Daily Digest: April 13th, 2020
Opec+ Finalises Deal on Oil Output Cuts
Opec and its allies have finalised a deal on cutting global oil production to prop up prices, following another round of talks on April 12.
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The Big Picture:
- "Even though the production cuts are smaller than what the market needed and only postpone the stock building constraints problem, the worst is for now avoided," Rystad analyst Magnus Nysveen says.
ExxonMobil Postpones Cyprus Drilling: Report
ExxonMobil has told the government of Cyprus that it has postponed its plans to drill its offshore Block 10 owing to the Covid-19 crisis, local media reported.
The Big Picture:
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The decision fits with the major's needs to limit discretionary spending.
Alberta Hits Pause on Oil and Gas Rights Sales
Citing “challenges currently facing” the province’s energy sector, Alberta’s ministry of energy said April 9 it would defer all public offerings and direct purchases of oil and gas rights on government land for at least 90 days.
The Big Picture:
- In 2019, the twice-monthly auctions generated total bonus bids of just C$119.3mn (US$85.4mn), down from C$405mn in 2018 and C$504mn in 2017. Bonus bids peaked at more than C$3.5bn in 2011. The Covid-19 pandemic and price war have made a bad situation even worse.
Ukraine Ends Winter with 30-yr High Storage
Ukraine ended winter with 15.8bn Russian m³ in storage, a record for 30 years, the operator Naftogaz Ukrainy said April 10.
The Big Picture:
- Milder weather and the unrealised threat of Russian gas interruptions contributed.
Pakistan-focused Jura Energy has completed the Zarghun South-4 (ZS-4) development well in the Zarghun South lease in the Balochistan province as a gas-producing well, it said April 10 in a statement.
The Big Picture:
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“The tie-in of ZS-4 with the gas processing facilities is complete and production is expected to commence shortly,” the company said.
