The second-largest firm in the world generated more than £3,300 every second in “free money”
Boss Bernard Looney called BP PLC (LSE: BP) a cash machine as he talked about the huge amount of money that the UK oil major was spending on crude oil trading at around US$100 per barrel.
Saudi Aramco is a different kind of beast. In the second quarter, it generated more than £3,300 of ‘free cash’ each second that the company’s donkeys were working.
The Saudi giant, second only to Apple in terms of global market share, reported a 90% increase in profits year-over-year to record £39.8bn for the three months that ended June 30, 2022.
Roland Wessel CEO, Synergia Energy Ltd (ASX:AIM: SYN) Company Interview
So under the radar, this company has news flow coming thick and fast, with the progress of the company Cambay Farm Out Process a big question for holders. The list of questions is below that we used in today’s interview.
- Why do the C-77H refrac results give encouragement for a successful farm out of the Cambay PSC?
- What is the current status of the C-77H well and prospects for production improvement?
- When will shareholders hear about the farm-out results and what will be the implications?
- What is the status of the CCS project in the UK?
- Are you satisfied with the company’s progress over the last 12 months?
- Why do you believe the Synergia shares are undervalued?
Southern Energy Corp, (TSX:V: SOU), (AIM: SOUC) and (OTC: MAXMD). announced that its common shares are now traded on the OTCQX Best Market, under the ticker SOUTF.
UK Oil & Gas PLC (AIM: UKOG) announced that by order of the Honourable Mrs Justice Lang DBE, the High Court has rejected legal challenges by Protect Dunsfold and Waverley Borough Council against the Secretary of State’s decision to grant planning permission for Loxley.
The conventional gas and hydrogen feedstock project in Surrey. Loxley’s planning consent, therefore, remains in full force and the Company’s plans to implement the project remain unchanged.
Coro Energy PLC (AIM: CORO) Italian Portfolio: Q3 2022 Production Update, announces record third-quarter revenues from its Italian portfolio, alongside Q3 production and gas sales and the expected re-establishment of production at Bezzecca.
Following the successful procurement of long lead items and confirmation of UNMIG inspection dates, the Company is now looking to re-establish production at Bezzecca, at an expected rate of 15,000 scm/day, during November 2022.
The existing Italian portfolio reported 1.18m scm of gas for the quarter, sold for revenues of €2.12m.
On Thursday, the Norwegian police responded to a telephone threat against Nyhamna’s gas processing plant. This is one of Europe’s largest energy export facilities. This threat was made amid increased concerns about oil and gas infrastructure security following the suspected sabotage by Russia’s Nord Stream gas pipes to Europe.
However, plant operator Gassco and offshore producers Shell and Equinor said output had not been interrupted., said that production had not been disrupted.
Arrow Exploration Corp, (TSX:V: AXL; AIM: AXL), has given an operation update. It noted that rigs are moving into place for the Q4 tie in, workover and drilling program in Columbia, Canada.
Marshall Abbott, Arrow Exploration’s CEO, stated that Arrow is excited about its upcoming capital program. He also expects material production and reserves additions. Arrow continues to implement our strategy to increase shareholder wealth.
The International Energy Agency warned that a decision by Opec, the Saudi Arabia-led producer cartel, to reduce oil production could lead to a global recession. Opec last Wednesday defied the pleas of US President Joe Biden. They slashed oil production in the United States by 2 million barrels per day, the largest reduction since April 2020’s pandemic.
According to the IEA, the move that has driven up wholesale oil prices could prove fatal for ailing countries around the world.
Angus Energy PLC, (AIM: ANGS). shares surged in Wednesday’s early transactions. The company announced a new spud day for a side track well and claimed it had reached a new milestone with its production operations.
George Lucan said, the October target production rate of 6 million standard cubic feet per day with well pressures holding in the high forties. Condensate production has stabilised at or around 120 barrels per day. As previously advised, we will report monthly gas sales figures at the end of each quarter.
