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2014-12-25 22:58 | Report Abuse
http://www.fxstreet.com/analysis/indices-insider/2014/12/23/04/
Oil already bottomed
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2014-12-21 21:01 | Report Abuse
Oil price have been down for 6 months. Reversal imminent.
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2014-12-21 20:59 | Report Abuse
But bubbles also tend to be fairly short-lived because their internal dynamics are so unstable and the divergence between market prices and underlying supply/demand fundamentals becomes too stretched to ignore.
In 2007/08, it took Brent prices nine months to double from around $75 in Oct 2007 to peak just below $150 in July 2008. In 2014, it has so far taken six months to halve from $115 to $59.
If it is impossible to predict how low prices might fall before correcting it is at least possible to surmise the turning point is not far off in terms of time.
The four previous plunges in oil prices over the last four decades (1985/86, 1997/98, 2000/01 and 2008/09) were all quickly followed by price rises after the market over-reacted on the downside.
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2014-12-21 20:47 | Report Abuse
The relative importance of non-OPEC producers increases this decade, but only the large producers of OPEC can meet long-term demand. Output growth in the Americas, led by US tight oil, Canadian oil sands and Brazilian deepwater output, pushes non-OPEC production higher until the mid-2020s. However, a decline in US tight oil after this means that by 2040, non-OPEC supply falls back to 51 mb/d. OPEC production increases by less than 1 mb/d over the remainder of this decade, but then needs to increase substantially in the 2020s (by more than 6 mb/d) and by almost as much again in the 2030s
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2014-12-21 20:39 | Report Abuse
5 December 2014, Reuters
Fatih Birol, chief economist with the International Energy Agency, said on Friday he sees oil prices rising to near $100 a barrel in the coming years. Analysts also expect oil prices to rebound in the next two years, averaging $82.50 a barrel in 2015, a Reuters poll showed.
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2014-12-21 18:54 | Report Abuse
Speaking at a conference in the capital of the United Arab Emirates (UAE), he added: “The talk about conspiracy by Saudi Arabia for political motives … is baseless and shows lack of understanding.”
“The (oil) policy of the kingdom is based on a strict economic basis, nothing more, nothing less,” he said.
“I am confident the oil market will improve.”
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2014-12-21 16:20 | Report Abuse
Prices will go up in 2015 and onwards - oil is a depleting asset. This cycle is not new. Has happened before
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2014-12-21 16:18 | Report Abuse
Moreover, the thinking goes that by allowing the market to dictate prices, OPEC could be betting on a sustained period of low prices affecting future investment in, and the profitability of, unconventional crude plays, thereby putting the brakes on the North American shale/tight oil revolution. Somewhat concurring with this view, the International Energy Agency (IEA) had earlier in the month opined that investment in US shale/tight oil could drop by 10 percent in 2015 if prices remained at the $80/bbl level.
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2014-12-20 23:42 | Report Abuse
The Energy Department's estimate of "proved reserves" of shale oil—those that can be recovered economically today—is only about ten billion barrels. That's about a sixth of technically recoverable reserves, and less than a year and a half's worth of current consumption. Proved reserves include all currently known U.S. oil shale resources-North Dakota Bakken, Texas Eagle Ford, Colorado and Nebraska Niobrara, Texas Barnett, and others.
In contrast, the proved reserves from just three Middle East nations—Saudi Arabia, Kuwait, and the United Arab Emirates—total more than 460 billion barrels. That's 46 times U.S. shale oil reserves, and more than 12 times the total U.S. oil reserves.
Those estimates help explain why the IEA projects the Middle East as "the major source of future supply growth," long after the U.S. shale oil boom has run its course. Price is important, but whether oil exists at all is even more so.
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2014-12-20 23:40 | Report Abuse
The Energy Department's estimate of "proved reserves" of shale oil—those that can be recovered economically today—is only about ten billion barrels. That's about a sixth of technically recoverable reserves, and less than a year and a half's worth of current consumption. Proved reserves include all currently known U.S. oil shale resources-North Dakota Bakken, Texas Eagle Ford, Colorado and Nebraska Niobrara, Texas Barnett, and others.
In contrast, the proved reserves from just three Middle East nations—Saudi Arabia, Kuwait, and the United Arab Emirates—total more than 460 billion barrels. That's 46 times U.S. shale oil reserves, and more than 12 times the total U.S. oil reserves.
Those estimates help explain why the IEA projects the Middle East as "the major source of future supply growth," long after the U.S. shale oil boom has run its course. Price is important, but whether oil exists at all is even more so.
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2014-12-20 23:40 | Report Abuse
The IEA report projects that U.S. domestic oil supplies, dominated by fracking, will begin to decline by 2020. "As tight oil output in the United States levels off, and non-OPEC supply falls back in the 2020s," the report says, "the Middle East becomes the major source of supply growth."
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2014-12-19 22:47 | Report Abuse
A good read...
http://www.vox.com/2014/12/16/7401705/oil-prices-falling
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2014-12-19 22:16 | Report Abuse
Christmas / New Year surprise ? And of course window dressing.
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2014-12-19 22:14 | Report Abuse
Anything is possible - MALAYSIA BOLEH!
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2014-12-19 22:04 | Report Abuse
I think the most interesting thing about Hibiscus is it has zero (0) gearing and is cash rich with oil reserves - please read the presentation and understand carefully
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2014-12-19 20:57 | Report Abuse
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2014-12-19 20:29 | Report Abuse
Sorry - I meant this link for the production cost in Oman
http://www.spe.org/news/article/eor-raises-omans-oil-costs
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2014-12-19 20:25 | Report Abuse
Carlsraj55 - Hibiscus is not a SPAC. It is listed on the main board and has graduated. It has imminent production and plenty of oil reserves. The future does look bright.
