International companies expect oil trading at $ 60 during the next two years

[yota691]

International companies expect oil trading at $ 60 during the next two years

November 10, 2015

 

 

Our economy / Dubai

Officials in the international oil companies said on Tuesday they expect the continuation of the oil at low prices, and likely to be crude trading at $ 60 a barrel within the next two to three years.

Said Patrick Puyan- CEO of France's Total, the oil companies in the country aimed at events that draw in revenues and expenses for the price of crude to reach $ 60 a barrel early in 2017

Does not expect "Patrick" who was speaking on the sidelines of ADIPEC Exhibition and Conference in Abu Dhabi, the oil prices are recovering rapidly at the moment.

Oil Minister Alamaratne- Suhail Al Mazroui, predicted on Monday that oil prices are correct rise in the next year, without specifying the expected price, but said the supply and demand mechanisms in the market is what will determine the price of crude.

For his part, Michael Taunsnd- chairman of the British company BP for the Middle East, said his company expects oil prices to continue low.

He added, "Townsend", that prices may continue at a level of $ 69 during the two to three years

Oil prices fall sharply since the middle of last year to lose more than 50% of its value since then.

 

[yota691]

"BP": Iraq will find it difficult to increase its oil production in 2016

November 10, 2015

 

 

 

 

Maysan Oil

Our economy / Baghdad

Considered the company "BP" British oil giant, said Tuesday that Iraq will find it difficult to increase its oil production significantly in the next year, likely continuing decline in oil prices.

Quoted "Reuters" for the company's CEO in the Middle East Michael Townsend in a press statement he followed the agency, "our economy" News, "It is difficult to expect a significant increase in production next year due to the nature of the contracts."

Townsend added, "The company expects that low oil prices will continue in the range of $ 60 during the next two to three years."

Oil prices dropped dramatically to less than $ 50 during the current months of this year 2015.

[sandfly]

THANKS

[10 YEARS LATER]

We [ in the Bakken ] hear $60 + by 1st quarter 2017 - 2016 to be rather flat, like now . . . just sayin'

[WheresmyRV?]

With Iran getting ready to flood the market with their oil I'm thinking the price of crude will plummet even more.

Edited November 10, 2015 by WheresmyRV?

[yota691]

 

 

 

BP: oil companies, Iraq handed over proposals to change the production contracts

 

Author: HAA 
Editor: AZ 2015/11/10 19:52 Number of Views: 1116 
 

 

Long-Presse / Baghdad

 Revealed that global oil company BP, working in the Rumaila field, on Tuesday, to provide international oil companies operating in Iraq proposals to the Iraqi side, to make amendments to their contracts productivity, indicating that the Iraqi Oil Ministry, demanded to reduce development projects expenses as a result of the deterioration of oil prices.

Regional president of British Petroleum for the Middle East Taunshend Michel said during a news conference that "the oil companies had submitted proposals to the Iraqi government on how to change Iraq's oil contracts of service contracts to other formula from the nearest production partnership agreements."

Taunshend He added that "the companies now receive wages as fees in the form of either cash or repayment Composting barrels of oil, according to meet them for the production ceilings painted," noting that "productive partnership agreements will allow the companies to get a share of the direct product of crude oil."

He Taunshend that "the production of the Rumaila field will range between 1.3 to 1.35 million barrels per day this year," pointing out that "next year, the production rate will depend on the rate approved by government spending, which has asked the international companies that contraction next year due to falling oil prices and the inability of the government budget. "

And between Taunshend "It's hard to see a surge in Iraqi crude oil production next year", adding that "negotiations are under way now about next year's budget for the project Rumaila oil field."

The Iraqi Oil Minister Adel Abdul-Mahdi has said, on 28 August last, of the city of Amarah that the government is seeking to reach an agreement with the oil companies to find out their budget plans for cutting back on spending power through 2016.