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Mongo....There are many, many more than 365k held by institutional investors. Millions. Not opinion. Fact.
booneeee.....Thanks for the answer.
SM....."The exploration team is incorporating the drilling results from all five wells into relevant geologic and fluid models to assess commerciality."
Fluid Models. HMMMMMMM! Is biogenic gas fluid?
Krom...The quote came from a Platt's article by the South African based lady reporter. Was attributed to an ERHC source.
Oil expected to hit 100 dollars a barrel in 2011
English.news.cn
by Xinhua writer Qiao Jihong
NEW YORK, Dec. 6 (Xinhua) -- Crude price reached the two-year high 89.19 U.S. dollars last week, mainly boosted by more economic recovery signs. Traders and investors are expecting oil to continue rising in 2011, reflecting the worldwide economy recovery, weaker dollars and demand-supply gap.
The period of low oil price has "gone," said Fatih Birol, chief economist of International Energy Agency (IEA).
Optimistic economy recovery boosts market
The price of crude oil has been surging of late on a renewed sense of optimism regarding the state of the global economy. In this context, Birol told Xinhua, oil is set to rise, and low oil prices have gone.
"Economies of U.S. and China, the two biggest oil demanders, are giving more positive signs," said Shanquan Li, portfolio manager of the Oppenheimer Gold and Special Minerals Fund with total assets of 4.4 billion dollars.
Li is optimistic about the recovery in U.S. and China. He said, U.S. problems mainly lie in the housing markets, while other industries are still dynamic, so the economic recovery would like to speed up gradually. And China's economy, according to Li, although facing inflation pressure and tightening monetary policies, will continue to grow in a satisfying speed.
"The outlook for the price of oil to reach the psychologically important level of 90 dollars per barrel is very much a foregone conclusion. In fact, prevailing expectations is for this to occur by the end of the year. Traders and investors are actually already looking to the next benchmark of 100 dollars per barrel level to be attained by the end of 2011," Conley Turner, Wall Street Strategies' senior research analyst, told Xinhua.
Gap of demand and supply tends to expand
"The fact of the matter is that the demand for oil is ramping up across the globe as economic activity increases," said Turner.
According to IEA monthly report released on November 12, average oil consumption per day in 2010 will increase by 2.34 million barrels, and by 1.19 million barrels in 2011.
But as to the supply, the Organization of the Petroleum Exporting Countries (OPEC), which controls over 35 percent of global output, has decided to maintain the output target for 2010 at the October meeting.
And the U.S. Energy Information Administration said in its " Short Term Energy Outlook" released on November 9, most of the 1.0 million barrels per day projected growth of non-OPEC supply in 2010 comes from the United States, Brazil, and the former Soviet Union, but this growth in world supply is not sustained in the 2011 forecast. Total non-OPEC supply falls by 250,000 barrels per day in 2011, primarily because of declining total North American and North Sea production as well as decreasing supplies from Russia.
IEA forecasted, oil demand continues to grow steadily, reaching about 99 million barrels per day (mb/d) by 2035, 15 mb/d higher than in 2009.
Gap between demand and supply is expected to increase, which will boost the prices growing.
Dollar remains crucial factor
Dollar, pricing the commodities, remains the crucial factor to the changes in the oil market. U.S. Fed announced a 600-billion- dollar bond buying plan last month, sending dollar to a falling path. As one of the consequences, oil prices surged.
Oil traders and investors are mulling the implications of U.S. unemployment of 9.8 percent released last Friday particularly in light of the degree of quantitative easing, Turner told Xinhua, so at this juncture, the dollar's weakness and inflationary pressure in the U.S. over the next 12 months suggest that commodities prices including oil are likely going to be meaningfully higher.
But on the other hand, the European debt crisis, tensions on the Korean peninsula and Iran issue would support dollar's rising, which will also affect oil market in a significant way.
