Friday 26 July 2013
6 Key Oil And Gas Discoveries Of 2013: Who's Worth Owning - Analysis Eurasia Review
6 Key Oil And Gas Discoveries Of 2013: Who's Worth Owning - Analysis Eurasia Review:
"The pace of oil and gas exploration is frightening, and discoveries are weekly, if not daily, with volumes investors would only have dreamt of a decade ago. With each new discovery, it becomes difficult to keep track of the playing field, and even more difficult to rank the potential. There are also a lot of juniors popping up on the scene now, exploring, finding and developing with the intent to lure the bigger players to buy them out. So we’ll make it easy for you here, with our list of 6 key oil and gas discoveries so far this year, followed by a short list of the companies we think have the best potential—and they’re not necessarily the ones who have made the biggest discoveries.
Last year, it was all about East and West Africa, with game-changing finds in Kenya, Mozambique, Angola, Ghana and Ivory Coast that have sent explorers on a feeding frenzy looking for analog plays in the region and finding plenty. This year, so far, we like the discovery revival in the Gulf of Mexico and handful of new sub-salt and pre-salt plays."
'via Blog this'
"The pace of oil and gas exploration is frightening, and discoveries are weekly, if not daily, with volumes investors would only have dreamt of a decade ago. With each new discovery, it becomes difficult to keep track of the playing field, and even more difficult to rank the potential. There are also a lot of juniors popping up on the scene now, exploring, finding and developing with the intent to lure the bigger players to buy them out. So we’ll make it easy for you here, with our list of 6 key oil and gas discoveries so far this year, followed by a short list of the companies we think have the best potential—and they’re not necessarily the ones who have made the biggest discoveries.
Last year, it was all about East and West Africa, with game-changing finds in Kenya, Mozambique, Angola, Ghana and Ivory Coast that have sent explorers on a feeding frenzy looking for analog plays in the region and finding plenty. This year, so far, we like the discovery revival in the Gulf of Mexico and handful of new sub-salt and pre-salt plays."
'via Blog this'
Russia: where did all these foreign bond owners come from? | beyondbrics
Russia: where did all these foreign bond owners come from? | beyondbrics:
"
Russia is worried about the level of foreigners owning its debt, it seems. According to Bloomberg, the head of the central bank’s financial stability department, Vladimir Chistyukhin, told reporters “We don’t consider the situation to be critical at this point… At the same time, we do see potential risks.”
Foreign investors at the start of July owned 30 per cent of outstanding debt – around 930bn rubles. That’s up from 7 per cent a year ago, and 21 per cent at the start of February. Which prompts the questions – should the bank worry? And what has sparked the increase?
To which the answers are: “No”, and “the central bank”."
'via Blog this'
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Foreign investors at the start of July owned 30 per cent of outstanding debt – around 930bn rubles. That’s up from 7 per cent a year ago, and 21 per cent at the start of February. Which prompts the questions – should the bank worry? And what has sparked the increase?
To which the answers are: “No”, and “the central bank”."
'via Blog this'
Frustrated EU warns Ukraine time is running out for trade talks | Reuters
Frustrated EU warns Ukraine time is running out for trade talks | Reuters:
"The European Union warned Ukraine on Friday that time was running out to resolve a number of bilateral trade disputes and secure the signing of a landmark free trade agreement, after the latest round of talks produced no results.
The former Soviet republic hopes to sign agreements on political association and free trade with the 28-member bloc at a summit in Vilnius, Lithuania, in November.
But it has yet to meet conditions set out by Brussels, which is concerned by the Ukrainian government's protectionist policies as well as what it sees as politically motivated persecution of political opponents."
'via Blog this'
"The European Union warned Ukraine on Friday that time was running out to resolve a number of bilateral trade disputes and secure the signing of a landmark free trade agreement, after the latest round of talks produced no results.
The former Soviet republic hopes to sign agreements on political association and free trade with the 28-member bloc at a summit in Vilnius, Lithuania, in November.
But it has yet to meet conditions set out by Brussels, which is concerned by the Ukrainian government's protectionist policies as well as what it sees as politically motivated persecution of political opponents."
