Tag Archive for: oilandgas

Amidst attacks on US energy production and continued global instability, the US oil & natural gas industry exceeded expectations in 2023.

US oil & gas industry continues to innovate despite headwinds in 2023

Amidst attacks on U.S. energy production and continued global instability, the U.S. oil and natural gas industry managed to not only meet but exceed expectations in 2023. The industry broke production records and supplied critical energy resources at home and abroad, all while reducing methane emissions.

Oil and Gas Industry Continues to Innovate Amid Record Production

US oil & gas industry

 

In 2023, the oil and natural gas sectors continued to innovate and reach record breaking levels of production. After becoming a net energy exporter in 2019, the United States has emerged as a behemoth in the global energy market, hitting prolific levels of oil and natural gas production and exports in the past year.

U.S. liquified natural gas (LNG) had a tremendous year with the United States becoming the top LNG exporter in the world.

 

 

These record-breaking levels of production have not come at the expense of Americans as some activists claim. To the contrary, record energy production levels have successfully been able to meet both domestic and international demand, providing crucial energy security at home and abroad, all while keeping prices stable.

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Source: Energy in Depth

 

 

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Unlock wealth with oil and gas property leasing! Dive into this comprehensive guide, exploring how it works, benefits, risks, lease types, and strategies for success. Learn from real-world success stories and get started on a lucrative investment journey in the thriving energy industry.

Leasing oil and gas properties: A lucrative investment opportunity

DISCLAIMER: We are not financial advisors. The content on this website is for educational purposes only and merely cites our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

Leasing oil and gas properties is a compelling investment opportunity that has piqued the interest of savvy investors looking to diversify their portfolios and tap into the wealth-generating potential of the energy industry. This comprehensive guide explores the intricacies of leasing oil and gas properties, delving into how it works, the benefits, associated risks, types of leases, strategies for success, and the broader implications of this lucrative investment avenue. In a world constantly seeking energy resources, this investment option holds the promise of significant returns and long-term stability.

What is Oil and Gas Property Leasing?

Leasing oil and gas properties involves the contractual agreement between landowners (lessors) and energy companies (lessees) to explore, drill, and extract oil and gas resources from a specific tract of land. In exchange for granting access to their land and resources, landowners receive lease payments and royalties based on the production or sale of these resources.

How Oil and Gas Property Leasing Works

When a landowner leases their property for oil and gas exploration, the lessee typically conducts geological surveys and exploration activities to determine the potential reserves. If the results are promising, the lessee proceeds to drill and extract the resources. The landowner receives lease payments, and if oil and gas are produced, they also receive royalty payments based on the production volume.

Lease terms can vary widely and typically span several years. During this time, lessees have the right to access the property, and they bear the financial responsibility for drilling and operational costs. Landowners, on the other hand, benefit from a steady stream of income without directly participating in the exploration process.

The Advantages of Investing in Oil and Gas Leases

Leasing oil and gas properties offers numerous advantages, making it an attractive investment option:

  • Passive Income: Investors receive lease payments and royalties without being involved in the daily operations of the drilling and extraction processes.
  • Portfolio Diversification: Oil and gas leases provide diversification in an investment portfolio, helping to reduce risk by having assets in different industries.
  • Inflation Hedge: Lease payments and royalties often increase with rising energy prices, serving as an effective hedge against inflation.
  • Potential for High Returns: Successful oil and gas leases can yield substantial returns, especially in areas with abundant reserves.

Risks and Considerations

Before venturing into oil and gas property leasing, investors should be aware of the following risks and considerations:

  • Market Volatility: Oil and gas prices are prone to significant fluctuations, which can affect the value of lease payments and royalties.
  • Environmental and Regulatory Risks: Energy companies must comply with environmental regulations, and changes in laws can impact the viability of a lease.
  • Resource Uncertainty: Drilling can yield unsuccessful results, leading to dry wells and lower returns.
  • Geopolitical Factors: Global events, like supply disruptions or political instability in oil-producing regions, can impact the industry and investment.

