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29-08-2008, 03:59 PM
#6041
Member
[QUOTE=dsurf - Hope Gustav strengthens.
Getting desperate relying on destructive/life-threating weather to improve share price aren't you?
Those days maybe over anyway...
Oil producers have begun to halt drilling and operations in the Gulf of Mexico, anticipating that Tropical Storm Gustav could pick up speed as it feeds on warm waters over the next several days.
BP, ConocoPhillips, Shell and Transocean, a large drilling contractor, have begun evacuating hundreds of workers from rigs and production platforms in deep waters of the Gulf.
Conoco suspended drilling of some new wells in southern Louisiana and evacuated workers from its Magnolia field, whose daily production had previously been suspended for maintenance. Valero and other refiners have put their workers on alert to prepare for a possible direct hit on operations along the Texas and Louisiana coasts.
“We’re planning for a major hurricane in the Gulf, and we are taking appropriate steps,” a ConocoPhillips spokesman, Bill Tanner, said.
Chevron and Motiva Enterprises, which supplies Shell-branded gasoline across the Gulf Coast, took steps to ensure that terminals and gasoline stations had additional supplies to anticipate any increased demand in the event of an evacuation of New Orleans or another city. Most companies maintained production levels near normal, but there were signs that they were preparing to shut down a significant number of platforms over the next several days.
Shell announced that it was shutting down a few production wells Thursday morning and that it would complete an evacuation of all its 1,300 workers in Gulf waters by Saturday. Anadarko Petroleum announced that it was also beginning a total evacuation of 600 employees and contractors from drilling and production platforms around the Gulf to be completed by Sunday.
HERE'S TRHE INTERESTING PART:
The Energy Department said the government was prepared to release crude oil from the Strategic Petroleum Reserve in the event Gustav disrupted production, as it had after the 2005 hurricanes.
“D.O.E. is closely monitoring the situation and stands ready to use every available tool to ensure continuous and reliable supplies of energy,” the department said.
The region produces about a quarter of domestic oil production and almost 15 percent of natural gas production. Gustav could be the first storm to directly hit a large portion of the region’s energy infrastructure since 2005. That year the hurricanes Katrina and Rita crippled more than a hundred platforms, flooded several refineries and power stations and sent oil and gas prices soaring.
Over the last three years, producers and refiners have taken action to better secure their facilities from heavy storms. More anchor lines have been installed on platforms and rigs, and equipment has been raised higher out of the water. Many of the older platforms that were not properly reinforced for storm surges were paralyzed during the 2005 hurricane season and remain out of order. New platforms that have been built since then are considered more storm resistant.
The Gulf region is relatively less important for the country’s energy supplies than it was in 2005, because of a natural gas production boom onshore and because production in several Gulf fields is in decline. Consumption of oil is down this year by about 130,000 barrels a day, or 1.5 percent over the six months, according to the Energy Department
Final landfall could come anywhere from South Texas to the Florida panhandle.
Crude and natural gas prices had been edging up over the last several days, but prices plummeted on Thursday. Crude oil declined by $2.56, to $115.59 a barrel. Natural gas prices declined 55.8 cents, to $8.05 per million B.T.U.’s.
As the Labor Day weekend approached, gasoline prices had not been seriously affected by fears that the storm could disrupt supplies. The average national price for a gallon of unleaded regular gasoline on Thursday was $3.66, down 28 cents from a month ago.
Energy analysts said oil prices were easing -
because traders were relieved that the International Energy Agency, the policy adviser to 27 industrialized countries, announced that it would release strategic oil stocks if the storm caused major damage to Gulf facilities.
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29-08-2008, 04:07 PM
#6042
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29-08-2008, 04:16 PM
#6043
Member
Well done NZO
I am happy to get another dividend. At least they are sharing some of the riches with their shareholders.
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29-08-2008, 04:37 PM
#6044
From PPP - more drilling coming in effort to extend Tui
A comprehensive review and integration of the results of the Taranui1 and
Tieke1 exploration wells, together with the substantial volume of data
obtained from the four Tui Area horizontal development wells, has revealed a
number of opportunities for additional appraisal/exploration drilling near to
the existing Tui Area producing fields - with a total of five prospects
having been identified close to Tui, which are respectively named Tui SW,
Kahu Crest, Tui NE, Kahu Stratigraphic and Tui SE.
Any success in this area will enhance the use of existing Tui Area
facilities; including multi level tiein points and spare processing capacity
on the Umuroa FPSO. In the event of commercial discoveries, within these
prospects, there are the smaller accumulations which could each be produced
from one horizontal well, while Kahu Stratigraphic would require 3 wells.
PPP and its Tui Area partners are now considering the scale and timing,
subject to rig availability, of a possible future drilling campaign.
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29-08-2008, 04:37 PM
#6045
Member
Originally Posted by fish
Anyway I will stop whinging about lack of divi and start celebrating success . will definately not be selling my nzo .
A nice bonus. The div will fund a couple of months R&R&fishing in the far north.
The good times are just beginning.
cheers
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29-08-2008, 05:46 PM
#6046
Junior Member
Originally Posted by 777
Last year they had no income to speak of?? yet millions of tax losses- Tui has only generated income this year- I come back to my theory that the losses are booked through adjustments to opening retained earnings- where else is the benefit to be found?
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29-08-2008, 06:29 PM
#6047
Originally Posted by cazzer
Last year they had no income to speak of?? yet millions of tax losses- Tui has only generated income this year- I come back to my theory that the losses are booked through adjustments to opening retained earnings- where else is the benefit to be found?
Looking back through the past reports all available on news section of DB.
2004 7.8m surplus before tax etc.
2005 2.6m deficit
2006 2.3m surplus
2007 6.6m surplus.
These years included exploration write offs. Remember they booked a profit on PRC along the way.
I stand to be corrected but thats as I see it.
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29-08-2008, 08:40 PM
#6048
Junior Member
Originally Posted by 777
Looking back through the past reports all available on news section of DB.
2004 7.8m surplus before tax etc.
2005 2.6m deficit
2006 2.3m surplus
2007 6.6m surplus.
These years included exploration write offs. Remember they booked a profit on PRC along the way.
I stand to be corrected but thats as I see it.
I think you see my point. The company had at least 60m tax losses in 2007 I believe. The above surpluses are minor and would not have used that level of tax losses. The company had huge tax shelter going into Tui production- where is that tax loss value reflected in their results?
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29-08-2008, 09:05 PM
#6049
My simplistic reading is that the tax losses are effectively brought to book in the transition to IFRS, appearing on the balance sheet as a deferred tax asset - hence the increase in equity under IFRS.
Not sure where you got $60m from though - the deferred tax asset was about $27m at start of year and they utilised $23.5m in 2008.
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29-08-2008, 10:18 PM
#6050
Originally Posted by Glendoonie
And your point is ...?
a majorhurricane has not hit usa for over 2 years - gustov could be the breaker and moves under way to head off any effect of that
M
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