Japan Shops For LNG; Ex-Oil Man To Become Anglicans' Leader

Updates

Later, 10:56 am: wow, that story even made the WSJ. Color me impressed. Ex-oil man and scholar is seen as Anglicans' next leader. 

Later, 10:48 am: to my complete surprise, I received a comment about the first story below and a link to a great story about Dr Justin Welby. Wow.

Original Post

First story: 

This is personal and will be of no interest to readers. Please skip to stories below or scroll to other posts of which there are many.

Several years ago I was fortunate enough to attend services in the Church of England, in Yorkshire. Those were wonderful days. The English and the Scots are wonderful and interesting. This caught my eye. In Rigzone.  

UK press and media were widely reporting Thursday that former oil professional Justin Welby will become the next Archbishop of Canterbury when the incumbent, Dr. Rowan Williams, retires next month.

Welby, an old Etonian and Cambridge graduate who is currently Bishop of Durham, worked in the oil industry in the 1970s and 80s, first for Elf Aquitaine in Paris and then as treasurer for oil exploration firm Enterprise Oil in London.

Second story:

I alluded to this story in a post yesterday, finding a small note in a Devon press release, about the Japanese buying US energy assets.

Now this in Rigzone. A very, very good article on the subject.

It puts the Bakken in perspective.

Third story:

Also, from Rigzone today: pessimism will stifle "M&A" activity in the oil patch.

The barometer, which is released every April and October, is used to gauge corporate confidence in the economic outlook of senior executives. E&Y surveyed 1,500 senior executives in over 40 countries, including the 178 oil and gas executives.

Twenty-four percent attributed low confidence in the business environment as a reason for not pursuing acquisitions in the next year. The regulatory environment and valuation gaps between potential acquisition and the prices sought by sellers are also behind weak interest in M&A activity. Additionally, many executives perceive acquisition targets to be overpriced, E&Y noted.

Oil and gas companies that are pursuing M&A activity anticipated smaller deals, with 81 percent of those surveyed said they would execute deals valued at less than $500 million, while 38 percent will pursue transactions under $50 million. This suggests that deals being considered will extend existing businesses and fill strategic gaps, also known as bolt-on acquisitions.

That $500 million figure is interesting. In the news the other day, Warren Buffett bought a company valued at exactly $500 million which was well below what he normally does in acquisitions.

Fourth story:

Saudis not worried about increasing shale production.  There's no reason they should be. Total energy demand will increase by 54% (not 53 or 55 but 54%, it should be noted) by 2035.