Types of Oil and Gas Leases

Various types of oil and gas leases exist, including:

  • Mineral Leases: Cover the rights to extract specific minerals (oil, gas, coal, etc.) from the property.
  • Non-Participating Royalty Interest (NPRI) Leases: Grant the right to a share of production, but not involvement in exploration and drilling.
  • Working Interest Leases: Involve active participation in exploration and drilling processes, with a share in both costs and profits.
  • Overriding Royalty Interest (ORI) Leases: Offer a share of production revenues, typically without responsibility for operational costs.

The choice of lease type depends on an investor’s level of involvement and risk tolerance.

Investment Strategies for Oil and Gas Property Leasing

To maximize the potential of oil and gas property leasing investments, consider these strategies:

  • Due Diligence: Thoroughly research the energy company, the property, and the geological potential of the lease area before investing.
  • Diversification: Spread investments across various leases to minimize risk associated with a single property.
  • Risk Management: Stay informed about market conditions, industry trends, and regulations to make informed investment decisions.
  • Legal and Financial Advisors: Consult with experts in the field to ensure you understand the lease terms and have a solid investment strategy.

Tax Implications

Oil and gas lease income is typically subject to taxation. Consult a tax advisor to understand the tax implications in your jurisdiction and develop a tax-efficient strategy for your investments.

Real-World Success Stories

Several investors have achieved significant success in oil and gas property leasing. Notable examples include:

  • Permian Basin: Investors in this prolific oil-producing region have witnessed substantial returns through productive leases.
  • Marcellus Shale: Landowners in this gas-rich area have enjoyed lucrative royalties from successful drilling operations.

How to Get Started with Oil and Gas Property Leasing

If you’re interested in pursuing oil and gas property leasing, follow these steps:

  • Education: Learn about the energy industry, lease types, and the exploration and drilling process.
  • Research: Identify reputable energy companies and potential lease opportunities in regions with known resources.
  • Consult Professionals: Seek advice from financial advisors, lawyers, and industry experts to guide your investment decisions.
  • Negotiate Leases: Engage in negotiations with lessees to secure favorable terms and agreements.

 

Leasing oil and gas properties presents an enticing investment opportunity with the potential for substantial returns and passive income. However, it is not without risks, and investors should approach it with diligence and careful consideration. A well-researched investment strategy, diversification, and the guidance of experts can help unlock the wealth-generating potential of this lucrative investment avenue. In a world with a growing energy demand, oil and gas property leasing stands as a valuable and promising addition to a diversified investment portfolio.

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North Dakota Mineral Resource Director, Lynn Helms said 2023 was a good year for the state's oil and gas industry.

2023 a ‘good year’ for oil and gas in North Dakota

North Dakota Mineral Resource Director said 2023 was a good year for the state’s oil and gas industry.

“Prices were good,” said Lynn Helms. “And the companies were able to attract enough frack crews, to get into the mid to upper teens.”

Helms said the companies weren’t as successful with drilling crews.

“There are still workforce issues,” Helms said.

Helms said the year began with North Dakota producing just over a million barrels of oil per day. He said the hope was to get to the 1.3 million barrel mark by the end of the year. He said those final production numbers aren’t in yet.

As for next year?

“2024 looks to be slower growth,” Helms said. “But people are pretty optimistic.”

North Dakota Pipeline Authority Director Justin Kringstad echoed Helms’ comments.

“In 2023, what stands out is the month we got down to 4 percent flaring,” Kringstad said. “We’re continuing to see dedication by all sides — producers, mid-stream companies — to stay on top of this.”

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Source: Prarie Public NewsRoom

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Unlock the potential of Texas oil and gas industry with Overriding Royalty Interests (ORRI). Explore advantages, risks, and key considerations for landowners and investors in this comprehensive guide.

Overriding Royalty Interests in Texas: A Comprehensive Guide

DISCLAIMER: We are not financial advisors. The content on this website is for educational purposes only and merely cites our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

Overriding royalty interests (ORRI) are a unique and valuable aspect of the oil and gas industry, particularly in a state like Texas, which has a rich history of energy production. If you’re a landowner, investor, or industry professional involved in the Texas oil and gas sector, understanding overriding royalty interests is essential. In this comprehensive guide, we will explore the world of overriding royalty interests in Texas, shedding light on what they are, how they work, their advantages and disadvantages, and the key considerations for landowners and investors.

