Posted by Malcolm Graham-Wood - Malcy's Blog
WTI $65.07 -78c, Brent $75.08 -26c, Diff -$10.01 +52c, NG $2.90 -5c
What can I say that hasn't already been said ahead of Friday, and possibly Saturday's Opec meeting? For the first time in a while this will be an ‘unfriendly' meeting as those who can't increase production oppose increases suggested by those who can. The final reckoning in my view will still probably be an increase in allowances, but for all the reasons I have said this week, will be unlikely to be enough to push the oil price down, if at all. It might be a busy afternoon at Royal Ascot though……
Genel has announced that the Tawke Partners have received $62.19m from the KRG for their March crude sales of which $15.51m is net to them. For Taq Taq the number is $6.2m gross and $3.41m net and there is also the override payment of $8.37m representing 4.5% of the Tawke gross licence revenues for March as per the terms of the RSA. In total the company has therefore received a total of $27.29m and with a good deal of exciting news to come will be almost certain of inclusion in the next bucket list changes.
Lamprell posted this week an update on Saudi Arabia which they now call ‘core' to the Group's growth strategy which must mean all is bedding down well with the JV with Saudi Aramco, Bahri and Hyundai on the maritime yard. Now the objective is to qualify as a contractor for Aramco for EPC projects which means complying with the IKTVA process. This is the In Kingdom Value Add programme which is to ensure local investment and so LAM has partnered with Asyad Holdings which has had a double whammy as its owner also owns Blofeld which now has 10% of LAM equity.
Tom Kelly has been saying there is more to come away from Dempsey and he has announced further positive news from China this week. His oil migration study on 29/11 its offshore China block has indicated that both Jade and Topaz are ‘potentially filled' from at least two different pathways and the Pearl prospect is interpreted to be filled via a pathway from a large oil and gas field to the North. With news from Indonesia still due shortly I consider EME to be looking in a very good place just now.
Two links today, the first is my Monday VoxMarkets Podcast which was aired late and thus only in today. The second is a highly informative CEO interview with Paul Welch of SDX Energy which I urge you to watch, it is one of the best, even though I say it myself…
Yesterday Russia almost completed getting out of the group stages with an easy win over Egypt for whom Mo Salad was clearly still in recovery. Japan beat Colombia who had a player sent off after only three minutes and Senegal beat Poland. Today sees Portugal play Morocco, Uruguay v Saudi Arabia and Iran play Spain in that competitive group.
Yesterday England broke the world record for runs scored on an ODI posting 481-6 at Trent Bridge and won the game to go 3-0 up in the five match series.
At Royal Ascot John Gosden and Frankie Dettori had a great day and might come back for more this afternoon especially with Cracksman up their sleeve but also with Stream of Stars and Tricorn ridden by James McDonald.
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