Latest news with #Petrel
Iraq Business
25-06-2025
- Business
- Iraq Business
Petrel Resources Updates on Iraqi Prospects
By John Lee. Irish-based Petrel Resources Plc (LON: PET) has published its consolidated financial statements for the year ended 31st December 2024. The company's accounts show no assets or liabilities in Iraq. It adds: "Title to oil and gas assets in Ghana and Iraq can be complex. The Group is currently awaiting ratification of its licenses in Ghana and Iraq." Regarding prospects in Iraq, the company said: " An early opportunity may lie in projects to recover and monetise flared gas with contained liquids in southern Iraqi oil-fields. Petrel had made such proposals from 2004 through 2009 on the Subba & Luhais fields, on which we were the EPC (Engineering, Procurement & supervision of Construction) Operator. At that time our client (SCOP) [State Company for Oil Projects] was unable to sign such an agreement for legal reasons - even though it would have substantially reduced their development costs. However, we believe that some or all of the bureaucratic barriers may now have been overcome. "There has been a recent site visit and early discussion with the authorities by an experienced regional services provider, which has successfully conducted such operations elsewhere. "We had excellent relations with the local communities, and had negligible security issues when working there previously. It's too early to be sure how such contracts would be structured. "The Merjan oil field was discovered in 1983 by Mobil, but though economic, never developed due to the sub-economic terms available. From 2004, Petrel was invited by the Ministry of Oil to study how best this discovery could be proven up and brought into production. For best results, such smaller Iraqi fields should be developed under enhanced fiscal terms, to best align the interests of capital providers, operators and the Iraqi State. An updated development proposal was accordingly prepared to reflect financial reality and evolving Ministry guidelines. "During 2024, Petrel was asked by the Ministry of Foreign Affairs in Iraq for its proposals on how Iraqi oil & gas exports could be de-bottlenecked and boosted. There is considerable scope to improve Iraqi market access, adding value to Iraqi people ." (Source: Petrel Resources)
Iraq Business
23-06-2025
- Business
- Iraq Business
Petrel submits Proposal re Relinquished Block from 4th Licensing Round
By John Lee. Irish-based Petrel Resources last week issued unaudited preliminary results for the year ending 31 December 2024. The company, which announced a fundraising in March, said that it has submitted a proposal to undertake contractor obligations on a relinquished block from Iraq's 4th Bid Round, and has also prepared an updated development plan for the Merjan oil field. The company said it sees opportunities in recovering flared gas and liquids. Full statement from Petrel Resources: Highlights Market overview 2024 set consumption records for oil and LNG consumption, but oil prices fell in early 2025 due to the 'Trump tariff war' triggering fears of reduced demand. Uncertainty increases risk and delays investment decisions. Available fiscal terms, however, reflect the boom conditions between 2003 and 2014 rather than current market conditions. States have been slow to update contractual terms to align interests, which deters development. Oil explorers are not yet attracting strong investor interest in western markets. Majors buy shares back and issue dividends rather than invest the c. $610 billion necessary to supply future demand. Assets overview In Ghana, ratification discussions with the Ghanaian authorities on Tano acreage have re-commenced - though acreage adjustments are likely, and governance remains an issue. In Iraq, there may be early opportunities to recover gas and liquids currently being flared. Petrel submitted a proposal to undertake contractor obligations on a relinquished Block from the 4 th Bid Round. An updated Merjan oil field development proposal has been prepared. Iraqi oil output was c.4 million barrels daily in Spring 2025, with export growth constrained by contractual terms and OPEC+ agreements. Petrel seeks direct negotiations, where possible, rather than bid rounds, which are expensive and high risk, thus inappropriate for juniors. Outlook The board is considering expansion opportunities in oil & gas, and energy-related projects worldwide. Our group participates in the EU Commission's Critical Resource Minerals' Initiative, which offers attractive diversification given current market conditions. We offer an established record and potentially high liquidity and capital appreciation for the right story. As investors re-focus on 'hard industries' and cash flow, this is a time of opportunity. Recent months remind investors of some eternal truths: market uncertainty has increased, amid armed conflict and trade wars. Western dependence on Chinese processing of Critical Resource Minerals means that efforts to reduce dependence on fossil fuels will not reduce exposure to distant sources and supply chains. Policy-makers have discovered the limits of their bold dreams of a Green transition: energy costs have risen rather than fallen. The new technologies bring new headaches: electricity storage turns out to be prohibitively expensive for grid-scale coverage. EVs continue to penetrate markets but are price-competitive only in China. But developed economies prefer to protect their automotive sectors rather than import cheap Chinese EVs. In such policy myopia lies the roots of the next oil boom. Like all previous energy transitions, Green sources turn out to be additive to rather than replacing traditional, r eliable fuels - which will continue to dominate the 21st century: During 2024/25 there were a serious of close-calls, power failures, and brown-outs globally, culminating in the Iberian black-outs of April 2025. These were not the routine power failures common in the global south, or planned "load-shedding" in South Africa. These power failures were caused by over-dependence on intermittent renewable generation, allied with