
Oil trading: the oil futures loophole

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Sir, Carl Mortisheds tirade against US senators attempting to close the London loophole in oil futures trading (Opinion, June 25) characterises them as puritans having their revenge against the British state that forced them to flee in the 17th century. In truth the senators leading this move Diane Feinstein, Joe Lieberman and Carl Levin, among others are not descendants of the early settlers whom Mr Mortished cites, nor is the presidential candidate of their party who according to him is making similar threats. His conclusion that a nation consumed by fear of foreigners, puritanical self-doubt and effete introspection cannot be the standard-bearer of global capitalism misses the mark. What he, in fact, is opposed to is the Democratic Partys continuation of Franklin Roosevelts policy of trying to save capitalism from its excesses.
Dr Stoddard Martin
Visiting Research Fellow
Institute of English Studies
University of London
http://www.timesonline.co.uk/tol/comment/letters/article4220964.ece
Posted in: Oil Prices, The Times.
Tagged: Oil Prices · Oil Trading
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Zik Gbemre: ON HOW TO REVAMP NIGERIA’S UPSTREAM AND DOWNSTREAM OIL & GAS SECTOR With recent reports that the President Muhammadu Buhari-led Federal Executive Council (FEC) had approved a whopping $1.5 billion to rehabilitate the epileptic Port Harcourt refinery, I consider it a national tragedy and a shame of a nation that Nigeria, despite its over fifty decades of oil and gas exploration and production activities, has been exporting its hugely produced crude oil and natural gas at commercial quantity, and then import ‘refined petroleum products’ at higher costs to satisfy domestic demands. The said move, according to the government, is to ensure that the obsolete Port-Harcourt refinery, which last benefitted from a Turn-Around Maintenance (TAM) work in 2000, comes back to life, while also supposedly contributing to the development of Nigeria’s oil sector. We Mobilize Others To Fight For Individual Causes As If Those Were Our Causes https://ndpc-zik.org/publications/on-who-to-revamp-nigeria-upstream-and-downstream-oil-and-gas-sector COMPLETE COMMENTS
Bonus Group: https://www.energyvoice.com/oilandgas/north-sea/310420/shell-looking-options-new-aberdeen-headquarters/
Bogus Group: "Under the Hammer", again!https://www.reuters.com/article/us-tunisia-oil/tunisia-faces-exodus-of-western-oil-giants-idUSKBN2BI1XF
Bogus Group: Serica finally kicks-off development on Columbus, years after BG 'kicked them in the teeth'. https://www.upstreamonline.com/field-development/serica-energy-kicks-off-development-drilling-at-north-sea-field/2-1-982427
Bonus Group: https://www.egypttoday.com/Article/3/48093/Shell-to-develop-Phase-9B-of-WDDM-within-2-months
Bonus Group: I have mentioned before how the contaminated produced water from Shell's Western Delta Deep Marine gas fields, acquired during the takeover of BG Group, used to be tankered and dumped in the desert.Khaled Gad, Shell's Onshore and Offshore Asset Manager in Egypt, should be able to answer the question as to what now happens to the produced water from Shell's assets in Egypt.
Bonus Group: Selling off parts of the BG millstone. See: https://www.upstreamonline.com/lng/shell-completes-2-5bn-australian-lng-asset-sale/2-1-980042
Bonus Group: Further to Bogus Group's post, very little at BG Group was proven. The majority of their work was of low integrity and dissolved at the slightest scrutiny. This was to be expected with a 'do as I say, not do as I do' Line Management.
Bogus Group: https://trinidadexpress.com/business/local/shell-takes-biggest-hit/article_ca33aea4-73d5-11eb-8a6e-ff41b564d669.html It's surely been proven that BG proven reserves were not actually proven and that Shell did inherit a 'pig in the poke'. The statement “Our preference is to deal with these arrangements, not in a clandestine way but there is a deeper confidentiality to it. We have these arrangements all over the world. We need to ensure that we maintain a degree of confidentiality but what I will confirm is that hundreds of millions of US dollars converts to billions of TT dollars and we have confirmed that Trinidad will benefit to billions,”beggars belief.
Bonus Group: It is not clear why the once upon a time VP Developments, Brazil is now VP Subsurface Excellence, given that the Brazil Asset under her stewardship spent at least five years down a giant rabbit hole using a corrupt workflow that resulted in a significant overbooking of reserves.
Bonus Group: On this day in 2016 the fate of BG Group, an Internet Cafe and Cappuccino Lifestyle company was sealed. See: https://www.shell.com/about-us/what-we-do/combining-shell-and-bg-a-simpler-and-more-profitable-company.html https://www.theguardian.com/business/2016/jan/28/35bn-shell-takeover-approved-bg-shareholders
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