Please review these documents and links:
http://www.hibiscuspetroleum.com/download/pdf/media/news/Investor%20Presentation_December_R3%20Published.pdf
http://www.hibiscuspetroleum.com/download/pdf/media/news/Executing%20an%20Offshore%20Exploration%20Project%20in%20Oman_gov%20Rev%202.pdf
http://www.iptcnet.org/2014/kl/?_ga=1.9011701.178550472.1418991550
It is interesting that the PRODUCTION cost in Oman is below US20 per barrel so Hibiscus is in the money on the oil discovery there at current oil prices .
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2014-12-18 21:46 | Report Abuse
December 3, 2014
http://www.bedigest.com/NEWS/114622.aspx
Hibiscus Petroleum Berhad, the Malaysian firm behind the discovery of the first oil basin off Oman's east coast, says it is strongly upbeat about the hydrocarbon potential of Block 50 -- a vast offshore concession encompassing the waters around Masirah Island. The Kuala Lumpur-based independent exploration and production company has an indirect stake in Masirah Oil Limited, a joint venture partnership that in February 2011 had signed an Exploration & Production Sharing Agreement (EPSA) with Oman's Ministry of Oil and Gas covering the 17,000 sq km concession.
Earlier this year, an exploration well drilled within the block struck oil in the first such find reported off the east of the country after more than three decades of exploration activities. The breakthrough -- coming within three years of the block's acquisition -- was a record of sorts for the hydrocarbon industry, while also helping to exemplify Oman's deep-water potential.
This ground-breaking success will be showcased at a key forum set to be held in Muscat during December 9-10, 2014 at Al Bustan Palace -- A Ritz Carlton Hotel. The two-day conference, titled 'Offshore Development Oman', will shine a light on offshore opportunities as the Sultanate opens up vast areas off its lengthy coast to exploration and development. Global Exhibitions and Conferences LLC (GEC) has organized this first ever event with the support of the Ministry of Oil and Gas.
Representing Hibiscus Petroleum at the conference will be its Managing Director, Dr Kenneth Gerard Pereira (pictured), who aims to share his company's experiences with other players operating off the Sultanate's coast.
"As many companies present in Oman have knowledge and experience of executing onshore projects, we have decided to present a paper to share our practical experiences in executing an offshore drilling project on the East Coast of the Sultanate. We hope that this paper communicates the message that offshore projects can be undertaken efficiently and safely in Oman by responsible operators," Dr Pereira said.
Hibiscus Petroleum is a pivotal player in Masirah Oil's Block 50 activities. Listed on the main market of Bursa Malaysia Securities Berhad, the stock market of Malaysia, Hibiscus is a shareholder of Lime Petroleum Ltd which has a 64% equity interest in Block 50 whilst Petroci Holding from the Ivory Coast owns the remaining 36%. In addition to its role as an investor, Hibiscus is also the Project Manager of the Block with responsibility for all drilling activities, ranging from the design and planning of the exploration wells to the safe execution of the offshore operations.
167860In comments to the Observer, Dr Pereira said he was strongly confident about the block's prospects. "We cannot speak on a macro scale about all the offshore areas of Oman but we can say that we are extremely positive about the Block (50) where we are operating. There is a lot that remains to be done but there is reason to be optimistic."
Following its successful discovery of a new oil basin in the block, Masirah Oil received the government's nod to launch the second phase of its Minimum Work Program in March this year. It includes a seismic acquisition/processing and interpretation program slated for Q1 2015 followed by an extended well testing and early production program planned in Q3 of the year. A multi-well campaign is also on the cards.
Dr Pereira also emphasized Hibiscus Petroleum's support for the Omani government's training and In-Country-Value (ICV) objectives: "We are fully aware of the national agenda to enhance local content. Indeed, we come from Malaysia, where the national oil company catalyzed the growth of a local industry with precisely similar type policies. Therefore, we are supportive of these types of initiatives."
He further added: "We should state that the initial activities aimed at discovering hydrocarbons, for example, a seismic or a drilling program, are sporadic and are not the basis for a sustainable ICV effort. But after a discovery has been made, and as we move into the appraisal and field development phases, there are a plethora of activities that lend themselves to be performed by local companies and we will be looking for competent local companies to be our partners in this exciting journey."
Besides, the company would make every effort to protect Oman's pristine environment, he stressed. "We should state that a great deal of care must be afforded to oil and gas activities conducted offshore Oman. The diversity of marine life was very apparent so those wishing to operate in these areas must be sensitive to the environment."
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2014-12-17 23:17 | Report Abuse
Ring - welcome back. I posted to many links already - bottom is now.
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2014-12-17 23:16 | Report Abuse
Just like when there is waves - there are birds - the surfer which catches the first wave is good and commendable. Early bird wins. Name of the game.
You either lead or you follow. The least is just stay at the sideline and watch quietly but be happy for others.
The world will be a better place if people will be more positve minded. Negativity leads to nowhere.
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2014-12-17 20:30 | Report Abuse
1star - a rebound is when it moves 5% up - the way it moved up it's not call a rebound it's call a surge.
Crude oil already stabilise and you have noticed all other oil and gas counters up today and not only Sumatec. Sorry if you miss the boat. Just be happy for others please.
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2014-12-14 20:32 | Report Abuse
http://www.aawsat.net/2014/12/article55339449
Saudi feels Brent will stabilise at these prices to shake off shale producers
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2014-12-14 12:06 | Report Abuse
Good article which details the chronologies of events till now....
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Stock: [SUMATEC]: SUMATEC RESOURCES BHD
2014-12-27 21:15 | Report Abuse
Rally on the way...
http://www.biznews.com/energy-2/2014/12/27/oil-price-collapse-the-big-story-of-2014-so-where-to-from-here/