WTI (May) $62.47 +$1.14, Brent (June), Diff -$3.38 +4c
USNG (May) $3.25, UKNG (May) 86.99p +3.6p, TTF (May) €35.855 +€1.645

Oil price

Oil is higher again today ahead of the long Easter Weekend. The US/Iran talks move to Washington but the USA is apparently about to sanction the Shangdong Shengxing refinery which takes a lot of Iranian crude. 

Stock reports came in, crude was not the story as it was in line, but products drew by more than the whisper. 

Today is the BP AGM, (none of the pathetic lower case bp for me) whilst there are a few barbarians at the gate I can’t imagine too much bother but there should be. I have said for many years that the company has been by far the worst managed of all the super-majors, indeed since Macondo it has been downhill.

Today one of the resolutions being put to shareholders is to re-elect the Chairman, Helge Lund who has reigned over the recent management disasters and yet when being told to leave he is asking to stay for another year.

I note that UK insurer Legal & General has stated that it will vote against, but surely after a catastrophe of leadership he should have gone already. No self-respecting leading oil company would have got into such a mess, no long term succession plans and and recent volte face on renewables showing no long term strategy plans either. Not since Andrew Shilston has their been an outstanding NED, shareholders should not be spineless and go with Legals, if not don’t be surprised if long term underperformance continues…

Southern Energy

Southern has announced that it has received the approval of the TSX Venture Exchange for the supplemental listing of 65,435,521 common share purchase warrants of the Company issuable pursuant to the Company’s previously announced prospectus offering (the “Offering”) of units of Southern.

The Warrants are expected to commence trading on the TSXV under the symbol “SOU.WT” as of market open on or about April 21, 2025.

An aggregate of 65,435,521 Units were issued in connection with the closing of the Offering on April 8, 2025, with each Unit consisting of one (1) common share (“Common Share”) in the capital of the Company and one (1) Warrant. Each Warrant entitles the holder thereof to acquire one (1) Common Share at an exercise price of C$0.09 per Common Share at any time prior to 5:00 p.m. (Calgary time) on April 8, 2028. The Warrants are governed by a warrant indenture between the Company and Odyssey Trust Company, as warrant agent, dated April 8, 2025 (the “Warrant Indenture”).

For more information about the Offering and the Warrants, please refer to the Company’s news releases dated March 12, 2025, March 25, 2025, and April 8, 2025, as well as the Warrant Indenture, each of which are accessible under the Company’s profile on SEDAR+ at www.sedarplus.ca.

For notification purposes only.

Kosmos Energy

Kosmos notes the announcement today from bp plc (operator) that the first cargo of liquified natural gas (LNG) has been safely loaded from the Greater Tortue Ahmeyim (GTA) LNG project, offshore Mauritania & Senegal.  

The first shipment of LNG was transferred to the “British Sponsor” LNG carrier from Golar LNG’s floating liquefied natural gas (FLNG) vessel located approximately 10 kilometers offshore, where the natural gas was liquefied and stored. The first cargo was fully loaded at approximately 174,000 cubic meters of LNG. A second LNG carrier is currently waiting near the hub terminal in preparation for the second cargo lifting.

The announcement of the first cargo shipment follows first gas production in late 2024 and first LNG production in February. The first cargo lifting is when Kosmos and its partners start to recognize revenue and is another key milestone for the project. The FLNG vessel has a nameplate capacity of 2.7 million tonnes per annum. 

Commenting on the first LNG cargo lifting at GTA, Chairman and Chief Executive Officer Andrew G. Inglis said:
“The first LNG cargo is a significant milestone, enabling Mauritania and Senegal to become gas exporting nations from this project of national strategic importance. We continue to work with bp, SMH and PETROSEN to safely ramp up the project to its full capacity as well as deliver expansion that leverages the infrastructure put in place for this initial phase.”

This is great news for Kosmos and a huge project being delivered pretty much on time. My contacts at Kosmos aren’t what they used to be but I am really pleased for them, and for BP for whom it is no surprise that former CEO of their E&P business was able to to deliver the news just in time for the AGM….

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