'via Blog this'
UMMC to Buy Czech Aircraft Manufacturer | Business | The Moscow Times
UMMC to Buy Czech Aircraft Manufacturer | Business | The Moscow Times:
"Ural Mining and Metallurgical Company will become the full owner of Czech aircraft manufacturer LET after putting a deal in place to buy Pamco's 49-percent stake in the company, a news report said Friday.
UMMC plans to produce annually 16 to 18 L-410 aircraft, originally designed in 1969, for Russian and foreign customers, but industry experts doubt that producing outdated aircraft has any commercial potential, Kommersant said.
Head of UMMC's special legal projects department Timur Azerny on Thursday confirmed plans to increase the company's stake in the aircraft manufacturer from 51 to 100 percent."
'via Blog this'
"Ural Mining and Metallurgical Company will become the full owner of Czech aircraft manufacturer LET after putting a deal in place to buy Pamco's 49-percent stake in the company, a news report said Friday.
UMMC plans to produce annually 16 to 18 L-410 aircraft, originally designed in 1969, for Russian and foreign customers, but industry experts doubt that producing outdated aircraft has any commercial potential, Kommersant said.
Head of UMMC's special legal projects department Timur Azerny on Thursday confirmed plans to increase the company's stake in the aircraft manufacturer from 51 to 100 percent."
'via Blog this'
Emerging market sparkle begins to fade - FT.com
Emerging market sparkle begins to fade - FT.com:
"An uncomfortable truth is making itself felt around the world of emerging market investors: the emerging market growth story is dead.
This is not to say that emerging economies will no longer grow. Nor even that emerging market assets will no longer deliver attractive returns. But the days are long gone when “emerging markets” could be seen as a single asset class. More than that: as David Lubin, head of emerging market economics at Citigroup puts it, the very “foundation myth” of the emerging markets no longer holds true.
“The EM story is based on rapid growth, led by exports, which delivers large current account surpluses, which leads to the accumulation of foreign exchange reserves and the expansion of domestic credit,” he says. “Every single element of that story is no longer true.”"
'via Blog this'
"An uncomfortable truth is making itself felt around the world of emerging market investors: the emerging market growth story is dead.
This is not to say that emerging economies will no longer grow. Nor even that emerging market assets will no longer deliver attractive returns. But the days are long gone when “emerging markets” could be seen as a single asset class. More than that: as David Lubin, head of emerging market economics at Citigroup puts it, the very “foundation myth” of the emerging markets no longer holds true.
“The EM story is based on rapid growth, led by exports, which delivers large current account surpluses, which leads to the accumulation of foreign exchange reserves and the expansion of domestic credit,” he says. “Every single element of that story is no longer true.”"
'via Blog this'
Belarus heads for default - Charter'97 :: News from Belarus
Belarus heads for default - Charter'97 :: News from Belarus - Belarusian News - Republic of Belarus - Minsk:
"
Ukrainian and Russian experts predict the collapse of Belarus's economy.
The interest rates in interbank ruble credits have been continuing to grow rapidly since July 12.
According to the data of the National Bank on July 24, the average rate in one-day credits in the national currency for residents reached 65% and the volume of trade was Br224 billion. To compare: the average rate was 50.5% and the trade volume was 224 billion rubles on July 22; the average rate was 46.4% and 41.9% and the volume of trade was 287.5 billion and 601.5 billion rubles on July 19 and July 18 respectively."
'via Blog this'
"
The interest rates in interbank ruble credits have been continuing to grow rapidly since July 12.
According to the data of the National Bank on July 24, the average rate in one-day credits in the national currency for residents reached 65% and the volume of trade was Br224 billion. To compare: the average rate was 50.5% and the trade volume was 224 billion rubles on July 22; the average rate was 46.4% and 41.9% and the volume of trade was 287.5 billion and 601.5 billion rubles on July 19 and July 18 respectively."
'via Blog this'
Ukraine's total state debt 0.6% down in June, says Finance Ministry
Ukraine's total state debt 0.6% down in June, says Finance Ministry:
"The total state (direct) and guaranteed debt of Ukraine in June fell by 0.6%, to $68.197 billion, according to the Web site of the Finance Ministry.
