Oil is flat, the market thinks it knows the result of tomorrow's Opec+ meeting and is levelling its books on the last day of the month and the quarter. Lots of news today, PetroTal update on sales and risk, Touchstone have a disappointing well and there are good figures from GKP. President remain upbeat as are Tower and Advance makes its debut in London. Finally I interview the Zephyr CEO.
Oil is down a touch this morning, about the same as it was up yesterday...The Suez Canal is open and the market is starting to look towards Opec+. Sound has gone a long way in the bond restructuring and UJO and Reabold are moving ahead fast at West Newton. Pharos has new fiscal terms in Egypt and may also be in a good position on its farm-out. Elsewhere, new directors at Sterling Energy are v good, Savannah has a new website, Scirocco has been written up in a good note from WHI and Cairn have heard that the Indian Government are trying to have the Dutch court of arbitration set aside.
Oil was indeed almost flat on the week after the Suez crisis and the EU vaccine cock-up fought it out. Today it's more good news from Zephyr who are repaying faith with a placing and another deal. Angus also reveal more interest in their bond.
What with the Suez canal and the virus the oil market is all over the place, today traders have bought the dip. BPC has outlined its strategic focus in an updated presentation out today. And Touchstone have 2020 results but it is all about Ortoire going forward.
Oil fell yesterday again on the back of further vaccine worries but also as Petro-logistics note Iran are exporting more and more oil to China and maybe India as well. This morning the price is better as the Suez canal has been closed as a container ship is blocked in the canal. BPC announce news on high-impact exploration in the Bahamas and Uruguay and Echo Energy announces significant increases in new gas contract prices.
Oil is weak again after further vaccine uncertainty led to Germany locking down until mid April. Chariot has bought into African renewables buying AEMP who have a partnership with Total and can use the Pillar relationship in 17 countries to supply cleaner energy across the continent.
Oil has its head above water today but only just as apart from the UK and now the US the world is vaccinating very slowly. Union Jack and Reabold step up the pace by launching the West Newton online consultation event and Helium One move closer to drilling by appointing a contractor for the Rukwa project. Finally GKP are moving ahead by resuming its 55/- b/d expansion programme.
WTI $64.60 -20c, Brent $68.00 -39c, Diff -$3.40 -19c, NG $2.53 -3c, UKNG 46.25p +2.04p Oil price Oil has been quiet all week as the vaccine worries in the EU are offset by good progress in the US. The Fed has upped US GDP forecasts to 6.5% from 4.2% and whilst acknowledging some inflationary risk says accommodative policies will remain. EIA stats still impossible to read although refinery utilisation rose sharply after a couple of weeks being affected by the Texas freeze up. As I write the oil price is falling sharply... Genel Energy Full Year 2020 results from Genel this morning, net production averaged 31,980 bopd in 2020 (2019: 36,250 bopd), in line with guidance. This was following the 'pause in the drilling programme at Tawke, appropriate to the external environment' as the oil price at the time was c.$26 pb. Very encouragingly, first oil from Sarta achieved in November 2020, with asset now producing over 10,000 bopd and at better than good margins and generating cash. Sarta will return more than that from Taq Taq which it is replacing. Next is Qara Dagh where preparations are underway to mobilise a rig for an April spud, this is described ...
Oil is dithering as the EU try and stop the Astra vaccine and in the US we wait for the verdict of the Fed meeting. JOG has announced a fundraising as they move to the farm-out and FEED parts of the GBA. I interview Edward Dawson, CEO of Prospex Energy.