1.8
billion, about a 57 perncet decline from its 2015 spend.
The company said its 2016 spend will be focused on “shorter cash
cycle projects that generate positive rates of return in today’s
commodity price environment and in mitigation of the company’s
commitment obligations.”
Chesapeake added that its 2016 capital program will be dedicated
“to more completions and less drilling,” with total completion
spending accounting for about 70 percent of its total drilling
and completion program.
The company expects to place 330 to 370 wells on production,
resulting in total production that declines between 0 to 5
percent compared to 2015, after adjusting for asset sales.
Chesapeake added that it has hedged more than 590 billion cubic
feet of its projected 2016 natural gas production at about $2.84
per mcf and more than 19 million barrels of its projected 2016
oil production at about $47.79 per barrel
Chesapeake’s daily production for the full year of 2015 averaged
679,200 barrels of oil equivalent, a year-over-year increase of
8 percent, adjusted for asset sales.
Average daily production consisted of about 114,000 barrels of
oil, 2.9 billion cubic feet of natural gas and 76,700 barrels of
NGL.
“In light of the challenging ;D commodity price environment,
our focus for 2016 is to improve our liquidity, further reduce
our cost structure and address our near-term debt maturities to
strengthen our balance sheet,” CEO Doug Lawler said.
HTML http://petroglobalnews.com/2016/02/chesapeake-energy-posts-14-8-billion-full-year-loss/
[center]
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[/center]
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width=640]
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#Post#: 4583--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 25, 2016, 5:16 pm
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[center][img
width=500]
HTML http://img4.wikia.nocookie.net/__cb20080719200951/uncyclopedia/images/e/e0/Downarrow.PNG[/img][/center]
[center]U.S rig count loses 27 rigs[/center]
Staff Writers February 25, 2016
The U.S. rig count booked another week of double digit loses
after drillers shed 27 rigs.
According to Baker Hughes, the number of rigs drilling for oil
and gas in the United States fell to 514 rigs as of Feburary 19,
down from 1,310 rigs during the same week last year.
Oil drillers accounted for the bulk of the drops as the oil rig
count slid down by 26 to 413 rigs, a steep fall from the 1,019
oil rigs operating a year ago.
The gas rig count ticked down by only one rig and ended the week
at 101 rigs compared to 289 rigs a year ago.
The directional rig count dropped to 48 rigs last week after
also losing one rig.
Horizontal drillers lost 17 rigs, pulling the horizontal rig
count down to 416 rigs, while the vertical rig count dipped to
50 rigs after losing nine rigs.
Texas once again lost the most rigs of any major producing state
as drillers shed 12 rigs last week, with seven of those drops
coming from the Permian Basin and four of those drops coming
from the Eagle Ford Basin.
Oklahoma and North Dakota lost three rigs each and Louisiana
lost two rigs.
Colorado, Kansas, New Mexico and Wyoming shed one rig a piece.
Rig counts in Alaska, Arkansas, California, Ohio, Pennsylvania,
Utah and the Gulf of Mexico held steady from last week.
The Williston Basin, home of the Bakken shale play, lost three
rigs last week and the Granite Wash Basin gained two rigs.
The Canadian drill count fell to 206 rigs after losing nine oil
rigs and seven gas rigs.
HTML http://petroglobalnews.com/2016/02/u-s-rig-count-loses-27-rigs/
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[img
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[center] [img
width=180]
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[img
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#Post#: 4603--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 27, 2016, 7:46 pm
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[center]Ensco Scraps 12 Drilling Rigs As Losses
Continue[/center]
Published at 11:48AM - 25/02/16
Ensco scraps 12 drilling rigs as losses continue, forcing the
offshore drilling company’s hand to take drastic measures.
In the company’s end of year results for 2015 Ensco, gave
details of further losses running into billions and, stated that
it had scrapped a total of 12 offshore drilling rigs including
one drillship.
Ensco CEO and President, Carl Trowell, said: “By scrapping rigs,
we eliminate costs and contribute to reducing global rig
supply.”
Ensco Losses Continue
Ensco posted heavily reduced revenues for the fourth quarter of
2015 over the same period in 2014, in total a 29% reduction,
bringing income to US$828.3 million down from US$1.16 billion.