Editor: Oil expected to hit 100 dollars a barrel in 2011
English.news.cn 2010-12-07 05:26:08 FeedbackPrintRSS
by Xinhua writer Qiao Jihong
NEW YORK, Dec. 6 (Xinhua) -- Crude price reached the two-year high 89.19 U.S. dollars last week, mainly boosted by more economic recovery signs. Traders and investors are expecting oil to continue rising in 2011, reflecting the worldwide economy recovery, weaker dollars and demand-supply gap.
The period of low oil price has "gone," said Fatih Birol, chief economist of International Energy Agency (IEA).
Optimistic economy recovery boosts market
The price of crude oil has been surging of late on a renewed sense of optimism regarding the state of the global economy. In this context, Birol told Xinhua, oil is set to rise, and low oil prices have gone.
"Economies of U.S. and China, the two biggest oil demanders, are giving more positive signs," said Shanquan Li, portfolio manager of the Oppenheimer Gold and Special Minerals Fund with total assets of 4.4 billion dollars.
Li is optimistic about the recovery in U.S. and China. He said, U.S. problems mainly lie in the housing markets, while other industries are still dynamic, so the economic recovery would like to speed up gradually. And China's economy, according to Li, although facing inflation pressure and tightening monetary policies, will continue to grow in a satisfying speed.
"The outlook for the price of oil to reach the psychologically important level of 90 dollars per barrel is very much a foregone conclusion. In fact, prevailing expectations is for this to occur by the end of the year. Traders and investors are actually already looking to the next benchmark of 100 dollars per barrel level to be attained by the end of 2011," Conley Turner, Wall Street Strategies' senior research analyst, told Xinhua.
Gap of demand and supply tends to expand
"The fact of the matter is that the demand for oil is ramping up across the globe as economic activity increases," said Turner.
According to IEA monthly report released on November 12, average oil consumption per day in 2010 will increase by 2.34 million barrels, and by 1.19 million barrels in 2011.
But as to the supply, the Organization of the Petroleum Exporting Countries (OPEC), which controls over 35 percent of global output, has decided to maintain the output target for 2010 at the October meeting.
And the U.S. Energy Information Administration said in its " Short Term Energy Outlook" released on November 9, most of the 1.0 million barrels per day projected growth of non-OPEC supply in 2010 comes from the United States, Brazil, and the former Soviet Union, but this growth in world supply is not sustained in the 2011 forecast. Total non-OPEC supply falls by 250,000 barrels per day in 2011, primarily because of declining total North American and North Sea production as well as decreasing supplies from Russia.
IEA forecasted, oil demand continues to grow steadily, reaching about 99 million barrels per day (mb/d) by 2035, 15 mb/d higher than in 2009.
Gap between demand and supply is expected to increase, which will boost the prices growing.
Dollar remains crucial factor
Dollar, pricing the commodities, remains the crucial factor to the changes in the oil market. U.S. Fed announced a 600-billion- dollar bond buying plan last month, sending dollar to a falling path. As one of the consequences, oil prices surged.
Oil traders and investors are mulling the implications of U.S. unemployment of 9.8 percent released last Friday particularly in light of the degree of quantitative easing, Turner told Xinhua, so at this juncture, the dollar's weakness and inflationary pressure in the U.S. over the next 12 months suggest that commodities prices including oil are likely going to be meaningfully higher.
But on the other hand, the European debt crisis, tensions on the Korean peninsula and Iran issue would support dollar's rising, which will also affect oil market in a significant way.
Editor: Mu Xuequan
http://news.xinhuanet.com/english2010/business/2010-12/07/c_13637633.htm
Old but interesting.
Nigeria -- Sao Tome JDZ. The first deepwater well in the JDA, Chevron’s Obo 1 encountered a cumulative 45 meters of net hydrocarbon pay in multiple reservoirs. Reserves are rumored to be not as large as expected, leading to speculation that the well was not sited at the most prospective location but rather on the edges of a major structure to check its extent.
http://www.aapg.org/explorer/2007/01jan/discoveries.cfm
Here is what i gather from press about last week meeting of JMC:
A] Only thing decided was next year budget.
B] Several items on agenda was stayed pending "Something".
C] Making progress, but can't announce it yet.
