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Oil & Gas Atlas
Is this a market recovery or bear rally?
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +6.3%
⇒ S&P 500 E&P Index: +10.1%
⇒ Oil Service Sector Index: +10.7%
⇒ UK FTSE Oil & Gas Producers Index: +5.2%
⇒ Asia Pacific Oil & Gas Producers Index: +1.9%
Weekly Market Recap
Markets rebounded last week as the EU appeared to be progressing on the
current debt crises. On Thursday, Slovakia, the last country that needed to
approve the European Financial Stability Facility, ratified the package. Crude oil
inventories saw a 1.3mmbbl injection versus an expected 0.8mmbbl, however
WTI prices ended the week up 5.3% moving in concert with the broader market
and other major commodities. NYMEX 12-month prices were flat for the week
closing at US$4.07/mmbtu.
In Canada, Daylight announced it had entered into an agreement with Chinese
energy company, Sinopec, for the sale of Daylight’s outstanding common shares
for ~C$2.2bn in cash, C$3.2bn in total, including convertible debentures.
Additionally, the National Energy Board of Canada approved the application for
the Kitimat LNG terminal for the KN LNG operating general partnership. The
licence allows the terminal to export 200m tonnes of LNG over a 20-year period.
In the Euro E&P space, Tullow was in the middle of corruption allegations and
calls for ministerial resignations in Uganda. Among the non-covered E&Ps,
Rockhopper announced an equity raise and farm-in into neighbouring Desire
Petroleum’s acreage. Ophir announced a recommended all share offer for
Dominion Petroleum. BowLeven had a successful Sapele-3 appraisal well, which
“significantly” extended the oil fairway and lifted the stock up by >60% on Friday.
In the Euro Integrateds space, it emerged that BP will be allowed to participate in
the upcoming US offshore licensing round. BP was also granted approval by the
UK government to proceed with its proposed £4.5bn Claire Ridge development in
the UKNS. The Galp 3Q11 trading update offered few surprises and Repsol
reiterated prior guidance for margin uplift at their Cartagena refinery CMD. Eni
(preliminary) restarted the Greenstream gas pipeline between Libya and Italy.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Oil & Gas Atlas
Is this a market recovery or bear rally?
Energy Market Indices WoW Changes
⇒ S&P/TSX Energy Index: +6.3%
⇒ S&P 500 E&P Index: +10.1%
⇒ Oil Service Sector Index: +10.7%
⇒ UK FTSE Oil & Gas Producers Index: +5.2%
⇒ Asia Pacific Oil & Gas Producers Index: +1.9%
Weekly Market Recap
Markets rebounded last week as the EU appeared to be progressing on the
current debt crises. On Thursday, Slovakia, the last country that needed to
approve the European Financial Stability Facility, ratified the package. Crude oil
inventories saw a 1.3mmbbl injection versus an expected 0.8mmbbl, however
WTI prices ended the week up 5.3% moving in concert with the broader market
and other major commodities. NYMEX 12-month prices were flat for the week
closing at US$4.07/mmbtu.
In Canada, Daylight announced it had entered into an agreement with Chinese
energy company, Sinopec, for the sale of Daylight’s outstanding common shares
for ~C$2.2bn in cash, C$3.2bn in total, including convertible debentures.
Additionally, the National Energy Board of Canada approved the application for
the Kitimat LNG terminal for the KN LNG operating general partnership. The
licence allows the terminal to export 200m tonnes of LNG over a 20-year period.
In the Euro E&P space, Tullow was in the middle of corruption allegations and
calls for ministerial resignations in Uganda. Among the non-covered E&Ps,
Rockhopper announced an equity raise and farm-in into neighbouring Desire
Petroleum’s acreage. Ophir announced a recommended all share offer for
Dominion Petroleum. BowLeven had a successful Sapele-3 appraisal well, which
“significantly” extended the oil fairway and lifted the stock up by >60% on Friday.
In the Euro Integrateds space, it emerged that BP will be allowed to participate in
the upcoming US offshore licensing round. BP was also granted approval by the
UK government to proceed with its proposed £4.5bn Claire Ridge development in
the UKNS. The Galp 3Q11 trading update offered few surprises and Repsol
reiterated prior guidance for margin uplift at their Cartagena refinery CMD. Eni
(preliminary) restarted the Greenstream gas pipeline between Libya and Italy.
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