< "> edit this post http://www.investegate.co.uk/afren-plc-%28afr%29/rns/trading-statement-and-operations-update/201301210700069619
http://www.investegate.co.uk/afren-plc--afr-/rns/2012-full-year-results/201303250700107200A/

In an attempt to cut down the header page,i've transferred some of the older news to Page1 post No.3.

http://www.oil-price.net/index.php?lang=en
http://www.ft.com/home/uk

http://www.investegate.co.uk/Article.aspx?id=201111020700081674R
http://www.investegate.co.uk/Article.aspx?id=201111150700250723S
http://www.investegate.co.uk/Article.aspx?id=201112010705051251T
http://www.investegate.co.uk/Article.aspx?id=201201170700146472V
http://www.investegate.co.uk/Article.aspx?id=201201230701479690V
http://www.moneyam.com/action/news/showArticle?id=4323758
http://www.investegate.co.uk/Article.aspx?id=201204170700164488B
http://www.investegate.co.uk/Article.aspx?id=201205140700212304D
http://www.investegate.co.uk/Article.aspx?id=201205210700407032D
http://www.moneyam.com/action/news/showArticle?id=4430164
http://www.investegate.co.uk/afren-plc-%28afr%29/rns/significant-new-seychelles-3d-seismic-programme/201212120700052973T/
http://www.investegate.co.uk/afren-plc--afr-/rns/2013-half-yearly-results/201308230700063334M/
http://www.investegate.co.uk/afren-plc--afr-/rns/ogo-drilling-and-resources-update/201311190700083404T/
http://www.investegate.co.uk/afren-plc--afr-/rns/trading-statement-and-operations-update/201401280700096280Y/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201405200700135209H/
http://www.investegate.co.uk/afren-plc--afr-/rns/interim-management-statement/201410300700116483V/
http://www.moneyam.com/action/news/showArticle?id=4942625
http://www.moneyam.com/action/news/showArticle?id=4943375

i didn't write that, but though that may be a bit hyperbolic (for BB that one!), i would have thought a very rosy future will ultimately be in store

i'll get the dictionary out..

Barclays and Bank of America see looming oil crunch
For oil markets, it as if the Great Recession never happened. Surging demand in China, India and the Middle East is making up for decline in the debt-crippled West, ensuring another global crunch within three or four years.


By Ambrose Evans-Pritchard, International Business Editor
Published: 9:32PM GMT 18 Feb 2010
Barclays and Bank of America see looming oil crunch
Members of the Royal Welch Fusiliers charged with protecting oil pipelines in southern Iraq Photo: JULIAN SIMMONDS

Bank of America and Barclays Capital, two leading oil traders, have told clients to brace for crude above $100 (64) a barrel by next year, before it pushes relentlessly higher over the decade. This is a stark contrast from recessions in the 1980s and 1990s, when it took years to work off excess drilling capacity built in the boom.

"Oil has the potential to flirt with $100 this year. We forecast an average price of $137 by 2015," said Amrita Sen, an oil expert at BarCap. The price has doubled to $78 in the last year.

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"The groundwork for the next sustained step up in oil prices is now almost complete. Global spare capacity is likely to be reduced to low levels within a relatively short time. The global economic crisis has postponed, but not cancelled, a crunch which would otherwise be starting to bite now," said Barclays.

Francisco Blanch, from Bank of America Merrill Lynch, said crude may touch $105 next year, with $150 in sight by 2014. "Approximately 1.7bn consumers in emerging markets with a per capita income of $5,000 to $20,000 are eagerly waiting to buy cars, air-conditioning units, or white goods," he said.

China has overtaken the US as the world's top car market. Mr Blanch expects oil demand to rise by a further 2.8m barrels per day (bpd) in China and 2.5m bpd in India by 2015, when two giants will be absorbing the lion's share of Gulf output. Consumption in the West has already peaked and will fall each year as populations shrink and we waste less, but the West no longer sets the price. Global use will increase by 8.8m bpd to 95m bpd.