inadequate investment in legacy grids designed for centralised, reliable world-scale plants fuelled traditionally by coal, and then increasingly by nuclear and natural gas. The failure was not that of renewable generation per se, since hydro-power or geothermal generally provide reliable supplies. The problem was with unpredictable intermittent generation, which produces Direct Current, rather than Alternating Current, and consequently does not deliver significant inertia to protect against periodic interruptions. Battery storage, is expensive and would require vast quantities of Critical Resource Minerals to adequately back a grid up. Traditional storage methods such as hydro are available for only a small percentage of demand. It turns out that the intermittent renewable generation on which the "Green transition" relies is only suitable for up to 30% of demand which is the natural surplus in electrical systems. Beyond that point, costs and risks soar. This means that Natural Gas will continue to dominate electrical generation, both directly, and as essential back-up for the reliability modern economies require. In price-sensitive markets, coal will continue to dominate. Nuclear power is also an effective solution, but involves bureaucratic planning requirements, up-front costs, and is opposed politically in some developed societies. Consumption data bear this out: recent years have seen record demand for oil and even coal. LNG is now 55% of total traded gas, helped by malicious damage to pipelines and the time needed to extend more gas pipelines to Asian consumers. Markets are always transitioning, which is why an average 3.75% global economic growth translates into only 2.1% energy consumption growth due to greater efficiencies. But every energy transition in history has added new fuels rather than substituted them. Legislators are unlikely to achieve what market forces cannot. And yet there has been a dramatic under-investment in reliable energy exploration & development since 2014. This is also true even of those Critical Resource Minerals necessary to fuel the new industries, which include Copper and Nickel as well as Lithium, Cobalt and the other 50-odd minerals. To maintain adequate oil & gas supplies the world needs about $610 billion of investment (depending on materials' costs and rig-rates), but the industry invests only c.$360 billion - much of it in existing properties and basins of super-majors and National Oil Companies. There has been little frontier exploration since 2015. Most of the developing world is starved of investment. Instead, producers prefer to issue dividends and buy shares back. Part of the reason is that politicians also display myopia about how to deliver effective exploration. Risk-investors require a risk-adjusted rate of return. The higher the uncertainty, the more return investors require. Best results are achieved by aligning interests, and linking taxes to profits, rather than requiring up-front payments, or royalties. Formal bid rounds, involving up-front fees, qualification criteria designed for majors, and limited upside, are not how you expedite projects, keep cost control and optimise reservoir recovery. That is why Petrel prefers direct negotiations, where possible, after which we can bring partners via farm-ins. But our industry is cyclical, and majors' caution offers opportunities for independents - who have always pioneered new approaches, from offshore drilling to fracking. So far, the emerging supply constraints have not filtered through to exploration & development. But when they do, there will be a sharp reversal in sentiment, rewarding those farsighted enough to develop attractive acreage ripe for exploitation. We have received several approaches offering new oil & gas exploration projects but also in Helium and other energy-related projects. So far, all prospects have fallen short on legal title, price expectations, or financing terms. There is no value for Petrel shareholders in over-paying. Petrel is an EU company, and our involvement in the EU Commission's Critical Resource Minerals' "Team Europe" has fostered relationships with industrial buyers, financing institutions and key decision-makers. There are surprisingly few juniors able to swim in all these seas. In the meantime, there is market interest in Petrel's strong shareholder following and liquidity - especially at times of intense news-flow. Accordingly, we continue to explore expansion opportunities. Financing There are contrarian investors keen to fund the right project. As during the pandemic and previous times of turbulence, directors and their supporters are open to covering working capital needs, and are prepared to participate in any necessary, future fundings. (Source: Petrel Resources)
Time of India
02-06-2025
- Politics
- Time of India
16 Mexican migrants detained near San Diego in third major boat interception in months
Representative image The US Coast Guard intercepted a 25-foot sailboat carrying 16 Mexican nationals off the coast of California on Saturday and handed them over to border patrol, the agency said. The overcrowded boat was first spotted by a Coast Guard lockheed C-130 Hercules aircraft about 54 miles off the coast of Point Loma near San Diego. A cutter was dispatched and the vessel, Petrel, stopped the sailboat and took the migrants into custody, according to a Coast Guard press release issued Sunday. All of those on board said they were from Mexico. The Coast Guard has increased efforts to intercept migrant vessels following US President Donald Trump 's promise to deport illegal immigrants in the US. This latest interception comes after similar incidents in recent months. Earlier this month, a 'panga-style' boat carrying Russian nationals and migrants from the Dominican Republic was stopped about three miles off the coast of Puerto Rico. In February, a 30-foot sailboat packed with 132 Haitian migrants, including women and children, was intercepted about 50 miles off the Florida coast. One of the largest recent interceptions happened last year, when over 300 Haitian migrants were stopped near the Bahamas and sent back home.