D] Blocks were referred to as "oil blocks".
Dk will get straightened out. Probably just another mistake like SNP made on their web site about the block 2 drilling. LOL!!
May be well said, but big chunks of are not true. Geeez!!
Now that's telling it like it is. My opinion.
emdyal.....What the he11 is there to manage? Wake up and understand a few simple truths. PN could be a world class manager and still not much would have happened, because drilling wells on ERHC's blocks is the only thing that is going to create real value.Then announcing the results so that the market can value the company. Why is that so hard to comprehend?
I'm not defending management, because that is an impossible task.
But if PN had delivered on all of his plans and done it on time, it would have amounted to practically nothing. It would not have caused the stock price to increase hardly at all. The AIM listing story has been BS and bogus from the get go. It is not possible to raise capital anywhere in the world without a sensible business plan and top notch management. Those few companies who are successful at raising capital on the AIM exchange have both, ERHC does not. And without capital productive assets can not be bought.
All of this is just common sense and no reason to get angry with people "playing like" they have a plan. Just recognize the truth.
The real harm done to the investors in ERHC this year has been caused by the lack of candor {for whatever reason} from management regarding the drilling results. There are lots of clues that something significant was found. Even some of DK emails and phone conversations have hinted at that fact, but one has to be able to "read between the lines" to discern it.
SNP comment of their web pages is very important,my opinion.
And DK's attempt to discredit it is shameful. I think the only reason DK tried to discredit the Chinese was because he and ERHC had said for months that SNP would not allow them to say more, and here was the Chinese now themselves talking about a discovery in block 2. The proof they were telling the truth and DK was not is the fact the statement is still on their site 2 months later.
Also references to the type of studies being done can only logically be true if something liquid was found.
I believe SEO is only interested in one price for the stock, and that is the final price which will logically be determined by the value of the assets of the vast amount of net property controlled by ERHC in the GOG. That is the reason for the update NSAI report, MY opinion.
The only made up anything is in your head and the heads of several other heads here. It is called opinions. I invest more on having facts line up with MY OPINIONS. And i have very little regard for your opinions, but you are entitled to them. If would be a big improvement if you could express those opinions in a manner that does not produce a negative reaction.
Who has to approve any change in the development plan and the participants in that plan? And at what venue would that change be approved?
Mz ....No i did not think it was a favor,i thought it was necessary to facilitate the process taking place. I realize this rather vague, but that is all i care to speculate about on that subject.
If HP's post re the JMC meeting today was accurate regarding the foreign ministers chairing the meeting and discussing the plan for the exploration process, we should have very positive news soon. My opinion. Yes, MZ before the end of the year.
Why is the bogus update getting all the attention and HP's news being ignored?
The only thing in the update that has a good chance to be true.
"From all of us
at ERHC Energy, have a happy and healthy holiday season."
repost..... Could this be of interest to us?
Some exploration companies are also acquiring speculative licences and
exploration rights with the sole aim of drilling a few exploratory wells in their
block before selling the rights on for a substantial profit.
http://www.pwc.com/gx/en/oil-gas-energy/issues-trends/pdf/africa-oil-and-gas-survey-2010.pdf
brez....I like the way you think!
HP....Did the Lusa report really say the meeting was being chaired by the foreign ministers? Hmmmmmm!!!
krom.....My plan now is to hire Dan to sell to you that London bridge i own.
Mongo....No, not possible. SEC is watching. And don't ask me any questions until you answer mine to you.
AIM listing delay excuse was pathetic, but it no longer included "working to get NSAI update". Looks like the update was only for making excuses and buying more time. Hmmmmmm!!!
On second thought, writing believable fiction is not an easy task.
Publication date
Sep 07, 2009
Oil
There is currently no oil or gas production onshore or offshore São Tomé and Príncipe. However, the country is located in the oil-rich Gulf of Guinea and expectations are high that very substantial offshore oil reserves will be found within its extensive exclusive economic zone (EEZ), in line with those found elsewhere in the region and particularly offshore Equatorial Guinea and Nigeria. Many observers describe São Tomé and Príncipe as "the next Equatorial Guinea"; that is a poor, heavily indebted economy with the potential to be revolutionised by rocketing GDP through oil revenues. While success is not certain, many major deepwater discoveries have been made elsewhere in the Gulf of Guinea in areas with very similar geology to that in the waters around São Tomé and Príncipe.