Texas has long been synonymous with the oil and gas industry, making it a prime location for investment and ownership in this sector. Overriding royalty interests are a critical aspect of this industry, allowing landowners and investors to participate in the energy wealth of the state. In this guide, we’ll take a deep dive into overriding royalty interests in Texas, exploring their nuances, benefits, risks, and what you need to know to navigate this complex terrain.

Understanding Overriding Royalty Interests

An overriding royalty interest (ORRI) is a share of the revenue that produce from the extraction and production of minerals, such as oil and natural gas, from a specific piece of land. ORRIs are created by a royalty interest that is “overriding” the rights of the working interest owner. In simpler terms, the holder of an ORRI is entitled to a portion of the income generated from the minerals extracted from a property, regardless of whether they own the property itself.

An ORRI is typically expressed as a percentage, such as 1% or 3%, and it is calculated based on the gross proceeds from the sale of extracted minerals. This interest is often granted to someone other than the property owner, such as a geologist, drilling company, or a professional in the industry.

The Mechanics of Overriding Royalty Interests

To understand how overriding royalty interests work, consider the following scenario:

  • A landowner, say in Texas, leases their land to an oil and gas company for drilling and extraction.
  • The lease agreement specifies the terms, including royalty rates, which are typically shared between the landowner (the lessor) and the company (the lessee).
  • Let’s say the landowner and the company agree on a 20% royalty rate, meaning the landowner receives 20% of the revenue from the minerals extracted from their land.
  • Now, suppose a geologist or investor holds an overriding royalty interest of 3% on this property. This ORRI entitles them to 3% of the gross revenue from mineral sales, in addition to the landowner’s 20% royalty.
  • The remaining 77% of the revenue goes to the drilling company as the working interest.

In this way, the holder of the overriding royalty interest benefits from the minerals extracted from the land without being responsible for the operational costs or day-to-day activities involved in drilling and production.

Advantages of Overriding Royalty Interests

Overriding royalty interests offer several advantages for landowners and investors in the Texas oil and gas industry:

Passive Income Stream

Holders of ORRIs receive a steady and often passive income stream. They can enjoy financial benefits without actively participating in the operations, making ORRIs an attractive source of income for many.

Minimal Operational Responsibilities

ORRI owners are not responsible for the operational activities, expenses, or risks associated with drilling and production. This minimizes their operational involvement and risk exposure.

Potential for Profit

Texas has a long history of successful oil and gas production, making it a prime location for ORRI ownership. With the potential for significant profits, investors are under pressure to the state’s energy sector.

Challenges and Risks of Overriding Royalty Interest

While ORRIs offer numerous advantages, they are not without their challenges and risks:

Market Volatility

The oil and gas industry is known for its price volatility. Fluctuations in energy prices can impact the profitability of ORRIs and the income generated for owners.

Lease Terms and Royalty Rates

The terms of the lease agreement and the royalty rates negotiated between the landowner and the drilling company can impact the financial benefits of an ORRI. Unfavorable terms may reduce the potential income.

Environmental and Regulatory Concerns

Oil and gas operations are subject to complex and evolving regulatory frameworks at federal, state, and local levels. Staying compliant with these regulations and addressing environmental concerns is a challenge for ORRI owners.

Key Considerations for Landowners and Investors

For landowners and investors interested in overriding royalty interests in Texas, several key considerations should remain in mind:

Lease Negotiations

Landowners should carefully review and negotiate lease agreements to ensure favorable terms, royalty rates, and protection of their interests. Legal and industry expertise can be invaluable in this process.

Legal and Tax Implications

The legal and tax aspects of ORRI ownership can be complex. Seek professional guidance to understand the unique implications and potential tax benefits associated with ORRIs.

Due Diligence

Before investing in ORRIs, conduct thorough due diligence. Evaluate the potential for profitability, the stability of the drilling company. And the environmental and regulatory factors that may impact the investment.

