WTI $40.25 -6c, Brent $41.92 -2c, Diff -$1.67 +4c, NG $2.14 -11c

Oil price

Oil drifted last week, WTI was down $1.07 and Brent $1.23 with the same old upward and downward pressures. With the international numbers of the virus still rising markets are restrained but strangely oil demand seems ok with stocks falling.

I personally don’t feel that Libya is going to make much of a difference, sure there is a bit more crude on the market right now but don’t hold your breath…No, I think that it is the warning to speculators by the KSA that has more of an impact, shown by the fact that after a long period of winding down long positions NSL is rising again.

BPC

Following fast on the heels of the announcement last week about the drilling rig for Perseverance#1 today sees the company’s interims. Obviously there are no numbers that count but it’s been a busy time down there as the company, having taken over Columbus has become a full cycle oil and gas company ‘focused  on the Caribbean and Atlantic Margin region.

As we found out last week the company has made significant progress on the drilling front with Perseverance#1 spinning the drill bit at Christmas. The company is well funded and at end June had $12m+ in the balance sheet and now has a wider, more balanced portfolio offering production, low risk exploration and of course huge potential from P#1.

Simon Potter, Chief Executive Officer of Bahamas Petroleum Company commented:
“BPC finds itself transformed from where it started the year. We are now a full-cycle exploration and production company with multiple assets in one of the most exciting regions in our industry, with un-paralleled growth potential and the financial resources to enact our planned strategy.

 “The next six months have the potential to be company making for BPC and, as such, we look forward to providing further updates as we continue on our journey toward completing the drilling of Perseverance #1 in early H1 2021, and as we seek to expand profitable production activities and generate positive free cashflow from across the broader portfolio.”

KeyFacts Energy Industry Directory: Malcy's Blog