According to the report, the total state debt in January-June increased by 5.7%, to $64.495 billion.
The total domestic debt increased by 1.8% in June (from the beginning of the year - by 21.7%), to $31.452 billion, while the total external debt in June fell by 2.5% (5%), to $36.744 billion."
'via Blog this'
"The total state (direct) and guaranteed debt of Ukraine in June fell by 0.6%, to $68.197 billion, according to the Web site of the Finance Ministry.
According to the report, the total state debt in January-June increased by 5.7%, to $64.495 billion.
The total domestic debt increased by 1.8% in June (from the beginning of the year - by 21.7%), to $31.452 billion, while the total external debt in June fell by 2.5% (5%), to $36.744 billion."
'via Blog this'
Prasolov: Ukraine becomes open for foreign investors - ForUm
Prasolov: Ukraine becomes open for foreign investors - ForUm:
"Dialogue with foreign investors will make Ukrainian market opener, economic development and trade minister of Ukraine Ihor Prasolov said during constituent meeting of the Ukraine-EU Dialogue on business climate on July 25.
The participants of the meeting discussed issues related to improving the investment climate in Ukraine and development of entrepreneurial activity, in particular, taxation, customs sphere, standards harmonization. Special attention was paid to current issues faced by Ukrainian and European companies in the course of bilateral trade and economic cooperation.
"We want to point out that progress in solving problems. We have a continuing dialogue, including with representatives of the European Business Association, the American Chamber of Commerce. I am convinced that our dialogue is a real opportunity to bring trade and economic relations between Ukraine and the EU on a higher level through discussions, assessments and proposals, to make Ukrainian market more open to foreign investors, promote business development and economic growth," Prasolov said."
'via Blog this'
"Dialogue with foreign investors will make Ukrainian market opener, economic development and trade minister of Ukraine Ihor Prasolov said during constituent meeting of the Ukraine-EU Dialogue on business climate on July 25.
The participants of the meeting discussed issues related to improving the investment climate in Ukraine and development of entrepreneurial activity, in particular, taxation, customs sphere, standards harmonization. Special attention was paid to current issues faced by Ukrainian and European companies in the course of bilateral trade and economic cooperation.
"We want to point out that progress in solving problems. We have a continuing dialogue, including with representatives of the European Business Association, the American Chamber of Commerce. I am convinced that our dialogue is a real opportunity to bring trade and economic relations between Ukraine and the EU on a higher level through discussions, assessments and proposals, to make Ukrainian market more open to foreign investors, promote business development and economic growth," Prasolov said."
'via Blog this'
BG Profit Declines 3% on Lower Output From Kazakhstan, Egypt - Bloomberg
BG Profit Declines 3% on Lower Output From Kazakhstan, Egypt - Bloomberg:
"BG Group Plc (BG/), the U.K.’s third-largest natural-gas producer, said earnings dropped 3 percent in the second quarter as output declined in Kazakhstan and Egypt.
Profit excluding disposals and one-time items slipped to $986 million from $1 billion a year earlier, the Reading, England-based company said today. That beat the $968.4 million average estimate of eight analysts surveyed by Bloomberg.
In Kazakhstan, production was hurt by a planned shutdown of the Karachaganak field for maintenance. In Egypt, BG saw gas-export volumes drop as reservoirs depleted and more supply was diverted to the domestic market to meet demand.
While operations off Egypt haven’t been affected by recent civil unrest, the crisis remains a “primary concern and will continue to be so as the political, social and business environment evolves,” Chief Executive Officer Chris Finlayson said in a statement."
'via Blog this'
"BG Group Plc (BG/), the U.K.’s third-largest natural-gas producer, said earnings dropped 3 percent in the second quarter as output declined in Kazakhstan and Egypt.
Profit excluding disposals and one-time items slipped to $986 million from $1 billion a year earlier, the Reading, England-based company said today. That beat the $968.4 million average estimate of eight analysts surveyed by Bloomberg.
