Oil Economics: Changing global trends – demand & supply dynamics

first_imgLast Thursday, July 27, 2017, the Georgetown Chamber of Commerce and Industry launched its 2017 Business Magazine at the Marriott Hotel. Speaking at that function, ExxonMobil’s Operations Manager in Guyana announced that the Government of Guyana will receive revenue from day one of production. This column, however, noted with interest the inherent ambiguity of his statement, which led to only one plausible inference: that is to say, the only revenue the GoG will receive from day one is the 2 percent royalty.Computing 2 percent royalty at the current price, which is about US at a production level of 100,000 barrels per day, it works out to roughly US.5M annually; not an exciting figure.Turning to the essence of today’s piece: The global oil market has been at the centre of economic news over much of the past years. When one examines the degree of vast developments and richness with which oil rich countries in the Middle East, such as Dubai among others, have attained, this has certainly validated the notion of the magnitude of economic prosperity, wealth and development this resource can bring to a country and its people.Notwithstanding, the global oil market has undergone significant changes over the last 10 or 15 years. Underscoring this evolution, two changes in particular have had profound impact on the economics of the oil market. The more significant stems from the United States (U.S) shale oil revolution — the rapid growth of onshore oil production in the US, typically using hydraulic fracturing techniques to extract oil from shale and other types of so-called tight rocks. The second major change has to do with increasing global concerns about carbon emissions and climate change. The momentum for increased actions is growing – with specific reference to the Paris Accord, or the recently concluded meeting with major global leaders, which saw the US withdrawing support for the Paris deal. Ironically, as the US withdrew their support, without much delay, many other countries, including China, strengthened their support in this regard. If this sense of urgency translates into policies, this could have significant implications for the long run demand for fossil fuels.It is worthwhile to mention that while perusing and synthesising the current body of literature that sought to address the future outlook and projections of oil prices, it was found that those analysis that were conducted by oil companies themselves projected that global oil price will increase at a rate of 1.25 percent annually, in line with a shift in demand from West to East — India and China — and will largely be driven by the global transportation sector.Conversely, the inherent flaw with these analyses is that they ignored the impacts climate change policies will have on oil consumption, and also technology is another key factor that will be a major threat to sustainable oil prices in the future. Already, there are developments in the creation of electric cars, for example, and these developments will be accelerated and have real implications in respect to the oil prices.The first basic principle of oil is that it is an exhaustible resource. Total stock of recoverable oil resources is assumed to be known, and the main focus is on the optimal pace at which these resources should be exhausted. But empirical evidence has shown that, in practice, estimates of recoverable oil are increasing all the time, as new discoveries are made and technology and understanding improves. Moreover, they are increasing at a more rapid pace than existing reserves are consumed. Over the past 35 years, in very rough terms, the world has consumed over 1 trillion barrels of oil. Over that same period, proven reserves of oil have increased by more than 1 trillion barrels. Put differently, for every barrel of oil consumed, another two have been added.With reasonable certainty, total proven barrels of oil which can be economically recovered from known reservoirs are almost two and one half times greater today than what they were in 1980. But what is of critical importance at this point in time are the growing recognition and concerns about carbon emissions and climate change, which means it is increasingly unlikely that the world’s reserves of oil will ever be exhausted.To conclude for today, putting today’s discussion into perspective in respect to what all of this means, it is that these trends and developments will have a bearing on the world market price for oil, and it is likely not going to be an upward trajectory.last_img read more

