According to reports, the United Arab Emirates (UAE) is considering leaving the Organization of the Petroleum Exporting Countries (OPEC), a move that could result in an increase in production and excess supply of oil.
As a result of this news, Brent crude prices fell by as much as 2.8% to below $83 per barrel. OPEC was founded in 1960 and consists of 13 oil-rich countries that coordinate their production levels.
Although the UAE has stated that it will remain committed to the current OPEC deal for at least this year, tensions are rising between the UAE and Saudi Arabia.
Angus Energy PLC a small-cap oil company, experienced a surge in share price by 13% to 1.59p on Thursday after the completion of the Saltfleetby Field, a significant milestone in its onshore UK project.
In addition, Angus Energy has secured a £3mln funding agreement with Aleph Commodities to develop the Saltfleetby operations. Moreover, Richard Herbert, previously the head of the exploration at BP and a non-executive director, has taken over as the CEO. However, by Friday, Angus shares slightly decreased to 1.56p.
In early Friday trading, Longboat Energy PLC’s shares experienced a decline of approximately 14% following the company’s announcement that the appraisal well planned for the Egyptian Vulture light oil discovery will not be proceeding at this time.
The Norwegian North Sea project is situated near infrastructure and has a broad range of potential resources, estimated to be between 4 million and 68 million barrels of oil equivalent.
Longboat intends to participate in the 2024 licensing round to regain the project.
On March 3rd, 2023, Arrow Exploration Corp provided investors with an update on the Rio Cravo Este-3 (RCE-3) well in Colombia’s Llanos Basin. The fourth well on the Tapir Block has shown promising initial production, and CEO Marshall Abbott stated that the company is managing the reservoir and reducing premature water production by limiting the well’s flow.
Investors of 88 Energy Ltd, who are eagerly anticipating the Hickory-1 exploration well scheduled to spud later in the month, can now view a new video presentation on the company’s Youtube channel. The 1:56-minute video provides insight into the well’s location, objectives, and significance in comparison to previous wells at Project Icewine, including its proximity to road infrastructure and recent discoveries by Pantheon Resources.
Investors were informed by Quadrise Fuels International PLC that its bioMSAR fuel has undergone comprehensive testing, proving its appropriateness for use in marine and power plant settings. The company has also planned vessel trials with shipping giant MSC later this year.
In order to prepare for the commercial-scale vessel trials, Wärtsilä Services Switzerland has conducted optical combustion and engine wear tests on the synthetic biofuel. This testing is part of the framework agreement between the AIM-listed company and MSC Shipmanagement, a subsidiary of MSC Group.
Scirocco Energy PLC is optimistic about the possibility of receiving the contingent payments related to the divestment of its Tanzanian assets at a quicker pace.
Currently, the company is waiting for the initial transaction to be finalized, with the first payment of US$3 million expected in the second quarter of 2023.
San Leon Energy PLC has brought attention to a recent announcement by Decklar Resources in Canada, which reveals the signing of two fresh crude oil sale and purchase agreements. One of these agreements is between Decklar and its co-venturer, Millenium Oil & Gas Company Limited, to supply an extra 150,000 barrels of crude oil to the Edo Refinery and Petrochemicals Company Limited (ERPC) in Edo State, Nigeria
Touchstone Exploration Inc has declared that its Royston-1X well, located in Trinidad, has attained total depth, having encountered intervals in the targeted Herrera formation that exceeded expectations. According to a statement by Touchstone, the Herrera had a thickness of approximately 1,664 feet, with an estimated 765 feet of net sand. The company further added that mud-logging and wireline log data indicated the presence of hydrocarbon accumulations in the formation.
Diversified Energy Company PLC said it has completed the US$250mln acquisition of producing wells and facilities in its Central Region, in the United States, from Tanos Energy.
After making customary purchase price adjustments the net purchase price was US$244mln, the company noted in a statement.