In Kazakhstan, production was hurt by a planned shutdown of the Karachaganak field for maintenance. In Egypt, BG saw gas-export volumes drop as reservoirs depleted and more supply was diverted to the domestic market to meet demand.
While operations off Egypt haven’t been affected by recent civil unrest, the crisis remains a “primary concern and will continue to be so as the political, social and business environment evolves,” Chief Executive Officer Chris Finlayson said in a statement."
'via Blog this'
Abu Dhabi's IPIC 'AA/A-1+' ratings affirmed to mirror sovereign ratings - bi-me.com
Abu Dhabi's IPIC 'AA/A-1+' ratings affirmed to mirror sovereign ratings - Business Intelligence Middle East - bi-me.com - News, analysis, reports:
"Standard & Poor's Ratings Services today affirmed its long- and short-term local and foreign currency issuer credit ratings on Abu Dhabi-based International Petroleum Investment Co. (IPIC) at 'AA/A-1+'. The outlook is stable.
The affirmation reflects that, under our enhanced criteria for rating government-related entities (GREs), we equalize the ratings on IPIC with those on the sovereign, even though the government of Abu Dhabi does not formally guarantee IPIC's liabilities.
Under our criteria, we assess the likelihood that the government of Abu Dhabi would provide extraordinary support to IPIC in the case of financial stress as "almost certain.""
'via Blog this'
"Standard & Poor's Ratings Services today affirmed its long- and short-term local and foreign currency issuer credit ratings on Abu Dhabi-based International Petroleum Investment Co. (IPIC) at 'AA/A-1+'. The outlook is stable.
The affirmation reflects that, under our enhanced criteria for rating government-related entities (GREs), we equalize the ratings on IPIC with those on the sovereign, even though the government of Abu Dhabi does not formally guarantee IPIC's liabilities.
Under our criteria, we assess the likelihood that the government of Abu Dhabi would provide extraordinary support to IPIC in the case of financial stress as "almost certain.""
'via Blog this'
Verheugen slams Berlin’s handling of EU-Ukraine relations | EurActiv
Verheugen slams Berlin’s handling of EU-Ukraine relations | EurActiv:
"Günter Verheugen, a former European Commission vice president and heavyweight in Germany's Social Democratic party (SDP), said he saw “double-standards” in the German government's handling of Ukraine's bid to conclude an association agreement with the EU.
Verheugen, who held the EU's enlargement portfolio and engineered the 2004 expansion of the European Union, touched upon EU-Ukraine relations in a wide-ranging interview with EurActiv Poland.
Verheugen, who now works as an adviser and professor at Frankfurt's European University Viadrina, said he doubted the wisdom of Germany's position, which considers the release of imprisoned former prime minister Yulia Tymoshenko as a condition for signing the association agreement in November."
'via Blog this'
"Günter Verheugen, a former European Commission vice president and heavyweight in Germany's Social Democratic party (SDP), said he saw “double-standards” in the German government's handling of Ukraine's bid to conclude an association agreement with the EU.
Verheugen, who held the EU's enlargement portfolio and engineered the 2004 expansion of the European Union, touched upon EU-Ukraine relations in a wide-ranging interview with EurActiv Poland.
Verheugen, who now works as an adviser and professor at Frankfurt's European University Viadrina, said he doubted the wisdom of Germany's position, which considers the release of imprisoned former prime minister Yulia Tymoshenko as a condition for signing the association agreement in November."
'via Blog this'
What has happened to US investment? Has it gone to emerging markets? | beyondbrics
What has happened to US investment? Has it gone to emerging markets? | beyondbrics:
"My colleague Robin Harding wrote an analysis in the FT a couple of days back, digging into an intriguing conundrum: why do corporate profits in the US continue rise, while corporate investment keeps falling? The piece offers a variety of explanations, from the recession to technological change, but there is another culprit worth considering: investment that has moved abroad.
Robin describes the “investment down, profits up” conundrum like this:
'via Blog this'
"My colleague Robin Harding wrote an analysis in the FT a couple of days back, digging into an intriguing conundrum: why do corporate profits in the US continue rise, while corporate investment keeps falling? The piece offers a variety of explanations, from the recession to technological change, but there is another culprit worth considering: investment that has moved abroad.
