What happens if Russia turns off gas to Germany? Germany has activated the first stage of an emergency plan to manage gas supplies in Europe’s largest economy in preparation for a possible disruption or halt in natural gas supplies from Russia.
Russia accounted for 55% of Germany’s gas imports in 2021 and 40% in the first quarter of 2022.
Exxon Mobil Corp, received Friday approval from the Environmental Protection Agency of South America to start work on its fourth offshore oil field in Guyana. Exxon will be able to start construction and operate its Yellowtail project with the permit. This is one of up to ten projects that are expected to produce oil in this decade. Exxon is still waiting to make a final decision on financing the project.
Yellowtail was the 13th discovery by the consortium in the Stabroek Block, which covers 6.6 million acres (26.800 km2) and is one of the most significant oil discoveries in South America. The company stated that the project could produce up to 250,000 barrels per day when production begins in 2025. Exxon proposes a Yellowtail development plan that would involve up to three ships drilling up 67 wells.
Russian gas via the Yamal Europe pipeline has resumed eastward flow from Germany to Poland. However, flows via other major Russian supply routes have been steady despite President Vladimir Putin’s promise to stop flows unless customers pay in rubles. Friday morning saw a steady flow to Germany via the Nord Stream 1 pipeline across the Baltic Sea at 73.312,095 kWh/h.
Russian energy giant Gazprom said on Friday it was exiting its business in Germany, amid a row between the two countries over Moscow’s insistence on switching payments for Russian gas to roubles from euros.
The company said it had terminated its participation in Gazprom Germania GMBH and all of its assets, including Gazprom Marketing & Trading Ltd. It provided no further details or explanation. It was not immediately clear how the move would affect the supply of Russian gas, on which Germany depends for about 40% of its needs.
LEKOIL (AIM: LEK), As shareholders will be aware, trading in the Company’s Ordinary Shares (“Shares”) were suspended with effect from 7.30 a.m. on 1 October 2021. The Company has been advised by its Nominated Adviser that trading in its shares will remain suspended while it continues to work with its Nominated Advisor on matters that are required for trading in the Shares to be restored and in the event trading cannot be restored in due course, the Company’s admission to trading on AIM will be cancelled.
Rockhopper Exploration plc (AIM: RKH), the company with key interests in the North Falkland Basin, is pleased to announce that Rockhopper, Harbour Energy plc (“Harbour”) and Navitas Petroleum LP (“Navitas”). Have extended the provisions of the previously signed heads of terms (announced on 8 December 2021) from 31 March 2022 to 30 April 2022. The main elements of the transaction have all been agreed upon, with a view to signing definitive documentation by this date.
Canadian Overseas Petroleum Limited (LON: COPL), announced financial results for the fourth quarter of 2021 and for the year ending December 31, 2021
Pantheon Resources PLC, (AIM: PANR) Chief Executive Jay Cheatham celebrated the financial results. He called it “one of the great achievements” of the company, which, thanks to new oil discoveries in Alaska, has seen its market value soar past £1bn. After Cheatham informed Proactive that the company is now planning for the next drilling program, the company made the comments in the results statement. This will be focused on horizontal wells as long-term production testing.
Mosman Oil and Gas Ltd. (AIM: MSMN) reflected a 95% rise in revenue and a 232% jump in gross profit for 2021. This was due to higher oil prices and increased production.
The net production from Texas assets of Mosman was 17,344 barrels equivalent to oil, an increase of 43%. The revenue was A$745,790 which is 95% more than the previous year. Gross profit was A$188,487.
Chariot Ltd (AIM: CHAR). is upgrading its view on its discovery offshore Morocco. Net gas pay estimates for Anchois-2 well, based on further interpretation of the well data, have been upgraded to approximately 150m from the previously announced preliminary analysis of greater than 100m, compared to the 55m in the original Anchois-1 discovery well.
In a statement, the company stated that it had found excellent quality dry gas in seven of its discovered gas reservoirs. This suggests that minimal gas processing will need to be done in order for the development.
The UK’s North Sea oil and gas license for controversial Cambo has been extended by two more years. Campaigners opposed the field co-owned jointly by Shell and Siccar Point Energy. The government regulator was still considering whether to issue a final permit last year.
