WTI $44.31 -$1.74, Brent $47.84 -$1.77, Diff $3.53 -3c, NG $2.67 +1c

Oil price

A short blog today, not much company news but I will be at the Oil Capital Conference where a number of favoured companies are presenting later on. The oil price fell in lazy markets, with the US closed for Labor Day news was thin on the ground as were volumes elsewhere. What news there was came in on the downside, the Rosneft boss stated that Russia would not cut production and Japanese economic data was also poor. On thursday the Gulf oil Ministers are meeting in Qatar to discuss the current oil market situation, it may be important if only as the GCC is effectively Opec at the moment.

Sound Oil

Another round up from Sound who are presenting at the OCC later today. In Italy they state that all is going well at Nervesa where production is expected by the end of this year and at Badile the licence has been extended until the end of next year or possibly later, this date was previously the 23rd March 2016. In Morocco the company announce details of the SLR consultants report which validates the scale of the existing gas discovery and also the exploration upside the company had been hoping for. Sound is moving ahead strongly in Morocco, note yesterdays positive announcement re Sidi Moktar and this is evident by the fact that they have already set up a Rabat office with senior staff already in place.

Plexus Holdings

Plexus has announced a collaboration agreement with Aquaterra for a new product launch of High Pressure/High Temperature risers. Aquaterra is a UK based engineering service and project management company and will supply compatible kit.


News this morning that Woodside are in potential takeover discussions with Oil Search who are active in Papua New Guinea. Confirmation of the A$11.6bn bid would start to stir up things at the Australian company which has at some times appeared somewhat undecided about its future direction.

And Falcon Oil & Gas has announced that Origin has spudded its second Beetaloo well, Amungee NW-1 in which it is carried.

And finally…

It was a bad night for British tennis as Muzza and Konta both went out of the tournament. For Jo Konta though it was a tremendous achievement getting so far.

In the football Northern Ireland got a last minute equaliser to keep hopes alive of qualification, ROI beat Georgia 1-0 but Scotland lost 2-3 to Germany. Tonight England play Switzerland at Wembley having already reached the finals.