The prospects remain healthy for oil stocks going into 2022. Malcy looks back and discusses the prospects for the year.
Last week oil prices edged up only by a few cents and the battle remains between Geo-politics and stuttering GDP numbers. Today, Echo Energy announce further progress in seismic data processing in Argentina with drilling still planned for 4Q of this year. Amerisur have a regular update on operations with the Sol-1 well confirmed as a 'modest discovery' and Indico-2 next to be drilled. Production remains in line with guidance. VOG confirm last weeks' rumours of a huge deal selling gas to Aksa Energy and Reabold have exciting wells to drill in west Brentwood. Eco Atlantic are cheered by Qatar Petroleum farming into Guyana and Tullow asking for an extension to the Jethro drilling programme. Good news also for the Wressle oil field participants..
Oil rallies on a combination of poor jobs data which might lead the Fed to cut rates, the Mexico tariff war over and talks at the SPIEF between the Saudis and the Russians on maintaining oil production cuts. This morning Eco Atlantic announce that the rig for the Orinduik block offshore Guyana is on the way and should spud around 26th of June.