Opinion

Oil price, Sound Energy, Independent Oil & Gas, David Morrison, And finally...


Oil price

The fact that the prices above, being the Friday night close, are out of date by well over two dollars indicates that the meeting in Vienna on Saturday between Opec and Non-Opec countries was deemed to be a success. As I write, WTI is $54.09 and Brent is $56.77, indicating that for the moment at least the benefit of the doubt is being given. There will be things that hit that confidence even before we know how much quotas are being adhered to, a bad monthly report here, a poor inventory number there but for the time being the Saudis telling customers to expect supply cuts to start in January will have to do.

The rig count is another dose of data that we will watch carefully although it is a given that the number will rise along with the oil price. Fridays number was slightly out of kilter post Thanksgiving but oil rigs up 21 to 498 is a portent of things to come. On a totally different note, the possible appointment as Secretary of State of Rex Tillerson has horrified the international community but confirmed the type of Government to expect, an albeit modest drain of the swamp maybe as the new broom sweeps its way in…

Sound Energy

Sound has announced that Sidi Moktar has received regulatory approval and transfer of the 75%  operated interest is complete. Sound has issued 43m shares to PetroMaroc and Maghreb Petroleum and will share 50% with PetroMaroc any sold over 50p. Various lock-ins are attached and dealings start in these shares on 16th December.

Independent Oil & Gas

IOG has announced that it has submitted the draft FDP for the Blythe gas field in the southern North Sea. No further appraisal is needed here and whilst it is subject to completion of development funding it is  a key milestone and a core of the eventual hub system. First gas is expected from here 2H 2018 and the company is in exclusive talks with ‘well known' parties for distribution of said gas.

David DuBois Morrison 

I couldnt finish my round up of World Oil Week without paying tribute to David Morrison, former Chairman of Wood Mackenzie who received the 2016 Lifetime Achievement Award at the World Oil & Gas Awards dinner. It was great to be sat very close to the great man and be able to chat and share reminiscences. I was fortunate enough to spend some valuable time with him and John Ogden in the offices of the North Sea service many years ago and the award is a highly appropriate one to a man with dedication and perfectionism along with a dry sense of humour.

And finally…

England subsided in the cricket which was  a shame as there are real grounds for optimism there except of course when you meet India on this sort of form at home.

In the Prem a few things are changing, all except Chelsea winning, 1-0 v the Baggies and the Gooners, 3-1 against the Potters. Elsewhere was a bit mixed with Spurs run ending by losing 1-0 at Old Trafford and the Noisy Neighbours went down  by 4-2 at the Foxes. With the HubCap Stealers dropping 2 points against the happy Hammers things are changing a little bit.

In todays Champions League draw the Gooners must have wept, win the group and get Bayern Munich, whilst the Foxes get Sevilla and the Noisy Neighbours have Monaco.

The boxing at the weekend presented some great bouts on a good card. AJ was magnificent but the Chisora v Whyte battle was immense and very difficult to call.


Visit source site

malcysblog.com/2016/12/oil-price-sound-energy-inde...

Malcy's Blogoil priceSound EnergyIndependent Oil and Gas

More items from malcy


Oil price, Hunting, Empyrean Energy, And finally…

Oil price After a shaky start yesterday the oil price settled near the highs of the day, as an example Brent had traded down to around 50 bucks but was nearly a dollar off the bottom at the close. The continued strong dollar hasn't been helping and the market is still concerned about those Chinese ...

Malcolm Graham-Wood - Malcy's Blog


Posted 3 days agoOpinion > Malcy's BlogHuntingEmpyrean Energy

Oil price, Range Resources, Tower Resources, Link, And finally…

Oil price Sometimes the market wants to go in a certain direction, a few weeks ago no amount of good news could trigger a rally, at the moment it is the other way around. Yesterday, news that the uprising in the control room at the Sharara field in Libya had been put down and production was back u ...

Malcolm Graham-Wood - Malcy's Blog


Posted 11 days agoOpinion > Malcy's BlogRange ResourcesTower Resources +1

Oil price, President, Hurricane, Cabot, Sundry-Kosmos-Genel-Aminex- And finally…

Oil price The oil market was fast and furious yesterday and in heavy trading both WTI and the new front month of Brent crude for October struggled under a welter of mainly disappointing news. The first was the Bloomberg report that July output from Opec was again above quotas with an increase of 2 ...

Malcolm Graham-Wood - Malcy's Blog


Posted 17 days agoOpinion > Malcy's BlogPresident EnergyHurricane Energy +4

Oil price, Sound Energy, Genel, Sundry-Empyrean-Thalassa-UKOG- And finally…

Oil price Onwards and upwards as a number of things added to yesterday's tick list. The data is coming out re long/short positions built in July and they, unsurprisingly show a substantial build in NSL with a lot of short closing. Elsewhere it was announced that there will be a meeting on 7/8 Augu ...

Malcolm Graham-Wood - Malcy's Blog


Posted 18 days agoOpinion > Malcy's BlogSound EnergyGenel Energy +3

Oil price, Faroe Petroleum, Echo Energy, Tullow Oil, Range Resources, Petrofac, And finally…

Oil price New best friends Russia and Saudi Arabia are underpinning the market, to a degree although longevity is always uncertain. The KSA after having surprisingly ‘unadhered' to its own quota in May has now accepted its punishment and will cut back more in August and September. The Russians are ...

Malcolm Graham-Wood - Malcy's Blog


Posted 22 days agoOpinion > Malcy's BlogFaroe PetroleumEcho Energy +3
All posts from malcy