Bus driver detained in Nismes fatal accident

first_imgDead: Roger “Jerry” Waldron died after the minibus toppled and landed on himOne day after the horrific demise of a bus conductor involved in a road accident at Nismes, West Bank Demerara (WBD), the driver of the minibus has been taken into Police custody. Guyana Times was told by Police that the bus driver was arrested on Tuesday and taken to the Vreed-en-Hoop Police Station where he was said to be assisting with investigations.This newspaper understands that the man suffered cuts and bruises to his hand which also was said to be fractured. A Police source indicated that preliminary assessments indicated speeding was at play due to the impressions left by the bus on the Nismes Public Road.Conductor, Roger “Jerry” Waldron, 30, of Lot 57 Good Intent, WBD, died after the Route 31 minibus toppled at the Nismes Public Road, while negotiating through roadside mud on Monday night. The accident occurred around 19:00h in the vicinity of the Gafoors Nismes Complex, where the mud was temporarily moved to the roadside to facilitate ongoing drainage works.When this publication arrived on the scene just minutes after the accident, the minibus was seen laced with heavy mud on the wheels and in surrounding environs.Guyana Times was told that public spirited citizens assisted in rushing passengers to the West Demerara Regional Hospital where the conductor was pronounced dead on arrival. Reports also stated that 11 other passengers were injured. However, during the course of Monday, some of the injured patients were released.Walrdon’s mother had to be consoled by her daughter and other family members after porters carried off her son. This newspaper had reported that an injured teenager who was a passenger of the minibus had to be administered emergency oxygen due to her irregular breathing conditions.Recently, a number of persons including many children have lost their lives due to road carnage. Earlier this month, a Coverden, East Bank Demerara couple lost their two children after the car in which the father had been driving reportedly swerved from a dog and slammed into two parked vehicles at Blankenburg, WCD. The father, Mark Halley, had to be further admitted to hospital following heart complications he developed after hearing the news of the demise of the two children.last_img read more

Shares in Cenovus, Canadian Natural soar on Alberta crude production cuts

first_imgThe Alberta government announced a plan Sunday to impose oil production cuts starting in January to reduce output by 8.7 per cent or 325,000 barrels per day until the province’s glut of oil is cleared, with the curtailments continuing at a lower pace for the rest of 2019.(THE CANADIAN PRESS) CALGARY, A.B. –  Shares in oilsands companies most likely to benefit from Alberta’s move to curtail crude production starting Jan. 1 are soaring in the wake of Sunday’s announcement by Premier Rachel Notley.In early trading Monday morning, Cenovus Energy Inc. rose as much as 13 per cent over its Friday close to $11.11, while Canadian Natural Resources Ltd. rose as much as 16 per cent to $38.74.Cenovus CEO Alex Pourbaix was the first oilsands CEO to call for the province to curtail production and on Sunday issued a statement commending the government for its “difficult but necessary” decision to try to repair Alberta’s “temporarily broken” oil market.- Advertisement -The discount between Western Canadian Select bitumen-blend oil and New York-traded West Texas Intermediate was about US$21 per barrel on Monday morning, an improvement of about US$7 per barrel from Friday, according to Net Energy. WTI was up almost US$2 per barrel.Canada’s largest oil and gas company, Suncor Energy Inc., opposed the curtailments as an unnecessary market intervention, noting it is insulated from most price discounting due to its Canadian refining assets and firm pipeline contracts.Its shares were up slightly Monday as it issued a statement saying its estimate of the impact of the provincial cuts will be provided when it issues its 2019 capital and production guidance.Advertisementlast_img read more

YAHOO – THE PEOPLE AT LYIT SAY THANK YOU!

first_imgThe Computing Data Centre (CDC) at LYIT have received a substantial donation of data centre equipment from Yahoo Inc.Pictured are members of the LYIT’s Eco-Tech Society (Denis Bourne, Willie Doherty, Shane Flynn, Saurabh Negi, and Gary Boyce), Lecturers (Edwina Sweeney and John O’Raw), and Thomas Dowling, Head of Department of Computing.‎Modern data centre facilities are an essential component in the move to cloud/green computing, a discipline taught to honours degree level at LYIT.Thomas Dowling, Head of Department of Computing, welcomed the Yahoo donation. “This equipment will give LYIT students superb access to a real world environment and will allow them to hone their skills. We’d like to thank Yahoo for their generous contribution.”The equipment coming from Yahoo will be used for –1. Enterprise applications and security teaching.2. VMWare, Hyper-V and KVM virtualization and private cloud servers. 3. Project servers for award year students.4. Project servers for MSc/post-graduate student projects.The CDC is a teaching and research data centre run by the Computing department which replicates the work environment and offers hands-on learning for students.It is used by 3rd and 4th year under-graduates and by post-graduate students, in addition to being a home for research projects in smart grid, software development and security. YAHOO – THE PEOPLE AT LYIT SAY THANK YOU! was last modified: December 2nd, 2013 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:computersdonationLYITYahoolast_img read more

