Egypt Oil & Gas’ Post

Global Petroleum Shares Fall on GBP250,000 Discounted ... - MarketWatch: Global Petroleum Shares Fall on GBP250,000 Discounted ...  MarketWatch

Global Petroleum (AIM:GBP) Limited’s shares tanked 30% in early trading after it provided what on the face of it was a particularly bleak assessment of its prospects. In common with almost all micro-caps at present, Global appears to be finding it difficult to access capital. As of 30 June, the end of its financial year, it was sitting on just over $356,000. Put simply, that is not enough for it to meet its financial obligations offshore Namibia. Frustrating will be the fact that the junior explorer is sitting on a slice of the Orange Basin, one of the hottest oil exploration destinations in the world at the moment. Both Shell and Total have made monster discoveries in the waters off southern Africa. In its annual results statement, Global investors were told: “The company continues to explore all strategic alternatives in order to preserve and maximise shareholder value.  More at #Proactive #ProactiveInvestors #AIM #GBP #GlobalPetroleum http://ow.ly/H03A104ZeHq

The National Petroleum Authority (NPA) has started enforcing the “price floor” for petroleum products in the country. The initiative, which is part of the NPA’s new pricing guidelines starts from April 16, to April 30, 2024 for the next window. A circular issued on April 12, 2024 to the various players in the oil marketing and distribution industry seen by Joy Business stated that a litre of petrol should not be sold below ₵13.2 by Oil Marketing Companies (OMCs) and Petroleum Service Providers (PSPs). Diesel on the other hand will have a price floor of ¢13.7. The directive also added that a kilogram of Liquefied Petroleum Gas (LPG) must not be sold below ¢10.52. The notice reminded the various players including the OMCs to strictly comply with the new pricing guidelines for the industry. The price floor announcement covers the second pricing window for petroleum products, which runs from April 16 to April 30, 2024.

The new Oil Refining Policy will enable the oil refineries to undertake major upgradation projects to not only comply with Euro V specifications but also increase production https://lnkd.in/dvRWxuir

Last week, the Commodities Team, led by Justin Kahrimanian alongside Associate Analyst Ethan Chheda initiated an investment in ExxonMobil Corporation (XOM). XOM is the largest Oil & Gas (O&G) producer in the U.S., a leading refiner of O&G products, and has been expanding its Low Carbon Solutions business segment through investments in Carbon Capture, Utilization, and Storage. Exxon's positioning within the Permian Basin and its ongoing projects in Guyana provide the Fund with strong exposure to the global need for energy. The team is confident in Exxon's ability to benefit from both the global energy supply deficit and the rising demand for refined O&G products. The Company has also been expanding into Carbon Capture, Utilization, and Storage with its acquisition of Denbury Inc. which will allow Exxon to take CO2 out of its refineries and store it into existing oil wells to produce cleaner crude oil. Trading at a forward EV/EBITDA multiple of 6.7x, the team projects Exxon to capitalize on recent industry tailwinds through its growth in all of its major business segments. Through a Sum-of-the-Parts and an NTM EV/EBITDA multiple analysis, the team has modeled a 21.4% upside with a price target of $143.00.

The National Petroleum Authority (NPA) has reversed the suspension of the Price Stabilization and Recovery Levy on the price build-up of petroleum products. This was captured in a letter dated April 3 2024 to the various players in the oil marketing and distribution industry seen by JOYBUSINESS. The NPA in the letter directed all the Oil Marketing Companies and the other players that from April 4 2024, they should now apply 16 pesewas per litre on Petrol, 14 pesewas per litre on Diesel and 14 Pesewas on every Kg per Liquefied Petroleum Gas (LPG). It is unclear what influenced the National Petroleum Authority to revise the suspension of the Price Stabilization and Recovery Levy. Background The National Petroleum Authority in a letter on March 28 2024 announced the suspension of the Price Stabilization and Recovery Levy (PSRL) on price build-up on petroleum products. This froze the implementation of the levy charged on every litre of petroleum products and Kilogram of LPG from Monday, April 1 to June 30 2024. According to the National Petroleum Authority, this was based on a directive from the Finance Ministry working with the Energy Ministry.

U.S. refiner Phillips 66 (NYSE: PSX) reported on Friday adjusted earnings of $4.63 per share for the third quarter, missing analyst expectations despite stronger refining margins compared to the second quarter. https://lnkd.in/dCtaWefn Phillips 66 OPEC African Energy Chamber U.S. Energy Information Administration Nigeria Oil & Gas Outlook Nigerian Content Development and Monitoring Board Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) Ministry of Petroleum Resources, Nigeria Pengassan Hq Nigerian Upstream Petroleum Regulatory Commission (NUPRC) TotalEnergies NNPC Limited PETAN Petroleum Technology Association Nigeria TotalEnergies Axxela Group LEKOIL Limited Famfa Oil Limited Seplat Energy Plc ADNOC Group Nigeria LNG Limited Addax Petroleum MRS Oil Nigeria Plc Oando Plc Chevron Shell ExxonMobil Oilserv Limited Dangote Oil Refinery Nigeria Sure4Jeri Oil & Gas Nigeria Limited Al-Ihsan OilandGas Sahara Group Ardova Plc Techno Oil Limited Conoil PLC Jimcol Resources Nigeria Limited Dovewell Oilfield Services Limited Eland Oil & Gas Chibeco Oil & Gas Nigeria Limited Prime Atlantic Limited Pinnacle Oil and Gas Limited

The National Petroleum Authority (NPA) has set new price floor for Oil Marketing Companies (OMCs) selling petroleum products from May 1, to May 15, 2024. Based on a circular sent to the OMCs and Bulk Oil Distribution Companies, seen by JOY BUSINESS, a litre of petrol is not expected to be sold below GH¢13.63. This represents some marginal increase from the GH¢13.02 announced by the NPA when the policy started from April 16, 2024. Diesel has been kept unchanged with a price floor ofGH¢13.07 a litre. The NPA also directed that a kilogram of Liquefied Petroleum Gas (LPG) must not be sold less than, GH¢10.55 pesewas. This represents an increase from the GH¢10.52 quoted from April 16 2024. The circular reminded all the various players including the OMCs to strictly comply with the new pricing guidelines for the industry. The price floor announcement covers the second pricing window for petroleum products, which runs from April 16 to April 30, 2024.

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The SPDR® S&P Oil & Gas Exploration & Production ETF (XOP) is a commodity sensitive instrument tracking U.S.-focused E&P players. Concerns on oil markets include supply cuts, price pressure from OPEC, and upcoming U.S. elections. Predictions indicate a possible oil price decline in summer, impacting XOP performance. Caution is advised for further investment, with refiners possibly a safer play.</div><div class="read-more"><a href="" class="more-link">Continue reading</a>https://lnkd.in/gXmzb_23