Looking over the wider 12 months, the company’s revenues were
still down by 11% at US$4.06 billion in 2015 from US$4.56
billion in 2014.
Ensco continues to struggle with costs related to running its
offshore drilling business in an industry which continues on the
downward spiral.
On top of attempts to bring down operating costs, Ensco has also
incurred heavy costs due to the disputed cancellation of its
DS-5 drillship by Petrobras.
On the issue Ensco said: “As disclosed in 6 January 2016 SEC
Form 8-K, Petrobras has asserted that the ENSCO DS-5 drilling
services contract is void.”
“We disagree with Petrobras’ position and we intend to assert
our legal rights under the contract.”
Overall the results continue to keep Ensco in a precarious
position, posting a loss of US$1.24 billion for 2015, although
this was reduced from US$2.4 billion in 2014.
Ensco Scraps 12 Drilling Rigs
As part of Ensco’s move to reduce its losses, the board has
decided to take the unprecedented move of scrapping a total of
12 offshore drilling rigs, including one drillship.
The rigs have been confirmed as six that are currently classed
as operational and a further six that are currently classed as
held for sale.
Clarifying the move, Trowell stated, “We are also taking
additional steps to restructure our fleet and intend to scrap or
permanently retire five more jackups and one more floater not
currently held for sale.”
“These six rigs in continuing operations — ENSCO 56, ENSCO 81,
ENSCO 82, ENSCO 86, ENSCO 99 and ENSCO DS-1 — are no longer part
of Ensco’s go-forward fleet.”
“Three floaters and three jackups previously classified as held
for sale will also be scrapped. All 12 of these rigs have been
cold stacked to significantly reduce expenses.”
Trowell concluded: “By scrapping rigs, we eliminate costs and
contribute to reducing global rig supply.”
The move looks to be drastic from almost every angle but, with
all other operators within the offshore drilling industry in the
same boat, the days of selling on assets looks to be gone for
now; which poses the question of, not if, but when will other
operators follow suit.
HTML http://www.offshorepost.com/ensco-scraps-12-drilling-rigs-as-losses-continue/
#Post#: 4611--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: February 29, 2016, 7:38 pm
---------------------------------------------------------
Agelbert NOTE: Here's MORE proof that the GLUT keeping the oil
price low and ENSURING the bankruptcy of many, many oil and gas
majors, is NOT going away, no matter what the reality challenged
analaysts from the oil business may delude themselves, and some
fossil fuel corporation stock holding suckers ;D, into
believing.
[center]Saudi oil minister [img
width=40]
HTML http://www.pic4ever.com/images/bc3.gif[/img]
: Talking
about production cuts is ‘waste of time’[/center]
Staff Writers February 29, 2016
Saudi Arabia’s oil minister said on Tuesday that a cooperative
production cut plan is unlikely to materialize as OPEC members
and non-OPEC producers continue to discuss possible output
freezes.
During his address at the IHS CERAweek conference, Saudi oil
minister Ali bin Ibrahim al-Naimi said there is no point in
seeking production cuts because they “will not happen,”
according to the New York Times.
[quote]“There is no sense wasting our time seeking production
cuts. That will not happen,” al-Naimi said at the
conference.[/quote]
The oil minister’s comments comes just one week after Saudi
Arabia, Russia, Qatar and Venezuela agreed to freeze production
at January levels.
While news of the deal helped prop up crude prices a freeze is
expected to have little impact on swelling global crude
inventories.
Saudi Arabia has been consistently pumping over 10 million
barrels per day since last year while Russian production, also
at a record high, is already expected to stall as the country’s
fields mature.
Although a number of new projects are being developed in Russia,
those projects are only expected to offset declining production
from maturing fields and not result in any significant near term
output growth, according to the U.S. Energy Information
Administration.
Any production deal will also be complicated ;) by Iran’s plans
to boost its crude production by as many as 500,000 barrels per
day in the near term.
[quote]Iranian Oil Minister Bijan Zanganeh told the ISNA news
agency on Tuesday that he considers the deal a “joke.”
