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IEA and Opec warn deepening oil crisis will hit developing countries hardest

first_imgThe IEA estimates the crisis will result in lost oil and gas income of up to 85% this year for developing countries heavily reliant on hydrocarbons Saudi Arabia is filling up its large spare storage capacity with domestic production (Credit: Saudi Aramco) In the unusual step of releasing a joint statement, the International Energy Agency (IEA) and Opec have expressed their “deep concerns” over the impact of the coronavirus crisis on global oil markets – particularly for developing countries.It follows a phone call this week, in which the leaders of the two organisations, Dr Fatih Birol and Mohammad Sanusi Barkindo, agreed the pandemic will have a “material impact” for the citizens of undiversified economies “heavily reliant” on income from hydrocarbons, such as Nigeria, Iraq, Oman and Ecuador.IEA analysis estimates 2020 income from oil and gas in these “vulnerable” countries will fall by 50% to 85% compared to last year – reaching the lowest levels in more than two decades.This is likely to result in “major social and economic consequences” for such regions, especially for public sector spending on healthcare and education. IEA and Opec call for ‘market stability’ to shield developing countries from the worst impact of the oil crisisBoth groups emphasised the importance of “market stability” amid these times of crisis, a thinly-veiled reference to the actions of Russia and Saudi Arabia, which this month embarked on a price war – a dispute Dr Birol recently labelled “irresponsible” in its disregard for tackling the health emergency.The statement added: “The impacts of extreme volatility are felt by producers, particularly in terms of much-needed income, and by both producers and consumers, who are affected by an unstable and unpredictable market.”No concrete measures to address the situation were announced, although the heads of the two organisations confirmed they would “remain in close contact on the matter”.center_img Covid-19 has wreaked havoc on global oil marketsThe intensifying impact of Covid-19 on global markets and national economies has sent shockwaves across all sections of commerce, although slowdowns in heavy industry and travel, in particular, have seen oil and gas commodities experience an especially heavy blow.The IEA recently slashed its oil demand forecasts for the year, warning of the first global contraction in a decade of roughly 90,000 barrel per day (bpd) – compared to its previous estimate of 825,000 bpd growth.Even before the health crisis took grip in China at the start of the year, Opec countries and their allies led by Russia in the Opec+ alliance had agreed to curtail crude oil production to hold up prices in a market awash with cheap US shale oil.Already weakening prices were further impacted by the failed negotiations earlier this month between Opec, nominally led by Saudi Arabia, and Russia to agree on new output cuts in response to coronavirus – a fall-out that led Riyadh to spark a price war by committing to ramp up production and drench the market with heavily-discounted crude.The culmination of all these factors has been for prices of Brent crude, the global benchmark, to more than halve since the turn of the year, with the commodity currently trading at around $31 per barrel.Latest analysis by the US Energy Information Administration suggests Brent crude prices will average out at $43 per barrel over the whole of 2020, rising to $55 per barrel next year as global oil inventories decline and put upward pressure on prices.These estimates compare to the 2019 average of $64 per barrel.last_img read more

INEOS to postpone shutting down of Forties Pipeline System until August

first_img INEOS to postpone shutting down of Forties Pipeline System. (Credit: Free-Photos from Pixabay.) INEOS FPS has today responded to requests from customers and delayed its planned summer shut down of the Forties Pipeline SystemThe decision has been taken in the face of the growing Corona Virus pandemic and the need to  avoid bringing together large numbers of peopleINEOS will continue to work with our Government and customers to provide more information as soon as is practical.INEOS FPS has today written to all its customers saying that there will be a delay to the FPS Summer Shutdown that was planned for June 16th 2020.  The Shutdown will not now start before August 2020 at the earliest.INEOS is also mindful of the benefits of completing this project work to the future operation of FPS and the risks of not going ahead.  However, it recognises the importance of maintain a flow of oil and gas through FPS during the current situation.  The company found that there was an overwhelming desire to delay the shutdown by its customers which it is responding to.In the coming days INEOS will continue to have discussions with its customers and other stakeholders to define the best dates to plan these projects. Source: Company Press Release INEOS is also mindful of the benefits of completing this project work to the future operation of FPS and the risks of not going aheadlast_img read more