Overriding Royalty Interests vs. Working Interests

It’s essential to distinguish between overriding royalty interests (ORRIs) and working interests (WIs). While ORRI owners receive a share of the revenue without operational responsibilities, WI owners are actively involved in the drilling and production operations. WI owners also bear a share of the operational costs and risks. Understanding the differences between these interests is critical when considering involvement in the oil and gas industry.

Overriding royalty interests in Texas offer a opportunity for landowners and investors to participate in the state’s oil and gas industry. While they provide a steady income stream and the potential for substantial profits, they are not without their challenges and risks. By carefully considering lease terms, understanding legal and tax implications, and conducting thorough due diligence, landowners and investors can make informed decisions regarding ORRIs in Texas. As a dynamic and ever-evolving industry, the Texas oil and gas sector continues to be a promising source of income and investment opportunities through overriding royalty interests.

 

 

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Oil prices have moved higher following news that producer BP will temporarily halt shipments through the Red Sea after reported attacks on vessels delivering on this route.

Oil price rises as shipments through Red Sea are halted

Oil price rises (CL=F, BZ=F) have moved higher following news that producer BP (BP) will temporarily halt shipments through the Red Sea. After reported attacks on vessels delivering on this route. Analysts estimate 12-15% of the global oil supply moves through this passage from the Middle East. Meaning any prolonged closure could impact availability in relevant markets.

Yahoo Finance Ines Ferré breaks down the details and what these pressures will mean for oil and natural gas prices (NG=F).

And what we’ve seen today is a bump for WTI for crude oil. Let’s take a look at the chart so you can see where we’re at. With WTI and crude both jumping more than 2% during today’s session. This is after British oil giant, BP, said that it was pausing ship shipments via the Red Sea. After Houthi rebels were attacking ships. This was a precautionary pause.

Several shipping companies have been pausing their shipments, including Evergreen, that’s a global container shipping company. Now, the Red Sea, that’s connected to the Mediterranean Sea by the Suez Canal. Anywhere between 12 and 15% of oil is move via the Suez Canal, so it is a very important area that’s connecting– that is a shipping route connecting Europe to Asia.

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Source: yahoo!finance

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About $8.5 billion was deposited into two key state funds that wouldn’t exist without oil and natural gas production tax revenue.

$8.5 billion to highway, rainy day funds financed by Texas oil and gas industry

Two Key State Funds

About $8.5 billion was settle into two key state funds that wouldn’t exist without Texas oil and gas industry and production tax revenue, according to state data.

Texas Comptroller Glenn Hegar announced that his office transferred $3.06 billion into the State Highway Fund (SHF) and $5.46 billion to the Economic Stabilization Fund, otherwise known as the Rainy Day Fund.

The two funds normally receive the same amount of money from Texas oil and natural gas industry taxes. However, because another general revenue surplus was write down at the end of fiscal 2023 – after the industry paid record-breaking amounts in taxes – the Rainy Day Fund received $2.41 billion more because of constitutional requirements.

“The strong Texas economy and judicious budgeting by lawmakers netted a surplus that, for the first time in more than a decade, allows us to set aside an additional bucket of money to ensure we are able to weather future downturns,” Hegar said. “The Rainy Day and State Highway funds are tremendous assets for the taxpayers of Texas and help provide the foundation needed for the future of this great state.”

1987 Collections

The combined $6.11 billion severance tax transferred to the Rainy Day Fund and SHF are based on crude oil and natural gas production tax revenues in excess of 1987 collections, in accordance with state constitutional requirements. If either tax generates more revenue than the 1987 threshold, an amount equal to 75% of the excess is move, the comptroller said.

A Constitutional Amendment

In November 2014, voters passed a constitutional amendment requiring at least half of these severance taxes to be allocated to the Rainy Day Fund. The remainder is required to be allocated to the SHF to be used for non-toll highway construction, maintenance and right-of-way acquisition. Additionally, the Texas Constitution provides for a second transfer to the Rainy Day Fund equal to one-half of any unencumbered general revenue surplus at the end of each biennium. This year, an additional transfer of $2.41 billion of unobligated general revenue fund dollars went to the Rainy Day Fund, the comptroller said. The last time such a transfer occurred was in 2008.

