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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (161973)	1/5/2012 5:28:32 AM
From: Dennis Roth	4 Recommendations Read Replies (1) \| Respond to of 206272

Energy in 2012 Transitions 209 pages, 236 exhibits Download Link: sendspace.com First page: An Uncertain World: As we head into 2012, much uncertainty remains within the global macro environment. Although our macro indicators signal continued sluggishness early in 2012, we remain positive on 2013-2014 Brent Oil prices—supply remains a significant constraint and secular trends in non-OECD demand are supportive. Entering 2012, we find Energy fairly valued versus other market sectors. Within Energy, we lower our weighting on the Integrated Oils to Market Weight. We believe there will be a rotation into Oilfield Services and select liquid-rich E&Ps. Transitions to Watch in 2012: With technology change and political/ regulatory volatility, there are a lot of transitions to watch. We believe there will be greater M&A activity from the Majors and from Asia, with a focus on shales and exploration hotspots. Within US E&P, we focus on successful liquid transition stories. The Eagleford, Mississippian, core Niobrara, and liquids-rich Marcellus top the 2012 returns leaderboard. US Oilfield Services suffered from execution issues in 2011, leaving the shares looking undervalued. Strong demand for services and better execution in 2012 offer upside potential. Internationally, we are cautious on Russian Energy, positive on YPF, and believe Asia’s upstream companies will outperform local peers. On the political front, several transitions in key oil suppliers make us nervous. Some Transitions That Look Farther Off: We devote a considerable part of this report to analyses of US gas markets. We lower the outlook for demand from the power sector, offering a detailed analysis of energy efficiency. On the supply side, we highlight drilling efficiency gains as a cap on US gas prices, even when power and LNG export demand eventually inflects higher.

To: Dennis Roth who wrote (161973)	1/11/2012 5:56:11 AM
From: elmatador	1 Recommendation Respond to of 206272

Angolan state-owned giant Sonangol Tuesday signed final deals with oil companies for a new exploration frontier called "presalt," as record crude prices fuel an appetite for risky oil plays. The licensing round was the first to focus on Angola's presalt—a layer of salt accumulated millions of years ago under the sea—that mirrors giant finds offshore Brazil. Cobalt International Energy Inc. of the U.S., Italy's Eni SpA, Norway's Statoil ASA, France's Total SA and the U.K.'s BP PLC said they had been awarded final contracts for minority stakes or operatorships in Angola's northern Kwanza offshore basin. "Becoming an operator of two pre-salt licenses is an important milestone for Statoil," said Tim Dodson, Statoil's exploration vice president, in a press release. "The Angolan pre-salt is a frontier play with high potential, believed to be analogous to pre-salt Brazil." In a statement, Eni said its production-sharing contract, for Block 35, includes the drilling of two wells and the acquisition of a three-dimensional survey. The first exploration period will last five years, it said. Eni's current daily production in Angola is about 130,000 barrels of oil equivalent. In January Angola announced provisional deals for licenses, but they have taken 11 months to finalize. The licensing in the new-frontier exploration underscores that international companies haven't lost the appetite for deep-water oil exploration despite last year's spill in the U.S. Gulf of Mexico. Although Angola's offshore has yielded prolific oil discoveries in recent years, Africa's second-largest oil producer suspended a previous bidding round in late 2008 amid crumbling oil prices. A rebound in crude futures and technologies easing exploration in riskier geologies have renewed interest in the area.