Baker Hughes posts big second-quarter loss, prepares for more volatility

first_imgBaker Hughes chief executive issues warning on future outlook after second-quarter lossGlobal oil demand was down by roughly a third at the start of the second quarter as lockdowns were enforced around the world, prompting co-ordinated global efforts to cut production and ease a huge market surplus that had sent commodity prices into rapid decline.“[The period] was challenging in several areas,” said Simonelli. “Although the majority of lockdowns have been easing globally, and economic activity likely troughed during the second quarter, visibility on the economic outlook remains extremely limited.“The risk of a second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020.“Given these factors, we are preparing for potential future volatility, while also focusing on structurally reducing our cost base and implementing a number of strategic initiatives across all of our product companies.” Coronavirus has put huge pressure on oilfield services firms as producers scale back activity, leading Baker Hughes to a $201m loss in the second quarter of 2020 Oil producers have scaled back their operations amid coronavirus market shocks US oilfield services giant Baker Hughes posted a $201m loss in the second quarter of 2020, as it grapples with the fallout of a market crisis that has forced oil and gas firms to scale back their production.The figure compares to a loss of $9m in the same period of 2019, while revenues generated by the Texas-based firm over the three months fell by 21% year-on-year to $4.7bn.Baker Hughes chairman and CEO Lorenzo Simonelli confirmed plans to cut $700m in costs by the end of 2020, with the global pandemic continuing to cast a shadow over the shape of the oil industry’s recovery from an unprecedented start to the year.center_img Oilfield services sector hit hard by market crisisIn the US, the world’s biggest oil producer, the depressed market environment has prompted many companies to cut their output and even shut in production at a number of wells.Rig count data collected by Baker Hughes, a key indicator of activity within the sector, shows that in the week ending 17 July the number of active drilling rigs in the US was down 73% year-on-year to 253.Last month, research group Rystad Energy estimated global demand for oilfield services will fall by 25% this year as a result of the downturn, as oil and gas producers continue to exercise caution over their spending plans.The organisation also puts the number of job losses across the US oil and gas industry at more than 100,000, the vast majority of which have occurred among labourers servicing the infrastructure that extracts, transports and processes the fuel resources.Earlier this week, Halliburton, a major rival to Baker Hughes in the oilfield services sector, reported a net loss of $1.7bn during the second quarter, driven by a $2.1bn impairment charge mainly associated with pressure pumping equipment and real estate, as well as inventory write-offs and severances.last_img read more

Nexa Resources appoints ABB as partner for digital transformation journey

first_img Nexa Resources has appointed ABB to provide state-of-the-art industrial automation systems. (Credit: ABB.) Technology leader ABB has been selected to partner with Nexa Resources in an ambitious digital transformation program in Latin America. The first step will be the modernization of existing mining and smelting process installations in Brazil and Peru, which will form the foundation of digitalized and cost-effective operationsAligned with Nexa’s Directive Automation and Information Master Plan, ABB will install ABB Ability™ System 800xA as part of a five-year agreement. It is the most powerful Distributed Control System (DCS) automation platform in the market and is ranked by ARC advisory group as the world’s #1 over the last 20 years. This technology is the basis for the digital transformation and will serve as a common operations platform to support all technology upgrades as the plants evolve into digital mines of the future.“As part of the journey, we are providing Nexa with a thorough training and communications plan to support them through the transition.”In addition to automating existing sites, ABB will be responsible for the delivery of automation platforms at the Aripuanã site, the new Nexa expansion investment in Brazil.The Aripuanã project is a polymetallic extraction of zinc, lead and copper, located near the city of Aripuanã in the State of Mato Grosso in Brazil. The plant is a greenfield site in which Nexa is investing in operations infrastructure, engaging ABB from the start. There, ABB will deliver automation solutions that result in high levels of productivity, safety and cost savings.The scope includes a comprehensive automation platform, based on ABB Ability™ System 800xA, and equipped with ABB Ability™ MineOptimize solutions such as the Minerals Process Control Library, Power Control Library and camera connection. Together, these will make Aripuanã one of the most modern operations in Brazil. Source: Company Press Release One of the key players in mining in Latin America has appointed ABB to provide state-of-the-art industrial automation systems for existing and new operations last_img read more