New York Post
02-06-2025
- Politics
- New York Post
US Coast Guard nabs 16 Mexican immigrants crammed aboard sailboat off the California coast
The US Coast Guard intercepted a 25-foot sailboat crammed with 16 illegal Mexican immigrants off the coast of California on Saturday and turned them over to the border patrol, the agency said. The crowded boat was spotted by a Coast Guard Lockheed C-130 Hercules airplane about 54 miles off the shore of Point Lima near San Diego, with a cutter then dispatched to intercept the craft, the Coast Guard said in a press release on Sunday. 3 The Coast Guard intercepted this sailboat about 54 miles off the coast of Point Loma, California. USCG 3 A sailboat stopped off the California shoreline was packed with 16 Mexican immigrants, officials said.. USCG The cutter Petrel then stopped the boat and took the immigrants into custody, the agency said. They said all of the migrants on board claimed they were Mexican nationals. The Coast Guard has stepped up efforts to intercept and transport migrants since President Donald Trump took office this year with a promise to deport illegal immigrants in the US. 3 The Saturday Coast Guard operation is the latest in a stepped up effort to stop immigrants trying to reach the US. USCG Earlier this month, another crew stopped a 'panga-style' boat loaded with Russian nationals and migrants from the Dominican Republic about 3 miles off the coast of Puerto Rico. In February, a Coast Guard cutter intercepted an 'overloaded' 30-foot sailboat boat packed with 132 Haitian migrants about 50 miles off the Florida coastline including women and children. In one of the largest high-seas intercept, more than 300 migrants from Haiti were stopped near the Bahamas trying to reach US soil and were returned back home in June of last year.
Yahoo
29-03-2025
- Yahoo
Late boat skipper hailed a hero after saving friend's life
An experienced sailor and fisherman who died when his boat sank in the English Channel was hailed a hero for saving his friend's life. Peter Cloke was commended for saving pensioner Richard Bayly (corr) in the incident in May 2023. Mr Cloke, 73, had been out on his 20 foot boat Petrel with Richard when the vessel suffered a catastrophic failure after leaving Exmouth where Peter was a well known member of the marine community. Retired civil servant Peter managed to make a Mayday call just before the vessel sank eight miles off Torbay in calm conditions. But an Exeter inquest heard that Peter, of Ide, Devon, became trapped in the wheelhouse as the boat sank. His body was recovered 12 days later. Mr Bayly said that water started filling the rear of the boat and the two men started to bail out the water, but the water then came over the stern of the boat. Former teacher Peter - who was awarded an OBE in 2002 for services to education - became trapped inside the cabin as the boat quickly sank. Mr Bayly had his life jacket on and was lifted up by the water and was pulled away from the Petrel. He said earlier: "I was only rescued because Peter managed to put out a Mayday call just before the boat sank. I owe him my life." He said the 'ingress of water was slow at first but became catastrophic very quickly, upending and sinking the boat almost immediately'. Mr Cloke's family asked the police to check CCTV from Exmouth marina covering the period from the day before the incident to when it left on its last trip, but police said they did not have it. The family wanted to know whether it was possible the boat had been damaged while it was berthed in the marina before she went to sea that morning but the lack of obtaining CCTV from the marina was a failure by the police and the family will never know the answer. An attempt to raise the boat failed when a line snapped because it was too heavy and it remains on the sea floor, the coroner heard. Det Con Charlotte Craven said her impression was there was a 'potential malfunction out at sea' and 'a sudden failure' that led to a catastrophic amount of water ingressing which led to Mr Cloke being trapped in the wheelhouse. She said Mr Cloke's actions should be commended in saving the life of his friend. The coroner said no one will exactly know why the boat took on water and why it sank but said police said there were no suspicious circumstances. The area coroner Nicholas Lane recorded a conclusion of accidental death. He said 'for reasons unknown' the Petrel began to take on water and sank with Mr Cloke trapped in the cabin. He said the boat was in good condition and well serviced. Mr Cloke, who was originally from Cawsand, Cornwall, was described as an experienced fisherman and a competent and capable helmsman.
