Providence Resources - PVR Stream Log

Oil discoveries at 60-year low. New oil and gas discoveries dropped to their lowest level in six decades as companies cut exploration budgets. According to IHS, the oil industry only found 2.8 billion barrels of oil and petroleum liquids in 2015, the lowest total since 1954. The dismal result is largely due to low oil prices, which has forced draconian cuts in spending on exploration. Industry wide expenditures on exploration have fallen from $95 billion in 2014 to an expected $41 billion in 2016, with more cuts coming next year. But some of the largest companies also saw discoveries start to slow in the years leading up to the crash in oil prices. The low levels of new discoveries, which mostly come from offshore fields that would require large-scale development, will not be felt for many years. Wood Mackenzie estimates that the world could see a supply shortfall of 4.5 million barrels per day by 2035 if the industry does not pick up the pace of new discoveries.

its been nearly a month already!

Will we rise victorious from the ashes to soar high again or will we smoulder and burn and give off noxious fumes till we are cold and forgotten and beyond rescusitation...??

crikey i can't stand this waiting..

I don't believe it is a coincidence. They have all been affected by the fall in oil prices and the inability to farm out any of their assets.

Sorry l flicked the send by mistake the map has been there for a while though and iran has 157 billion barrels recoverable--l'm happy to agree with though good luck

Thanks for that Spuddy l know the Saudis dont want them reach 4 ml barrels even though l thought they were at 2ml at nt

Hindering extraction like compartmentilisization because at 10 euro per barrel = 3.5 billion profit

Iran can fill the gap created by US frackers what I cant understand is if there is 350 million barrels recoverable that nobody has taken this up unless there is somthing

Spuddy, as you know I’ve had a jaundiced view of Sequa since the phantom deal was mooted. It was opportunist on Sequa’s part, probably a punt on a rising oil price followed by an offload of their share.....and was rather cynical of TOR probably to convince the faithful that something was happening. One can never say never, but I’d be amazed if Sequa got involved now. They have proved to be a total disaster area. Under the old management, they got taken to the cleaners by Bolz LLP in Khazakhstan. Under the new Sequa management, they pulled out of their deal with Wintershall, costing them, if I recall correctly, $31m in a lost deposit. Their takeover of Tellus Petroleum has proven to be another disaster, as their investment into Total’s Gina Krog was called off, costing this time, a 50m NOK (about $6m) lost deposit. Finally their 4th sally into prospective production, a minor share in an OMV field was abandoned. All this when crude prices were staging a turnaround. Their bonds have fallen 32% on the Frankfurt exchange. I reckon the deals were pulled because a further bond issue would have failed. Against this backdrop, financing a PVR well would be quite miraculous. If you read their 2015 Annual Report, they are on life support from parent Sapinda. In 2 very expensive years and 4 projects, they have zilch to show for it and I don’t think Lars will want to continue to pay for two expensive managements, Sequa and Tellus. Reading between the lines of the Going Concern note, Sapinda could pull the plug at any moment.