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OPEC ‘very close’ to agreement to stabilize market, Venezuelan president says

OPEC ‘very close’ to agreement to stabilize market, Venezuelan president says

By NORIS SOTO, ANDREW ROSATI on 9/19/2016

PORLAMAR, Venezuela (Bloomberg) -- OPEC members are close to reaching an agreement on how to stabilize the market, Venezuelan President Nicolas Maduro said after speaking to his counterparts from Iran and Ecuador.

Maduro held “positive discussions” with fellow members of the Organization of Petroleum Exporting Countries who attended the Summit of the Non-Aligned Movement, he said Sunday at a press conference following the event, in which 15 heads of state gathered in the South American country. Maduro said he spoke with Ecuadorian President Rafael Correa and Iranian President Hassan Rouhani at the summit and that he hopes an accord can be reached by the end of the month.

“We are close to an agreement between OPEC and non-OPEC countries to stabilize themarket,” state oil company Petroleos de Venezuela SA wrote on Twitter, citing Maduro. A “definitive answer” for market stability could come this month, he said, according to PDVSA.

Ministers from all 14 member nations of OPEC, as well as the energy minister of Russia plan to have informal discussions about the oil market in Algiers on Sept. 27 on the sidelines of the International Energy Forum.

News of the meeting has fanned speculation that producers may agree on an output cap to shore up prices that are languishing below $50/bbl nearly two years into the largest marketcrash in a generation. If the ministers reach a consensus in Algeria, OPEC may call a special meeting, Secretary General Mohammed Barkindo said on Sunday, according to Algeria’s official news agency.

Brent crude, the global benchmark, was up 1.8% at $46.57/bbl as of 11:22 a.m. Singapore time.

Oil seen recovering but glut will persist into 2017: Oil seen recovering but glut will persist into 2017

Oil seen recovering but glut will persist into 2017

9/19/2016

LONDON -- McKinsey Energy Insights (MEI), a data and analytics specialist, forecasts that it will take more than six months for the oil markets to fully rebalance.

In its latest research, MEI suggests that the pace and timing of an oil price recovery depends on four key drivers in the short-term: GDP growth, decline in producing fields, slowdown in U.S. light tight oil (LTO) production and OPEC Gulf state behavior, in particular, Iran and Saudi Arabia.

MEI modeled four scenarios—fast recovery, slow recovery, under-investment and supply abundance—and the latest trends point towards a slow market recovery scenario. In this case, the market will take another six months for oversupply to disappear and another 6-12 months to burn excess inventories. In the long term, continuous cost compression efforts could reduce average marginal costs to $65-75/bbl, driven by deepwater and LTO plays.

James Eddy, head of MEI, said, “The market is recovering, but this may be slower than previously expected. We expect demand growth to decelerate as a result of slowing economic development and structural shifts in the transport sector.

“On the supply side, in addition to OPEC Gulf crude production, we see unconventionals and offshore resources playing an important role in replacing the 34 MMbpd decline in conventional basins through 2030.”

The research also notes that there is a key short-term risk that OPEC Gulf members have the capacity to add more than 3-4 MMbpd incremental production by 2019. This could potentially stifle oil prices further into 2018-19.

Stacked oil and gas make Permian deals costly in spite of rout

Stacked oil and gas make Permian deals costly in spite of rout

By MATTHEW MONKS on 9/19/2016

NEW YORK (Bloomberg) -- Oil prices are depressed, but Texas shale has never been more valuable.

A recent spate of land deals in the sprawling Permian basin illustrates a counter-intuitive trend: Real estate in the country’s most active oil field is even more expensive today than it was before commodity prices crashed.

QEP Resources Inc. agreed to pay a price that works out to close to $60,000 per net acre in June for a slice of the Permian, in the basin’s priciest land deal on record.

That’s more than double the average $30,000 per net acre explorers paid for Permian land during the first nine months of 2014, when oil topped $100/bbl, according to data from Citigroup Inc. Oil has been hovering at $45 to $50/bbl since mid-August.

Over the past few months, at least four other explorers agreed to pay more than $30,000 per net acre to expand in the Permian: Concho Resources Inc., Parsley Energy Inc., SM Energy Co., and Silver Run Acquisition Corp., according to data compiled by Bloomberg.

“The valuations are pretty lofty,” said Bryan Lastrapes, managing director at Moelis & Co. “When you look at the prices being paid for a flowing barrel, they are higher than when oil was at $100.”

Unusual geography

The obvious question: With oil so much cheaper today, why has Permian land become so pricey? There are a few explanations. The first comes down to the same reason a dingy is more valuable on a sinking ship.

“It’s about scarcity,” said Bruce Cox, global head of energy acquisitions and divestitures with Credit Suisse Group AG.

The Permian is one of the few places in the U.S. where drilling remains profitable amid low prices, thanks to its unusual geography, in which different layers of oil- and gas-soaked rock are stacked like layers in a cake, he said. An explorer can drill multiple horizontal wells after digging straight down.

“What you can’t find in most plays is the Permian hydrocarbon column,” Cox said. “Companies can drill two to four times as many wells over a 10-year development period” in the Permian than in other basins.

QEP rationale

This is a key part of the rationale QEP used to justify the price it agreed to pay for the 9,400 net acres in the Permian in June.