Oil
Although the maritime boundary with Nigeria has not been delimited, the creation of the Joint Development Zone (JDZ) between the two countries in 2001 has removed a major obstacle to investment by foreign companies, which are generally loathe to invest in areas with uncertain sovereignty. Under the terms of the JDZ treaty, São Tomé and Príncipe will receive 40 per cent of any revenues and Nigeria the remaining 60 per cent. New technology has substantially reduced the cost of oil exploration and production, thereby enabling economic exploration of the deep waters around São Tomé and Príncipe, both within the JDZ and elsewhere. A 3D seismic study of part of the JDZ was carried out by Petroleum GeoServices (PGS) of Norway, and the signs are believed to have been positive. ExxonMobil, which carried out initial exploration work in the area, estimated reserves at eight billion barrels, but they could easily be much higher or lower. A licensing round for blocks in the JDZ was launched in April 2003 (delayed from October 2002) and the first production sharing agreement (PSA) was finally signed in January 2005 with a consortium consisting of US oil giants ChevronTexaco (51 per cent) and ExxonMobil (40 per cent), plus Nigerian-Norwegian enterprise Dangote Energy Equity Resources (nine per cent). Further blocks were finally licensed in March 2006. A consortium led by US firm Anadarko Petroleum signed a PSA for Block 3, paying a USD40 million signature bonus. Another consortium headed by Addax and ERHC signed a PSA for
http://www.janes.com/extracts/extract/cafrsu/staps040.html
Before i answer your question, i have a question for you. Have you ever been banned from a message board while posting under another name?
What do you expect to happen to your production levels over the
next year?
Approximately 77% of the Exploration & Production companies anticipate
a moderate increase in production which is in-line with their predictions of
the change in oil prices over the same period. The increase in production is
related to an increase in expected demand. These factors seem to indicate
that our respondents are hopeful that the world economy is recovering and
expected to continue to expand in the next year.
Some exploration companies are also acquiring speculative licences and
exploration rights with the sole aim of drilling a few exploratory wells in their
block before selling the rights on for a substantial profit.
What do you expect to happen to acreage / license acquisition
costs over the next year?
All our respondents expected acreage/ license acquisition costs to increase
over the next year. Over 60% felt the costs would increase over the next
year of which 20% thought they would increase significantly. At least half of
the respondents from Nigeria, Gabon and Uganda expected acreage costs
to increase significantly.
The competition for acreage will increase as more independents and
companies from particularly China and India, expand their footprint
in Africa. The race to secure sufficient supply for domestic markets is
expected to fuel very competitive bidding for the next round of licenses in
African markets.
Mozambique and Gabon have or will issue licences in 2010 and others such
as Kenya, Algeria, Equatorial Guinea and Uganda are expected to do so in
the coming years.
Mongo... Can't you do better than that?.. Go scan some SEC filing. Isn't that your old standby method of draging up unimportant negatives.
Important survey on African Oil and Gas outlook.
http://www.pwc.com/gx/en/oil-gas-energy/issues-trends/pdf/africa-oil-and-gas-survey-2010.pdf
Sinopec to Join Chevron's $6-8B Gendalo-Gehem Gas Project
by David Winning
(Dow Jones Newswires), Dec. 2, 2010
China Petrochemical has struck a deal with Chevron to join the $6 billion-plus Gendalo-Gehem deepwater natural gas project off Indonesia's East Kalimantan province, a person familiar with the matter said Thursday.
The company, known as Sinopec Group, signed an agreement with Chevron in Singapore Tuesday to take an 18% stake in each of the Rapak, Ganal and Makassar Strait deepsea blocks containing the gas discoveries that will underpin the proposed project, said the person, without disclosing financial terms.
