Proceeds from the sale will be used to reduce the Company’s debt Image: Encana closes on sale of Arkoma Basin natural gas assets. Photo: courtesy of drpepperscott230 from Pixabay. Encana Corporation’s (NYSE, TSX: ECA) wholly owned subsidiary, Newfield Exploration Mid-Continent Inc., today closed on its previously announced sale of its natural gas assets in Oklahoma’s Arkoma Basin. Proceeds from the sale will be used to reduce the Company’s debt.Encana’s Arkoma assets included approximately 140,000 net acres of leasehold and production of approximately 77 million cubic feet equivalent per day (98% natural gas). The Company’s full-year proforma production guidance range of 560 – 600 thousand barrels of oil equivalent per day remains unchanged.CIBC Griffis & Small provided advisory services to Encana for the transaction. Davis, Graham & Stubbs LLP served as Encana’s external legal counsel.Source: Company Press Release Source: Company Press Release
A US-backed Opec+ deal to slash global crude output by 9.7 million bpd was hoped to boost the struggling market – but so far oil prices have not recovered as collapsing demand remains a critical issue Impact of the agreement likely to be realised later in the yearWhile crude oil prices may have failed to rebound in the immediate aftermath of the Opec+ announcement, analysts suggest the market effect will be more noticeable later in the year as pressure on storage inventories – which have been pushed to their limit amid the recent oversupply – begins to relent.Wood Mackenzie’s vice president for macro oils Ann-Louise Hittle said: “Even if poorly implemented, the agreement is substantial, and will make a difference to the market.“Partial compliance won’t stop this production agreement from having a big – and swift – impact on supply and demand fundamentals.“We expect the second half of 2020 to show an implied stock draw, in contrast to the record-breaking oversupply of the first half of the year.“That will support and lift prices significantly. The market will recognise this once the storage builds slow this quarter and start drawing down in the second half.”She added that despite the ongoing lockdowns across Europe, India and the US, China – the world’s biggest oil importer – is now beginning to show signs of economic recovery, promising a significant boost to oil markets.“A recovery in oil demand is underway in China. The country has managed to largely contain the Covid-19 outbreak and is gearing up efforts to bring economy back on track,” said Hittle. What did Opec+ agree to tackle falling oil prices?Nevertheless, the Opec+ agreement to curtail global oil production – the most extensive that has ever been made – should not be overlooked.With the unusual involvement of the US and other G20 members not normally affiliated with the oil-producer alliance – the likes of Canada and Brazil in particular – an agreement was reached to reduce crude oil output by 9.7 million bpd during May and June.For the following six months to the end of December, this will be adjusted to a 7.7 million bpd curtailment, and then a 5.8 million bpd reduction through to April 2022.A baseline level for the cuts was set at October 2018 production levels – except for Saudi Arabia and Russia, the nominal leaders of the so-called cartel, which both agreed to a baseline of 11 million bpd. US involvement proved critical to final dealWhile there was no formal commitment from the US, its involvement in the deal was significant, with the world’s largest oil producer offering to deliver market-driven output reductions in tandem with Opec+.Official data published last week shows US crude oil production is on track for its first annual contraction this year since 2016 – with a further decline expected for 2021.While the likes of Russia and Saudi Arabia have formally mandated their output cuts, the US points to this natural, price-led reduction as its own contribution to the co-ordinated effort.The country will also take action to open its strategic petroleum reserve, US energy secretary Dan Brouillette to the G20 meeting, aiming to “store as much oil as possible” and remove some of the global surplus from the market.The big Oil Deal with OPEC Plus is done. This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. I just spoke to them from the Oval Office. Great deal for all!