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.
Yesterday's oil fall was in response to the Saudis saying that oil was back flowing after the attack on the Ras Tanura terminal by Houthi rebels. Today it is back to normal, up 50 cents as I write. Cairn has sold out in the North Sea and put money into the Western Desert in Egypt as well as having annual results. GKP has received money from the KRG for Shaikan sales and President update on the drilling programme.
Oil fell again as the worries about Covid continued and President Trump failed to sign the Covid financing Bill. Sound has pulled off an excellent deal with Italfluid for the mLNG plant. Cairn has won its tribunal case in India and has been awarded $1.2bn plus tips. And Zenith has been selected for the Tilapia oilfield in the Republic of The Congo.
Oil remains steady after a positive set of inventory stats yesterday. Today the first major winter storms have hit the North East of the US with three feet of snow in places. I have upgraded my 2021 oil price forecasts in line with the bucket list yesterday, I'm now at $55. Hunting have a trading update today, everything is in line with expectations. Cairn has announced a 32p special divvi and Echo have secured a new contract in Argentina. Far has received a potential 2.1c bid from Remus who appeared on the Petrotal shareholder list this week. Trinity has signed an MOU with the Trinidad & Tobago NGC and I report on yesterday's PFC statement. Finally I interviewed Brian Durrant of Unite Oil & Gas yesterday.
Oil was up last week and is up again today, modestly so but that's not a problem. Woodside has exercised its pre-empt right and has taken Cairn's stake in the Sangomar discovery offshore Senegal. Petro Matad has interims but most importantly have cash enough to keep them going until 'mid 2021'.
WTI $41.29 +22c, Brent $43.34 +3c, Diff -$2.05 -19c, NG $1.81 +2c Oil price Nothing to add M'lud, its a bit same old, same old today. The virus is still ...
Oil is up another $1.60 or so today and holding above key support levels, particularly $42 from WTI. Chariot say that CEO Larry Bottomley has stepped down with NED and founder Adonis Pouroulis taking over as Acting CEO. Deltic have announced that largest shareholder IPGL with 16.8% has backed them in the 'possible' bid battle with Reabold Resources. And Cairn are staying positive about winning their arbitration case in India with a decision expected 'after the end of the summer' but which summer?
Oil continues its sporting run, April 20th with its negative oil price seems like a long time passed. The July WTI expires with both it and the new August contract over $40. Despite newspaper rumours Woodside reiterates that the Sangomar Field Development Phase 1 remains on track for 2023 'in line with previous guidance' so Far and Cairn are both helped by this news. SDX has another update and in Egypt and Morocco the news is good subject of course to drilling and testing.
Oil fell again, jobless claims were massive as expected and the IEA forecast a 20% fall in oil demand. Cairn has announced capex deferrals and taken 23% off its 2020 budget whilst directors at Genel and iog bought shares in their own companies.
Oil picked a notch yesterday, the EIA STEO has pedaled back a bit from previous US shale expectations. Far with Cairn have signed the FID and so the Sangomar field offshore Senegal is into Phase 1 development stage. Coro have signed up Nick Cooper as aNED, very wise and Tower has had another extension for the Thali PSC in Cameroon.