Armour Energy completes share sale and purchase agreement with Oilex

first_imgThe basin historically has a high exploration success rate, low cost development pathways, and remains under-explored and under-developed Armour Energy completes share sale and purchase agreement with Oilex (Credit: Gerd Altmann from Pixabay) The Directors of Armour Energy refer to the Company’s previous announcements of 15 June 2020 and 15 September 2020, and wish to advise that completion of the CoEra Share Sale and Purchase Agreement (SSPA) with Oilex Ltd  has now occurred.As previously disclosed, CoEra’s assets comprise a substantial footprint of exploration and production licences on the oil rich Western and Northern Flanks of the Cooper Basin in South Austraia. The basin historically has a high exploration success rate, low cost development pathways, and remains under-explored and under-developed. Proven oil fairways transect and lie adjacent to the licence areas subject of the acquisition, and the many nearby discoveries and fields provide analogues for future discoveries.The assets include an approximate 79.33% interest in Petroleum Exploration Licence (“PEL”) 112 and PEL 144 (covering 1,086 km2 and 1,166 km2 respectively), and Armour has exercised an option to acquire the remaining 20.66% interest in each of these PEL’s. In addition, subject to registration with the South Australian Government, Armour will also acquire a 100% interest in 27 Petroleum Retention Licences (“PRL’s ”) covering in total 2,445km2 (including 792km2 of 3D Seismic) by assuming the obligations of Oilex under existing arrangements between Oilex and Senex Energy Ltd. These 27 PRL’s were acquired for $27 together with the assumption of existing abandonment liabilities and the replacement of a security deposit for $440,000 with the South Australian Government. Under the transaction, Senex will retain a 20% back in right at cost, subject to certain conditions, following the drilling of a well.The acquisition consideration includes the initial issue of 24.5m shares (90% to Oilex and 10% to a nominee), and is subject to a potential adjustment based on the VWAP of the Armour share price for the next 60 days. The variance is designed to deliver a closing consideration of $906,500 in Armour shares, and is subject to a maximum adjustment of a further 10m Armour shares. All of the shares issued will be subject to a period of voluntary escrow through to 15 October 2021.Substantial historic seismic reinterpretation work, and the results of previous drilling in the area, have identified multiple leads and prospects. Armour’s ongoing work will re-revaluate the existing technical data and, as well as acquiring new data, will be aimed at identifying stratigraphic trends and opportunities in an area where oil migration is proven and pervasive. Large parts of the CoEra acreage are covered by 3D seismic, and Armour will apply specific re-processing techniques to further enhance the understanding of the stratigraphic distribution of the multiple potential reservoir horizons and targets. The existing Paning Tight Gas discovery will be fully evaluated to identify the most effective development solution.Armour CEO, Brad Lingo, said“We are particularly pleased with completing the acquisition of the Cooper-Eromanga Basin portfolio from Oilex and Senex. This provides Armour with a very strong operating position in the Basin and a significant portfolio of conventional oil and wet gas leads and prospects, together with a significant tight gas discovery in the Paning-2 well. The new acreage has a significant amount of 3D seismic coverage which has shown in the past to be a key to success in the Basin. With the completion of the acquisition, Armour is looking to high-grade the leads and prospects with a view to selecting 3-5 high quality drilling targets by the end of 2021.” Source: Company Press Releaselast_img read more