Liverpool v Manchester City confirmed teams: David Silva on the bench

first_imgLiverpool will be hoping to keep their place in the top four when they welcome unbeaten Premier League leaders Manchester City to Anfield.The Reds occupy fourth position due to a superior goal difference but will drop to fifth if Pep Guardiola’s men defeat them.Manchester City will have few tougher tests than a trip to Anfield for the rest of the season and know avoiding defeat will edge them closer to a potential ‘invincible’ season.So how do both sides line up? Scroll down to see the Liverpool and Manchester City teams. Liverpool XI: Karius, Gomez, Matip, Lovren, Robertson, Oxlade-Chamberlain, Can, Wijnaldum, Salah, Firmino, ManeSubstitutes: Milner, Klavan, Lallana, Mignolet, Ings, Solanke, Alexander-ArnoldManchester City XI:  Ederson, Walker, Stones, Otamendi, Delph, De Bruyne, Fernandinho, Gundogan, Sterling, Aguero, SaneSubstitutes: Bravo, Danilo, Mangala, Bernardo Silva, David Silva, Zinchenko, Diaz 1last_img read more

Ex-Chelsea star explains why Lampard would be the perfect replacement for Sarri

first_img“If you want to create an identity for your team, you always have to think about people who have been there and know the club inside-out,” he told talkSPORT.“It will not be a big surprise for me if they look at Frank. For me, that would be a normal choice.“Even when you see John Terry being the second coach at Aston Villa, guys like that are the ones you want to look at.” 3 Premier League Team of the Season so far, including Liverpool and Leicester stars Reports earlier in the season suggested Lampard was being lined up to replace Sarri – and the Chelsea legend has certainly impressed in his first managerial season at Derby.Lampard, the Blues’ record goalscorer, has successfully led the Rams to the Championship play-offs.And Melchiot argues that the 40-year-old’s knowledge of the club makes him a perfect fit for the Chelsea job. Ex-Chelsea defender Mario Melchiot believes club legend Frank Lampard is the perfect candidate to become the next Blues manager.Current boss Maurizio Sarri has overseen a turbulent season at Stamford Bridge, although he has secured their return to the Champions League with a game to spare. Berahino hits back at b******t Johnson criticism – ‘I was in a dark place at Stoke’ Green reveals how he confronted Sarri after Chelsea’s 6-0 defeat at Man City Melchiot and Lampard were team-mates at Chelsea Where Ancelotti ranks with every Premier League boss for trophies won REPLY LATEST FOOTBALL NEWS Oxlade-Chamberlain suffers another setback as Klopp confirms serious injury 3 gameday cracker REVEALED “When you look at Chelsea, when you see so many managers going in and out, you also have to be careful that you pick one and stand behind them.“Timing has to be key. If you’re going to bring someone in now, someone to build some longevity with, I think it would be great to have someone that knows the club.” ADVICE Ronaldo warned Lukaku how hard scoring goals in Serie A would be before Inter move Lampard has got his former team-mate’s backing “You have to look at results and the way the managers are doing it,” Melchiot added.“If you look at Lamps, the way he brings his team forward, he’s been there for a season so it’s not like it’s a lucky shot.“You don’t want to pick any manager because of their legacy or because they did so well as a player. There are great managers out there who never kicked a ball. shining Son ban confirmed as Tottenham fail with appeal to overturn red card no dice 3 Sarri has secured Chelsea’s place in next season’s Champions League tense “To create an identity at a club you need someone who knows the club.””You shouldn’t pick a manager based on if they were a good player.”“You have to pick a manager and stand by them.”@MarioMelchiot explains why Frank Lampard would be the perfect man to replace Sarri 🔵 pic.twitter.com/4oBchE6Dwl— talkSPORT (@talkSPORT) May 6, 2019Manchester United have received criticism for rushing to the appointment of Ole Gunnar Solskjaer, with many suggesting there was too much sentiment involved in the decision.The Red Devils have won just two games out of nine since Solskjaer was named full-time boss, and while Melchiot advises against picking managers based on their playing careers, he believes Lampard is proving himself in the dugout. huge blow Boxing Day fixtures: All nine Premier League games live on talkSPORT last_img read more

