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Today's Oil & Gas Update - Kistos Energy; PetroTal and more... - Rayyes Finance and Market News
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Today’s Oil & Gas Update – Kistos Energy; PetroTal and more…


Market Update: Tuesday 20 July 2021

Kistos Energy (AIM:KIST): Drilling campaign commences

PetroTal (AIM:PTAL): Strong Q2 2021 update, development operations to ramp up in H2 2021

Oil & Gas Daily Flow

Non-Independent Research; Marketing & Sales Commentary – MiFID II exempt information – see disclaimer below

Click for PDF

 

Market Update: Tuesday 20 July 2021

Kistos Energy (AIM:KIST): Drilling campaign commences

PetroTal (AIM:PTAL): Strong Q2 2021 update, development operations to ramp up in H2 2021

 

Energy Prices         

Brent Oil US$69.4/bbl vs US$72.4/bbl yesterday

WTI Oil US$67.1/bbl vs US$71.5/bbl yesterday

Natural Gas US$3.74/mmbtu vs US$3.58/mmbtu yesterday

 

Oil Price News 

Oil prices continue to fall following as the market digest the latest OPEC+ agreement that would gradually increase monthly production until in late 2022 all of the 9.7MMbopd that had originally been withheld from the market, was restored

There was already an agreement in place through December of 2021, but Saudi Arabia’s desire to extend it to the end of next year was a bone of contention with the UAE

This agreement was not reached easily and required some negotiation and compromise to achieve

It has been widely reported that the disagreement between KSA and the UAE, was the latter’s desire for a higher output ceiling from which its share of curtailment would be calculated

There is a dichotomy of perspective about the peak for oil that has developed between the KSA and the UAE

The Saudis’ five-year plan to diversify their revenues away from oil has not been as successful as initially hoped, and they now view oil production as underpinning their economy for decades to come

They also view the transition to renewables as having a multi-decade arc that will keep demand for oil and derivatives relatively high over this period

The UAE have had more success in attracting foreign investment, and on a parallel track, have energised their oil sector with a US$122bn investment plan, to dramatically increase production in the near term

Their view on the energy transition is that it will have a much shorter arc that could lead to substantial reserves being “stranded”

A very undesirable outcome for this tiny middle-Eastern nation, and makes them want to up production regardless of the impact on prices

This the underlying fear behind their insistence on a higher baseline for allocating their share of OPEC+ production

This led to the impasse that resulted in the first meeting ending abruptly with no statement forthcoming

 

Gas Price News 

Natural gas prices closed at a fresh contract high yesterday

Warmer than normal weather is expected to cover most of the US West Coast and mid-West over the next two weeks

The weather on the East coast is expected to become milder

According to the National Oceanic Atmospheric Administration, there are no tropical storms in the Atlantic or Gulf of Mexico that are expected to become tropical cyclones over the next 48-hours

Production of Natural gas in the US also increased last week

Global gas prices have soared over the past month, with demand rising as economies recover from coronavirus restrictions at the same time as high prices in Asia make it harder for Europe to attract cargos of liquefied natural gas, and Europe’s stock levels remain low

 

Company News

Kistos Energy (AIM:KIST): Drilling campaign commences

Share Price: 202p, Market Cap: £168m

Kistos has confirmed that its jack-up drilling rig has arrived on location at the Q10-A field (Kistos 60%) and that the Company’s 2021 drilling campaign is underway.

The work programme is scheduled to last approximately four months and to start the process of converting c.100MMboe (gross) of 2C resources into 2P reserves.

The planned activities include the appraisal of the Q11-B gas discovery, conducting a flow test of the Vlieland light oil discovery and other activity designed to enhance…



Read More: Today’s Oil & Gas Update – Kistos Energy; PetroTal and more…

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