Outdated house moving process to blame for sluggish sales, says NAEA

first_imgNational Association of Estate Agents (NAEA) Chief Executive Mark Hayward says the creaking house moving process is one reason of the key reasons why sales volumes remains low “despite the fact that the supply of housing is up”.The comments follow NAEA research revealing that 80% percent of estate agents canvassed by the say the house moving process is out of date and just a week after the government announced it wants to reform the home buying and selling process and began a consultation process.Sajid Javid says he wants to hear from estate agents, solicitors and mortgage brokers on a wide range of issues but in particular about how to stop gazumping, reduce time wasting and preventing buyers from pulling out of deals before exchanging contracts.“The Government’s announcement last weekend that it will consult to reform the home-buying process couldn’t come soon enough, and we welcome it,” says NAEA Chief Executive Mark Hayward.“Our findings show that estate agents agree, and would welcome changes to ensure the process for buying and selling is brought into the twenty first century.“The current prolonged process means sales are stagnating despite the fact that the supply of housing is up, and there is growing demand.“Hopefully we will see activity pick up marginally in the short term, when properties which are being marketed now are taken off the market and pushed through, so buyers can be in before Christmas.”The NAEA figures also show an improving situation within the sales market. During September the number of house hunters registered at branches reached the highest level since March, up by over 50 to 394.And the supply of properties increased too, from 37 in August to 41 in moving process NAEA Propertymark Mark Hayward Sajid Javid October 31, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Outdated house moving process to blame for sluggish sales, says NAEA previous nextOutdated house moving process to blame for sluggish sales, says NAEAAs it publishes research showing 80% of agents have a dim view of the house moving process, Mark Hayward say it’s partly to blame for slow sales market.Nigel Lewis31st October 20170782 Viewslast_img read more

Estate agent helps launch innovative online mortgage brokerage

first_imgHome » News » Agencies & People » Estate agent helps launch innovative online mortgage brokerage previous nextAgencies & PeopleEstate agent helps launch innovative online mortgage brokerageCo-founder Adam Horton says Rippled helps estate agents offer their customers a streamlined and digital-first service.Nigel Lewis29th March 20211 Comment480 Views An estate agent in the East Midlands has co-founded an online mortgage broker which has plans to go national with its service once the platform is established in the region.Adam Horton (above, right), who runs hybrid estate agency Hortons based in Loughborough, Leicestershire, has launched Rippled with financial services adviser Daniel Smalley (above, left).The pair, who have worked together in the past, say it is a ‘digital first’ operation that streamlines many of the processes that usually require a face-to-face meeting and is free for consumers to use, employing a no-fees model.They also say they are confident that the platform will disrupt the mortgage industry by offering both agents and consumers an alternative to the usual financial services model.The mortgage broker has been backed by tech start-up incubator Featured, led by Peter Watson.Significant impactHe says: “By utilising Adam’s experience within the estate agency market, Daniel’s mortgage and financial services experience, as well as Distract’s marketing expertise, we have all the elements needed to make a significant impact.”Although the purpose of Rippled is to offer mortgage applicants a tech-led brokerage service, Smalley tells The Negotiator that as well as being offered via Hortons, several other well-known estate agencies in the region are using the platform.“We’re not offering a white-labelled mortgage broker service at the moment but providing agents with a co-branded tailored digital-first capability,” he says.Horton adds: “The East Midlands property market has been crying out for easier to access mortgage advice for years.”rippled Daniel Smalley Featured Peter Watson adam horton Hortons March 29, 2021Nigel LewisOne commentMike Stainsby, Property Searches Direct Ltd Property Searches Direct Ltd 29th March 2021 at 10:47 amI wish you every success with your new venture. Being home based in the East Midlands too, some services are a bit harder to access being semi rural. Covid has certainly created some new opportunities and made us think harder about service delivery and removing age old road blocks. Do get in touch to see if any collaborative opportunities exist between your Company and ours at Property Searches Direct Ltd.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Lettings market booms as millions seek new homes after lockdown

