WTI (Mar) $72.53 -20c, Brent (Apr)* $75.67 -71c, Diff -$3.14 -$1.00
USNG (Mar) $3.05 u/c, UKNG (Mar) 133.21p +6.21p, TTF (Mar) €52.945 +€0.71
*Denotes March Brent contract expiry

Oil price

The Opec JMMC is meeting but with the full meeting not obliged to make any decision at least until March I’m not holding my breath. 

Following the tariff announcements at the weekend Canada has been hit by a 10% rate to start on February 18th and Mexico receives 25% and China 10%. Oil has risen by nearly two dollars today as the US and Canada prepare to change providers and suppliers respectively.

Serica Energy

Serica has announced that the OFAC License and secondary sanctions assurance relating to the Rhum field (SQZ: 50%) have been extended by two months to 31 March 2025. This extension is to allow the processing of the Company’s application for a new long-term license to be completed following the transition in US Administrations.

The License and assurance permit certain U.S. and U.S.-owned or controlled entities, and all non-U.S. entities, to continue providing goods, services and support to the Rhum field.

The Rhum field has benefited from an OFAC License continuously since 2013.

A run of the mill announcement from Serica that the OFAC License for Rhum has been extended, awaiting the transition in US Administrations to mature a little before the long-term one is granted. The License has been in place since 2013, and I don’t foresee any issues.

Angus Energy

Angus has announced that the booster compressor for the Saltfleetby Field gas processing facility in Lincolnshire has been safely delivered.  The unit was manufactured in the USA and shipped to the UK, arriving on site last week. It has been safely positioned on its concrete plinth and the work to complete the installation process is now underway. Commissioning and start-up of the new compressor is still expected to occur before the end of the first quarter 2025.

The booster compressor supplements the existing two compressors at Saltfleetby which operate to assist in the separation of liquid hydrocarbons from the gas stream and to pressure the field’s sales gas for entry into the National Grid. The new compressor will maintain inlet pressures into these two compressors as reservoir and well head pressure declines with depletion, increasing production levels in the short term and field recovery over the life of the field.

Angus will notify Investors when the Compressor is fully commissioned at Saltfleetby.

Good news from Angus this morning as the new booster compressor has arrived and will shortly be installed and be ready for commissioning this quarter. Once installed, the compressor should enable Angus to achieve greater returns from the higher gas volumes and thus become more profitable.

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog