OPEC daily basket price stood at $98.67 a barrel, Fri, 25th Feb. 2022
Rig Count Up in US and Canada

Global stocks slumped on the Asian markets on Thursday. The dollar, gold and oil prices jumped, and U.S. Treasury yields fell amid growing fears of a full-scale Russian invasion of Ukraine. The Russian rouble turned lower, slipping 0.1% against the dollar after falling more than 3% on Wednesday.

As from today, the shares in PetroNor E&P ASA (“PetroNor”) start trading on Oslo Børs.

“This is truly a big day for PetroNor, and we are immensely proud to be listed on the main list of the Oslo Stock Exchange. Today also marks the completion of the process of re-domiciling PetroNor from Australia to Norway. I am incredibly excited about this new chapter, and I wish all existing and new shareholders a very warm welcome” says CEO Jens Pace. PetroNor E&P ASA is an independent, African focused oil and gas exploration and production company based in Norway. The key growth strategy of the Group, in addition to organically developing existing assets, is to pursue acquisition opportunities. The Group has recently completed the process to re-domicile from Australia to Norway, Read More

What’s next for oil, corporates, global economy
The Russia-Ukraine conflict is not just likely to lead to spikes in oil and gas prices, it will also fuel more inflation, choke global supply and hurt corporate profitability, according to analysts. Next week, oil prices could also reach up to $125 a barrel or more if the security crisis intensifies further, said Steen Jakobsen, chief investment officer at Saxo Bank. Read More

Oil and Gas PricesUnitsPrice $Change
Crude Oil (WTI)USD/bbl$95.55Up
Crude Oil (Brent)USD/bbl$101.75Up
Bonny LightUSD/bbl$96.15Down
Natural GasUSD/MMBtu$4.61Up
OPEC basket 25/02/22USD/bbl$98.67Down
At press time 28th February 2022

Oil, Gas, Energy News Release Service

RegionPeriodRig CountChange from Prior Count
U.S.A25th February 2022650+5
Canada25th February 2022224+4
InternationalJanuary 2022841

Neptune Energy and partners today announced drilling has commenced on the Hamlet exploration well in the Norwegian sector of the North Sea. The well (35/9-16S) is being drilled by the Deepsea Yantai, a semi-submersible rig, owned by CIMC and operated by Odfjell Drilling. The Hamlet prospect is located 7 km north of the Gjøa field within the Neptune-operated PL153 Licence. Neptune Energy’s Director of Subsurface in Norway, Steinar Meland, said: “Hamlet is an interesting prospect and it is in keeping with our exploration strategy of focusing on opportunities within core areas near existing infrastructure. This can offer a short lead time from discovery to production, reduce costs and carbon emissions and help mature and replenish our current licenses.” In the event of a commercial discovery, the Hamlet prospect could be tied back to the Neptune-operated Gjøa platform and produced with less than half the average CO2 emissions on the Norwegian Continental Shelf.* Read More

OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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