— Donald J. Trump (@realDonaldTrump) April 12, 2020A final-hour intervention by the US’ President Donald Trump, who had been central to bringing Russia and Saudi Arabia back to the negotiating table, was also crucial to ending Mexico’s surprise derailment of the process.The US agreed to shoulder some of the burden for its neighbour, which had balked at the suggestion of cutting 400,000 bpd from its national output, saying it would only limit production by 100,000 bpd.Oil producers in the US have been particularly hard hit by the falling oil prices, with shale operators struggling to cope with the low price environment as warnings of production shut-ins and bankruptcies threaten to derail the booming energy industry that has been a centrepiece of the Trump presidency. Opec secretary general Mohammad Sanusi Barkindo (Credit: Opec) Despite the historic Opec+ deal to cut global oil production in a bid to boost commodity prices that have more than halved since the turn of the year, there have been few signs of a price recovery in a market still grappling with coronavirus-weakened demand.Crunch meetings of the oil-producer alliance, as well as energy ministers of the G20, were held at the end of last week, with frantic phone calls continuing over the weekend as oil economy leaders scrambled to push an agreement over the line.Eventually, the world’s biggest oil producers committed to reduce their collective production by 9.7 million barrels per day (bpd) for the next two months, with lesser reductions planned to last until 2022.But since markets reopened on Monday (13 April), crude oil prices have barely shifted from their position before the summits took place – with Brent crude remaining at around $31 per barrel and West Texas Intermediate hovering in the $22 per barrel range.About a third of global oil demand has been wiped out as a result of the pandemic, with enforced lockdown measures and slowing industrial activity putting unprecedented levels of pressure on the market.While the agreements reached by energy leaders over the weekend may have stabilised the price decline by ending the Saudi-Russian price war, this issue of collapsing demand remains a critical factor to contend with – and one that is “well in excess” of the industry’s capacity to adjust, according to the International Energy Agency (IEA).
The well 16/4-13 S is located in the production licence 359 offshore Norway Lundin secures drilling permit for 16/4-13 S well in Norway. (Credit: Keri Jackson from Pixabay.) Lundin Energy Norway, a subsidiary of Sweden-based Lundin Energy, has secured the Norwegian Petroleum Directorate (NPD) permit to drill the 16/4-13 S well in the North Sea.The well 16/4-13 S is located in the production licence 359, in the North Sea, offshore Norway.It is planned to be drilled nearly 6km northwest of the discovery well 16/4-6 S on the Solveig field.NPD stated: “The permit is contingent on the operator securing all other permits and consents required by other authorities prior to commencing the drilling activity.”The company intends to drill the well using the West Bollsta semi-submersible drilling rig, after the conclusion of the drilling at wildcat well 7219/11-1 in the production licence 533 B.Lundin Energy’s subsidiary has secured the Norwegian Petroleum Directorate drilling permit for well 7219/11-1 in May 2020.The company is the operator of the production licence 359 with 65% ownership, with OMV and Wintershall Dea as partners, holding 20% and 15% stake, respectively.Lundin Energy Norway was awarded the production licence 359 in January 2006, and is the sixth exploration well to be drilled in the licence.In November last year, the company announced the completion of exploration well on the Polmak prospect in the southern Barents Sea.The well showed indications of hydrocarbons in a 9 meter interval in poor quality reservoir in the targeted formation, according to the company,The exploration well 7221/4-1, which targeted the Polmak prospect in licences PL609 and PL1027, was classified as dry.Last month, Equinor Energy announced the completion of the drilling of wildcat well 7018/5-1 in the production licence 960 in the south western Barents Sea.Located around 100km southwest of the Snøhvit field and 195km west of Hammerfest, the well was classified as dry.
