Great find by searcher lse… Looks like dare I say it!..nah let’s wait eh!!
" The President also directed that immediate action be commenced to restructure the JV oil assets so as to reduce government shareholding to 40 percent and that the exercise must be completed within the 2019 fiscal year."
Mutiu Sunmonu of sle doing the biz for SEC…
The 2019 approved budget public presentation obtained by our correspondent revealed that President Muhammadu Buhari had directed that immediate action be commenced to restructure the JV oil assets “so as to reduce government shareholding to not less than 40 per cent and that this exercise must be completed within the 2019 fiscal year.”
I haven’t checked this but I saw a pundit talking about another pundit who predicted that USA oil production would exceed 10m barrels a day, it is now 12m.
The same guy who made the original prediction now thinks that USA will eventually achieve 17mbpd.
OPEC, even with Russia (so called OPEC+) will struggle to contain prices as that output figure grows.
Of course, if Saudi keeps producing as they did through 2014/15 as USA production shot up, we’ll see a crash in the oil price again as we did then, with the bottom in Feb 16 if I remember correctly. That in turn will strangle much of US production which can’t compete with the per barrel costs of Saudi (neither can anyone else).
I doubt Saudi would push it so far again as they have their own agenda to diversify from an oil-led economy and government spending on same needs oil prices relatively high.
Interesting times ahead, although, as I say, I haven’t checked these figures given or the current production levels for a long time as, other than SLE which is a special situation, I’m no longer involved in the oil patch. I did note in passing thatthe Baker Hughes rig count (released every Friday) is still only about 70% the levels it was in USA in 2014 at its peak which suggests a lot more to come,. potentially.
That says a lot about the guy’s reputation … and any company that he sits on the board of one would imagine. Isn’t he the current chairman of SLE? (I know he’s involved with other companies too).
obviously he would have been asked to step in by higher gov figures whilst the changes to a company that looks to be working underhandedly is sorted out, and for a a man like Mr Mutiu Sunmonu who is on the BoD of sle proves he is a top class operative to be trusted in such matters
OPEC Will Keep Oil $65 to $70 in Second Half of the Year, Says FGE’s Fesharaki
Bloomberg UK10 June 2019, 06:23 UTC
Jun.10 – Fereidun Fesharaki, founder and chairman at FGE, discusses the price of oil, OPEC, the relationship between the Saudis and the Russians and the health of the oil industry. He speaks on “Bloomberg Markets: Asia.”
Saudis still earning a few bob eh!!
Holders can be well pleased that Nigeria is well away from this potential god-awful mess. It could very easily override anything OPEC+ are attempting.
TOKYO 13/6/19 (Reuters) - Oil prices surged on Thursday after a unit of the United Kingdom’s Royal Navy said it was aware of an incident involving a tanker in the Gulf of Oman near the Iranian coast.
Reports of a tanker on fire in the Gulf of Oman followed the earlier sabotage attacks on vessels near the Fujairah emirate, one of the world’s largest bunkering hubs and located just outside the nearby Strait of Hormuz.
Brent crude futures were up $2, or 3.3%, at $61.97 a barrel by 0646 GMT.
U.S. West Texas Intermediate crude futures were up $1.41, or 2.7%, at $52.55 a barrel.
The United Kingdom Maritime Trade Operations, which is part of the UK Royal Navy, said on Thursday that it was aware of an incident in the Gulf of Oman, near the Iranian coast.
“UK and its partners are currently investigating,” it said.
U.S. National Security Adviser John Bolton said on May 29 that naval mines “almost certainly from Iran” were used to attack the tankers off the United Arab Emirates last month, and warned Tehran against conducting new operations.
Tensions in the Middle East have escalated since U.S. President Donald Trump withdrew from a 2015 multinational nuclear pact with Iran and reimposed sanctions, notably targeting Tehran’s key oil exports.
Iran says it will not be cowed by what it has called psychological warfare.
so nothing to do with sle then as Norway fund gets rid of most oilies!!
Not if you have a downstream business though, like Shell.
Don’t quite see the logic to be honest. I suppose they need to earn dividends somewhere.
They’ve slapped a limit on coal miners also. Personally I’d much rather see a quick end to coal than oilers who are mostly producing gas also, which could replace coal in short order and reduce CO2 emissions by half thus buying time until other technologies can contribute to stopping climate change without the forcible restriction of people’s energy needs.
See my ‘ethical dangers ahead’ thread (or some such title) linked to RDSB, BP, GLEN, RIO