After last week's fall oil is up well over a dollar today after yesterday Russia and the KSA confirmed that their output cuts would not be discussed at the upcoming meeting but would wait until the December event. Today Union Jack get a favourable planning call at Biscathorpe and on Friday Sound announced a small debt restructuring. And today Kosmos produced another set of excellent figures.
Oil will end up around three bucks on the week all things being unchanged later today. Today Kosmos and Tullow announce production starting at Jubilee South East project.
Update from San Leon on market rumours, i3 Energy updates on numbers which are good and Touchstone have a date for Cascadura gas- Yippee! Plus Eco results and update.
Oil lost its gains on US data and inventory gains. IOG is planning changes at Southwark to isolate three of the zones and Gulfsands has opened its new Hub in Abu Dhabi. Predator has run into technicals in Morocco but it's not all over yet. Capricorn, you couldn't make it up could you? Getech has produced a good set of numbers and a good order book in its new areas and Serica gets a renewal from the US. Angus has a 14 day delay at Saltfleetby which shouldn't worry folk and COPL has production at Cole Creek. And Kosmos say the FPSO for Tortue has sailed away to Tortue.
Oil rallied and again today after a deal has been put to Iran regarding sanctions. Today Sound have updated from Morocco and detailed a farm-out process as well as a drilling programme.Union Jack has detailed the court process for the reduction and potential for dividends. I catch up on news from yesterday, Scirocco in Tanzania, Prospex, Lamprell and of course Kosmos.
Oil starts this week on the front foot after last weeks weakness and we remain in the current trading range. Results from Kosmos were in line and the company looks in good nick right now. Petrofac has won a $96m contract, much more to come I suspect. Finally Touchstone has made a discovery at Royston-1 with what to me looks like a potentially valuable hydrocarbon find.
Oil still rises, the IEA are no different to the others, it will be another good week. Zephyr announce that it is ready for the next phase at the Paradox Basin and Kosmos got the offering away at a very decent premium. Trinity are in-line with expectations and so are Gran Tierra.
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 fell hard, previous Saudi action to offset lower Asian demand as well as lower domestic demand as two major refineries remain closed hit the market. Kosmos has sold a package of assets to Shell and PetroTal hope to get the Bretana field up and running 'imminently'. Echo Energy has splashed out, albeit on the strap, on 4 gas compressors previously leased as well as bring back some shut-in production. Finally, in case you missed it in the late blog yesterday I rerun the link to my interview with Premier Oil CEO Tony Durrant.
Echo Energy is making costs cuts in order to hopefully be operationally more positive on cash flow at Santa Cruz Sur in Argentina. Meanwhile Kosmos has indicated some $100m of capex will probably fall as will the dividend, either way the company remains very strong.