Doesn’t mean they’ll stick with it (Nigeria’s agreed oil production cut).Traditionally, OPEC production cut agreements are never fully adhered to and Saudi usually cuts extra to pretend there is full compliance and no shortfall.
Not condensate though eadwig…just crude and that is from IOC’s not indigenous companies like eroton etc…
Oml 18 has a enormous amount of gas…which is utilised by notore for agriculture fertilisers.
do you have any idea of the revenue breakdown for SLE Re: oil and gas?
(I’m sure its in the accounts but if you know off hand you’ll save me some digging).
Not off hand eadwig and off out very shortly but if you don’t find it I could look later . .
sle got a new look…
We have progressed. Into Nigeria, into production,
into world-class assets. But we are still about progress.
For San Leon, the future is promising,
the future is just starting.
CEO, San Leon Energy
Let’s hope they progress into profits by the end of the financial year …
Can see why eroton has had problems with metering a few years ago! …
One of the main reasons the stake in OML 18 became available to SLE was that the previous owners disputed the metered figures and percentage allocations of losses was all mixed up with that too. That was one of the reasons they exited … although ultimately they’d run out of money due to the crashing oil price.
Midwestern acquired mart resources through a buy out which sle financed through tosca as I read it not because of metering problems.
This is what I was referring too…
Allocated losses are being disputed by Eroton Exploration and Production Company Limited (“Eroton”), the operator of OML 18. In the short term, this issue is being partially addressed by the installation of Lease Automatic Custody Transfer (“LACT”) units to make sure that the OML 18 partners have fiscal metering of the oil prior to export into the gathering system. In the longer term, the export pipeline and FSO system mentioned above will provide additional control
I assure you if you read Mart’s annual reports they had great concerns that the figures weren’t adding up - as in fact I posted here at the time of the proposed take-over.
Now it appears, reading between the lines, it wasn’t just because of physical losses due to theft or leakage but also because their is a white collar aspect to the theft also with the underlying figures called into question.
Mart and Eroton could never make the figures match up as to what they stuffed in their end of the pipe and what was coming out at the other with Mart (and possibly Eroton too, I can’t remember exact details) believing that the amount of losses being allocated against their production was unfair and inaccurate in that it seemed a larger figure than their percentage ownership warranted.
Not surprising if the basic measurements themselves were not being reported accurately.
Not saying your wrong eadwig, but as stated mid acquired mart not because of the metering problems… but get your drift …
Hopefully the new line and fso will sort it out once and for all.
Although it could be you may/might not be around by then. Gl…
" The OPDS Commander commended the Governor of Rivers State as well as the management of Eroton Exploration and Production Limited for their support and collaborations with the JTF."
Oil shipping costs soar. The cost of chartering a very large crude carrier (VLCC) from the U.S. Gulf Coast to Asia has spiked by $10 million, or $5 per barrel, in the wake of American sanctions on a Chinese shipping giant. The move comes at a time when another portion of tankers are sidelined as they are undergoing maintenance ahead of IMO regulations on maritime fuels. The soaring cost of shipping could curtail U.S. oil exports, which may depress WTI relative to other benchmarks. “Asia has been pulling barrels from everywhere,” Michael Tran, an analyst with RBC Capital Markets, told the WSJ. “If it becomes uneconomical to ship U.S. barrels to Asia, that essentially leaves barrels stranded in the U.S.”