first_imgLettings agents have reported a booming rental market with rising demand for property as tenants look for new lifestyles and locations after months of lockdown.ARLA Propertymark’s latest lettings market report says the average number of new prospective tenants registered per branch jumped to 84 in March, up from February’s figure of 82 – the third consecutive monthly increase.West Midlands agents saw the highest number of new tenants registered at 157, while Scotland’s saw the lowest, with an average of 31 new prospective tenants.Tenants experiencing rent rises on renewal increased last month; 60% of agents registered landlords increasing their rent compared to 49% in February.The number of tenants successfully negotiating rent reductions fell to 1.7% in March, down from 2%, which is the lowest number recorded since October last year.But despite this fizzy market, the number of properties managed per letting agent branch fell from 195 in February to 193.The West Midlands had the highest number of properties managed per letting agent branch at 260, while the capital’s agents experienced the lowest amount of rental stock with an average of 128 properties managed per branch.ARLA Propertymark’s chief policy advisor, Mark Hayward, says: “As demand rises and the number of properties decreases, rent prices will inflate, but we’d encourage letting agents to continue to support landlords and their tenants throughout the ongoing Covid-19 difficulties where possible and ultimately it is positive to see rent flowing and incomes returning for many people.”Read more about rent reductions.ARLA lettings report Mark Hayward ARLA Propertymark rent reductions April 29, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Lettings market booms as millions seek new homes after lockdown previous nextHousing MarketLettings market booms as millions seek new homes after lockdownARLA Propertymark says agents report spike in applications for properties but warns rents will soon rise as stock dwindles.Nigel Lewis29th April 20210495 Viewslast_img read more

Kuwaiti Navy Arrives in Bahrain Today

first_img View post tag: News by topic View post tag: Naval View post tag: today March 21, 2011 View post tag: Arrives View post tag: Bahrain Share this article View post tag: Kuwait Back to overview,Home naval-today Kuwaiti Navy Arrives in Bahrain Today Training & Education View post tag: Navy Kuwaiti Navy Arrives in Bahrain Today A number of Kuwaiti navy ships docked off the Bahraini coasts today, as part of the Joint Peninsula Shield troops deployed in the kingdom re…(bna)[mappress]Source: bna,March 21, 2011;last_img read more

US Navy Ships Arrive in Port Everglades

first_img View post tag: Naval View post tag: Arrive Back to overview,Home naval-today US Navy Ships Arrive in Port Everglades April 26, 2011 More than 2,500 U.S. Navy Sailors, Marines, and Coastguardsmen arrived in Port Everglades, Fla., to participate in the U.S. Navy’s largest community outreach program in South Florida, April 25.Service members from visiting ships USS Iwo Jima (LHD 7), USS Ross (DDG 71), USS Normandy (CG 60) and USS Annapolis (SSN 760), joined by elements from Navy Assault Craft Unit Four, USCGC Gannet (WPB 87334) and USCGC Diamondback (WPB 87370), as well as Marines from 2nd Marine Division, are scheduled to take part in a variety of community service projects and recreational activities during Fleet Week Port Everglades 2011.Broward County Navy Days Chairperson Mary Anne Gray said the ensuing ship tours, community outreach efforts from Sailors, and an extension of South Florida hospitality to members of the sea services has continued for more than two decades.“Sailors coming in give us the opportunity to show how much we appreciate everything they do and all the sacrifices they have made,” she said. “This is also an opportunity for them [Sailors] to get out and show how much they appreciate what we do for them.”Fleet Week Port Everglades has historically interjected thousands of dollars into the local economy.“Broward County benefits when Sailors go out into the community, visit restaurants, stay in hotels and go shopping,” Gray said.Gray said Broward County residents have been anticipating tours of the six U.S. vessels.“We have more than 7,000 people that are going to come down to tour the ships, and a lot of them are school children, young kids from JROTC (Junior Reserve Officer Training Candidate program), Boy Scouts and Girl Scouts,” she said. “This gives them the opportunity to see the Sailors and a new career they may not have thought about in the past.”More than 2,500 Sailors, Marines and Coast Guardsmen are in South Florida for Fleet Week Port Everglades 2011. The week-long celebration of the sea services honors the men and women of the military through public events and recognition, and also provides the sea services an opportunity to showcase the capabilities of surface platforms, equipment and the skills of the men and women serving aboard these vessels.By Eric Garst (navy)[mappress]Source: navy, April 26, 2011; View post tag: ships Training & Education US Navy Ships Arrive in Port Evergladescenter_img View post tag: Everglades View post tag: US View post tag: port View post tag: Navy View post tag: News by topic Share this articlelast_img read more