North Sea At Risk As Spending On New Oil Fields Set To Plummet (from The Herald )
$this->bbcode_second_pass_quote('', 'A')pril 11 2009
The North Sea faces a disastrous decline in spending on new oil and gas fields over the next two years, according to one of the industry's senior figures, who says the government must reduce the tax burden to help limit the damage.
Allister Langlands, chief executive of Wood Group, the oil services giant, warned that capital expenditure in explora- tion and development work in the mature province could fall victim to a lethal combination of the recent fall in oil and gas prices and the credit crunch, the consequences of which could last for years.
"While the operating expenditure (on producing fields) will come down a bit, I think there is a real risk you could see a major dip in capex in the North Sea especially in 2010," he said.
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Langlands's comments come as even industry majors brace themselves to deal with the challenges posed by a global recession.
World oil demand will drop by a hefty 2.4 million barrels per day in 2009, the Inter-national Energy Agency (IEA) said yesterday. As the rate of oil demand contraction reached levels last seen in the early 1980s, the Paris-based adviser to oil-consuming countries said outright demand for this year was expected to be 83.4 million barrels per day: around one million less than in its previous monthly report.
"This is a pretty exceptional period of demand collapsing," said David Fyfe, head of the oil industry and markets division at the IEA.
PeakOil is You
Credit crunch impacts on production
Re: Credit crunch impacts on production
by TheDude » Sat 11 Apr 2009, 00:43:26
Cogito, ergo non satis bibivi
And let me tell you something: I dig your work.
And let me tell you something: I dig your work.
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TheDude - Expert
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Re: Credit crunch impacts on production
by AirlinePilot » Tue 21 Apr 2009, 11:00:06
http://arabianoilandgas.com/article-533 ... e_project/
"The Moneefa project is in line to become Saudi Arabia’s largest offshore field, capable of producing 900,000 barrels of crude. However, the heavy sour crude the field holds makes it expensive to process and not economically viable in the current financial climate. "
"The Moneefa project is in line to become Saudi Arabia’s largest offshore field, capable of producing 900,000 barrels of crude. However, the heavy sour crude the field holds makes it expensive to process and not economically viable in the current financial climate. "
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AirlinePilot - Moderator
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Re: Credit crunch impacts on production
by vision-master » Tue 21 Apr 2009, 11:04:45
That ativar is totally disgusting.
- vision-master
Re: Credit crunch impacts on production
by kiwichick » Tue 21 Apr 2009, 14:54:24
re credit
anyone heard of hal turner ; @ turnerradionetwork.blockspot.com
claims he has acopy of the US bank stress test
if true it makes VERY< VERY< VERY UGLY READING!!!!!!!!!!!!!!!!!!!!!!!!
anyone heard of hal turner ; @ turnerradionetwork.blockspot.com
claims he has acopy of the US bank stress test
if true it makes VERY< VERY< VERY UGLY READING!!!!!!!!!!!!!!!!!!!!!!!!
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kiwichick - Intermediate Crude
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Re: Credit crunch impacts on production
by vision-master » Tue 21 Apr 2009, 15:05:50
$this->bbcode_second_pass_quote('kiwichick', 'r')e credit--anyone heard of hal turner ; @ turnerradionetwork.blockspot.com , claims he has acopy of the US bank stress test. if true it makes VERY< VERY< VERY UGLY READING!!!!!!!!!!!!!!!!!!!!!!!!
$this->bbcode_second_pass_quote('', 'T')he Turner Radio Network has obtained the stress test results. They are very bad. The most salient points from the stress tests appear below.1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent. (Based upon the “alternative more adverse” scenario which had a 3.3 percent contraction of the U.S. Economy in 2009, accompanied by 8.9 percent unemployment, followed by 0.5 percent growth of the U.S. Economy but a 10.3 percent jobless in 2010.)
2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans. (Without further government injections of cash)
3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.
4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.
5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular - JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially large risks.
6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s, 382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital! (HSBC is NOT in the top 19 banks undergoing a stress test, but is mentioned in the report as an aside because of its risk capital exposure to derivatives)
7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!
The debt crisis is much greater than the government has reported. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with $2.32 trillion in total assets in prior quarter.
Put bluntly, the entire US Banking System is in complete and total collapse.
link
- vision-master
Re: Credit crunch impacts on production
by copious.abundance » Tue 21 Apr 2009, 21:06:47
$this->bbcode_second_pass_quote('vision-master', '[')img]http://peakoil.com/forums/download/file.php?avatar=18892_1238557626.jpg[/img]
That ativar is totally disgusting.
That ativar is totally disgusting.
It's a gusher! In Oklahoma, to be precise.
I've been thinking I need to re-do the dimensions or something, but it'll do for now.
Stuff for doomers to contemplate:
http://peakoil.com/forums/post1190117.html#p1190117
http://peakoil.com/forums/post1193930.html#p1193930
http://peakoil.com/forums/post1206767.html#p1206767
http://peakoil.com/forums/post1190117.html#p1190117
http://peakoil.com/forums/post1193930.html#p1193930
http://peakoil.com/forums/post1206767.html#p1206767
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copious.abundance - Fission
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And most money in the stock market these days comes from institutional investors anyway.
