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May 3 (Reuters) - A BP-Eni joint venture and Rhino Resources Namibia have signed an agreement for a 42.5% interest in a block in the country's offshore Orange Basin, the companies said on Friday.
The agreement is Azule Energy's first investment in Namibia. Azule, formed in 2022, is a JV between Eni (ENI.MI), and BP (BP.L), for their Angolan assets.
Several oil giants including TotalEnergies (TTEF.PA), and Shell (SHEL.L), have invested in Namibia, which plans to open up a major new frontier basin with recent offshore finds ranking among the largest this century
In April, Portugal's Galp Energia (GALP.LS), said it had found at least 10 billion barrels of oil equivalent in its field, in the largely unexplored Orange Basin.
The agreement with Rhino will give Azule the right to drill two exploration wells in Block 2914A, one of which is expected to begin in 2024 and an option to operate petroleum exploration licence PEL85 on completion of the deal.
Clued/ Spights/Mark
I have always believed that the swings week to week are a function of start times of tankers being loaded or offloaded.
Eg if you start loading a tankers at several ports 6 hours before reporting time or 6 minutes.
Note if it’s only 6 minutes,the other 5 hrs 54 minutes would have been taken up with one tanker departing and a new one being tied up.
It simply displaces the activity into the next reporting window.
So large loss followed by large gain next week.
It’s my theory and I’m sticking to it.
Jezzoo
What’s your time scale.
My thoughts are be aware right now of sell in May.
Last 3 years there has been a top in early May.
If you have time this has been followed by higher highs later.
Been in the same position,usually like to lock in a chunk at an acceptable price ,then take a chance on the rest( a little gamble to see if I can improve on sp.)
I’m sure you know what you are doing.( at least as well as any of us know)
I watch Exxon,Chevro,Bp,Shell in US markets.
What I do notice is they don’t always move in the same direction ( or often as much as each other).
Something BP moves in step with them sometimes it appears to be doing catch up.
Eg one day BP seems to be in favour,more than the other three.
Then a couple of days later when they all fall,BP has further to fall to catch back up.
I suspect it’s rotation between the different companies in the sector.
At this moment in time it’s also a function of who has reported and who is still to report.
Https://www.insidermedia.com/news/north-east/bp-submits-plans-for-major-teesside-hydrogen-project
The million dollar question.
Are they running flat out and only just managing to maintain the production numbers,in which case at some time possibly soon it comes off its plateau and starts to sink.
Or are they getting better and better at doing it with less rigs, and being very disciplined.
I’m going with the first option but that’s just my opinion ( or guess).
If it’s true OPEC will be very happy
Https://oilprice.com/Energy/Energy-General/US-Drilling-Activity-Slips.html