Supply is scarce. Sir Richard Branson warned this month that the world faces 'peak oil' within five years. "Don't let the oil crunch catch us out in the way that the credit crunch did," he said.

Mr Blanch said output from non-OPEC states is falling by 4.9pc each year, despite Russia's reserves. Saudi Arabia and the Emirates can plug a quarter of the gap, but global spare capacity must soon drop to wafer-thin levels leaving us vulnerable to the sort of "super-spike" seen in 2008. The wildcard is whether Iraq can quadruple output to Saudi levels this decade, a target dismissed by most analysts as pie-in-the-sky.

Painfully high prices are needed to unlock fresh supplies as reserves are depleted in the North Sea and the Gulf of Mexico. Deep-water rigs off Brazil are costly and require drilling far below the seabed. Canadian oil sands and US biofuels have break-even costs near $70. While the US, UK, and the Far East are turning to nuclear power, it takes a decade to build reactors. "peak uranium" lurks in any case.

The oil spike brought the global economy to a shuddering halt in 2008. This time the crunch may hit before the West has fully recovered. Whatever happens, the US, Europe and Japan will soon transfer a chunk of their wealth to the petro-powers. It is a new world order.

cyril

There will come a time in 10, perhaps 15 years time when vehicles will be powered by fuel cells, hydrogen...and such...so this is probably the golden age forthcoming for small oil companies and they have a limited time to get their assets out of the ground. Air travel will probably still be dependent on kerosene for some time. Now I don't want to offend anybody but the airlines should be taxed heavily in the future because they are the biggest carbon burners and it is ridiculous that for thirty quid or so you can fly to southern europe when by car it cost hundreds....it simply cannot carry on like this; the solution has to be a global agreement and believe me : this will have to happen. It might take some time but it will happen.

New technology will undoubtably have a major say,but alomg side the existing such as Nuclear,but with an ever increasing population imo it'll take maybe 50yrs? The inferstructure to alter our ways takes time and massive investment is required,so oil,+coal will be with us for a lot longer than 20yrs.
RF take a look at AFC,in the process of building mini power feul cells,50k at 1st with plans to increase to 1MW and have several companies interested including Centrica.
Greekman has a thread running,which will help get you up to speed.
cyril

Already in that one, cheers !...

Oil almost $80bo, with roughly 20,000bopd to AFR (thats over 1m a day),yet it
still trading in the low 80p's???
Finals in 5 weeks along with promotion to the 250 club,drilling news anyday the only reason i can think of is the market itself??
cyril

Since 1947 Shell, ESSO, Gulf, Standard Oil have all tried and failed to tap the legendary paradise oil fields.
And in 1988 they simply gave up.

But now one tiny explorer has finally cracked the mystery and could spark the biggest oil
bonanza of the next decade!

Even if just ONE of the 22 claims strikes oil,
the value of the company could shoot up
2,044% in a matter of days!

anyone know what company they are talking about ?

so how come the source of that little gem cannot shed light on same?
given that they gave up in 1988, sounds very much like falklands to me

Is the Falklands a paradise ? bit to cold for me.

Its a tip from Red Hot chilipepper, not to sure about the name of the tip sheet.

if they are as imprecise as that, then it's not even worth knowing the tip sheet ..... sounds like a load of BS and over-hype anyway, as even if (say) DES find good quantities of oil with their first try, the immediate upside is unlikely to be more than say 1-2, and prob much nearer the lower number

It sounds a bit like BPC to me.

kim you are correct.

Do I get a prize? :o)

only if you buy their shares.

Already holding some. :o)

Pure gamble though!

absolutely, but Statoil are involved so there is a degree of "respectability".

Yes, that is what prompted me to take a flutter really.

lf its even on a tipsheet its either to late to get in or someone wants to offload a shedfull...........