The number of people securing rent reductions rose to three percent of all tenants during August, the highest number since the Association of Residential Letting Agents (ARLA) began keeping records.“The rising cost of renting, especially in major cities such as London, is an ongoing issue in both the buying and letting market so it’s promising to see small steps towards better affordability for renters,” says David Cox, ARLA’s Managing Director (pictured, below).The rental renegotiation increase is a jump from 2.1% of all tenants in July and is a surprising blip among a set of otherwise strong figures for the sector released today by ARLA.This includes news that demand for private rented property rose to 37 prospective tenants registered at each branch, and that year-on-year the number of properties registered to let with each branch was up from 178 to 183 or nearly 3%.ARLA also asked its members about the Brexit vote and its effect on the lettings market and 72% of agents said rents have remained the same since the vote, while 63% said demand had remained the same (but 17% said rents had gone down). Some 67% of agents said supply had not changed.“Although Brexit painted a temporary picture of uncertainty for tenants and landlords, our findings show that the market remains in good shape,” says David.“We’re not seeing anything across supply or demand that is out of the ordinary, and while demand is at high levels, this is being matched with a decent volume of properties on the rental market.” ARLA Association of Residential Letting Agents rents September 29, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Associations & Bodies » Record number of tenants secure rent reductions previous nextAssociations & BodiesRecord number of tenants secure rent reductionsARLA reveals unusual movement in market within its monthly updateNigel Lewis29th September 20160635 Views
Agents with landlord clients operating HMOs beware – Brighton and Hove Council is urging the government to treat them as enterprises and enable councils to charge business rates on their ‘premises’.The city’s Labour administration has just announced that it is preparing to write to the government to introduce such measures as it struggles to finance the policing of its huge HMO property market, which is driven largely by the city’s 30,00-strong student population.Business rates last year brought in in £2.7 billion for the government, according to the Office for Budget Responsibility, which means the average charge was £1,516 for each of the UK’s 1.8 million eligible premises.According to Brighton and Hove’s Labour group a new levy would create a level taxation playing field for HMOs with hotels, self-catering holiday homes and short-term lets while helping to control the city’s vast HMO market of more than 15,000 properties.A Labour party spokesperson told The Evening Argus that the support of rival political parties in the area would be sought before presenting the proposals to central government. The chances of that happening look relatively slim, though. Conservative group leader Geoffrey Theobald believes landlords will pass the extra costs on to tenants, while National HMO Network chairman Paul Fitzgerald (pictured) told the paper that HMOs “are no more a business than a single buy-to-let”.The main thrust of the Labour campaign appears to be a way of raising funds to pay for the enforcement of existing HMO regulation in the city which, if the proposals were to be introduced, would raise approximately £22.5 million a year.houses of multiple occupancy National HMO Network HMOs Brighton September 28, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Home » News » Housing Market » Brighton leads campaign to charge landlords business rates previous nextHousing MarketBrighton leads campaign to charge landlords business ratesCity wants to find new way to fund policing of its huge HMO property marketNigel Lewis28th September 20160820 Views
Home » News » Instructions website rails against ‘too much’ Christmas previous nextProducts & ServicesInstructions website rails against ‘too much’ ChristmasNetAnAgent wants vendors to keep a lid on the celebrationsNigel Lewis22nd November 20160765 Views As the big retailers queue up to release their Christmas ads and spread some rather early good cheer around the nation, Folkestone-based instruction leads generator NetAnAgent.com has settled on a much harsher message.The website launched in 2012 promising to turn the world of estate agency ‘on its head’ by enabling anyone selling a property to anonymously receive agent quotes to sell their home. It also offers a similar service to landlords.But a blog published by the firm’s managing director Alex Thorpe (pictured) asks vendors to undertake some extraordinary actions during the run-up to Yuletide to bag a festive sale; by keeping their decorations austere and to the bone.He urges vendors to buy the smallest tree possible to prevent their lounge looking cramped and that Christmas decorations should be kept to a minimum because they make a room look ‘busy’.The blog also suggests NOT hanging decorations from the ceiling or putting them on tables. Also, it says that decorations should be in keeping with the property’s style and that for example a country house should have traditional tinsel and baubles while contemporary homes should not.But NetAnAgent is not alone in its call for property sales to triumph over the Christmas spirit. Rightmove regularly highlights how many people search for property on Christmas Day and Boxing Day and last year it revealed that 1.6 million people searched its listings on these two days including 160,000 on Christmas eve, an increase of 30% on the previous year.During the run up to last Christmas, Rightmove urged sellers to put their homes on the market before the festivities kicked off and UK plc closed down because “sellers who delay marketing until January would miss this vital festive traffic”. Perhaps NetAnAGent’s advice isn’t that strange after all.netanagent Rightmove Christmas November 22, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021