The company told investors it sees a chance to drill more than 400 horizontal wells along four different benches of shale, more than a half-mile down, where it has already determined there is oil. It sees additional upside potential drilling riskier, wildcat wells on three other benches. So it isn’t buying just one field, but as many as seven.

That deal also addresses a perpetual critique from investors that QEP isn’t big enough in the Permian, by increasing its position there by 50%, Richard Doleshek, QEP’s CFO, said in August.

“From a dollar-per-acre standpoint, we heard a lot of conversation about how that was a big number,” Doleshek said during a presentation at an oil and gas conference sponsored by Enercom Inc., according to a transcript compiled by Bloomberg.

“When you look at it on a target basis, it’s relatively reasonable,” he said. “It’s pristine acreage.”

Lower costs

Another factor driving up Permian land prices is the fact that it has some of the lowest break-even costs in the world. The area has more than a half-dozen fields where drilling can stay profitable even when oil falls below $30/bbl, according to data compiled by Bloomberg.

The oil rout has set off a land grab for that reason, said Ron Gajdica, co-head of energy acquisitions and divestitures with Citigroup.

“When oil prices were high, there was a high supply of acreage with economic drilling opportunities,” he said. “Now, in a $40 to $50 oil price environment, acreage with economic locations is scarcer. There are only a limited amount of opportunities and many of them are in the Permian.”

A couple of other things are driving up the price of Permian land. First, development costs have come down sharply during the downturn, thanks to lower service costs, technological advances and more efficient techniques, Gajdica said. That means explorers can justify paying higher prices for land.

Second, Wall Street is helping the trend. Publicly traded Permian explorers such as Concho and Parsley trade at a premium to other shale players. They paid for their recent acquisitions with stock. Since their currency is worth more, they can afford to pay up.

In addition, other explorers with operations elsewhere, such as QEP and SM, saw their share prices spike after striking deals in the Permian, which could spur even more deal-making in the area.

“The market tends to respond favorably when these Permian deals are announced,” Gajdica said.

Joke Humor

Curmudgeonly & Skeptical presents Boned Jello: A man walked into a bar with his alligator and asked the bartender, "Do you serve lawyers here?"

"Sure do," replied the bartender.

"Good," said the man. "Give me a beer, and I'll have a lawyer for my gator."


# posted by Anonymous jlw : 9/14/16, 1:16 PM
~

#####
Don't go into there without a duck.
He went in anyway and hit his head on the low bar.
# posted by Blogger toadold : 9/14/16, 2:06 PM
~

#####
DeLorean driver clocked by police at 88mph insists 'I wasn't trying to time travel'. Oh yes.
# posted by Anonymous Helly : 9/14/16, 2:58 PM
~

#####
A termite walked into a bar and asked 'Is the bar tender here?'
Tim
# posted by Anonymous Anonymous : 9/14/16, 3:03 PM
~

#####
Helly- "Great Scot!"

Knock, Knock
Who's there?
A Time Traveler
A Time Traveler who?
Knock, Knock

What do we want?
Time travel
When do we want it?
That's irrelevant!

Luigi
# posted by Anonymous Anonymous : 9/14/16, 5:34 PM
~

#####
A woman walks into a bar carrying a duck. The bartender says "That is one ugly pig you got there." The lady says "That's not a pig - its a duck." Then the bartender says "I know, I was talking to the duck."
# posted by Anonymous Anonymous : 9/14/16, 7:45 PM
~

 #####
Hellen Keller walks into a bar.

... and a table,

... and a stool,

...
# posted by Blogger Ralph Gizzip : 9/14/16, 9:09 PM
~

#####
Have you ever smoked a Cuban?
Sure. Back in '76, in Angola, we smoked a bunch of 'em!

Caballero Andante
# posted by Anonymous Anonymous : 9/14/16, 11:39 PM
~
#



#### 
How do you stop a Polish army on horseback?
Turn off the carousel.

Curmudgeonly & Skeptical presents Boned Jello

Curmudgeonly & Skeptical presents Boned Jello:

joke humor



Why can't you trust an atom?
Because they make up everything



.

A drunk walks into a bar with jumper cables around his neck. The bartender says, "You can stay but don't try to start anything."



 "Give it to me! Give it to me!" she yelled, "I'm so wet, give it to me now!" She could scream all she wanted to. I was keeping the umbrella.



My dick was in the Guinness Book of World Records.
Until the librarian had me thrown out.

If You're Looking For A Tattoo But Don't Want Anything Major, Try These 15 - Dose - Stories Worth Sharing

If You're Looking For A Tattoo But Don't Want Anything Major, Try These 15 - Dose - Stories Worth Sharing

21 Daring Feats No One In Their Right Mind Would Dare Try - Dose - Stories Worth Sharing

21 Daring Feats No One In Their Right Mind Would Dare Try - Dose - Stories Worth Sharing

If Trumps Wins, Hillary and Bill Clinton Go To Jail! - YouTube

If Trumps Wins, Hillary and Bill Clinton Go To Jail! - YouTube

If Trumps Wins, Hillary and Bill Clinton Go To Jail! - YouTube

If Trumps Wins, Hillary and Bill Clinton Go To Jail! - YouTube

Stories | Atlas Obscura

Stories | Atlas Obscura