Two Arrested and One Being Sought by Deputies after Search Warrant

first_imgThis past Friday night, Scott County Deputies with the assistance of a K-9 from the Austin City Police Department, executed a search warrant at 253 Berna Drive in Southern Scott County.The search warrant was the result of an investigation that began earlier this month.A complaint was received by Scott County Deputy John Hartman of illegal narcotics being allegedly used and sold at the residence.  During a search of the residence alleged Heroin and other controlled substances along with near $1,000.00 were seized. After the search of the residence,  Keith Smith, 38, of Scottsburg was arrested for three counts of Dealing in a Schedule I, II or III Controlled Substance, Possession of a Schedule I, II or III Controlled Substance and Maintaining a Common Nuisance. Jeffrey Powell, 21, of Scottsburg was arrested for Visiting a Common Nuisance.Both of these subjects are incarcerated at the Scott County Jail.A female present at the scene during the search warrant was transported to the Scott County Hospital for medical reasons and is now being sought by deputies after charges were filed by the Scott County Prosecutor’s Office and an arrest warrant issued by the Scott County Circuit Court on today’s date.Lora M. Johnson, 45, 5′-9″, 145 pounds, blond hair and brown eyes is wanted for Possession of a Narcotic Drug, Unlawful Possession of a Syringe, Possession of a Controlled Substance and Possession of Paraphernalia, (Picture Attached).Anyone knowing the whereabouts of Lora M. Johnson is encouraged to contact the Scott County Sheriff’s Office at 812752-5550.SmithPowellJohnsonlast_img read more

Sligo superstar Mona McSharry named on Irish team for European and World Junior Championships

first_imgFerguson, ConorBangorAlan Bircher McSharry, MonaMarlinsGrace Meade Coyne, NiamhNational Centre (Dublin) TallaghtDave Malone NameProgrammeCoach McSharry, MonaBallyshannon MarlinsGrace Meade Walshe, EllenTempleogueBrian Sweeney McMillan, JackBangorPaul Dennis Ferguson, ConorBangorAlan Bircher NameProgrammeCoach World Junior Swimming Championships, 23rd – 28th August, Indianapolis, USAcenter_img Powell, RobertAthloneJohnny Powell McMillan, JackBangorPaul Dennis Reid, RebeccaArdsNelson Lindsay Russell, ShannonLurganCecil Russell National Champions Mona McSharry and Conor Ferguson will lead two strong Ireland teams announced today for both the European and the World Junior Swimming Championships this summer.This past weekend at the Irish Open Championships at the National Aquatic Centre McSharry (16) swept the Breaststroke events winning the 50m, 100m and 200m, all in Irish Junior Records while Ferguson (17) completed a Backstroke hat trick winning the 50m, 100m and 200m events; he set an Irish senior record in the 200m and an Irish Junior record in the 50m. Both athletes also went under the consideration time for the senior World Championships in July.Ellen Walshe (Templeogue) will join McSharry and Ferguson for the World Juniors after a 200m Butterfly win at the Open Championships. Niamh Coyne (National Centre Dublin & Tallaght) placed second to McSharry in the 100m Breaststroke while Jack McMillan (Bangor) went under consideration times for both meets when he finished in the silver medal position of the 200m Freestyle behind new Irish Senior record holder Jordan Sloan.All five selected for the World Junior Championships will also compete at the European Junior Championships. They will be joined by Rachel Bethel of Lisburn who won four titles at last weekend’s Championships including the 200m, 400m, 800m and 1500m Freestyle and Shannon Russell (Lurgan) who won both the 200m and 400m Individual Medley. Robbie Powell (Athlone) and Rebecca Reid (Ards) complete the nine-strong team that will represent Ireland in Israel in June.Commenting on today’s selections National Performance Director Jon Rudd said, “We are very excited to announce our athletes for these two key junior competitions. Following a highly successful Irish Open Championships last week, it was clear that our coaches and our athletes have embraced the concept of ‘right performance-right time’ and that we have a body of talent here that is truly capable of challenging on a continental and world stage. These are focused teams and these athletes display many of the attributes that you would expect and want at this level, with some of them potentially featuring in our World Championships team when we announce it later this month. Watch this space. Irish swimming is on the move”Team SelectionsEuropean Junior Swimming Championships, 28th June – 2nd July 2017, Netanya, Israel Bethel, RachelLisburnMartin McGann Walshe, EllenTempleogueBrian Sweeney Coyne, NiamhNational Centre (Dublin) TallaghtDave Malonelast_img read more