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Source: The Center Square

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Occidental Petroleum will buy Permian oil and gas producer CrownRock for cash and stock in a deal valued at around $12B, including debt.

Occidental to buy Permian oil producer CrownRock in $12-billion deal

Permian Oil and Gas Producer CrownRock

Occidental Petroleum will buy Permian oil and gas producer CrownRock. For cash and stock in a deal valued at around $12 billion, including debt, Oxy said on Monday. Announcing the latest large acquisition in the U.S. oil industry.

Reports of a potential Occidental- CrownRock transaction will appear at the end of last month. When the Wall Street Journal announce that a deal would be estimate at more than $10 billion including debt.

Occidental confirmed those reports today with the news that it has entered into a purchase agreement to buy CrownRock, whose over 94,000 net acres of premium stacked pay assets and supporting infrastructure “are well positioned alongside Occidental’s legacy Midland Basin business.”

170,000 Barrels of Oil Equivalent Per Day

The acquisition will boost Occidental’s premier Permian portfolio. With the addition of around 170,000 barrels of oil equivalent per day (boed) of high-margin. Lower-decline unconventional production in 2024, as well as approximately 1,700 undeveloped locations.

It’s also look forward to deliver increased free cash flow on a diluted share basis, including $1 billion in the first year based on $70 per barrel WTI price.

The transaction is looking forward to close in the first quarter of 2024, subject to customary closing conditions and the receipt of regulatory approvals.

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Source: Oil Price

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The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1.

Permian oil drilling rig count rises in 5 of prior 8 weeks

In its weekly release, Baker Hughes Company  stated that the U.S. drilling rig count was higher than the prior week’s figure. The rotary rig count, issued by BKR, is usually bring out in major newspapers and trade publications.

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry. The number of active rigs and its comparison with the week-ago figure indicates the demand trajectory for the company’s oilfield services from exploration and production companies.

Rig Count Data in Detail

Total U.S. Drilling Rig Count Rises: The number of rigs engaged in the exploration and production of oil and natural gas in the United States was 625 in the week ended Dec 1. The figure is higher than theweek-ago count of 622. Although the figure increased for three straight weeks, there has been a slowdown in drilling activities. Some analysts think that shale producers are getting more efficient, requiring fewer rigs, while some doubt whether certain producers have enough prospective land to drill. The current national rig count is, however, lower than the year-ago level of 784.

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Source: ZACKS

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Unlock the wealth potential of mineral rights while navigating severance taxes. Learn how to optimize income, minimize tax liabilities, and stay compliant. Expert advice for smart decisions in this comprehensive guide.

Mineral rights and severance tax: What landowners should know

DISCLAIMER: We are not financial advisors. The content on this website is for educational purposes only and merely cites our own personal opinions. In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary. Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won’t experience any loss when investing. Always remember to make smart decisions and do your own research!

Mineral rights are a valuable and often complex aspect of property ownership. When landowners possess mineral rights, they have the legal authority to extract and profit from the minerals beneath the surface of their land. This can include a variety of valuable resources such as oil, gas, coal, and minerals. However, the extraction of these resources can lead to the imposition of severance taxes, which are levied on the removal of these minerals. In this comprehensive guide, we will explore the world of mineral rights and severance taxes, shedding light on what landowners should know to navigate this intricate landscape.

Mineral rights can significantly impact the financial well-being of landowners, providing opportunities for income generation and wealth accumulation. However, with these rights come the obligations and complexities associated with severance taxes. Understanding the implications of these taxes is vital for landowners looking to maximize their mineral rights while remaining compliant with legal and regulatory requirements.

Understanding Mineral Rights

Mineral rights, also known as subsurface rights, are legal rights that grant the owner the authority to extract and profit from minerals located beneath the surface of their property. These minerals can include a wide range of resources, such as oil, natural gas, coal, metals, and even water.

Landowners may own both the surface and mineral rights to their property, or these rights may be severed. When mineral rights are severed, a different party, such as a mineral exploration company, holds the rights to extract and profit from the minerals.