It marks the latest push by Chinese companies to secure overseas energy assets, and comes days after Cnooc's (CEO) joint venture in Argentina paid $7.06 billion to take full control of the country's second-biggest oil and gas producer from BP.
Natural gas projects are increasingly targeted as China accelerates efforts to reduce reliance on coal and foreign oil, which have made cities like Shanghai among the smoggiest in the world.
State companies have invested heavily in building up infrastructure in China to funnel in foreign gas, including pipelines from Central and Southeast Asia and multibillion dollar terminals to receive liquefied natural gas ships along the eastern coast.
The International Energy Agency predicts China's gas consumption will more than quadruple in the 2008-2035 period. Much of this demand will be met by overseas projects--the IEA forecasts China's annual natural gas imports will grow from around 176 billion cubic feet in 2008 to more than 7 trillion cubic feet in 2035, accounting for 40% of the growth in inter-regional trade.
Sinopec has lagged domestic peers PetroChina and Cnooc in buying overseas gas assets, partly because it has been slower to kick off construction of LNG receiving terminals.
As Asia's largest refiner, Sinopec's earnings are also more exposed to swings in oil prices and up to now it has concentrated on doing deals that can reduce its crude import costs.
Sinopec Group is the state-owned parent of Hong Kong and Shanghai-listed China Petroleum & Chemical (SNP), which also American Depository Receipts traded in New York. It declined to comment on the deal in Indonesia when contacted by Dow Jones Newswires.
San Ramon, Calif.-based Chevron said in November last year it was seeking partners for the Gendalo-Gehem project in order to mitigate risk in the venture, and hoped to have an agreement in place within a year.
Chevron, one of the largest oil and gas producers in Indonesia, describes Gendalo-Gehem as one of its "major capital projects", but has yet to carry out engineering and design work.
This means first gas output isn't likely before the second half of the decade even if there are no delays to engineering work, construction, or the approvals process with the Indonesian government.
Gendalo-Gehem aims to produce around 1.1 billion cubic feet of natural gas and 31,000 barrels of condensate--a petroleum liquid--a day at its peak, according to Chevron's 2009 annual report.
The deal will help fill a gap in Sinopec's technical armory, as the Gendalo-Gehem project will tap gas deposits beneath 6,000 feet of water. Much of the Chinese company's current oil and gas output is from shallow-water fields.
The person, who didn't wish to be named, said the farm-in agreement requires regulatory approvals in Indonesia and China.
Chevron's stake in the Rapak and Ganal blocks will fall to 62% when the deal is completed.
Italy's Eni owns 20% of both licenses, while the Indonesian government has the right to take a 10% interest, likely through state-owned oil and gas producer Pertamina.
In addition, Chevron's interest in the Makassar Strait block will fall to 72% when the deal with Sinopec closes. Pertamina has a 10% stake in this block.
Copyright (c) 2010 Dow Jones & Company, Inc.
In the area....
Ghana Oil Reserves to Be 5 Billion Barrels in 5 Years (Update1)
By Jason McLure
Dec. 1 (Bloomberg) -- Ghana, the West African nation set to begin exporting oil this month, will see reserves reach 5 billion barrels in five years as more fields start production, according to the chairman of the parliament’s energy committee.
The country may also start exploring for crude onshore, Moses Asaga, a member of President John Atta Mills’ ruling National Democratic Congress party, told lawmakers in Accra, the capital, today.
State-owned Ghana National Petroleum Corp. and the government are “expecting to do technical exploration in the Volatain basin so that in the next five to 10 years we can start doing oil production on shore,” Asaga said. The region stretches from the south along the Volta River to the north of the country, along its border with neighboring Togo, according to the GNPC’s website.
Production at the country’s offshore Jubilee field, discovered in 2007, in due to begin Dec. 15, field operator Tullow Oil Plc said Nov. 29. Tullow has also announced finds at the Tweneboa and Owo wells, about 25 kilometers (15.5 miles) west of Jubilee. Other foreign companies with licenses in the nation’s offshore territory include OAO Lukoil, Nigeria’s Oranto Petroleum Ltd., and U.S.-based Hess Corp., and Anadarko Petroleum Corp.
