Oil bounces as people think Omicron isnt as bad as first thought, its like flu apparently...Just Waiting for the Royal Dutch moniker to be removed from Shell, Genel are in a legal fight with the KRG about Bina Bawi and Miran and Hurricane are buying back the bonds. Echo have updated the market quietly, IGas have joined an industry group whilst President announce the Atome details.
Oil continues to rise, today the Opec and EIA reports show increased demand and reduced supplies which should have been expected all year. Russia have been hosting an Energy week at which both Putin and Novak made positive comments about the price of oil, $100, and the availability of gas when the Nordstream 2 pipeline comes in. Kosmos has bought stakes in Jubilee and TEN in Kenya from Oxy and i feature an interview with Andrew Austin at Kistos. Yesterday saw another excellent update from PetroTal who are at last on the move. I also look at the West Newton result and its implications for Union Jack Oil and Reabold Resources.
Oil remains firm after the Opec+ meeting maintained the existing pact and will only put 400/- b/d onto the market. PetroTal report that initial production rate of over 7,700 barrels of oil per day for well BN-8H which is excellent. Echo has updated from its Santa Cruz Sur assets, and GKP has received $30.1m from the KRG. Finally Empyrean has announced that it has awarded a well site survey contract to COSL, no surprise there then and Lamprell is raising more money...
First day of the month and quarter and with an Opec+ on Monday there are no prizes for bravery in oil markets. Union Jack and Reabold are disappointed about the planning decision at West Newton but an appeal is probably likely. Scirocco completes its acquisition Echo has restructured its loan. San Leon note production news from Decklar and I cover results from the 15 sets yesterday including President and Getech as well as results from Zephyr with an interview with CEO Colin Harrington and from Savannah and an interview with CEO Andrew Knott.
Oil has rallied again and should end up on the week after the malarkey of recent falls. Today is the virtual Jackson Hole symposium where the taper will be discussed. Tropical storm IDA might become a Cat 3 hurricane as it skirts Mexico and China is boosting the economy. Good solid results from PetroTal, a very good long term outlook, IOG are getting closer to first gas just when prices are at their highs and Helium One drills a duster and cancels well three in this programme. Finally a solid recovery from Hunting as one would expect and a good update from Echo who are increasing liquids production.
Oil held up modestly last week and is a touch better this morning, the Iranian election brought in a hardliner with a big majority in very low turnout. Predator has spudded the MOU-1 well in Morocco and Echo has good operational news from Argentina whilst Helium 1 has spotted helium in the drilling mud. Reabold has an extension at Parta and Trinity complete their share consolidation.
Oil remains in reasonably good nick with the inventory stats showing a decent enough draw this week. Results from JOG are in line ahead of the real excitement expected from the GBA, the big prize for Jersey going forward whilst Genel remain full of confidence in its financial strength. Predator has announced that drilling in Morocco is imminent and BPC have also got their wells in Trinidad starting soon. Also results from Echo Energy.
Oil is unchanged today after a big week last week when the vaccine trade advanced although even though the economic data is good in the US and China the rest of the world is still in a bad way. Hurricane issue a Lancaster production update, Echo also updates on operations and commercial matters whilst there are finals from Coro and an update from Trinity. Finally it's first day of dealing in 'New Advance Energy' today.
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.
After a booming start to the week oil was quiet yesterday, it started well but after I published Wall Street panicked about Fed Chairman Powell and all started to fall. After the close the API stats were a mixed bag and not as good as forecast but with concerns that some oil production shut-in in Texas might never return rallied the market today. PetroTal has announced a useful set of reserves numbers with a decent upward revision. I look at Savannah where i saw an article about the Calabar power station helpful for SAVE long term. Echo has upgraded facilities in Argentina and Lamprell has won a contract from Saudi Aramco as part of the LTAP.