Canadian Integrated Oil,
China Gas Sector,
European E&P,
Global Explorers
Japan Petroleum Exploration
MEG.TO, ROSE, The Timing Model, TLW.L, YPF
Canadian Integrated Oil
Comments from the Citi Global Energy & Utilities Conference
15 May 2014 ¦ 14 pages ir.citi.com
The management teams of Suncor and Cenovus Energy highlighted their
strategy during Citi’s Energy & Utilities Conference. CVE management
highlighted its goal of driving consistent and cost-effective growth in the oil-
sands, supported by cash flow generation from its conventional and downstream
assets. CVE also reiterated its confidence in turning a corner on Foster Creek
both from an operational and regulatory standpoint as the company tries to put
the recent hiccups behind it.
Mohit Bhardwaj | Faisel Khan, CFA
China Gas Sector
New report: The new gas boom
19 May 2014, 45 pages doc.research-and-analytics.csfb.com
Total supply likely to surprise on the upside. We believe China's gas
supply would be structurally higher during 2015-20, driven by: (1) a possible
sign-up of the Russian gas deal; and (2) faster-than-expected development
in shale gas/unconventional gas. In fact, we estimate Chinese gas supply
will see a 10% CAGR between 2015 and 2020. In 2020, we expect total gas
supply to be about 420 bcm (41bcf/d), outpacing the NDRC gas
consumption target of 400 bcm (39bcf/d) in 2020.
Gas prices would become more reasonable. With recent developments in
Ukraine, we expect the China-Russian gas deal to be settled at a price of
US$9-11/mmbtu, 30-50% cheaper than the current Asia spot LNG price and
close to import prices of Central Asian gas. We also believe that the shale
gas breakeven cost is likely to come down from the current US$14/mmbtu to
the US$10/mmbtu level, driven by a better understanding of the geological
structure and a decrease in the drilling cost.
European E&P
Key takeaways from Citi’s Global Energy & Utilities Conference
16 May 2014 ¦ 8 pages ir.citi.com
In this short note, we provide some key takeaways from the European E&Ps that
presented at our Global Energy & Utilities Conference in Boston. While there was
considerable focus on the further potential from the US unconventional resource
plays, we believe international E&P also offers attractive investment
opportunities. We continue to want exposure to companies with what we believe
to have undervalued strategic resources. Our top picks remain Afren, Africa Oil
and Genel Energy.
Michael J Alsford
Global Explorers
FORTNIGHTLY
You Know The Drill!
16 May 2014 sendspace.com
Japan Petroleum Exploration (1662/ 1662 JP)
Results in-line; production moving overseas...
19 May 2014 sendspace.com
MEG Energy CORP (MEG.TO)
Growth Story Unfolding; Reiterate Outperform
16 May 2014 sendspace.com
Rosetta Resources Inc. (ROSE)
Unlocking Delaware and Upper EF Potential
16 May 2014 sendspace.com
The Timing Model
It's That Time Again - Summer "Vacation"
19 May 2014 sendspace.com
Sell in May.
Tullow Oil (TLW.L)
Where do we stand?
19 May 2014 sendspace.com
YPF Sociedad Anonima (YPF)
Back in Argentina: Initiating Coverage at Neutral
16 May 2014, 86 pages sendspace.com |