To contact the reporter on this story: Jason McLure in Accra at jmclure@bloomberg.net.
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.
Last Updated: December 1, 2010 10:48 EST
mongo....Wrong... ERHC only pays interest on funds advanced for the carry in block2. The other two blocks are free carries.
ERHC has proven. Boy, i like typing those words. No problem here.
Well DUH!!!! The point is the amount need to be commercial seems to have been lowered, especially when there is nearby production. My Opinion.
Total’s oil production to hit over 1m bpd
Font size: Decrease font Enlarge font
Emeka Ugwuanyi 16/11/2010 00:00:00
The French oil giant – Total has high expectations to triple its oil production in Nigeria following a line up of assets in the conventional and deep offshore areas that will come on stream in the next few years.
The Nation’s
checks reveal that the company’s total barrels of oil equivalent (boepd) in 2009, was 375,000 boepd out of which 235,000 barrels were crude, while it anticipates to increase the output to 475,000 boepd by end of this year with crude rising a little above 300,000 barrels (bbls).
Besides the assets operated by the company, Total also has equities in some portfolios operated under the Production Sharing Contracts (PSCs) and joint venture arrangements.
The company’s expectation is to triple the current production in the next couple of years as some offshore and deep offshore fields will begin production within the period.
The projects expected to come on stream include Usan, Egina, Egina South, Ofon Phase11, Preowei, Nkarika and Etisong as well as upgrade of OML 58.
The expectations are contained in the latest report by Total Upstream Companies in Nigeria, where the company expressed satisfaction with the pace of its achievements. The report gave highlights of the company’s current production recalling how it started. The report said: "Total Upstream in Nigeria started production in 1966 from its first oil field (Obagi field) in oil mining licence (OML) 58 onshore Rivers State. It moved from land to swamp in 1972 following confirmation of substantial discoveries in OML 57 in present Delta State. This field has, however, been recently relinquished.
"By 1975, the company’s production from the two fields reached 80,000 barrels of oil equivalent per day (boepd). In 1993, it commenced production offshore from its first offshore concession OML 100 in the Odudu field and in 1993. It started gas production from its first gas utilisation facility, the Obite Gas Plant (OGP). The facility simultaneously began delivery of gas to Trains 1and 2 of the Nigeria Liquefied Natural Gas plant at Bonny Island, Rivers State, the same year. Before then, the Ofon field had come on stream in OML 102 in 1997.
"In 2000, the company’s production reached 100,000 boepd, the same year that the giant Akpo field was discovered by Total Upstream Nigeria Limited (TUPNI) in OPL 246 now (OML 130) in partnership with SAPETRO an indigenous company. Production commenced on the Amenam/Kpono field in OML 99 in 2003, adding 125,000 boepd.
"In 2009, the Akpo field started production with an estimated production capacity of 175,000 boepd, at the peak. When all ongoing developments, come on stream in the nearest future, Total’s current production capacity will be tripled. The projects include Usan, Egina, Egina South, Ofon Phase11, Preowei, Nkarika and Etisong as well as upgrade of OML 58."
Total’s Executive Vice-President for Africa, Jacques Marraud des Grottes, had at a conference in Cape Town, South Africa, last week said the company plans to treble the number of its floating production vessels off the West African coast over the next seven years as it increases output in the Gulf of Guinea – Africa’s richest oil province in which Nigeria is the highest producer.
He said Total would add six floating production, storage and offloading units to the three it has now and a second floating production unit by around 2017. "Africa is a good place to be in our business. Our production will increase significantly in the coming years with current and future development projects," des Grottes said.
He noted that Total’s oil and gas production from Africa was flat at 750,000 boepd, but as new offshore projects come on stream, production is expected to hit one million barrels daily.
It is also expected that by the time the company’s production in Nigeria hits over one million barrels, its output from Africa, would be well above two million boepd.
http://thenationonlineng.net/web3/business/energy/18973.html