After the substantial rise in the oil price last week and again yesterday oil is lower today. Rockhopper has announced that the Sea Lion farm-out has gone ahead and Empyrean has announced good interim results from its Jade well. Trinity has a Q1 update , UOG meet Q1 production guidance and Arrow look to have a successful well in Colombia.
Oil fell after the announcement of the SPR draw down and has eased another dollar this morning. Today Petrofac have announced a major contract in Australia, Getech has expanded its Maptium platform offering and Rockhopper has had the Hot with harbour and Navitas extended by a month.
How much will Opec+ have to talk about, this week, demand, The Ukraine or Covid? Today I look at Rockhopper who have extended the Sea Lion talks, SDX who have updated on trading, guidance and a sale and buy-back and many thanks to Michael Humphries for a guest piece on Nigeria.
Its an up day for oil after yesterday when the so called market pros took money off the table mainly in WTI. I look at Sound who are continuing the good news in Morocco and Gulfsands who have received an extension and expansion of its facilities. Also a good oil find from Touchstone and good news from the Tribunal from Rockhopper.
Oil is taking a more positive view than most about Omnicron. Eytan Uliel has done a remarkable piece of work at Challenger and Advance Energy have had the rig for Buffalo delayed by a couple of weeks. Finally Stewart MacDonald is leaving Rockhopper, I wish him well.
Oil continues to pick up and flare ups in the Middle East would have helped that. Diversified Energy has completed the Tapstone deal and also its banks have supported the company in the 6 monthly determination. Zephyr has had great test results at the Paradox Basin and may have significant oil and gas. Finally Rockhopper and Navitas have taken over Sea Lion and the project looks very exciting at $75 Brent.
Oil rallied on more crude draws in the EIA stats. Union Jack have raised £3m to build out bigger production at Wressle, Chariot have signed with Halliburton for Lixus whilst IOG has raised £8.5m to fund future growth and 'fill the hopper'. Kistos says that the TAQA operated P15-D platform has resumed normal operations and Rockhopper are looking at Sea Lion again after Harbour withdrew from the project.
The world waits as the Opec+ meeting has gone into another day after the UAE disputed its quota just as a deal was to be announced. I'm sure a deal will be done but if not ironically the oil price will rise as the organisation falls back to the previous numbers which won't cover the expected increase in demand. Rockhopper has announced that Ombrina Mare arbitration tribunal has said that it should be in a position to complete its work in July.
Oil fell off the highs yesterday when the Russian Ambassador to the UN suggested that the Iran nuclear deal is nearly done, Bloomberg said that could mean 4m b/d onto the market. DEC has completed its deal, the first of many I think, and Rockhopper gives results but plenty more to come this summer. Tower reports from Cameroon where also activity has been delayed but may see action before long. War has broken out between Hurricane and Crystal Amber who are asking for significant board changes.
Oil took a bath yesterday as a combination of problems faced it, a stronger dollar, increasing inflation worries and of course the Colonial Pipeline problem. It turns out that a ransom was paid outage followed by outrage you might say.. IOG has announced a collaboration agreement with GeoNetZero CDT in carbon capture and storage. And Rockhopper appear in the news as it seems the Tribunal is close to announcing results.