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Markets trade down; large joint venture
announced for Montney shale gas
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: -1.6%
⇒ S&P 500 E&P Index: -1.0%
⇒ Oil Service Sector Index: -1.6%
⇒ UK FTSE Oil & Gas Producers Index: -1.0%
⇒ Asia Pacific Oil & Gas Producers Index: -1.0%
Weekly Market Recap
Last week saw more volatile trading for commodities as markets reacted to poor US
jobs data, a weak US dollar, and further escalation to tensions throughout the Middle
East. On Thursday, the DOE reported an unexpected build in U.S. crude inventories
of 2.9mmb with consensus estimates calling for a draw of 1.6mmb. Oil was also
being weighed by speculation over the outcome of OPEC’s meeting this week. Some
sources have reported that OPEC may increase oil output at its meeting this week.
WTI ended the week essentially flat with the previous week’s close at US$100.49/bbl.
Natural gas soared last week to a 10-month high after the weekly storage report
indicated a lower than expected build of 83bcf versus consensus of 92bcf. Natural
gas closed the week at US$4.70/mmbtu, an 8.6% increase over the previous week.
In Canada, Progress Energy announced a 50/50 joint venture agreement with the
national oil company of Malaysia, PETRONAS. The deal was valued at C$1,070m of
which C$267.5m is an upfront cash payment with PETRONAS carrying Progress'
interest on a 75% basis up to C$802.5m over five years in exchange for a 50%
position in 149,910 acres in the NEBC Montney. The companies are also looking at
a potential LNG offtake solution from BC that would see PETRONAS own 80% and
Progress 20% of any agreement reached.
In our European space, a number of companies provided updates last week with the
principal exploration news coming from Cairn Energy as it commenced its second
summer of exploration drilling offshore Greenland. Valiant Petroleum extended its
offer for Sagex Petroleum, which will give it exploration exposure to Norway and a
new-country entry. Lundin Petroleum farmed in the PETRONAS Block PM307
offshore Malaysia acquiring 75% WI and operatorship. Premier Oil in the UKNS
exercised a 60% Solar option for US$20m, including a partial development carry.
Salamander Energy farmed 20% down for a carry interest in the Cat Ba oil prospect
offshore Vietnam. Tullow Oil confirmed its Ghana secondary listing, offering 4m new
shares. Production updates: Lundin reported the Alvheim FPSO in Norway was
down for 13 days in May impacting production from the Alvheim and Volund fields
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Markets trade down; large joint venture
announced for Montney shale gas
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: -1.6%
⇒ S&P 500 E&P Index: -1.0%
⇒ Oil Service Sector Index: -1.6%
⇒ UK FTSE Oil & Gas Producers Index: -1.0%
⇒ Asia Pacific Oil & Gas Producers Index: -1.0%
Weekly Market Recap
Last week saw more volatile trading for commodities as markets reacted to poor US
jobs data, a weak US dollar, and further escalation to tensions throughout the Middle
East. On Thursday, the DOE reported an unexpected build in U.S. crude inventories
of 2.9mmb with consensus estimates calling for a draw of 1.6mmb. Oil was also
being weighed by speculation over the outcome of OPEC’s meeting this week. Some
sources have reported that OPEC may increase oil output at its meeting this week.
WTI ended the week essentially flat with the previous week’s close at US$100.49/bbl.
Natural gas soared last week to a 10-month high after the weekly storage report
indicated a lower than expected build of 83bcf versus consensus of 92bcf. Natural
gas closed the week at US$4.70/mmbtu, an 8.6% increase over the previous week.
In Canada, Progress Energy announced a 50/50 joint venture agreement with the
national oil company of Malaysia, PETRONAS. The deal was valued at C$1,070m of
which C$267.5m is an upfront cash payment with PETRONAS carrying Progress'
interest on a 75% basis up to C$802.5m over five years in exchange for a 50%
position in 149,910 acres in the NEBC Montney. The companies are also looking at
a potential LNG offtake solution from BC that would see PETRONAS own 80% and
Progress 20% of any agreement reached.
In our European space, a number of companies provided updates last week with the
principal exploration news coming from Cairn Energy as it commenced its second
summer of exploration drilling offshore Greenland. Valiant Petroleum extended its
offer for Sagex Petroleum, which will give it exploration exposure to Norway and a
new-country entry. Lundin Petroleum farmed in the PETRONAS Block PM307
offshore Malaysia acquiring 75% WI and operatorship. Premier Oil in the UKNS
exercised a 60% Solar option for US$20m, including a partial development carry.
Salamander Energy farmed 20% down for a carry interest in the Cat Ba oil prospect
offshore Vietnam. Tullow Oil confirmed its Ghana secondary listing, offering 4m new
shares. Production updates: Lundin reported the Alvheim FPSO in Norway was
down for 13 days in May impacting production from the Alvheim and Volund fields
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