Genel Energy PLC has informed its investors that the Lagzira block in Morocco has now been granted a petroleum agreement and association contract by Morocco’s Office National des Hydrocarbures et des Mines (ONHYM). The contract defines an exploration term of eight years, divided into three phases. Genel stated in a press release that the fiscal conditions of the agreement were “attractive”.
According to a presentation by BP PLC‘s CEO, Bernard Looney, the company is aiming to have “a significant biofuels business, a major EV (electric vehicle) charging business, a sustainable fuel business, and a hydrogen business that can scale up in the 2030s,” as noted by analysts from Barclays. With BP’s plan to invest $1 billion in expanding its network of electric vehicle charging stations across the United States by 2030, Barclays’ observation of the EV charging business seems accurate.
Canadian Overseas Petroleum Limited has received a covenant waiver after its Barron Flats Shannon (BFS) and Cole Creek operations in Wyoming were affected by severe weather, as confirmed by CEO Arthur Millholland. The region experienced heavy snowfall, causing snow drifts of 8-10ft due to strong winds. COPL prioritized the safety of its field personnel during the incident.
Baron Oil PLC’s competent person’s report (CPR), released earlier on Tuesday, seems to have been highly anticipated, considering the more than 100% increase in the company’s share price over the last six months. The CPR is an independent document that evaluates the potential of oil and gas assets and provides stakeholders with an assessment.
Despite the positive news, Baron’s share price has dropped 22%, with an immediate 17.5% decrease on Tuesday. Some analysts suggest profit-taking may be the reason, while others believe investors may have lowered their expectations due to lower-than-expected prospective resources, attributed to incomplete survey coverage.
Allenby Capital raised its project valuation by 52% and noted that the contingent resource for the Chuditch-1 discovery constitutes a major element of de-risking and underpins the potential of the asset. However, the broker acknowledged the near-term risk of funding needed before a mid-June “drill or drop” decision.
In a statement to investors, 88 Energy Ltd declared that it has extended the lease term for a crucial portion of its acreage on Alaska’s North Slope. The Alaskan Department of Natural Resources has authorized the creation of the ‘Toolik River Unit,’ which includes multiple leases within 88 Energy’s Project Phoenix acreage, according to the company.
In its third-quarter financial release, Eco (Atlantic) Oil & Gas Ltd CEO Gil Holzman expressed satisfaction with the significant advancements made in its “exciting” exploration portfolio. The company reported having no debt and holding approximately US$14.5 million in cash at the end of December, as mentioned in the statement.
BP PLC’s CEO may be eligible for a special bonus of up to £11.4 million in addition to his £1.38 million salary, following the oil and gas company’s announcement of record annual profits. As per The Guardian, BP’s share price has increased by 12% since the beginning of 2020, implying that Bernard Looney could receive a significant payout from a three-year share award scheme.
UK Oil & Gas PLC has informed its investors that it has established three shallow groundwater monitoring boreholes at the Horse Hill site to support a formation water-reinjection initiative, according to a statement by the company. The water-injection program aims to enhance the field’s net income by roughly £250,000 per year by removing the significant expenses of transporting and disposing of saline formation water that is produced.
i3 Energy PLC has announced an 11% surge in production during the final quarter of 2022, culminating in a robust conclusion to what the company labelled a “very busy” period. The production for the quarter had an average of 22,757 barrels of oil equivalent per day (boepd), with December’s production surpassing 24,000 boepd, setting a new all-time high for the company.
In a statement to its investors, 88 Energy Ltd has confirmed that it is progressing as planned to drill the Hickory-1 exploration well on Alaska’s North Slope next month. The company stated that its ice pad construction is nearing completion, and pre-spud activities are on track. The mobilization of the drilling rig, along with other necessary equipment and services, is expected to commence soon.
Touchstone Exploration Inc has informed its investors that the Trinidad authorities have notified the company that the National Gas Company of Trinidad and Tobago Limited (NGC) will be ready to accept gas from the Cascadura field by the end of June. The company stated in a press release that it is progressing as planned with the completion of its Cascadura facility, and it will be prepared to provide gas to the state-owned gas company as soon as it is ready to receive it.
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