In Soviet Russia (or Iran), Multi-Language Chat App Simultaneously Translates YOU

first_imgRelated Posts We were also told by the BabelWith.me team, “The launch was moved up to offer free multilanguage communication with those in Iran.” Check out this chat set up specifically for discussion of the Iran election and aftermath. Why Tech Companies Need Simpler Terms of Servic… Tags:#Messaging Services#web jolie odell Yesterday, Google Translate announced the addition of Persian into their roster of supported languages in order to facilitate online communication within and from Iran.Now, at least one team – the minds behind BabelWith.me – has developed the functionality into a cool, useful chat application that capably (if not perfectly) translates chats in real time. The service enables simultaneous communication in up to 45 different languages. It’s kind of like the U.N. of IM.First of all, we applaud the developers for making the most drop-dead simple chat process we’ve seen in ages. Pick a username and a language, and go for it. To invite others to join, simply give them the short URL in the top right corner of the screen or invite participants directly from email, Twitter, or Facebook.The chat dialog shows both the original text as well as the Google-powered translation. Granted, the translations aren’t perfect; Google doesn’t know how to deal with “pig latin” or “pommes frites.” But it’s manageable and functional, for the most part.We tested it out and do wish the program had a timestamp feature and some kind of notification or alert. Unnoticed chats went ignored with nary a flash, blink, or beep until we came back to the window or tab containing the chat room. We did love that the program gave both the original text (in orange italics) underneath the translated version. And of course, all the static text in the chat is translated, as well.center_img BabelWith.me is a product of the non-profit organization LifeChurch.tv. Top Reasons to Go With Managed WordPress Hosting A Web Developer’s New Best Friend is the AI Wai… 8 Best WordPress Hosting Solutions on the Marketlast_img read more

Instagram Has Made Me an iPhone Photo Addict

first_imgTags:#mobile#web Related Posts The Rise and Rise of Mobile Payment Technology Why IoT Apps are Eating Device Interfaces I have a new favorite iPhone app. And I’m not alone. After only a week in the iPhone App Store, the photo-sharing app Instagram has won not just the adoration of many in the tech media, but has netted well over 100,000 users. And according to co-founder Kevin Systrom, Instagram is now counting new user sign-ups by the minute and counting photo uploads by the second.Instagram is a free app, a simple photo-sharing tool that allows you to snap pictures and easily post them to your Twitter, Facebook, Tumblr, and Flickr accounts. You can follow others via Instagram’s social network, allowing you to view and comment on others’ photos. Instagram also includes 11 filters for your photos, turning the photos taken by the camera phone – photos that even under the steadiest of hands and keenest of eyes tend to be rather mediocre – from the mundane to the spectacular. The improvements to the camera on the iPhone 4 have spurred a lot of new photography apps. So Instagram has benefited from being, in the words of Systrom, in the “right place at the right time.” And I’d add to that, particularly with the crowded field, from having a simple but stellar product.Systrom says that Instagram aims to tackle three areas that other photo apps and sharing sites haven’t quite nailed: high quality photos, an easy sharing process, and speedy uploads. And while the first part certainly makes for eye-catching photography – Instagram’s filters seem to give the most banal shots a new depth and mood – the latter two shouldn’t be discounted. As Systrom noted in an interview today, the overwhelming response to the app has put some strain on the servers. And, he noted, during the brief times when the service has dropped and people have been unable to share, new registrations have gone done. Clearly, part of what’s attractive to users is that they can take photos, adjust them with the filters, and share them not just with other Instagram users but to other social networking sites – all within the app, and all within a matter of seconds.Instagram is a two-person team, Systrom and co-founder Mike Krieger, who pivoted to this app from Burbn, a location-based service, that raised $500,000 from Andreessen Horowitz and Baseline Ventures. Instagram is a great example of doing one thing simply and doing it well, and although Systrom says there are plans to improve the app, the emphasis for the time being is on maintaining the stability of the service, as the viral download rate and adoption of Instagram have not just exceeded the team’s initial expectations but server size as well.center_img What it Takes to Build a Highly Secure FinTech … Role of Mobile App Analytics In-App Engagement audrey watterslast_img read more