Home » News » Housing Market » Something strange is going on in the rental market previous nextHousing MarketSomething strange is going on in the rental marketDespite a glut of properties and rising time on the market, asking rents outside London are rising.Nigel Lewis7th July 201702,445 Views National rental market data often throws up curveballs, but the latest Rightmove index is a weird one, to say the least.Despite industry predictions that the rental market would see landlords withdraw as the government’s mortgage interest tax relief regulations increased many of their personal tax bills, the opposite appears to be taking place, Rightmove says.The number of properties available to rent outside London is up 7% year-on-year, and has increased by 8% in London.Properties are also consequently taking longer to rent, 11% longer year-on-year outside the capital and 15% longer inside it.“Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn’t happening yet,” says Rightmove’s Head of Lettings Sam Mitchell (pictured, left).“It could spell good news for tenants coming to the end of their lease as they might find there is slightly more choice than last year.”The private rented sectors is a market defying economic logic, too. Despite taking longer to rent, and more properties available to rent, asking rents continue to rise across the UK, although not in London, Rightmove says.Outside London rents are up by 2.8% between the first and second quarters of the year, and have increased by nearly 2% year-on-year. The average annual rent for a property is now £790.Rental marketIn London, asking rents are softening – a situation reflected in other recent rental indexes including the Your Move and Homelet data released over the past few weeks.Rightmove says rents in the capital are down by 3.2% year on year. This, says Sam Mitchell, is because the rush to snap up properties last year by landlords before the extra 3% Stamp Duty was levied on buy-to-let properties has created a glut of rental properties within the market.“Agents and landlords should make sure that they are ahead of the curve in pricing to make sure that they react quickly in a very competitive market,” he says.Rightmove has also revealed the areas of the UK which have the most rental properties available. The list is topped by Ascot followed by Bath, Salford, Newcastle, Leeds, Cambridge, Derby, Birmingham, Cardiff, Aberdeen and Kilburn, in London. Rightmove sam mitchell July 7, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021
Home » News » Rent controls are top concern for estate agents, reveals report previous nextRegulation & LawRent controls are top concern for estate agents, reveals reportThe spectre of rent controls or caps is a much greater worry for the industry than Brexit or the tenant fees ban, says Goodlord.Nigel Lewis11th February 20200511 Views Estate agents are more worried about the potential introduction of rent controls across the UK than any other issues, a key survey of sentiment within the industry has revealed this morning.Just over half (53%) of all agents say it is their greatest worry at the moment, way ahead of almost all other issues facing agents.This includes (in descending order) property market volumes, the tenant fees ban, making ends meet, supplier price increases, AML compliance, Brexit and property prices.Agents also no longer seem worried by the ‘online agent threat’ after the collapse or struggles of several high-profile websites including eMoov, Tepilo, Upad and Hatched.Only 10% of agents told lettings platform Goodlord’s researchers that they are worried by competition from hybrid and online competitors.Agents’ worries over rent controls seems odd given that it is only Scotland where they have gained any traction.In the rest of the UK only the cities of London and Manchester have said they’d like to implement rent controls or caps, but don’t yet have the powers to implement them – and are unlikely to get them while the Conservatives are in power.During the election campaign Jenrick appeared to go soft on rent controls, accepting that something needs to be done to reign-in excessive increases in rents. But he said ‘traditional’ rent controls were out of the question.“Whilst a significant proportion are currently pessimistic about the future of the industry, it’s heartening to see that a much greater proportion are optimistic about the agencies they work for,” says Tom Mundy, COO at Goodlord.“Despite this being a major period of transition for the whole industry, most are doing all they can to make the best of a tough climate.”Read the report in full. goodlord rent caps rent controls Tom Mundy estate agents February 11, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021