Side-track planning progresses apace with a slight adjustment to the spud date from 20 October 2022, as previously advised, to 24-26 October 2022 in order to accommodate a potential supply chain issue.
Some Conservative MPs have been informed by the BBC that they are currently in negotiations with opposition parties to stop the government’s plans for fracking. MPs have not yet been given the opportunity to vote on the government’s promise to lift the ban on hydraulic fracking in England. Labour wants to force a vote, but some Tory MPs told the BBC that they also want this.
The shares of companies that could start fracking have shot up this year, but they fell sharply today according to reports. IGas Energy fell 10% to 47.6p but is still up 180% in the past 12 months. Egdon Resources dropped 15% to 4.05p.
Canadian Overseas Petroleum Limited, (LSE: COPL) announced that it has been granted permission to burn gas at its Barron Flats Shannon facility in Wyoming. According to the company, the temporary permit will allow SouthWestern Production, COPL’s affiliate, to increase production and clear any bottlenecks.
Arthur Millholland is COPL’s CEO. He said: “This is an excellent result as it will enable the company to manage increased natural gas production with associated high working pressures as the miscible banks move in the injection patterns.
Scirocco Energy PLC, (AIM: SCIR), has modified the repayment terms for its investment facility with US investor Prolific Basins LLC. The company stated that it had agreed to pay US$200,000 within the next few days to settle the outstanding balance due Prolific Basins. Then, five monthly payments of US$49,000 will be made between November and March.
Echo Energy PLC (AIM: ECHO) Q3 2022 Production and Operational Update, as previously announced, the Company has made significant progress during the quarter on the Production and Infrastructure Enhancement Plan priorities.
Production over the period from 1 January 2022 to 30 September 2022 has reached an aggregate of 392,253 boe net to Echo during the period, including 74,127 bbls of oil and condensate and 1,909 MMscf of gas. Notwithstanding production disruption resulting from certain facilities being unavailable as upgrades to infrastructure have been made, net production in Q3 increased from Q2 levels.
Net liquids production in Q3 2022 averaged 276 bopd, (Q2 2022: 272 bopd) and represents the eighth consecutive quarter of liquid production growth
Mosman Oil and Gas Ltd. (AIM: MSMN) has confirmed that it is drilling the Cinnabar-1 well, in Tyler County, Texas.
As planned, drilling continues at depths of 7,083 feet to reach its primary target of 9,000 feet.
In its statement, the company noted that it had encountered a minor gas leak in Vicksburg sand at 3,700 feet. It will analyze it with wireline logs after the drilling is complete.
Upland Resources Ltd (LSE: UPL) Sarawak – Completion of JV Agreement, BOV and URS will jointly finance the Joint Technical Study, and URS’s forecasted project outlay towards the completion of the study totals $250K.
The main objectives of the Joint Technical Study under the Joint Technical Study Agreement with Petroleum Sarawak Berhad (“PETROS”) are to de-risk the petroleum system elements and to upgrade the understanding on the prospectivity in Block SK334.
Zephyr Energy PLC (AIM, ZPHR) has completed its acquisition of oil-and-gas assets in Utah in the Paradox basin. This will increase its position within the project.
The assets acquired include 21 miles worth of natural gas gathering lines, the Powerline Road processing plant, five existing well bores, and additional acreage (partially contiguous to the company’s White Sands Unit, WSU).
i3 Energy, Europa Oil & Gas were disappointed by the Serenity appraisal results
The companies announced that the SA02 well currently being drilled on Production Licence P.2358, Block 13/23c (“Serenity”) has been drilled to a total depth of 5,630ft TVDSS.
The targeted Lower Cretaceous Captain sand, which contained hydrocarbons in the 13/23c-10 well, was not present at this location.
Over 100 ft of other Captain sands in various sequences were encountered but these were found to be water wet and as such a decision has been made not to run wireline logs.
The well will now be plugged and abandoned and the rig will then be released from the contract.
The opinions expressed here are those of the author
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