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Oil prices steady, on course for weekly gain


And oils heading for its first weekly gain since early January off the prices from the floor amid uncertainty of the impact the crane of ours with plus would respond with additional production cuts very pleased to say we joined here in this year by running a sale who is the CEO of of the Austin oil and gas explorer and the welcome for to the program right now thanks very much indeed for being with us let's just get a picture of the moment over the oil situation because we see all kinds of moves a concern we have B. P. you cool speaking this week talking about moving beyond the oil and set me being Colvin free by twenty fifty how what's your reading at the moment of aware of where the oil market is in the legs like the latest precious not only from environmental concerns but also from falling bond from China well I think the the art market is heavily impacted entry does by the corona virus old tree disinfected at the moment I haven't seen anybody who has not the flu although he wasn't in China so that it's very much driven by the demand side but the our markets to have the systematic that the supply side can react sewage heavily depends on pack we do see that Libya is off production we are missing about a million barrels per day so this is stabilizing the market the people are not realizing that this is let's say a potential also for the downside of the our price because if Libya comes back and they can restart click click then we do have a large over supply in the market and we need to see a more heavy a reaction from all packed than just the six four thousand births per day they are discussing at the moment so where do you see the fool for oil prices than right now well we do think that we have a sixty dollars per barrel for twenty twenty which is less than we have seen last year but this is of course taking into account that there will be a stabilizing fundamentally especially by old pack if they don't react on the miss balance in the market then we are going to see a floor which is more the fifty when we talk about some of your specific areas where you're in Romania is a very interesting error if you the Neptune project but how is not progressing how closely you to decision on this this project well it's everlasting story to be honest you know we we have such a great project there we do see some progress as we speak about the frame work so the government is working although we are going to see another election up coming in Romania but I'm very confident that the parlamentarios approval process will take place and that we do get a and improve offshore lores so that let's see the economics we are calculating will be satisfying yeah we got X. yeah that's that's that's the that's the second point you know how how you should dance a tango you know and this is the open question and Exxon is started the pro says and we don't know about the timing and it's up about the bits which are coming in and Exxon only can answer your question so from our point of view it's very important that the OMB has a chance to take over the operate to ship because we have started the project from the very beginning and to if this is going to happen then we can keep the timeline for the development that's our main interest yep but we will not go for the fifty percent share of X. on what I'm up to date guidance can you give us a Libya production this year right now that's a difficult one yeah from from my point of view Libya will will stay offline for longer yes so I think there is not an easy compromise set by the two parties fighting each other so that's why I think that the courts will be blocked for longer I am not expecting to see it shortly so I'm calculating Q. one like last year well we had no production in the first quarter so hopefully it will start to come back second quarter but nobody really knows find what does that mean for overall production for twenty twenty them over overall production we have guided that this is about five hundred thousand per Spiti we can keep this but this is of course heavily depending when Libya's coming back yeah if Libya is offline the entire year then the number might look lower and finally what about new stream to where we will not well we are we have seen so much progress so far yeah so not seem too weak sergeants on love there's no clarity on the time I nobody knows I think and if we do have a concept plan B. being being explained by I do not seem to company I think that I can give you a better answer timing is a question mark about what is for sure is that the sanctions have blocked the pipe laying activities it's only a remaining five to ten percent of the overall construction Lange's as so we need to find out and don't seem to company needs to find a proper ship which is not affected by the sanctions and I think they're looking around Rhonda I'm really interesting I outlined by BP's new CEO of how they gonna tackled climate change of course the criticisms whether they wasn't necessary enough given a detail given up but the the time line on this website the starting point is that of where they actually want to go can you give any kind of guidance like that own in these plans I'm towards any form of carbon neutrality well I'm not not such a big fan and to have of fog the vision for the year twelve fifty to be honest and I'm I've I'm I'm afraid that the young generation is not waiting for a twenty fifty that will be going to solve the subject I think the they are urging us to demonstrate that we do have short term solutions and we focus on that for short term solutions envy will not so heavy engage in renew books I think there are many many companies who are now getting the call we will go and invest into recycling especially we will take care of all the plastic ways to recycle it we will prepare ourselves for a hydrogen company run a thank you so much for that run a sailor that see over the Austrian oil and gas explorer in V. joining us live in the daybreak Europe Steve thank you so

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