Robin describes the “investment down, profits up” conundrum like this:
This change is profoundly odd. Economic theory says investment is driven by profitable opportunities on one side and the cost of capital on the other. High profits suggest there are decent opportunities to make money; historic lows in interest rates and highs in the stock market mean that capital is dirt cheap. Yet investment does not follow."
'via Blog this'
Emaar seeks to cut borrowing costs in half backed by flagship Dubai Mall - The National
Emaar seeks to cut borrowing costs in half backed by flagship Dubai Mall - The National:
"Emaar Properties is working to convince lending banks to halve its borrowing costs on Dh3.6 billion of loans backed by its flagship Dubai Mall.
It is among several of Dubai’s government-related entities that are requesting banks to lower the levels of interest paid on some Dh18bn of loans, as a rebounding economy and falling risk perceptions helps the emirate’s corporate sector to tap cheaper capital.
Dubai Duty Free and Nakheel are other companies that have sought to lower the rate they pay on syndicated loans before an expected rise in US interest rates in the medium term lifts overall borrowing costs, a result of the dirham being pegged to the dollar."
'via Blog this'
"Emaar Properties is working to convince lending banks to halve its borrowing costs on Dh3.6 billion of loans backed by its flagship Dubai Mall.
It is among several of Dubai’s government-related entities that are requesting banks to lower the levels of interest paid on some Dh18bn of loans, as a rebounding economy and falling risk perceptions helps the emirate’s corporate sector to tap cheaper capital.
Dubai Duty Free and Nakheel are other companies that have sought to lower the rate they pay on syndicated loans before an expected rise in US interest rates in the medium term lifts overall borrowing costs, a result of the dirham being pegged to the dollar."
'via Blog this'
DNO's cutting-edge projects on Middle East drilling platforms - The National
DNO's cutting-edge projects on Middle East drilling platforms - The National:
"David Thorpe fingers a fragment of clay, still warm from where it had been pumped out from below the sea floor.
Like a doctor, he delicately assesses the specimen for signs of the health of the patient – in this case Ras Al Khaimah’s Saleh gasfield.
“If we’ve got a sharp piece, that means the drilling’s going well,” says Mr Thorpe, DNO’s general manager for the emirate."
'via Blog this'
"David Thorpe fingers a fragment of clay, still warm from where it had been pumped out from below the sea floor.
Like a doctor, he delicately assesses the specimen for signs of the health of the patient – in this case Ras Al Khaimah’s Saleh gasfield.
“If we’ve got a sharp piece, that means the drilling’s going well,” says Mr Thorpe, DNO’s general manager for the emirate."
'via Blog this'
[snap]: Ghana raises $750m, but pays a premium | beyondbrics
[snap]: Ghana raises $750m, but pays a premium | beyondbrics:
"It’s a sign of the times. Ghana on Thursday raised $750m from the sale of 10-year eurobonds, but the deal did not come easy.
With investors more cautious about lending to frontier countries with shaky finances following June’s violent market rout, Ghana had to pay a premium to get the deal off the ground.
At 8 per cent, the yield that Ghana is paying to borrow is at a level that has not been seen in the EM hard currency bond market for a while now. It is sharply higher than the 6.625 per cent Nigeria paid for its 10-year bonds earlier this month. At the height of the EM bond buying frenzy in April, Rwanda, the central African state is best-known for a civil war and genocide in 1994, paid only 6.875 per cent for its maiden $400m 10-year issue."
'via Blog this'
"It’s a sign of the times. Ghana on Thursday raised $750m from the sale of 10-year eurobonds, but the deal did not come easy.
With investors more cautious about lending to frontier countries with shaky finances following June’s violent market rout, Ghana had to pay a premium to get the deal off the ground.
At 8 per cent, the yield that Ghana is paying to borrow is at a level that has not been seen in the EM hard currency bond market for a while now. It is sharply higher than the 6.625 per cent Nigeria paid for its 10-year bonds earlier this month. At the height of the EM bond buying frenzy in April, Rwanda, the central African state is best-known for a civil war and genocide in 1994, paid only 6.875 per cent for its maiden $400m 10-year issue."