HTML http://www.pic4ever.com/images/2z6in9g.gif[/quote]
“Some neighboring countries have increased their production over
the years to 10 million barrels per day and export this amount,
then say let’s all freeze our oil production,” [img
width=80]
HTML http://2.bp.blogspot.com/_9HT4xZyDmh4/TOHhxzA0wLI/AAAAAAAAEUk/oeHDS2cfxWQ/s200/Smiley_Angel_Wings_Halo.jpg[/img]<br
/> [img
width=50]
HTML http://pm1.narvii.com/5869/6a64193d6770c3afd17406c78686c0eda32ded1c_hq.jpg[/img]<br
/>Bijan Zanganeh told the ISNA.
According to data provided by OPEC, Iran currently produces
about 3.11 million barrels of crude per day.
The International Energy Agency said earlier this month that
even if OPEC production remains flat it still expects an implied
stock build of 2 million bpd in the first quarter of 2016 and a
1.5 million barrel per day build in the second quarter of 2016.
HTML http://petroglobalnews.com/2016/02/saudi-oil-minister-talking-production-cuts-waste-time/
HTML http://petroglobalnews.com/2016/02/saudi-oil-minister-talking-production-cuts-waste-time/
[center]
Oil and gas is a SELL [/center]
[center]
[img
width=340]
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[center]
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Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: March 1, 2016, 2:48 pm
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02/29/2016 02:15 PM
[center]UK's Biggest Fossil Lobby Promotes Renewable Energy
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SustainableBusiness.com News
Why does the biggest fossil fuel lobbying group in the UK
suddenly support renewable energy? It's just one more sign that
we are making progress and the times - they are a'changin. ;D
Energy UK's chief exective says the shift is urgent because they
don't want to be left behind!, reports The Guardian.
"No one wants to be running the next Nokia (referring to the
mobile phone company that was squashed by forward-looking
rivals), CEO Lawrence Slade told The Guardian. Clearly, the
direction is toward distributed energy and away from centralized
power stations.
Incredibly, Energy UK now officially supports the government's
decision to phase out coal while criticizing its drastic cuts to
incentives for renewable energy
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He wants efficiency measures returned and regulatory support for
energy storage to support solar and wind. He wants a long term
plan for renewables so that investor confidence can return, but
he also favors natural gas. :P
[quote]
[center]Since conservatives won last year's election they have
dismantled just about every green program and subsidy for
renewable energy, while bolstering them for nuclear and offshore
oil.
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And after emissions from power plants dropped 13.6% last year
because of declining coal use, government officials have been
calling to bring it back - to keep the lights on.
After shedding thousands of renewable energy jobs since the
incentive cuts - and investors pulling out in droves - the
government slimmed the cuts for rooftop solar by 65% instead of
87%. Why the cuts at all? Like in the US, conservatives
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claim subsidies
for solar and wind should be temporary (except for fossil fuels
and nuclear ;)) and claim it leads to higher utility bills.
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"In just one month, one nuclear plant at Hinkley would swallow
up four years' worth of subsidies for the whole solar sector
>:( [/I].
Why are ministers signing a blank cheque for expensive, outdated
nuclear power while [i]pinching pennies for an energy source on
the cusp of a massive investment boom?
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This
makes no economic sense and will only put up [utility] bills in
the long run," says Greenpeace.
[center]Fracking Becomes The Plan
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Fracking is the centerpiece of Prime Minister Cameron's energy
plan. A leaked letter from three Cabinet ministers even suggests
that permits should be removed from local control because the
majority of citizens are squarely against it. The latest polls
show 78% support for solar and wind, and 26% support for
fracking. Parliament voted to allow fracking everywhere - in
national parks and near drinking water supplies. In December,
159 permits were handed out, opening huge swaths of the
countryside to fracking. Protests have been widespread.
[center]Scotland banned fracking.
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"Ministers happily take credit for being climate champions on an
international stage [referring to the Paris Climate Agreement]
while flagrantly undermining the renewable industry here at
home," Caroline Lucas, a Green Party member of the Parliament,
told Reuters.
Meanwhile, the formerly booming renewable energy industry is
about to fall off a cliff. Last year, wind supplied 11% of
electricity, generating power for 30% of households, about 8.25
million homes. And most of Britain's major cities have pledged
to run on 100% renewables before 2050.
[quote]
And this winter has the been the warmest in recorded history in
England, up 7°C so far. [/quote]
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