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Repsol plans US$600mn investment to develop Mexican deepwater oilfield

Spanish oil and gas major Repsol could invest up to US$600mn with its partners in developing a deepwater field in Mexico, the company stated a week after President Claudia Sheinbaum outlined her plans to open up the country's upstream to international operators.

Block 29, located in the Salina basin in the Gulf of Mexico, is on schedule to produce first oil in 2028, CEO Josu Jon Imaz told an earnings call on Thursday.

“Block 29 could be 60,000b/d gross production… and could be a development with capex of around US$500mn to US$600mn,” Imaz said.

Repsol discovered oil in the block in 2020 at the Polok and Chinwol exploration wells.

In 2024, Repsol increased its holding in the block from 30% to 65% with the acquisition of interests from PTTEP and Petronas. UK-based Harbour Energy has a 25% stake.

https://www.bnamericas.com/en/features/repsol-plans-us600mn-investment-to-develop-mexican-deepwater-oilfield

O&G Prices Now Rising Nicely Across The Board

https://tradingeconomics.com/commodities

Not sure if it has anything to do with the newly appointed HBR COO (although I doubt it) but nevertheless, some very nice large buys went through here late this afternoon, hopefully a good sign, finally, fingers crossed!

Still time IMHO, this is still very very cheap/oversold.

How about Gas?? Brent has not been trading at high prices but UK & European gas prices are and have been for a while mainly due to UK/Europe self imposed cutoff from Russian gas.

Simply too good/cheap to ignore here, now I’m in for the medium to longer term, no rush while day traders are around, and no intention to check my investment every five minutes unless, I want to add.

Share price has at least steadied and as it’s undoubtedly crazy oversold, I’ve also now started buying in dips, anything under 40p will look like the bargain/sale of the century within 3 months max.

Unfortunately, UK and European Gas prices are continuing to drop here again today with potential of Russian supplies back on everyone’s radar.

Brent along with UK & European Gas prices all dropping big time here at the moment (and with a weaker USD), so if Russian O&G becomes readily available again then prices could drop much further going forward.

https://tradingeconomics.com/commodities

Feb 6, 2025

Aker BP Bites Dust in North Sea

Norwegian oil and gas firm Aker BP and its partners have drilled a dry well in the North Sea offshore Norway.

The drilling was carried out north of the Gjøa field at the wildcat well 35/6-5 S, located in production license 1110, which was part of the awards in predefined areas (APA) 2020, announced in February 2021.

There has been significant interest in the area in recent years, with several production licenses awarded nearby.

This was the first well in the license, and it was drilled by the Odfjell rig Deepsea Nordkapp.

The license is operated by Aker BP with 55% working interest, with partners Vår Energi and Harbour Energy holding 30% and 15% respectively.

The objective of the well was to prove petroleum in Lower Cretaceous reservoir rocks in the Agat Formation. The well encountered sandstone layers with poor to moderate reservoir quality, and following analysis, has been permanently plugged and abandoned.

https://www.oedigital.com/news/521996-aker-bp-bites-dust-in-north-sea

RNWH - Now The Most Undervalued & Oversold AIM Share Trading based on all metrics IMO, and that’s markets!

And again as highlighted earlier, post the trading update both Berenberg and Deutsche Bank put a £12 price target along with a “Buy” rating here, strong efficient company along with solid pipeline and very proven management track record, patience should be extremely rewarding with this share IMHO, especially at these opportunistically oversold valuations.

EIA: US crude inventories up by 8.7M barrels

https://breakingthenews.net/Article/EIA:-US-crude-inventories-up-by-8.7M-barrels/63478800

I now wonder did just simply pay way too much to BASF for Wintershall while HBR management assumed a rapid rise in Oil prices and as a result took on too much debt here (not thinking about UK deleveraging and decommissioning costs), why is our FCF all of a sudden vanishing, and our EIG Chairman has continuously been selling?? Not Happy, would very much welcome any thoughts.

Post the trading update both Berenberg and Deutsche Bank put a £12 price target along with a Buy rating here, strong efficient company along with solid pipeline and very proven management, patience should be extremely rewarding with this share IMHO, especially at these oversold valuations.

Ever since the update here, there’s been a seller dripping shares in the background (likely institutional for their own reasons) and I believe, as soon as they’re done we will get moving up very nicely/rapidly.

This will be back over £9 mark well before the next update, way too oversold at the moment.

Should keep a close eye on this one as it covers more than 400,000 barrels per day.

Libya Protests Halting Oil Shipments From Key Eastern Ports

Ras Lanuf, Es Sider are halting oil loadings on Tuesday

North African country has struggled with protests for years

Oil loadings from two key Libyan ports are being brought to a standstill as protests hinder about a third of the OPEC member’s crude exports, a reminder of global supply risks from ongoing tensions in the North African country.

The stoppages get underway on Tuesday at Ras Lanuf and Es Sider — which between them handle more than 400,000 barrels a day — after they were ordered by the so-called Oil Crescent Region Movement, two people with direct knowledge of the situation said. One tanker at Es Sider has already stopped loading, one of the people said.

https://www.bloomberg.com/news/articles/2025-01-28/libya-s-ras-lanuf-es-sider-ports-ordered-to-stop-oil-loadings

Hoping For A BLUE Finish Here Today Along With Many Many More Thereafter for all You HBR Investors!

I’m also gobsmacked at the HBR share price performance here and the continuous drops at such lightning speed without any evident catalyst and/or reasons post a so called “game changing” M&A!

Brent, UK, and European Gas prices have been rising, most other Oilers are up today and yet HBR down once again today on relatively little trading volumes, if Linda wanted to prove a point to the UK government (as mentioned by others) then she has certainly been incredibly successful so far!

Agreed. Great update, and way oversold, time 2 Buy!

“Vet Group Q3 revenue growth remained strong at 21.3% with LFL of 19.9%. High quality growth continued with Practices seeing double digit revenue growth supported by growth in subscriptions, visits, and average transaction values.

We expect to finish FY25 with a robust balance sheet after investing £55m in CAPEX and returning £85m to shareholders via ordinary dividends and buybacks.“