'via Blog this'
Sissi's choice — The @Arabist
Sissi's choice — The Arabist:
"Lt Gen al-Sissi's call to Egyptians to take to the streets to support unspecified measures against "terrorism" is a potentially risky move for him. To be sure, outright criticism is mostly limited to those groups who have long been skeptical of the army's involvement in politics from the beginning. But this direct foray into mass politics is a signal to the army's civilian politician partners that they are dispensable, and a few are grousing about such a circumvention of the way things are normally done in a civilian-led state. Investors, who were delighted to see Morsi pushed from power, are nervous."
'via Blog this'
"Lt Gen al-Sissi's call to Egyptians to take to the streets to support unspecified measures against "terrorism" is a potentially risky move for him. To be sure, outright criticism is mostly limited to those groups who have long been skeptical of the army's involvement in politics from the beginning. But this direct foray into mass politics is a signal to the army's civilian politician partners that they are dispensable, and a few are grousing about such a circumvention of the way things are normally done in a civilian-led state. Investors, who were delighted to see Morsi pushed from power, are nervous."
'via Blog this'
Saudi Gazette - Kingdom’s strong growth offers chance to create jobs, says IMF
Saudi Gazette - Kingdom’s strong growth offers chance to create jobs, says IMF:
"Saudi Arabia’s economy continues to perform well, with growth of 5.1 percent in 2012, thanks to high oil prices and output, strong private sector growth, and government spending, say IMF on its website, citing economists.
In its latest annual assessment of Saudi Arabia, the IMF said that while growth is likely to slow to 4 percent in 2013 as oil output declines relative to last year, activity in the private sector will remain healthy.
“The outlook for Saudi Arabia’s economy remains positive,” said Tim Callen, IMF mission chief for Saudi Arabia. “The country should continue to take advantage of this opportunity to create jobs, address housing shortages, develop the small and medium-sized enterprise sector, and further strengthen the fiscal position.”"
'via Blog this'
"Saudi Arabia’s economy continues to perform well, with growth of 5.1 percent in 2012, thanks to high oil prices and output, strong private sector growth, and government spending, say IMF on its website, citing economists.
In its latest annual assessment of Saudi Arabia, the IMF said that while growth is likely to slow to 4 percent in 2013 as oil output declines relative to last year, activity in the private sector will remain healthy.
“The outlook for Saudi Arabia’s economy remains positive,” said Tim Callen, IMF mission chief for Saudi Arabia. “The country should continue to take advantage of this opportunity to create jobs, address housing shortages, develop the small and medium-sized enterprise sector, and further strengthen the fiscal position.”"
'via Blog this'
4 Russians, 1 Ukrainian charged in N.J. in massive hacking scheme [video] : page all - NorthJersey.com
4 Russians, 1 Ukrainian charged in N.J. in massive hacking scheme [video] : page all - NorthJersey.com:
"
The alleged leaders of an international ring of computer hackers were charged Thursday in New Jersey with stealing at least 160 million credit and debit card numbers and causing hundreds of millions of dollars in losses in what U.S. Attorney Paul J. Fishman called the largest scheme of its kind ever prosecuted in the United States.
Five men from Russia and Ukraine – three of whom remained at large – were named in an 11-count indictment unsealed in Newark following an investigation by the U.S. Secret Service that grew out of an earlier hacking case.
Fishman said the highly sophisticated group targeted some of the world’s largest corporations, causing losses that “are staggering.”"
'via Blog this'
"
The alleged leaders of an international ring of computer hackers were charged Thursday in New Jersey with stealing at least 160 million credit and debit card numbers and causing hundreds of millions of dollars in losses in what U.S. Attorney Paul J. Fishman called the largest scheme of its kind ever prosecuted in the United States.
Five men from Russia and Ukraine – three of whom remained at large – were named in an 11-count indictment unsealed in Newark following an investigation by the U.S. Secret Service that grew out of an earlier hacking case.
Fishman said the highly sophisticated group targeted some of the world’s largest corporations, causing losses that “are staggering.”"
'via Blog this'