The Basics of Severance Tax

Severance tax is a tax imposed by state and local governments on the removal or “severance” of minerals or natural resources from the ground. These taxes are typically levied on the producers or extractors of these resources and vary by state and resource type. Severance tax rates are determined by state legislatures and can fluctuate over time based on economic, political, and environmental factors.

Severance tax revenue is often used to fund state and local government operations, including infrastructure development, education, and environmental conservation.

The Impact of Severance Tax on Landowners

Severance taxes can have various effects on landowners, both positive and negative. Understanding these impacts is crucial for landowners to make informed decisions about their mineral rights.

Reducing Revenue

For landowners who own the mineral rights to their property, the imposition of severance taxes can reduce the income generated from the extraction of minerals. These taxes are typically paid by the resource extraction companies, but the financial burden can be shifted to landowners through lower royalty payments.

Economic Development

Severance tax revenue is often used to fund local and state government programs, including those related to economic development. This can lead to job creation, infrastructure improvements, and community investments, which can benefit landowners in the long run.

Environmental Impact

Severance taxes can also have a positive environmental impact. By taxing resource extraction, governments can encourage responsible and sustainable mining and drilling practices. This can help mitigate environmental damage and promote conservation efforts.

Minimizing Severance Tax Liabilities

While landowners may not have direct control over severance tax rates, there are ways to minimize their tax liabilities and maximize the benefits of mineral rights:

Tax Credits and Incentives

Some states offer tax credits and incentives for resource extraction companies that engage in environmentally responsible practices. Landowners can encourage lessees to take advantage of these incentives, which can reduce overall tax liabilities.

Proper Documentation

Accurate record-keeping and documentation are essential. Landowners should maintain detailed records of their mineral rights agreements, royalty payments, and any deductions or expenses related to the property. These records can be valuable when filing taxes and disputing discrepancies.

Consulting with Experts

Seeking guidance from legal and financial professionals who specialize in mineral rights and taxation can help landowners navigate this complex landscape. These experts can provide advice on tax planning, lease agreements, and compliance with regulatory requirements.

Legal and Regulatory Considerations

Landowners should be aware of the legal and regulatory considerations related to mineral rights and severance tax. These may include:

  • Lease Agreements: The terms and conditions of lease agreements can significantly impact tax liabilities and royalty payments. Landowners should carefully review and negotiate these agreements to maximize their benefits.
  • State and Local Laws: Severance tax rates and regulations vary by state and locality. Landowners should be familiar with the specific laws that apply to their property.
  • Environmental Regulations: Compliance with environmental regulations is crucial. Failure to meet these requirements can result in fines and legal disputes.
  • Property Assessments: Some states use property assessments to determine severance tax liability. Understanding how your property is assessed can help you plan for tax obligations.

Mineral Rights and Severance Tax

Mineral rights can be a valuable asset for landowners, offering the potential for income generation and wealth accumulation. However, the imposition of severance taxes can impact the financial benefits associated with these rights. To navigate this complex landscape, landowners should be well-informed about the implications of severance taxes, work to minimize their tax liabilities, and stay compliant with legal and regulatory requirements.

Seeking guidance from legal and financial experts who specialize in mineral rights and taxation is a proactive approach to optimizing the financial outcomes of mineral rights ownership. By understanding the role of severance taxes and taking informed actions, landowners can make the most of their mineral rights and contribute to responsible and sustainable resource extraction practices.

 

 

 

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United States projected to extract 12.9m barrels of crude oil as countries at Cop28 to push for agreed fossil fuels ‘phaseout’

US oil and gas production set to break record in 2023 despite UN climate goals

Extract More Oil and Gas than Ever Before

The oil and gas production of United States is confident to extract more oil and gas in 2023.

The US’s status as the world’s leading oil and gas production behemoth has only fortify this year, even amid warnings from Joe Biden himself over the expanding climate crisis, with the latest federal government forecast showing a record 12.9m barrels of crude oil, more than double the manufacture a decade ago, will be extracted in 2023.

Records will break this year for gas production. With a glut of new export terminals on the Gulf of Mexico coast. Facilitating a boom that will see US exports of liquified natural gas (or LNG) double in the next four years.

Oil and Gas Activity to Continue at Near-Record Levels

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Source: The Guardian

 

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