A Shell spokesperson stated that the North Sea Transition Authority granted Siccar Point Energy (Shell UK) an extension to the underlying licenses containing Cambo fields, which were due for expiration tomorrow (31 March 2022).
Pantheon Resources PLC, AIM: PANR), stated that it is eager to begin horizontal production testing on its Alaska North Slope this summer after severe weather has hampered operations in the past.
Jay Cheatham is Pantheon’s chief executive. He stated that the plan was to continue drilling a new well, Alkaid#2, on a gravel pad near the Dalton Highway. Spudding is scheduled for July.
It was a very disappointing week for 88 Energy (ASX:AIM: 88E) After a disappointing outcome at the Merlin-2 well, Alaska, 88 Energy lost more than half its value. The Merlin-2 well was not tapped by the company. Provisional wireline logging analysis has shown that the quality of the reservoir at this location is not sufficient to warrant a production test.
Forward operations for the Merlin-2 well will now focus on plugging and abandoning the well and commencing demobilisation from the drilling location.
Union Jack Oil plc (AIM: UJO) provided an update on the Gaffney Cline report in respect of the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182 in North Lincolnshire, on the western margin of the Humber Basin. Union Jack holds a 40% economic interest in the Wressle development.
IOG plc (AIM: IOG), provides a preliminary update on Phase 1 production and progress with the resumption of Southwark drilling. The Blythe and Elgood fields are produced via the normally unmanned Blythe platform which is connected via a 12″ line to the main 24″ Saturn Banks Pipeline System that feeds into the associated Saturn Banks Reception Facilities at the Bacton terminal.
Andrew Hockey, CEO of IOG, commented: Early reservoir performance indicates flow rates at Blythe and Elgood are in a similar range to the clean-up flow tests, which is encouraging. Elgood is producing steadily at over 50 mmscf/d.
Savannah Energy (AIM: SAVE) Agreement signed with Niger Government for the country’s first wind farm, Parc Eolien de la Tarka is expected to be one of the largest wind farms in Africa. The proposed wind farm project, Parc Eolien de la Tarka, is expected to be owned by a subsidiary of Savannah, Savannah Parc Eolien de la Tarka (“SPET”), and to consist of up to 60 wind turbines with a total power generation capacity of up to 250 MW.
The initial phase of the Project will see SPET carry out a 24-month feasibility study which will include an assessment to confirm the wind conditions and an assessment as to how the generated power would be incorporated into the national and regional electricity grids.
After talks with Energy ministers on Monday, Robert Habeck from Germany said that energy ministers of the Group of Seven industrialized countries reject President Vladimir Putin’s demand that “unfriendly” countries be paid for Russian gas with rubles. After a virtual conference with G7 energy ministers, Habeck said that “all G7 ministers have agreed this is a unilateral, clear breach of existing contracts”.
Touchstone Exploration (TSX,LSE: TXP) Operating & financial results for the three months and year ended December 31, 2021
Union Jack Oil plc (AIM: UJO) announced that material landmark net revenues of US$4 million have been achieved from the Wressle hydrocarbon development (“Wressle”), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin. Union Jack holds a 40% economic interest in this producing hydrocarbon development.
Executive Chairman of Union Jack, David Bramhill commented: “The revenues from the Wressle development have created a sea change in the financial robustness of Union Jack, as the figures above illustrate. We are still in the early stages of the process of unlocking the significant upside potential at Wressle which is continuously improving as the site upgrades take effect, the future monetisation of the natural gas at the Ashover Grit reservoir and the substantial upside potential offered by the Contingent Resource present in the Penistone Flags reservoir that remains untapped.
United Oil & Gas PLC (AIM: UOG) announced an update on the ASD-2 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt.
Saudi Arabia won’t be held responsible for any oil shortages in global markets due to Houthi attacks on oil facilities. This was stated by the Saudi energy ministry, following an attack on Aramco’s oil giant facilities.
The ministry stated that missiles were fired at the Jizan and Jeddah distribution for petroleum products, causing no injuries. After state media reported that Saudi Arabia had launched rocket and drone attacks against a Jeddah oil depot and other facilities in Riyadh, Yemen’s Houthis rebels acknowledged the attack.
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