Home » News » Associations & Bodies » Claims that most landlords are rejecting rent waiver requests are ‘untrue’ previous nextAssociations & BodiesClaims that most landlords are rejecting rent waiver requests are ‘untrue’Landlords and agents ARE supporting tenants across the UK and Generation Rent research is wide of the mark, says association.Sheila Manchester13th May 20200927 Views Generation Rent’s claim that the majority of landlords are failing to support tenants needing help during the COVID-19 pandemic is totally untrue, it has been claimed.A yet-to-be published survey by the National Residential Landlords Association of 4,500 landlords, has found that 90 per cent of landlords who had received a request for support from a tenant responded positively. The help given was in the form of a rent reduction or deferral, a rent-free period, early release from a tenancy or a refund on service charges included in rents for homes of multiple occupation. Of the landlords surveyed, 44 per cent had been asked for help by at least one tenant.Ben Beadle (pictured), Chief Executive of the National Residential Landlords Association said, “Whilst many tenants have been able to continue paying their rents in full and on time, in accordance with Government advice, we recognise the strain that many others are under at this difficult time. That is why it is good news that, as our research shows, nearly all the landlords approached for help by their tenants are responding positively.“With no direct support aside from a mortgage deferment, landlords are playing their part to avoid unnecessary anxiety for tenants and our figures show that the vast majority of tenants and landlords have a good relationship with each other.”Real lifeThe figures are supported by a large number of case studies the NRLA has received from landlords seeking to support their tenants. For example, “Andy has successfully applied for a three month mortgage payment deferral and passed on the benefits to his tenants in the form of a rent payment deferral. He and his tenants have agreed on a repayment plan that works for them all.”Sian, a landlord in Manchester, has established a Whatsapp group so her tenants can easily keep in touch with her and has sent them care packages with food.Ben, a landlord in Twickenham, pro-actively contacted his tenants before the lockdown encouraging them to get in touch if they needed support. For some tenants he has agreed to a proportion of rents and, or, arrears to be deferred.Other landlords have offered accommodation free or at a reduced rent to those working in the NHS whilst others are supporting vulnerable tenants. One landlord tweeted: “My staff is compiling a list of elderly and vulnerable tenants, we have a lot, it’s what we do. Time to mobilise to help them in any way we can.”Read more about Generation Rent. NRLA National Residential Landlords Association Generation Rent Ben BEadle May 13, 2020Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021
Growing numbers of buyers are moving into rented accommodation to ensure they are first in the door when the right property comes onto the market, says Rightmove.The portal reports home-owners are selling up and renting, pushing the proportion of chain-free properties on the site from 15% to 21% compared with this time last year.The shift is most marked in London where the percentage of chain-free homes jumped from 12% to 21%. Rental demand was 41% higher in February than last year, with many people choosing to sell up and rent outside the capital.The number of buyers searching for ‘no chain’ in Rightmove’s keyword sort tool was 72% higher than a year ago as they rushed to make use of the stamp duty savings, says Rightmove’s director of property data, Tim Bannister.He adds: “Selling chain-free is perhaps something some owners hadn’t considered as a possibility before now, but with the competitive market and stock shortage we currently have, they’re trying to put themselves in a more attractive position when their dream home comes along.”Guy Gittins, CEO of Chestertons (pictured), says that during the past year there has been a marked increase in the number of people selling without an onward purchase through its London offices.“One of the most common reasons is that the family house market is incredibly competitive in London and many sellers are willing to break the chain in order to become chain-free buyers and place themselves in the best position to secure a property when the right one comes up,” says Gittins.The strongest sellers’ market in a decade means that almost two out of three properties on an agents’ books are sold subject to contract, according to Rightmove, although there are signs that new listings have been starting to improve over the past few weeks.chain free Tim Bannister. guy gittins Rightmove Chestertons March 26, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Housing Market » Competition driving extreme home mover behaviour, says Rightmove previous nextHousing MarketCompetition driving extreme home mover behaviour, says RightmovePortal reports surge in vendors who have no onward property to buy and who are renting instead to be ‘no chain’ buyers later.Nigel Lewis26th March 20210388 Views